Head of Saxo Bank: There Will Be More Wealth Confiscation
April 30th, 2013Via: Telegraph:
Savers and investors face further “wealth confiscation” in Europe as the continent struggles to resolve the single currency’s problems, a bank chief has said.
European politicians will take the “easy option” of taking money from the rich rather than raising taxes and cutting spending to deal with the continent’s debt problem, Lars Christensen, the head of Saxo Bank, said.
Asked if the raid on uninsured savings in Cyprus would be repeated, he told City AM: “There will be future bail-ins [loss of deposits] and other types of confiscation of wealth in the eurozone, without a doubt.
“There’s no other realistic way forward if politicians continue to fail to deal with the basic indebtedness problem across Europe. They will either have to raise taxes and cut spending, or politicians will take the easier route and take money from the rich.”
Related: The ‘Monarchs of Money’ and the War on Savers
