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Donald Trump warns of ‘dangerous precedent’ in Cyprus bank skimming

- The Washington Times - Monday, March 25, 2013

Real estate tycoon and political gadfly Donald Trump said Monday a proposal to skim funds from bank accounts in Cyprus is a "very dangerous precedent" for other nations struggling with debt.

"What they're doing is rather incredible, because they're taking people's money away," he said in a call-in with Fox & Friends.

EU leaders have reached a deal that would toss the controversial plan to tax bank deposits, yet bondholders will take losses and depositors with more than 100,000 euros will be penalized, according to a New York Times report.

Mr. Trump said the bailout sets a poor example for struggling countries in the EU — such as Spain — and even the United States as it searches for a way to rein in its debt.

"It's something you have to be thinking about," said Mr. Trump, who has inserted himself in GOP politics and acted as a sort of kingmaker during the last presidential election.

More broadly, he said the EU's initial plan was to "take advantage of" of the United States.

"It's not working out so well right now," he told the show.

 

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