In an attempt to prevent what could be a waterfall situation, banks in Cyprus will remain closed in order to avoid a run on banks in the country as the EU decides to heavily tax deposit accounts in an attempt to cover some of the countries tremendous losses financial government losses.

The EU has decided to make the people of Cyprus pay for their own mistakes and will be taxing all bank accounts at 6.75 percent come Monday and accounts over $130,000 will get taxed at a higher 9.9 percent. The country has a substantial number of Wealthy Russian investors who have used it as a place to store much of their wealth so they are taking preventative measures to tax account holders.

If this essential last minute wealth grab does not go as well as planned then it’ll put bigger countries like Spain and Italy at risk for possibly the same thing, the money is going to pay for a $13 Billion bail out issued by the EU after the country made substantial loans to Greek banks and companies who later defaulted during the Greek crisis. Is this the start of something more serious than we’ve seen so far? Only time will tell…