... First - We are watching the inevitable effects of the experiment in socialism when it reaches its logical conclusion. When generations are either taught or have it implied to them that they can allow their governments to run up ruinous levels of debt and yet suffer no consequences whatsoever, they have little to no incentive to throw out the political leaders who hold the actual purse strings. The cradle to grave policies of the nanny state are not sustainable over the long haul. The reason is clear - politicians make promises to pay that they cannot keep. Eventually there is not enough money to cover the promises and the government is forced to borrow to the point that it can no longer afford to pay the rate of interest that creditors demand to compensate them for the risk.
We all know that the proposal to confiscate up to 9.9% of the savings accounts of those who have worked hard to amass that money is nothing more than government sanctioned THEFT. Spare us the insults of calling it a "tax" and thereby seeking to justify this reprehensible policy. People use banks because of one reason and one reason only - TRUST. Take that away and you have destroyed the foundation of the banking system.
Put yourself in the place of an average European citizen who is watching this debacle unfold before their eyes. Would you feel the least bit secure if you had now been awakened to the fact that your government's leaders had spent the nation into bankruptcy and were suggesting that as part of the solution to their folly that those same fools who ran up the debt in the first place now be permitted to raid your personal savings account to somehow solve a problem of their creation? What would you do ...