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.
SEE ALSO: EU finance ministers approve Cyprus bailout deal
“It’s not working out so well right now,” he told the show.
• Tom Howell Jr. can be reached at thowell@washingtontimes.com.
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