Cyprus Effect? Europe May Raid Savings Accounts

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Governments may raid savings accounts in Spain, Italy, and other countries in order to save the euro.

That's already happening in Cyprus. The government will be taking money out of savings accounts to help save the country's banking system.

Jeroen Dijsselbloem, Dutch chairman of the eurozone, said that could serve as a model for other countries.

If there is a risk in a bank, our first question should be, 'Okay, what are you in the bank going to do about that? What can you do to recapitalize yourself?'" he said.

The London Telegraph reports he believes the success of the move in Cyprus shows that it can be done elsewhere.

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