Government confiscation of bank accounts to pay back debt could happen in the US

Government plans to confiscate part of every bank account in Cyprus have been put on hold but not before causing concerns here in the US.

Cyprus' parliament eventually voted down the plan to raid the bank accounts of Cypriots in an effort to raise billions of euros.

Stan Rickner with Seasons Financial Group tells KRMG that government confiscation is possible in the US. Rickner says, "It was presented as a tax and as a tax, the likelihood of it going through here is, I think, extremely small so I don't see that being an issue here."

Many of Rickner's clients have been calling him with worries about what is going on in Cyprus. His advice... take a deep breath.

"It's an event, not a trend" Rickner says, "That's what we always teach our clients here. We're looking for trends, not events. It's an event that could have a short term impact. Let's not panic over an event."