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(Zero Hedge)   You implement an over-the-weekend 6.75% levy on all bank accounts as part of your "bailout plan", we smash through your bank with an excavator. That's the Cyprus way   (zerohedge.com) divider line 135
    More: Scary, Frozen Assets, Cyprus, bank accounts, Jean-Claude Juncker, Spanish Banks, Europe, rescues, deposits  
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10249 clicks; posted to Main » on 17 Mar 2013 at 10:25 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-17 06:41:58 AM  
I cannot believe they did this. In every other country with even a remote possibility of needing a bailout the first thing everyone will do is take all their money out of the bank so they won't lose a chunk of it if this happens to them. What do you get when millions of people start taking all their money out of the banks? A run on the banks. Which then guarantees they will need a bailout.

With interest rates so low there is nothing to lose by keeping all your money under your mattress, or transferring it to a bank account in a safe country.

It's going to be interesting to see what happens Tuesday morning there (Monday is a bank holiday) and in other vulnerable countries in Europe.
 
2013-03-17 08:24:02 AM  
Only on accounts of less than 100,000 euros? Is that class warfare?
 
2013-03-17 08:42:05 AM  

Flint Ironstag: first thing everyone will do is take all their money out of the bank


It's also what they are now doing there
 
2013-03-17 09:43:57 AM  

EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?


It's ten percent on accounts above that
 
2013-03-17 09:55:12 AM  

ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that


Is it? I got bored.
 
2013-03-17 10:04:29 AM  

EvilEgg: ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that

Is it? I got bored.


Yeah, it is.

And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.
 
2013-03-17 10:31:14 AM  
Trial balloon. Coming soon to a country near you!
 
2013-03-17 10:31:25 AM  
This amounts to robbery and extortion. To arbitrarily tax someones wealth for the sins of others to bailout a country you may not even be a citizen of is something everyone should be very worried about. Coming soon to Greece, Spain, Portugal, Italy, US, France .....
 
2013-03-17 10:32:00 AM  
Let's just grab 6-10% of peoples savings from them without warning. I'm sure that won't create a single problem anywhere.

Seriously, the government agency that did this and the people that approved it should be charged with larceny.
 
2013-03-17 10:32:26 AM  
It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.
 
2013-03-17 10:34:15 AM  
Thanks Europe! For making our idiots in power look better by comparison
 
2013-03-17 10:36:24 AM  

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


Put in American terms, this plan represents the democrat party ideal of subjects that exist to serve the needs of the state, and opposition the republican party ideal of a state that exists to serve the needs of its citizens.  I am sure that somebody can draw some distinction between forcing people to buy health insurance and forcing them to suffer a "levy" for the good of the banks, but it would be quite the act of rhetorical gymnastics.
 
2013-03-17 10:36:39 AM  
The European welfare state is unsustainable. Europe is broke, and this is just the most advanced example of the Eurocratic elite and the bankers ganging up on other citizens. The end result will be a bank run in Europe. And once bank runs start, they're very hard to stop.

Cyprus is where Greek will be next year, followed shortly by Spain, Italy, and then most of the rest of Europe. And then shortly thereafter, thanks to those trillion dollar deficits, us.

Banks runs. Hyperinflation. And maybe 25% economic contraction in one year. If we're lucky.Hope those free condoms and cell phones were worth destroying the economy for.

Have a nice day.
 
2013-03-17 10:38:31 AM  

EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?


- and 9.9% above that.

so yeah
 
2013-03-17 10:38:49 AM  

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


Why would I buy shares of a bank in the middle of a panic?
 
2013-03-17 10:39:25 AM  

Gunny Walker: Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.

Why would I buy shares of a bank in the middle of a panic?


You voted with your wallet before the panic, didn't you?
 
2013-03-17 10:40:14 AM  

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


Oh you're gonna get some bites on that one
 
2013-03-17 10:40:21 AM  

Gunny Walker: Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.

Why would I buy shares of a bank in the middle of a panic?


Because you don't have a choice?
 
2013-03-17 10:40:22 AM  

Flint Ironstag: With interest rates so low there is nothing to lose by keeping all your money under your mattress, or transferring it to a bank account in a safe country.


What country would that be, exactly?  Looting to pay for the unsustainable welfare state is popular pretty much everywhere.  The only choice is whether to be victimized by a group of oligarchs or masses with an insatiable appetite for other people's cash.  Here in America, it's mostly the latter-- the list of free government goodies is endless.
 
2013-03-17 10:40:48 AM  
The banks are stealing out of their customer's accounts. Call it a tax. Call it a levy. Yeah, sure. Whatever.  Money is an idea backed by confidence and what really matters is how the bank's customers feel about all this. It's going to be an interesting Tuesday.
 
2013-03-17 10:41:35 AM  
I'm not surprised they managed to take a minor crisis and turned it into an unmitigated disaster.

Also, I thought this plan needed parliamentary approval, which means there's a brutal election season coming.
 
2013-03-17 10:42:32 AM  

LawrencePerson: The European welfare state is unsustainable. Europe is broke, and this is just the most advanced example of the Eurocratic elite and the bankers ganging up on other citizens. The end result will be a bank run in Europe. And once bank runs start, they're very hard to stop.

Cyprus is where Greek will be next year, followed shortly by Spain, Italy, and then most of the rest of Europe. And then shortly thereafter, thanks to those trillion dollar deficits, us.

Banks runs. Hyperinflation. And maybe 25% economic contraction in one year. If we're lucky.Hope those free condoms and cell phones were worth destroying the economy for.

Have a nice day.


None of that is true and I put the odds at 1:1 that you either don't invest or, if you do, none of your money is behind such a ridiculously dreary assessment of the situation.

And why did you link your own blog as support for your comments anyway?
 
2013-03-17 10:42:43 AM  
Not meaning to start a flame war but in the US, this is one of the few reasons to vote Republican - they wouldn't implement a wealth tax. In the past year I've read proposals by state-level Democrats to tax savings, both personal and corporate.

Coincidentally, another round of Reverse-Robin-Hood tax trick is probably coming up - a special superlow low tax rate that lets corporations holding large amounts of cash overseas to cheaply bring the cash back to the US. Congress did this about 10 years ago, passing a special 5% rate.

(The parties are so indistinguishable that it hardly matters - they both love war, debt, currency debasement, and partisan politics. Neither will fix Mexican immigration (the Dems had their chance when they had 60 votes in the Senate in 2009-2010) because both parties are racist as f*ck, though the Dems have better PR...)
 
2013-03-17 10:45:02 AM  

GAT_00: EvilEgg: ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that

Is it? I got bored.

Yeah, it is.

And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.


I believe this is called the "They bought their tickets. They knew what they were getting into. I say let 'em crash" Doctrine.
 
2013-03-17 10:46:34 AM  
For all of you who voted for Obama, take a good look at socialism in action.
 
2013-03-17 10:46:44 AM  
This is unsettling.  I think I'll move to the safe-bolted-to-the-floor approach to hold the lion's share of my savings.  Can't do too much about my 401k, but surplus cash over about $1,000 I'll no longer be keeping in a bank account.
 
2013-03-17 10:48:25 AM  

My Bologna Has A Maiden Name: For all of you who voted for Obama, take a good look at socialism in action.


Obama is from Kenya not Cyprus.
 
2013-03-17 10:49:31 AM  

The Beatings Will Continue Until Morale Improves: GAT_00: EvilEgg: ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that

Is it? I got bored.

Yeah, it is.

And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.

I believe this is called the "They bought their tickets. They knew what they were getting into. I say let 'em crash" Doctrine.


Really?  You're equally responsible for every action taken by your bank for having deposits in it?
 
2013-03-17 10:50:50 AM  

LawrencePerson: The European welfare state is unsustainable.



Greece and Ireland went down, Spain nearly went down, France, UK and Italy are struggling, Germany and farking goddamn Scandinavia are roaring on all cylinders.

So you are correct that there is a relationship between welfare state and recession. You just got the sign wrong. Strongest welfare states did <i>best</i> in the recession.
 
2013-03-17 10:51:46 AM  

Copper Spork: It's not a levy. It's forcing account holders to buy shares in banks. I don't see how this is any different from people being forced to buy health insurance, really.


I'm guessing that "not seeing how things work" happens to you a lot of the time.
 
2013-03-17 10:53:06 AM  
"One time".... Sure.

Once again, governments proving that they view all assets as theirs.
 
2013-03-17 10:53:39 AM  
No wonder homeland security is buying billions of bullets. They are for us.
 
2013-03-17 10:57:01 AM  
That money done got itself sequestered
 
2013-03-17 10:57:38 AM  
Wow, the conservatards are out in full force this morning. Shouldn't you all be at church?
 
ZAZ [TotalFark]
2013-03-17 10:58:24 AM  
If taxing savings is unfair, what would be a "fair" solution to the Cyprus problem?

I expect government-sanctioned retirement plans to go this way in America. Your plan gets nationalized and in return you get an IOU for benefits in 10-30 years.
 
2013-03-17 11:00:19 AM  

Alone in the Snark: LawrencePerson: The European welfare state is unsustainable.


Greece and Ireland went down, Spain nearly went down, France, UK and Italy are struggling, Germany and farking goddamn Scandinavia are roaring on all cylinders.

So you are correct that there is a relationship between welfare state and recession. You just got the sign wrong. Strongest welfare states did <i>best</i> in the recession.


I think there's a cultural bias.  Many of the people there (I'm told) are proud to be productive so they can pay higher taxes so they can support their country and keep it strong.

Derptards here, on the other hand, are way too I-me-mine to think like that.  "I love my country, except for the people in it, they can fark off."
 
2013-03-17 11:00:35 AM  

GAT_00: The Beatings Will Continue Until Morale Improves: GAT_00: EvilEgg: ArkAngel: EvilEgg: Only on accounts of less than 100,000 euros? Is that class warfare?

It's ten percent on accounts above that

Is it? I got bored.

Yeah, it is.

And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.

I believe this is called the "They bought their tickets. They knew what they were getting into. I say let 'em crash" Doctrine.

Really?  You're equally responsible for every action taken by your bank for having deposits in it?




Isn't that the premise behind social ownership?

You live here, you do business here, you should pay for the upkeep as well as the mistakes of the bosses.
 
2013-03-17 11:01:38 AM  

Alone in the Snark: LawrencePerson: The European welfare state is unsustainable.


Greece and Ireland went down, Spain nearly went down, France, UK and Italy are struggling, Germany and farking goddamn Scandinavia are roaring on all cylinders.

So you are correct that there is a relationship between welfare state and recession. You just got the sign wrong. Strongest welfare states did <i>best</i> in the recession.


Scandinavia is a country now?  Man I hope someone told Finland.
 
2013-03-17 11:02:39 AM  
img543.imageshack.us
 
2013-03-17 11:03:30 AM  

LawrencePerson: The European welfare state is unsustainable. Europe is broke, and this is just the most advanced example of the Eurocratic elite and the bankers ganging up on other citizens. The end result will be a bank run in Europe. And once bank runs start, they're very hard to stop.

Cyprus is where Greek will be next year, followed shortly by Spain, Italy, and then most of the rest of Europe. And then shortly thereafter, thanks to those trillion dollar deficits, us.

Banks runs. Hyperinflation. And maybe 25% economic contraction in one year. If we're lucky.Hope those free condoms and cell phones were worth destroying the economy for.

Have a nice day.


And aircraft carriers. I sure feel safer with 14 flattops - the possibility of only having a dozen or so kept me up at night.

But spending on your priorities, that's different - right?
 
2013-03-17 11:03:44 AM  
Can't wait to hear how Obama is planning to do this.
 
2013-03-17 11:04:42 AM  

Jonnadiah: Wow, the conservatards are out in full force this morning. Shouldn't you all be at church?


Opposition to government seizure of assets is "conservatard?"  I guess this is the endgame of liberalism.
 
2013-03-17 11:04:44 AM  
All your moneys are belong to us.
Move along, sheep.

This is the rich trying to find a way to shift the inevitable collapse to the already, soon to be, more poor.
The 2% is going to have to raid itself and this will be ugly.
W/o deflation and probably a reissue of currency, there is no salvation from this quagmire. And the Nannys are not going to go down alone.
 
2013-03-17 11:05:21 AM  

GAT_00: And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.


As with Iceland, a very large amount of the money in and moving through Cyprus is Russian mafia money being laundered. German electors are not keen to protect the financial interests of the Russian mafia, hence this rather crude move.
 
2013-03-17 11:06:28 AM  

Inyego: This amounts to robbery and extortion. To arbitrarily tax someones wealth for the sins of others to bailout a country you may not even be a citizen of is something everyone should be very worried about. Coming soon to Greece, Spain, Portugal, Italy, US, France .....


Or they could just let the banks fail and then the savers would lose every last euro and cent.
 
2013-03-17 11:07:40 AM  

ZAZ: If taxing savings is unfair, what would be a "fair" solution to the Cyprus problem?

I expect government-sanctioned retirement plans to go this way in America. Your plan gets nationalized and in return you get an IOU for benefits in 10-30 years.


Bullchit, the rich will steal it all. Period.
You and I are not "entitled" to our own money or country.
 
2013-03-17 11:07:41 AM  
The BBC is reporting that apparently a reason the EU thought this was a good idea is that Cyprus banks are used by Russian money launderers for storage. http://www.bbc.co.uk/news/world-europe-21819990

I guess that means they have huge piles of money sitting in them for the taking, big piles held by Russians who don't vote in Cyprus or anywhere in the EU.

The flaw in that cunning plan was the reaction from the general public at saying that they are seizing money saved in the bank.
 
2013-03-17 11:07:50 AM  

orbister: GAT_00: And this bailout is utterly bogus.  They're actually arguing it is right to tax the people who have money in the bank because they are responsible for the actions of the bank, which is ridiculous.  They've also frozen the funds necessary to pay the tax from everyone's accounts already, even though for the plan to be put into place, it requires the approval of Cyprus' assembly.

As with Iceland, a very large amount of the money in and moving through Cyprus is Russian mafia money being laundered. German electors are not keen to protect the financial interests of the Russian mafia, hence this rather crude move.


I'm sure the Russian mafia will be totally cool with it, though. And I hear those are exactly the guys you want mad at you....

/Putin's gonna ride a tiger into Cypress and kick some ass....
 
2013-03-17 11:08:57 AM  

Jonnadiah: Wow, the conservatards are out in full force this morning. Shouldn't you all be at church?



I dont think there is even 1% true conservatroll on fark.com.  It is more like a neighborhood full of poorly adjusted kids who lights fires in garbage cans on the curb, & watch the carnage.
 
2013-03-17 11:10:52 AM  

My Bologna Has A Maiden Name: For all of you who voted for Obama, take a good look at socialism in action.


Hmm. What is it about phrases like "capitalism in crisis" or "banking crisis" or "bankers continue to receive massive bonuses while farking over the entire world economy" which leads you to believe this a result of socialism?
 
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