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(Zero Hedge)   Yesterday: Cyprus problem solved by taking from Russian tax evaders. Today: Cypriot businesses can't make payroll   (zerohedge.com) divider line 154
    More: Asinine, Cypriot, Cyprus, Russians, problem solves, insolvent, current accounts, small businesses  
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10301 clicks; posted to Main » on 29 Mar 2013 at 11:29 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-29 10:24:59 AM
Yeah, it's not like small businesses are just stuffing all of that money in the bank as profit.  Creditors want their checks to clear.
 
2013-03-29 10:54:45 AM
Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.
 
2013-03-29 11:14:44 AM

bronyaur1: Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.


how about the small local businesses that weren't laundering money?
 
2013-03-29 11:20:53 AM
Beeriot taxpayers, on the other hand, are doin' peachy.

i25.photobucket.com
 
2013-03-29 11:22:58 AM

doglover: Beeriot taxpayers, on the other hand, are doin' peachy.

[i25.photobucket.com image 480x320]


Aren't they always.
 
2013-03-29 11:27:37 AM

basemetal: Yeah, it's not like small businesses are just stuffing all of that money in the bank as profit.  Creditors want their checks to clear.


And then the Government will want them to pay taxes too. You think just because they emptied out their accounts today they'll let them pass on paying taxes tomorrow?!?
 
2013-03-29 11:33:58 AM

The Stealth Hippopotamus: basemetal: Yeah, it's not like small businesses are just stuffing all of that money in the bank as profit.  Creditors want their checks to clear.

And then the Government will want them to pay taxes too. You think just because they emptied out their accounts today they'll let them pass on paying taxes tomorrow?!?


No, I suppose many small businesses will struggle to survive, and many will go belly up, which will also decrease tax revenue.
 
2013-03-29 11:41:55 AM

bronyaur1: Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.


Yeah, that.
The Russian bastards can all fark themselves with a syringe full of krokodil.
 
2013-03-29 11:42:06 AM

bronyaur1: Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.


Of course.  Because the system is corrupt, let's take everything from the legit businesses.
 
2013-03-29 11:42:07 AM
Only a leftist would not connect point A (stealing money out of the banks) to point B (people/company having no money to make payrool).
 
2013-03-29 11:43:45 AM
It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.
 
2013-03-29 11:44:49 AM

basemetal: The Stealth Hippopotamus: basemetal: Yeah, it's not like small businesses are just stuffing all of that money in the bank as profit.  Creditors want their checks to clear.

And then the Government will want them to pay taxes too. You think just because they emptied out their accounts today they'll let them pass on paying taxes tomorrow?!?

No, I suppose many small businesses will struggle to survive, and many will go belly up, which will also decrease tax revenue.


Got it in one, guys.  Plus apparently most of the big money was "relocated" in February....  The only people getting b*ggered by the measures are the little people.
 
2013-03-29 11:45:22 AM
"forever to feed the creeping insolvent Euro-monster"

Yeah, that, or it's actually only Cyprus that doesn't have any money.

/the EU can't be insolvent, given that it prints its own money. But whatever, morons gotta be morons.
 
2013-03-29 11:45:44 AM

HotIgneous Intruder: bronyaur1: Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.

Yeah, that.
The Russian bastards can all fark themselves with a syringe full of krokodil.


The point is that not everybody with 100k Euros in a Cypriot bank is a Russian sleazebag.

And most of the Russian sleazebags got their money out already.

/subby
 
2013-03-29 11:50:50 AM
Oh Lord, they linked to a bitcoin thread.

I have never seen a bitcoin thread and now I never want to again.
 
2013-03-29 11:50:56 AM
I'm not Russian oligarch, but just European medium size IT business... We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

Sounds legit - a European IT business should have no problem firing all their workers and hiring up on the Cayman Islands. And the Bitcoin reference makes me think this is another wire service duped by what is clearly satire.
 
2013-03-29 11:51:12 AM
Cock the hammer it's time for action.
 
2013-03-29 11:54:22 AM

Erebus1954: It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.


Seized implies the money was taken and nothing given in return.

Yesterday Reuters reported that all money taken is being matched by bank (stock) shares.

Granted, the shares my not account for much at the moment, but seized us not the word you are looking for.

Fact is, Cyprus borrowed like a drunken sot. Now they need to pay the tab.

/aren't accounts insured to a point in the EU as they are here
//what idiot puts all his eggs in one basket
 
2013-03-29 11:54:24 AM
img.dailymail.co.uk
 
2013-03-29 11:57:06 AM
Your "proof" is a bitcoin site?  This seems legit.
 
2013-03-29 11:58:31 AM

a_room_with_a_moose: Erebus1954: It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.

Seized implies the money was taken and nothing given in return.

Yesterday Reuters reported that all money taken is being matched by bank (stock) shares.

Granted, the shares my not account for much at the moment, but seized us not the word you are looking for.

Fact is, Cyprus borrowed like a drunken sot. Now they need to pay the tab.

/aren't accounts insured to a point in the EU as they are here
//what idiot puts all his eggs in one basket


Great so the owners get shares, but can't make payroll. So, the littlest guys either work for a promise of pay which may or may not happen, or get laid off.
 
2013-03-29 11:58:42 AM

a_room_with_a_moose: Erebus1954: It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.

Seized implies the money was taken and nothing given in return.

Yesterday Reuters reported that all money taken is being matched by bank (stock) shares.

Granted, the shares my not account for much at the moment, but seized us not the word you are looking for.

Fact is, Cyprus borrowed like a drunken sot. Now they need to pay the tab.

/aren't accounts insured to a point in the EU as they are here
//what idiot puts all his eggs in one basket


Can I pay off my mortgage with that? Buy a car? I didn't borrow any money. Now mine is gone.Call it whatever you like. My money is gone.

Theft seems right. Or bank robbery.
 
2013-03-29 12:00:17 PM
Can anyone provide a source, that isn't the author or Alex Jones, that people were indeed allowed to withdraw money from foreign branches?
 
2013-03-29 12:00:25 PM
Cyprus has a lot of entitlements and free healthcare. In the recession, they continued to spend money.  How come they aren't rich by now? Did John Kerry lie to us
 
2013-03-29 12:02:38 PM

bronyaur1: Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.


No, save your feel bad for when that economy no longer feeds, shelters or protects you.
 
2013-03-29 12:04:59 PM

Erebus1954: a_room_with_a_moose: Erebus1954: It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.

Seized implies the money was taken and nothing given in return.

Yesterday Reuters reported that all money taken is being matched by bank (stock) shares.

Granted, the shares my not account for much at the moment, but seized us not the word you are looking for.

Fact is, Cyprus borrowed like a drunken sot. Now they need to pay the tab.

/aren't accounts insured to a point in the EU as they are here
//what idiot puts all his eggs in one basket

Can I pay off my mortgage with that? Buy a car? I didn't borrow any money. Now mine is gone.Call it whatever you like. My money is gone.

Theft seems right. Or bank robbery.


And yet my points remain unaddressed.

Such shocking behavior for Fark...
 
2013-03-29 12:05:54 PM
The only other option was to let the banks collapse. Try making payroll when the bank no longer exists.

/Option A is shiatty
//Option B was worse
 
2013-03-29 12:08:04 PM

Slaves2Darkness: a_room_with_a_moose: Erebus1954: It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.

Seized implies the money was taken and nothing given in return.

Yesterday Reuters reported that all money taken is being matched by bank (stock) shares.

Granted, the shares my not account for much at the moment, but seized us not the word you are looking for.

Fact is, Cyprus borrowed like a drunken sot. Now they need to pay the tab.

/aren't accounts insured to a point in the EU as they are here
//what idiot puts all his eggs in one basket

Great so the owners get shares, but can't make payroll. So, the littlest guys either work for a promise of pay which may or may not happen, or get laid off.


Equity in a bankrupt institution is worth the paper the certificates are printed on (these days you probably don't even get the paper).

digistil: Can anyone provide a source, that isn't the author or Alex Jones, that people were indeed allowed to withdraw money from foreign branches?

Is this good enough?
http://www.cityam.com/article/uk-branches-cypriot-banks-reassure-sa ver s
From the article:
But unlike Cypriot banks, which have placed a €100-per-day on ATM withdrawals, a Laiki Bank spokesperson said yesterday that the bank's London branches were open as normal and there were no limits on withdrawals and no change to conditions.
Laiki also operates three branches in London - including a head office in central Mayfair - and one in Birmingham, as well as running a private and corporate business bank.
Bank of Cyprus also owns 80 per cent of Russia's Uniastrum Bank, which said it had not put any restrictions on withdrawals in Russia.


Laiki is another name for Cyprus Popular Bank (the one that failed Tuesday).  City AM is a free daily paper in the City of London, hopefully that's not too Alex Jonesy.
 
2013-03-29 12:09:04 PM
I am not a seer.  But I saw this coming a mile away.

Sometimes train wrecks aren't as interesting as total economic collapse.
 
2013-03-29 12:11:58 PM
"Equity in a bankrupt institution is worth the paper the certificates are printed on (these days you probably don't even get the paper)."

What will the currency be worth if the economy folds or goes into runaway inflation.

Take your time...
 
2013-03-29 12:13:20 PM

nelsonal: Slaves2Darkness: a_room_with_a_moose: Erebus1954: It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.

Seized implies the money was taken and nothing given in return.

Yesterday Reuters reported that all money taken is being matched by bank (stock) shares.

Granted, the shares my not account for much at the moment, but seized us not the word you are looking for.

Fact is, Cyprus borrowed like a drunken sot. Now they need to pay the tab.

/aren't accounts insured to a point in the EU as they are here
//what idiot puts all his eggs in one basket

Great so the owners get shares, but can't make payroll. So, the littlest guys either work for a promise of pay which may or may not happen, or get laid off.

Equity in a bankrupt institution is worth the paper the certificates are printed on (these days you probably don't even get the paper).

digistil: Can anyone provide a source, that isn't the author or Alex Jones, that people were indeed allowed to withdraw money from foreign branches?
Is this good enough?
http://www.cityam.com/article/uk-branches-cypriot-banks-reassure-sa ver s
From the article:
But unlike Cypriot banks, which have placed a €100-per-day on ATM withdrawals, a Laiki Bank spokesperson said yesterday that the bank's London branches were open as normal and there were no limits on withdrawals and no change to conditions.
Laiki also operates three branches in London - including a head office in central Mayfair - and one in Birmingham, as well as running a private and corporate business bank.
Bank of Cyprus also owns 80 per cent of Russia's Uniastrum Bank, which said it had not put any restrictions on withdrawals in Russia.

Laiki is another name for Cyprus Popular Bank (the one that failed Tuesday).  City AM is a free daily paper in the City of London, hopefully that's not too Alex Jonesy.


What I figured. I don't know about you all , but I'm saving to buy some farm ground and learning to grow my own food. I really hope it does not get this nasty in the US, but some planning for everything going tits up seems in order.
 
2013-03-29 12:15:19 PM

a_room_with_a_moose: Erebus1954: It's okay because 100% of people who have accumulated more than 100,000 Euros are criminals and deserved to have their life savings seized.

Seized implies the money was taken and nothing given in return.

Yesterday Reuters reported that all money taken is being matched by bank (stock) shares.

Granted, the shares my not account for much at the moment, but seized us not the word you are looking for.

Fact is, Cyprus borrowed like a drunken sot. Now they need to pay the tab.

/aren't accounts insured to a point in the EU as they are here
//what idiot puts all his eggs in one basket


Accounts up to 100k Euros were insured, but the EU decided to impose a "solidarity tax" on smaller savers.  This isn't about the money though, it's a power grab and the setting of a precedent.  Merkel's up for re-election in September and she wants to be able to tell her voters they're not getting shafted - which they are, quite frankly.  And the EU is busy consolidating its control.
 
2013-03-29 12:17:01 PM
Off to Qwickee Mart for a loaf of bread.

mashopsimg.com
 
2013-03-29 12:18:05 PM
Isn't the Euro worth more than the dollar?
 
2013-03-29 12:18:52 PM
You may be right, but a citation would be nice.

As of yesterday, it was only accounts over 100,000 euros.
 
2013-03-29 12:19:37 PM
Well, who saw this coming?  Restrict bank access, force banks to remain closed for over a week and suddenly employers can't pay their people.  How much longer until people in Cypress start bartering for goods and services?
 
2013-03-29 12:20:28 PM

bronyaur1: Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.


THIS!
 
2013-03-29 12:22:17 PM

a_room_with_a_moose: "Equity in a bankrupt institution is worth the paper the certificates are printed on (these days you probably don't even get the paper)."

What will the currency be worth if the economy folds or goes into runaway inflation.

Take your time...


Hey everybody, Henry Potter's offering you 5 cents on every dollar share in the bank!
 
2013-03-29 12:22:32 PM
my money is in lead, brass, carbon, saltpeter and sulfur.
the delivery system is stainless steel, and the recipient gets a real bang out of it!
 
2013-03-29 12:29:43 PM

SlothB77: bronyaur1: Am I supposed to feel bad for an economy that based itself on sheltering and laundering shady money? Don't hold your breath for that.

how about the small local businesses that weren't laundering money?


By Fark progressive definition if they had 100,000 plus Euros in the bank they are evil or they would not have that much money. Taking it from them  has no impact on the average guy according to them and if it does that is what government welfare is for..
 
2013-03-29 12:31:58 PM
I've seen this on several sites? Why is it just this one guy? I'm suspecting his image isn't the full truth. I'm not going to believe it till I hear of several other business in similar situations all saying the same thing.

Even if the "image" is true, he could have had 7 million in the account, they then froze 10%, and he took it all out but a little bit. Then took this picture.
 
2013-03-29 12:32:54 PM
HAHAHA...yes please secure your funds in bitcoin.

That stupid thing is the 2013 version of the blinking punch the monkey ads.   Here's a fun exercise:  type bitcoin into the little search box on the top right.
 
2013-03-29 12:36:54 PM

MindStalker: I've seen this on several sites? Why is it just this one guy? I'm suspecting his image isn't the full truth. I'm not going to believe it till I hear of several other business in similar situations all saying the same thing.

Even if the "image" is true, he could have had 7 million in the account, they then froze 10%, and he took it all out but a little bit. Then took this picture.


It's bitcoin spamming.  The higher it goes the more the buttcoin idiots spam that garbage, have you ever had a friend involved in a MLM scheme?  It's obnoxious.
 
2013-03-29 12:37:22 PM

IRQ12: HAHAHA...yes please secure your funds in bitcoin.

That stupid thing is the 2013 version of the blinking punch the monkey ads.   Here's a fun exercise:  type bitcoin into the little search box on the top right.


I always secure my savings in places that can vanish if something goes BEEEEEEEeeeeeoooooooop."
 
2013-03-29 12:38:43 PM
Remember, it can't happen here.
 
2013-03-29 12:38:56 PM
www.ridelust.com
All HAIL the new CYPRUS KING!
King CASH
 
2013-03-29 12:43:44 PM

scarmig: Remember, it can't happen here.


Exactly!
Cyprus = Small island country that's used as a tax haven
United States = Large 1/3 of continent country with a world reserve currency & a huge GDP as well as world military.

They cannot/will-not do what Cyprus did, since it would do more harm than good in the long run.
Plus we have the option to print more dollars, Cyprus is at the mercy of the Euro.
 
2013-03-29 12:44:16 PM

IRQ12: HAHAHA...yes please secure your funds in bitcoin.

That stupid thing is the 2013 version of the blinking punch the monkey ads.   Here's a fun exercise:  type bitcoin into the little search box on the top right.


I've got my money tied up in tulips.
 
2013-03-29 12:46:20 PM

IRQ12: HAHAHA...yes please secure your funds in bitcoin.

That stupid thing is the 2013 version of the blinking punch the monkey ads.   Here's a fun exercise:  type bitcoin into the little search box on the top right.


I try to maintain a healthy skepticism about bitcoins, but they do offer one significant advantage (from the individual Cypriot's perspective) over the Euro: the government can't go to the bank and seize your bitcoins.

Which is not to say that there aren't better alternatives, but I doubt any of them are as easily accessible to individuals as bitcoin.
 
2013-03-29 12:46:26 PM
Why not go the other way with it -- let the banks disintegrate.  Either you let people take their money out and then those Euros become worth less or you let the deposits crumble with the bank and no 100k for no one.  Option 3 ("what they did do") doesn't seem quite as awful anymore.
 
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