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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 39
    More: Asinine, Cypriot, Cyprus, Russians, problem solves, insolvent, current accounts, small businesses  
•       •       •

10311 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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Archived thread
2013-03-29 11:42:07 AM  
6 votes:
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 11:58:42 AM  
5 votes:

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 11:45:44 AM  
4 votes:

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 11:14:44 AM  
4 votes:

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 10:24:59 AM  
4 votes:
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 01:38:43 PM  
3 votes:

mod3072: 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.

If the story is accurate, it sounds like the oligarchs that this was supposed to target got their money smuggled out of the country using their vast connections before it could be confiscated, leaving the honest folks to pick up the tab while the criminals who likely had a large hand in creating the problem got to sail off into the sunset on a solid gold yacht filled with hookers and blow. I'm pretty sure that nothing like that has ever happened before. Usually the rich and powerful get screwed while the little guys laugh. There is no way that anyone could have seen this coming.


They didn't get their money "smuggled out." The banks that closed in Cyprus left open their branches on the London exchanges. The Russian mafia simply withdrew its money through London. The Central Bank of Cyprus had no legal authority to close those branches and the bankers decided they liked living above ground, so they gave the Russians their money.
2013-03-29 11:42:06 AM  
3 votes:

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 11:33:58 AM  
3 votes:

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 12:32:54 PM  
2 votes:
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 11:58:31 AM  
2 votes:

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 11:51:12 AM  
2 votes:
Cock the hammer it's time for action.
2013-03-29 11:50:56 AM  
2 votes:
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 11:44:49 AM  
2 votes:

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 10:54:45 AM  
2 votes:
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.
2013-03-30 05:05:19 AM  
1 votes:

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.


I think you two got caught up in the excuse rather than the real crime here.  The banks literally used the mechanism of government to prop up that very same corrupt financial system...you know...the one HSBC is a part of that was laundering money from various south/central american drug cartels.  Yeah those guys.  Oh noes russian tax evaders!  Clearly that means you have to nuke the savings of EVERYONE (just to be sure of course).

when in doubt nuke it from orbit.  This was a pure wealth grab...and its not even a tax...they call it a haircut...except the people who used poor judgement and made poor business decisions were not the depositors...not even the kleptocrats of Russian/other origin were necessarily responsible for the banks being unable to manage risk and return.  This is also a phenomenon of fractional reserve banking where they don't multiply their reserves by an y reasonable multiplier...but many times beyond what would be considered reasonable exposure.

The rabbit hole goes down deep in this case and in this case the money went from the depositors in to the account of the bank itself.  This was theft plain and simple.  There is no reasonable reaction to this kind of action by a government and the banks.  You either lay down and take it...or hang em high so they don't ever try this shiat again.  *currently watching em lay down and take it*
2013-03-30 02:19:16 AM  
1 votes:

IRQ12: But go on thinking that the governments will just stand by saying "shucks foiled by bitcoin" should they want to *control* it.  Sure, they will never be able to completely halt its use but that's not really the topic.


The issue is not even that there is a government problem with Bitcoins.  The government has an issue with completely anonymous and untracable financial transfer systems.

There is no characteristic of bitcoins that some other form of value transfer does not also share.  Things like the Hawala system, cash, and precious medal based currencies each cover a few of these aspects far better than bitcoins do.  The only advantage bitcoins have right now is obscurity.

Unfortunately the main selling point of bitcoins also makes them very attractive to aspects of humanity that you really do not want to be associated with.  People who buy shockingly illegal things (I am not talking about silk road purchases of pot)

Individuals may not be interested in bitcoins for their less than above board uses, but that does not mean that they will not be associated with people who are interested in them for all the wrong reasons.  Right now it is easier to buy child porn than gas or groceries with bitcoins.  As long as this is true, they will never take off.  The only way to change this is to change the fundemental nature of bitcoins.

TLDR:  Paypal or amazon payments are closer to creating a widely adopted digital value transfer mechanism than the people backing bitcoins, and they have not even tried.
2013-03-29 05:53:45 PM  
1 votes:
spawn73:
I'm a bit surprised that you can come to any other conclusions from reading how it works, despite your eager building of strawmen.

IRQ12:  The government does not need to seize your bitcoins when they control the infrastructure that makes it possible
spawn73:   Bitcoin in its nature is immune to government control, and I'm not mistaken
IRQ12:  **Pulls out the crayon to help spawn73 understand what the word control means and points out how easy with an example of how easy it is for them to control it by choking the conversion points.
spawn73:  STRAWMAN!

Rinse and repeat for every bitcoin debate ever had on the internet.  UP UP UP!

But go on thinking that the governments will just stand by saying "shucks foiled by bitcoin" should they want to *control* it.  Sure, they will never be able to completely halt its use but that's not really the topic.
2013-03-29 05:51:05 PM  
1 votes:

spawn73: IRQ12: 
Let's imagine this purely hypothetical situation in which a government(s) could regulate the the flow of traffic on the internet and the financial institutions where the bitcoins are converted into cash.  That might sound like they are able to control them, wouldn't it?  Naw that's ridiculous, just look how popular online gambling is!

I read your post, only quoting part of it.

But well, no, those are not mechanisms that could be put in place to control peoples use of Bitcoin.

Hypothetically all governments in the world could regulate the financial institutions as to make converting bitcoins to cash difficult (it would have to be all countries in the world obviously), but that would do nothing to prevent the Bitcoin client and network from functioning as intended.

The thought that the internet could be shut down because of Bitcoin is far fetched, and doesn't matter. A HAM radio client would work just as fine.

That's really the premise, can or can't "the bogeyman" take your Bitcoins. And the answer is no.

I'm a bit surprised that you can come to any other conclusions from reading how it works, despite your eager building of strawmen.


You are the one who doesn't understand how this works.

*Knock, Knock*
You:  Erm yes?
Me:  Hi, I'm from the government.  I'm here confiscate your illegal currency.
You: Go away
Me;  *Takes out weapon - waves hand at squad behind me*  Too bad - you are.
You: Urp!
Me:  *Points gun at your head* Let's sit down at your computer
You: Ok...
Me:  Here's the BTC address you are going to transfer everything to
You:  Right. *You comply - you don't want to be shot resisting arrest right now*
Me: *Phone rings*   Yup, OK.
Me: *Hangs up phone* OK, transaction went through.  Let's turn off your computer and discuss how this couldn't have happened, shall we?
You:  I guess I was wrong...

You should look at xkcd #538 and then realize how little the governments out there are worried about some crypto based currency system.  It doesn't have to play nice.  It will use force.  And it is already starting to happen.  On March 18 BTC currency exchanges were told they will be regulated as MSBs by the US treasury department.  It has begun...
2013-03-29 05:38:47 PM  
1 votes:

spawn73: IRQ12: 


Does a government need to seize your bitcoins when they run the infrastructure that makes them a viable form of trade?  That's what's so funny about the bitcoin fanatics, they're all like a bunch of 15 year old boys who think they have figured out all of these "simple" worlds problems....because they don't understand the wider cause and effect of things.

You're also a fanatic, but you're not funny, just annoying with your ignorance.

Bitcoins in their distributed nature can't be seized, and the government doesn't and can't control the means of which they're traded.

Futhermore, the value of the Bitcoin is irrelevant in so far as it's efficiency of making a purchase. Noone gives a shiat whether it's worth 10 cents or 100 dollars, you just purchase, and transfer, the correct amount of Bitcoins. The problem only arises if you insist on keeping your money in Bitcoins. I think that's a bad idea, and not what the Bitcoin was created for.

By using Bitcoins I can make a purchase to someone across the world, with instant payment, without having to involve banks or credit cards and their associated fees, delays, demands for documentation etc.

Some people do see the Bitcoin as an investment, but it's kinda hard to argue with them if they bought them at 2USD a piece. Let's just hope for them that another crash isn't comming, something that will only affect investors though, as outlined above.


You might want to look a little more closely at our banking laws when it comes to regulating bitcoins.  Anyone who performs financial and bank-like transactions can be heavily regulated, and the transactions made via BTC are not immune to tax law either.  The organizations setting themselves up to handle BTC bank transfers are going to find they've become banks, and that means serious people from the government are going to impose serious restrictions.  For one thing, anonymity will end - the source and recipient of every transfer through those quasi-banks will be recorded so the government can find out who was involved in every transfer.  The government can most certainly outlaw the use of BTC for transactions.  They might not be able to prevent two parties from using a non-government backed currency, but they most certainly can tell businesses they are not allowed to accept transactions in BTC.  And yes, the government can seize your bitcoins by making it impossible for you to recover it.  As in you will transfer them to the government address as a literal gun is held to your head.  You then get to sit in a cell for 24 hours as those block chains get replicated.  Done - confiscation has taken place.  xkcd #538 is real.  But you are at least one step ahead of most BTC fanatics - you recognize that it wasn't designed to be a good value storage vehicle.  It was designed as a transaction platform with certain characteristics.  That the supply of BTC behaves like any other commodity is, well, because it is one.
2013-03-29 03:18:33 PM  
1 votes:

spawn73: realityVSperception:
He was in Brussels as European leaders and the International Monetary Fund engineered a 50 percent write-down of Greek government bonds. This meant that those holding the bonds - notably the then-cash-rich banks of the Greek-speaking Republic of Cyprus - would lose at least half the money they thought they had. Eventual losses came close to 75 percent of the bonds' face value.
For Cypriot banks, particularly Laiki Bank, at the center of the current storm, however, these conclusions foretold a disaster: Altogether, they lost more than four billion euros, a huge amount in a country with a gross domestic product of just 18 billion euros. Laiki, also known as Cyprus Popular Bank, alone took a hit of 2.3 billion euros, according to its 2011 annual report.

It's tough to keep your bank solvent under those conditions.
/a box of gold and silver coins is looking better and better

It's hardly the EUs fault that the Cypriotic banks invested in bonds with junk status.

They invested in them because they were greedy, ie. they probably paid up to 20%.

Of course the EU, and Greece, would say to anyone who cares to listen that Greek was safe, and their bonds were safe. That's their farking job to say, they're not going to go out there and talk the Greek economy even further into the shiatter.

Perhaps Cyprus is just to small to be able to run a banking system themselves if it came as a surprise to them that Greek bonds was a risky investment that you´d be a complete moron, or a Cypriotic, to bet your house on. Because that's what they did, and it's noones fault but their own.


The EU is the one who failed to due diligence when they allowed Greece to join the euro in the 1st place.
Greece actively hid its debt levels with help from Goldman Sachs.

http://www.dailymail.co.uk/news/article-1251280/Goldman-Sachs-new-st or m-secret-deal-mask-Greek-debts.html

How was a Cyprus bank suppose to detect the fraud when even the EU ministers in Brussels were fooled?

Actually Greek bonds were not rated as junk, and paid typical rates around 5% leading up to the crisis.
http://www.tradingeconomics.com/greece/government-bond-yield

The whole point of the EU is to allow small countries to participate in and have the benefits of a continental size economy. It shouldn't matter how small the individual country is, otherwise, why bother having the EU in the first place?

So even though Greece actively committed fraud, and the EU forced the losses on the Cyprus banks, you think the Cyprus banks are entirely at fault for creating a financial industry and buying investment rated government debt backed by the EU?
2013-03-29 02:55:02 PM  
1 votes:

Evil High Priest: spawn73: It's hardly the EUs fault that the Cypriotic banks invested in bonds with junk status.

AAA is junk status now? Ok.


This is why Europe is royally farked.  Zee Germans make up the story as they go along and know nothing about economics.

Germany: "You have to agree to this haircut on Greek debt, Cyrprus, in the interest of EU solidarity and stability.  We'll back you up if you run into problems."

Cyprus: "Okay, we did that, and now our banks are insolvent.  Help please?"

Germany: "Pfffffft.  biatch, please.  Give us your deposits.  And cripple yourselves with budget cuts and deflation while you're at it."
2013-03-29 02:47:57 PM  
1 votes:

Evil High Priest: AAA is junk status now? Ok.


Well... we did have alot of CDOs (bundles of bad mortgages) that were marked AAA despite the fact that they had little to no value. But most investors (savvy or not) took the AAA at face value and never asked any questions. 2008 wasn't that long ago and everyone was making the same poor choices whether it was a Greek bond or a U.S. CDO.

 
//I still wonder why its ok for the credit rating agencies to get paid by the companies they rate products for.

//"This thing is awful but if we don't mark it AAA someone else will."
2013-03-29 02:45:25 PM  
1 votes:

spawn73: Yeah fark Cyprus tbh.

But anyway, what I'd do at least, if I had more money than 100k Euro (I wish), was to look into the solvency of my bank. Fortunatly I live in a country where the government checks the banks constantly for solvency, but I guess they didn't in Cyprus since this apparently came as a surprise for them, in that they didn't act before it was too late.

(you do realise that Great Britain and Switzerland are also in Europe? Your comments are a bit strange (GB is in the EU as well) I'd certainly trust GB or Swizz banks more than Irish for sure though.).


Yes, having lived in Britain, I'm well-aware of the fact that they're in the EU.  They have their own currency, as does Switzerland, so they're not beholden to the wishes of scumbags like Schauble and Asmussen.

People keep thinking this is a debt crisis.  It's not.  It's a currency crisis.  As long as these idiots hold on to that moronic currency, their people are screwed.
2013-03-29 02:29:34 PM  
1 votes:

Triumph: They didn't get their money "smuggled out." The banks that closed in Cyprus left open their branches on the London exchanges. The Russian mafia simply withdrew its money through London. The Central Bank of Cyprus had no legal authority to close those branches and the bankers decided they liked living above ground, so they gave the Russians their money.


You managed the perfect combination of information, wit, and snark
2013-03-29 02:01:57 PM  
1 votes:

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

Thats not exactly how I would put it.

"The Cypriot Government was reported requesting a bailout from the European Financial Stability Facility or the European Stability Mechanism on 25 June 2012, citing difficulties in supporting its banking sector from the exposure to the Greek debt."
-http://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_cr isi s

The banking sector in Cyprus (and its liabilities) was far larger than the GDP of Cyprus.

The banks bought risky assets (mostly Greek Bonds) which lead to heavy losses.

The losses were so large that the government of Cyprus could not bail out the banks. (Unlike the U.S. Cyprus could not print/create money to solve this problem.)

The government of Cyprus then sought a load from the EU but it came with conditions.


Cyprus didn't "borrow like a drunken sot" but its banks did make poor investments.


//Keep in mind that prior to the financial crisis the EU insisted that Greek bonds were sound.

Well, then the banks borrowed like sots and the government let them.

I'm guessing the banks made those investments with their customer's funds.

It amounts to the same thing, in the end.


The Cypriot banks were not in all that bad shape until the EU forced the greek bond devaluation on them

You can find the details here

http://www.nytimes.com/2013/03/27/world/europe/europeans-planted-see ds -of-crisis-in-cyprus.html?pagewanted=all&_r=0


But the path that led to Cyprus's current crisis - big banks bereft of money, a government in disarray and citizens filled with angry despair - leads back, at least in part, to a fateful decision made 17 months ago by the same guardians of financial discipline that now demand that Cyprus shape up.


That decision, like the onerous bailout package for Cyprus announced early Monday, was sealed in Brussels in secretive emergency sessions in the dead of night in late October 2011. That was when the European Union, then struggling to contain a debt crisis in Greece, effectively planted a time bomb that would blow a big hole in Cyprus's banking system - and set off a chain reaction of unintended and ever escalating ugly consequences.

"It was 3 o'clock in the morning," recalled Kikis Kazamias, Cyprus's finance minister at the time. "I was not happy. Nobody was happy, but what could we do?"

He was in Brussels as European leaders and the International Monetary Fund engineered a 50 percent write-down of Greek government bonds. This meant that those holding the bonds - notably the then-cash-rich banks of the Greek-speaking Republic of Cyprus - would lose at least half the money they thought they had. Eventual losses came close to 75 percent of the bonds' face value.

For Cypriot banks, particularly Laiki Bank, at the center of the current storm, however, these conclusions foretold a disaster: Altogether, they lost more than four billion euros, a huge amount in a country with a gross domestic product of just 18 billion euros. Laiki, also known as Cyprus Popular Bank, alone took a hit of 2.3 billion euros, according to its 2011 annual report.



It's tough to keep your bank solvent under those conditions.

/a box of gold and silver coins is looking better and better
2013-03-29 01:55:13 PM  
1 votes:

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.


I don't really care about money in excess of €100k.  They knew the deposits were only guaranteed to that amount.  Just as we know that here with the FDIC.  The bank failed.  If they had more than that amount, tough shiat.

It's the attempt to grab from people below the insurance threshold that should scare the shiat out of anybody with money in a European bank.  The EU opened Pandora's box with that bullshiat.  I'd be moving my money to Britain or Switzerland ASAP if I were a Spaniard or Irish.
2013-03-29 01:20:19 PM  
1 votes:

a_room_with_a_moose: MythDragon: While the rest of you farkers cry in dispair or blame the democrats, I got off my ass and found a solution.

Usury.

Is it wrong that I find that woman smoking hot?


No, that's the whole point of Poke-a-HotAss.

Before they had a slim Indian guy, but went for the "sex sells" theme:
i3.ytimg.com
2013-03-29 12:56:26 PM  
1 votes:
Alas, those same individuals are likely to have been least affected, as subsequent discoveries of capital control breaches by the "richest and best connected" reveal, while increasingly it appears that the uninsured depositors on whose back the nation of Cyprus was bailed out are small and medium corporations, who had been parking cash for net working capital purposes with Cyprus' banks, cash which is now gone forever to feed the creeping insolvent Euro-monster, and which can't be used to fund such day to day business activities as payroll, purchases, and business operations.

One.  Sentence.  Article.
2013-03-29 12:52:05 PM  
1 votes:

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


Thats not exactly how I would put it.

"The Cypriot Government was reported requesting a bailout from the European Financial Stability Facility or the European Stability Mechanism on 25 June 2012, citing difficulties in supporting its banking sector from the exposure to the Greek debt."
-http://en.wikipedia.org/wiki/2012%E2%80%932013_Cypriot_financial_cr isi s

The banking sector in Cyprus (and its liabilities) was far larger than the GDP of Cyprus.

The banks bought risky assets (mostly Greek Bonds) which lead to heavy losses.

The losses were so large that the government of Cyprus could not bail out the banks. (Unlike the U.S. Cyprus could not print/create money to solve this problem.)

The government of Cyprus then sought a load from the EU but it came with conditions.

 
Cyprus didn't "borrow like a drunken sot" but its banks did make poor investments.


//Keep in mind that prior to the financial crisis the EU insisted that Greek bonds were sound.
2013-03-29 12:46:20 PM  
1 votes:

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 12:44:16 PM  
1 votes:

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 12:43:44 PM  
1 votes:

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 12:37:22 PM  
1 votes:

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 12:05:54 PM  
1 votes:
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 12:02:38 PM  
1 votes:

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 12:00:25 PM  
1 votes:
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 11:57:06 AM  
1 votes:
Your "proof" is a bitcoin site?  This seems legit.
2013-03-29 11:43:45 AM  
1 votes:
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 11:27:37 AM  
1 votes:

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?!?
 
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