Bailout tax shock for Cyprus savers

no big shocker really, I have been telling all my friends something similar will happen worldwide.... that's why we are buying all the tanks bullets and guns and you can bet those fema camps are starting to get the furnaces going. the only one thing that can unite all americans is war and theft of money, that's why they are doing everything under the sun to get guns that can do as much damage as the military because they don't want us to be able to fight back........ rifles and hand guns against automatic weapons that can discharge thousands of rounds of ammo = knife to a gun fight, heh

buy gold /silver/copper and stock up on food, its coming id say by 2016.

I doubt very much whether anyone will leave their money in banks once they know it can be stolen!

If 50% was really mafia money then why steal 10% from 100% of accounts. Just steal it from the so called 'mafia' accounts IF that claim is true,

Two wrongs a right do not make.

As an ordinary 'nobody' with virtually no savings at all, I shall be withdrawing every last penny tomorrow.

Wouldn't trust a bank as far as i could throw them after this.

reply to post by MidnightTide


This is theft allright. But it is no different to governments in the west who get their reserve banks to drop interest rates below the inflation rate and thus steal from savers accounts. Or by printing money and devalueing money that is already in existance in peoples accounts. This is also theft.

Over the last few years the UK government has been saying that 'people are simply

not saving enough for their old age [pensions]


But there is no incentive to do so [historically low interest rates being one]

and if this theft of customers already taxed money were to become the norm.

Why would any sane person save?


Badly run business's fail so badly run banks should be allowed to fail and instead

of governments bailing the banks out the 'bail' money should be divided percentage wise to

the bank customers.


I am not wealthy and as a loyal customer of a bank I was given some shares. I also bought

more 'shares' from family members [at the going market rate] as a way of saving to be

independent and having a 'nest egg' in the event of needing it, when I retired....Well everyone

knows what happened to 'Northern Rock'!!!.....It has now risen from the ashes as

'Virgin Money' and doing very nicely thank you....and all those ordinary people like myself

[moderate means by most standards] BUT WELL OUT OF POCKET by ours.

I have a feeling most people with quite a large sum in their account already took action to get most of their money away from the governments hands since it looks like they had a few days notice before the bank holiday.

news.sky.com

British expat David Symonds, who lives in Limassol, told Sky News: "Everybody was surprised. We were assured only a few days ago that the haircut on the deposits was a red line for the government.

"When we learned that it might become a possibility we were told it would only be on deposits above 100,000 euros. Now of course we know it affects everybody."

And if people think it won't happen else where, just look at what the Dutch finance minister said.

Dutch finance minister Jeroen Dijsselbloem said: "As it is a contribution to the financial stability of Cyprus, it seems 'just' to ask a contribution of all deposit-holders."

People need to realize that the government owns you, it does not work for you. And while you maybe able to vote for your overseer, it doesn't mean anything.

If you are still using the banking system, it is your own fault when this happens to you. Get out, get out now.

reply to post by MidnightTide


End the EU dictatorship and take back your country is the advice I would give Cyprus and all countries in the EU....

This is criminal and wrong. The EU is destroying themselves but it would work to the global banks advantage now because they control the gold and give everyone else the pretty toilet paper ....

this will destroy the EU as it will embolden opposition parties within member countries!

And what happens when the US comes for "their share" of your 401K????
Right after the collapse of Europe, Uncle Same will be plunging his hand into your pockets VERY soon

they are definitely testing the water because cyprus is so small, thieving bullies

reply to post by Credenceskynyrd


You are right about these vampire bankers testing the waters against a small country first. Then on to larger EU members once they set the precedent.

Jeroen Dijsselbloem, president of the group of euro-area ministers, on Saturday declined to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.

Read more: www.theage.com.au...

Under an emergency deal reached early on Saturday in Brussels, a one-time tax of 9.9 per cent is to be levied on Cypriot bank deposits of more than €100,000 effective on Tuesday, hitting wealthy depositors - mostly Russians who have put vast sums into Cyprus's banks in recent years. But even deposits under that amount would be taxed at 6.75 per cent, meaning that Cyprus's creditors will be confiscating money directly from pensioners, workers and regular depositors to pay off the bailout tab.

So basically 10% stolen from you if you have 100,000 or more. and 6.75% if you have less than that.
Bunch of thieves. Scum of the earth.

cyprus update

There are two threads on this so I am putting this in both. Monday was a scheduled bank holdiay but they have closed them down for Tuesday and Wednesday too. They have postponed the vote to finalize the scheme.

Google Cyprus in a news search. Make Cyprus pop to the top of the search hits. That will let those pushing this agenda know that the world gets it and is watching. It is far easier to protest this by doing a simple news search to let them know we know then to wait until it happens at your bank...

reply to post by watcher3339


Well the Mrs seems to think she's going to get shafted for about 400 euro's from some account she got setup by her grandparents so guess whats going to happen...everyones gonna start keeping it under the matress and banks are gonna run scared and if they try to mess with it too much they'll just convert it to gold and sit on it

reply to post by Maxatoria


That actually sounds about right. And, that will crash the system. Which isn't good. But neither are the other alternatives. When we utilize a bank -- often paying fees for those services - we should never have to worry about them just taking our money.

UNDER threat of litigation, the Bank of Cyprus (BoC) has awarded former CEO Andreas Eliades compensation to the tune of some €2 million. The move comes after a majority decision of the bank board last Friday. No money has been disbursed yet; given that the bank has requested state assistance, the final say rests with regulatory authority, the Central Bank. On resigning his post in July last year, Eliades demanded €3.5m in total. The €2m figure awarded last week is seen as a compromise.

Source

Now Italy is in their sites:

German Commerzbank Suggests Wealth Tax In Italy Next

A tax rate of 15% on financial assets would probably be enough to push the Italian government debt to below the critical level of 100% of gross domestic product." So there you have it, the 'new deal' in Europe, as we warned, is 'wealth taxes' and testing the "capacity of Cypriots" appears to be the strawman on what the public will take before social unrest becomes intolerable.

www.zerohedge.com...

Just more proof of the desperation going on with the economy and I think most of the people who chat on these boards understand this thing is just more bad news and war with Iran and North Korea eventually is gonna happen.When this all goes down it could be as bad as the great depression and could cause WW3.

If you are still using the banking system, it is your own fault when this happens to you

You can't function in this country without a bank unless you live on the streets or in the backwoods of Alaska.

reply to post by CB328


You actually could get along without a bank. It might not be as easy or simple as it is with our current banking habits but you could figure out a way. Pre paid cards, cashiers checks...not easy, but possible.

I am pondering keeping one month's expenses in bank and then topping it off to the proper level each month. It feels messy. I will need more spreadsheets if I am closing accounts and keeping all the money together instead of in it's neat little, use specific, accounts.

Not shocked, what shocks me is that there are still people in support of being a part of the EU Soviet state. The EU Godfathers are nothing but legalised criminals, this is theft, its nothing else. People of Cyprus should take to the streets over this, its the most blatant robbery I've ever known by these criminal b#####ds!

The more I think about, the more I feel it would be best for Cyprus to default and take the hit, as I believe that this is more about maintaining Euro-wide stability to the markets, rather than aid to Cyprus with an unacceptable condition.

The markets have reacted with jitters to Cyprus, and the Euro has taken a hit itself. Germany is absolutely desperate to save the currency, but to be honest, saving the Euro does not help struggling European countries, but really does cement Germany's position as the banker of Europe.

No, each country should allow itself to default, the nations of such should press for it. Let their governments take charge of the banks in their country on a temporary basis, reinstitute deregulated laws dealing with finance, and bring themselves back onto a even keel.

Yes, there would be a chaotic transition, and it would be hard, but you wouldn't be helping countries like Germany or France lord it over you. Let them 2 countries feel the hardship and the struggle, their systems need crashing, the whole European financial system needs crashing, and rebuilding with a less interconnective system. You can have a European Market, but less integrated and stave off the 'superstate'. Countries are struggling because of the way they have to pander to the demands of an integrated, Euro-wide business scheme, lorded over by the likes of Germany.

The seizure of personal financial capital of the Cypriot and non-Cypriot people is not going to help Cyprus, it is a scheme purely to maintain the Euro currency and to remain a partner within the Euro group. Iceland defaulted, took the hit and has rebuilt itself, and prosecuted those whom mismanaged the country's financial affairs. Europe is nothing but a business scheme, run by greedy, avaricial business people lining their own pockets out of the struggle of the people of Euro nations. Ever wonder why the people of the UK don't want to be a part of that particular scheme?

The banking systems are in the grip of these people, and if they feel the need for it, they will rationalize and legitimize the theft of your savings anytime they want. With what is happening in Cyprus, no one can justifiably retain confidence in using a bank to save their money for a rainy day.