Shock in Cyprus as savers face bailout levy

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posted on Mar, 17 2013 @ 02:06 PM
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reply to post by WatchRider
 


Not really surprised about this happening. I expect this is really a "trial balloon" to see how it works on a small scale. If the "Powers that Be" handle this right then pulling this off in Spain, Greece and other places might be better handled. I would venture a guess and say that in Greece the citizens will probably turn the place out and start burning and wrecking whatever thay can get their hands on.

If these countries play their hands right the people will take their power back and jail and try their corrupt leaders and sentence them to prison for violating the people's trust and bankrupting their countries. LIke they did in Iceland.

People everywhere need to be prepared to take their money and assests out of the normal banking system and put it away where they can directly control it. The normal savings account in the US is making less than .08% interest. All the while the Federal govenment has the "authority" to confiscate your assests and view any banking records and accounts you have under the expansive Patriot Act.

do as you see fit, but I personally don't trust them as far as I can spit. It is just a matter of time for it to happen here. We are ruled by a bunch a pathological liars and felons. Our current legislators and manipulators are serial felons and little better than the radicals and sociopaths that destroyed Europe in the last two major world conflicts.

Take your property back and keep where it is safe and available. Be prepared to defend your birth rite as free people, and be ready to act to preserve yourselves and your families. We don't owe corrupt political leadership any kind of allegiance. We owe it to ourselves and our progeny to be free and independant of lousy leadership. If you want things to change start at home with family and friends.
edit on 17-3-2013 by sharkman because: (no reason given)
edit on 17-3-2013 by sharkman because: (no reason given)
edit on 17-3-2013 by sharkman because: (no reason given)




posted on Mar, 17 2013 @ 02:34 PM
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cyprus update

Here's an update. Monday was an already scheduled bank holiday. Now, however, they are keeping the banks closed both Tuesday and Wednesday. They have postponed finalization of the scheme. Word needs to get out. Search Cyprus in a news search engine. Ask your friends to do the same. The more hits it gets in the next two days the more those pushing this agenda will know that the world gets it and is very much watching. I know it seems like a little island far away but this really reeks to me of a test run. Much easier to push it back with a simple internet search than have to protest in the streets when the 2.0 version arrives in your own country...



posted on Mar, 17 2013 @ 03:03 PM
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Originally posted by D377MC
This is one of the tactics which will be employed when the moment comes. As some have pointed out, it is almost certainly a dry-run to model the responses and create precedent. I don't see why everyone is acting shocked, this has been foretold many times. The idea originates here, and has been under development for aeons:

We shall create this crises by all the secret subterranean methods open to us and with the aid of Gold, which is all in our hands: a universal economic crises whereby we shall throw upon the streets whole mobs of workers simultaneously in all the countries of Europe. These mobs will rush delightedly to shed the blood of those whom, in the simplicity of their ignorance, they have envied from an early age, and whose property they will then be able to loot. [Protocols of the Elders of Zion]

They will create riots as and when they please. The good news is that there are many other events which must take place beforehand and there are chips yet to fall in place. The bad news is that the "as and when they please" is definitely sooner rather than later. We are the 'last generation' - enjoy the ride.
edit on 17-3-2013 by D377MC because: (no reason given)
As the quote seems to imply the TPTB are just going to use human nature agenst humans..............does not get much more simple then that, what better tactic then to turn the have-nots loose on the have's, it has worked well in Africa for a while now.

Ref; Hutu-Tutsi conflict.



posted on Mar, 17 2013 @ 03:20 PM
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The US government also stole gold right out of safety deposit boxes. People weren't allowed to own more than a small amount and had to turn it in.

www.silvermonthly.com...



posted on Mar, 17 2013 @ 03:28 PM
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Cyprus banks, mostly government owned, need 15 bil € loans from the ESF to maintain their business. Cyprus banks offered ridiculoe high intrest rates from 6-8% and attracted a lot of russian and greek money. Other banks in the Netherlands or France gave 1-2% interest.

When the economy tanked the ponzi banks now needed 15 bil € because they mismanaged.

Now both options are bad:

a) let all european taxpayers bail the banks out for 15 bil

b) let all european taxpayers bail the banks out for 10 bil and get the other 5 bil from the ppl who profited from the high interest rates over the years.

Those tax avading russian and greek millionaires, now have to pay 10% off what they stored in Cyprus. It's bad for the little savings around 10-50k but I think that will be worked out. If not it's still better than letting the banks go bankrupt and see what is left over for the little guy after that.



posted on Mar, 17 2013 @ 03:37 PM
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the banks wouldn't be going bankrupt per se:
the in shareholders are just transfering wealth through chain of ownership and derivitives etc
the out shareholdes, and depositors will be just that
out

the only real "bankruptcy' will be as above, and the in shareholdes with corporate liabilities will dodge the bullet through "corporate bankruptcy"...

the trickle up economy
edit on 17-3-2013 by Danbones because: (no reason given)



posted on Mar, 17 2013 @ 03:56 PM
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This will, of course, trigger a loss of confidence in the banks all across southern Europe. Which will create runs on the banks across southern Europe. Which will cause governments to quickly impose limits on withdrawals from the banks in those countries, regardless of whether the "tax" has been yet imposed in a country or not. Which will cause further loss of confidence in the banking systems in other countries. Which will further accelerate bank withdrawals in those countries. Which will cause additional governments to impose more withdrawal limits. Etc. Etc.

This move could potentially be the igniter of an uncontrolled financial nuclear-style chain reaction.

I suspect "It has begun".



posted on Mar, 17 2013 @ 04:29 PM
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okay.. i havnt read all the links. (and i am republican for the record) .. bank makes bad investments to Greece. Owes money to its investers, and comitments that the bank made using the money from its depositers (savings, monkey market accounts.. what ever its allowed for them) .. okay.. bad investment.. not getting our money bck but bills are still due.

now if the bank pays its bills.it doesnt have enough left to cover what it owes its customers is my understanding so far.. that being said.. if they dont pay their bills.. bank is in default.. and all kinds of bad things happen too (like all your money disappearing because they owe more then they brought in) .. so to recover.. they take 10% of accounts over 100k?

okay.. i get the picture.. i get why the customers are angry.. but at the same time.. if the bank lost EVERYTHING they wouldnt have ANY money in the bank.. if i had a 100k in the bank..and knew i had a chance of loosing it all before i could get it out.. or pay 10% .. ill pay the 10% and recover it over the next few months/years.. which will be alot easier to do than loosing your entire account from a bank thats had its assets seized..

That being said. .if a bank has to resort to that level.. i think they should also be responsible for paying that money back over a 5 year period. (sure call it a tax.. but keep the bank responsible for paying that tax back)



posted on Mar, 17 2013 @ 04:42 PM
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Originally posted by spoogemonkey

Originally posted by benrl
And people wonder why the push for gun control here in the states is so prevalent, Imagine what that happening in the states would look like with an armed populace.


well why did your guns backfire at the time this scene was set? Your nation is in equal trouble, although your nation sets the terms and limits of your debt obligations (and many others).

So.. what the eff are you on about, the world followed US failed policy. Should we follow your gun policy too? You idiot.. the US started this fiasco.


...

Okay, First I imply that the outpouring of political support on gun control coming from the US gov could possibly be because of the coming financial collapse.

That the current US government knows that austerity measures may be on the horizon and that they must do something to stem the tide in private gun ownership in order to stabilize the outcome of such an event.

You some how have taken an innocuous statement and turned it into I don't know what? my endorsement that the world should follow US Policy?! Yeah i'm the idiot...



posted on Mar, 17 2013 @ 05:16 PM
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Originally posted by benrl
And people wonder why the push for gun control here in the states is so prevalent, Imagine what that happening in the states would look like with an armed populace.


There is gun ownership in Cyprus.

www.gunpolicy.org...



posted on Mar, 17 2013 @ 05:20 PM
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Originally posted by pjfry
Cyprus banks, mostly government owned, need 15 bil € loans from the ESF to maintain their business. Cyprus banks offered ridiculoe high intrest rates from 6-8% and attracted a lot of russian and greek money. Other banks in the Netherlands or France gave 1-2% interest.

When the economy tanked the ponzi banks now needed 15 bil € because they mismanaged.

Now both options are bad:

a) let all european taxpayers bail the banks out for 15 bil

b) let all european taxpayers bail the banks out for 10 bil and get the other 5 bil from the ppl who profited from the high interest rates over the years.

Those tax avading russian and greek millionaires, now have to pay 10% off what they stored in Cyprus. It's bad for the little savings around 10-50k but I think that will be worked out. If not it's still better than letting the banks go bankrupt and see what is left over for the little guy after that.



IS is better though? Cyprus is E.U. E.U. banking regulations protect deposits in the event of a bank collapse. Instead of allowing the bank to collapse and the deposit(er)s being protected as per E.U. regulation and the defacto contractual understanding of the depositers they changed the rules in the middle of a 3 day bank holiday.

They agreed to a deal whereby to stop the bank from collapsing (where small depositers would have gotten ALL of their money back) they taxed the people who had savings. This was not a known possibility, it had not been publically discussed -- it was just done to save the bank and the E.U. bank protection fund. IF Cyprus goes through with that then the E.U. and IMF will provide the money to save the bank.

The powers that run the E.U. agreed to the banking regulations. They did not step in to stop Cyprus from offering such high returns. Now they change the rules and take people's money. Bad mojo.



posted on Mar, 17 2013 @ 05:25 PM
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Originally posted by McTurbo
okay.. i havnt read all the links. (and i am republican for the record) .. bank makes bad investments to Greece. Owes money to its investers, and comitments that the bank made using the money from its depositers (savings, monkey market accounts.. what ever its allowed for them) .. okay.. bad investment.. not getting our money bck but bills are still due.

now if the bank pays its bills.it doesnt have enough left to cover what it owes its customers is my understanding so far.. that being said.. if they dont pay their bills.. bank is in default.. and all kinds of bad things happen too (like all your money disappearing because they owe more then they brought in) .. so to recover.. they take 10% of accounts over 100k?

okay.. i get the picture.. i get why the customers are angry.. but at the same time.. if the bank lost EVERYTHING they wouldnt have ANY money in the bank.. if i had a 100k in the bank..and knew i had a chance of loosing it all before i could get it out.. or pay 10% .. ill pay the 10% and recover it over the next few months/years.. which will be alot easier to do than loosing your entire account from a bank thats had its assets seized..

That being said. .if a bank has to resort to that level.. i think they should also be responsible for paying that money back over a 5 year period. (sure call it a tax.. but keep the bank responsible for paying that tax back)


IF the bank lost everything the depositers would have been protected and reimbursed according to EU banking regulations. It is very much like the FDIC in the U.S. If you had million of Euros -- yes, you would lose out as there is a cap on the protections. If you had 10,000 Euros -- you would get them all back. So, who benefits here? The fat cats.

Same show. Different channel.



posted on Mar, 17 2013 @ 06:41 PM
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further update

So now they want to do some kind of sliding scale based on amount of money in the bank. This is seemingly in reaction to the vocal opposition to the scheme. However, what if this is to make people more accepting and get them to agree to it thereby cementing the precedent. This whole situation is a huge red flag for the future of the western banking industry (well, for its customers at least).

Additionally, the British troops stationed in Cyprus who have been impacted will be reimbursed by their own country. My gut feeling is "Good on the Brits". But I am always somewhat uncomfortable when something displeases a population and military in the vicinity gets a different deal than the rest of the population. Will the military then be asked to "Peace Keep" if things (that don't affect them) spiral out of control?
edit on 17-3-2013 by watcher3339 because: broken link



posted on Mar, 17 2013 @ 06:48 PM
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reply to post by watcher3339
 


No they will NOT peace keep - the British have had bases at Akrotiri for 70 plus years - they did NOT 'peace keep' when Turkey invaded and split the island and they had far more army and RAF personnel stationed there then.



posted on Mar, 17 2013 @ 06:57 PM
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reply to post by HelenConway
 


Sorry, just to clarify because it sounds like you have a greater knowledge of the Brit history in the area than I do. Do you think they would stand against the local population? For example, if banks were riot areas would the Brits defend the banks from the populace?
Thanks for any insight!



posted on Mar, 17 2013 @ 07:10 PM
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reply to post by watcher3339
 


The British forces would not get involved at all, They did not get involved when Turkey invaded in a very hostile manner - they could have stopped the invasion but they did not get involved.

Akrotiri is a 'sovereign territory' which means it is the UK in Cyprus - ie if you are born there you get a British birth certificate.

If there was a mass riot which I doubt I guess it would be greek / cypriot troops that would get involved. However - there is more likely to be a mass exodus from the island then a riot.

Cyprus is a haven for the British, Germans, and rich Russians .. they are mad to drive them away,



posted on Mar, 17 2013 @ 07:13 PM
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reply to post by HelenConway
 


Very informative response. Thank you.
2nd



posted on Mar, 17 2013 @ 07:13 PM
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From what I've read on other boards the Cyprus banks only have 10% remaining of their total customer deposits, having presumably gambled away the other 90%

So when the EU takes 10% of the banks' total customer deposits then presumably they are taking most of the remaining extant assets of these banks.

Or do the banks have loads of other assets, in addition to the 10% last dregs of customer deposits they haven't gambled away yet ?

Because if not then I wonder whether they store these 10% remaining customer deposits in the form of gold and banknotes, or in the form of investments.

Is the EU taking on these investments, which may be toxic, and swapping them for billions of euros in fresh banknotes ?

So that when there is a run on these banks, they actually have real banknotes they can handover to departing customers ?

Maybe someone will correct my economics..



posted on Mar, 17 2013 @ 07:16 PM
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Originally posted by benrl
And people wonder why the push for gun control here in the states is so prevalent, Imagine what that happening in the states would look like with an armed populace.


Thats why they have to remove the guns from the populace before making a similar move

thiefs dont like victims who can defend themself



posted on Mar, 17 2013 @ 07:36 PM
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reply to post by Maya00a
 


Yeah 300 thousands private guns sure equals the US 300mill in private ownership, which wasn't even my point, no where did I say they didn't have guns.

I said that it would explain the heavy push in the US for gun control if the situation was heading the same road as Greece.

As Greece experiences what looks like the start of the overall collapse I am sure people in charge all over are watching and making notes.





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