Cyprus Bailout: Savings Tax Rejected By MPs

Don't think this has been posted yet (apologies if it has been).

Cypriot lawmakers have voted overwhelmingly against a deeply unpopular plan to tax bank deposits, putting an international bailout in jeopardy.

Ouch! Apparently the motion tabled, was an amendment of the original format, however, this still wasn't enough to push it through.

The draft bill being discussed in parliament was believed to suggest a 6.75% tax on all savings between 20,000 and 100,000 euros and 9.9% on all savings over 100,000 euros.

So what now?

Who's gonna step in and save the day?

For what it's worth, I think the vote swung the right way, but at what cost?

One thing is for sure, I don't think any of us will be under estimating the lengths those in power will go to again in a hurry, this whole circumstance has brought a new low for society, with a very uncertain future.

Having said that...Today wasn't just a victory for the people of Cyprus, but a victory for the people of the world.

Yahoo article

Thats great and all but what will the bank do if people still dont trust the bank and they want to pull there money out. Will there still be a run on the bank, and will it be worse since there is more money to pull out and the bank is financially struggling without any extra funding?

Logic prevails! Great news

youtu.be...

thank fook for Nigel Farage!

Originally posted by thegoods724
Thats great and all but what will the bank do if people still dont trust the bank and they want to pull there money out. Will there still be a run on the bank, and will it be worse since there is more money to pull out and the bank is financially struggling without any extra funding?

Well, yes this is a problem, in fact I think we can safely say the genie is well and truely out of the bottle.

The moment this was put forward, is the moment the world was made aware of just how far those in power are prepared to go, anyone after this event with confidence in the banking system would have to have a screw loose.

To be honest with you, I have no savings, but I do have bank accounts, if this savings tax had gone through, it would have been catastrophic not just for Cyprus, but for everyone.

If the precedent had been set, how long before other struggling nations followed suit?

Would they have stopped at savings accounts? Could they have levyed a "owning a bank account tax," a one off payment, because there is no money in the pot, so they take some, because you have a pot?

Personally I hope there are bank runs, I hope the whole thing implodes on itself, as it is inevitable in my opinion.

Then from whatever is left, perhaps we can find a better way and all move forward together, idealistic I know, but this is what we should be aspiring to, too many people are trodden on, to serve the wants and desires of the few.

Putting your saving in precious metals (coins not ingots or bars as those could be deemed not as a historic collection) is for AFTER the crash when the world is starting to rebuild. Not during the crash to be used as barter. You must also have survival supplies so you don't need to use your metals for barter to survive.

A govt. moving on banks and taking all your money could happen anywhere in minutes including in the US if there is a major catastrophe, they will not let it go to waste.

reply to post by VeryLastProphet


You just posted a whole thread from another discussion forum onto the ATS forum.
That's not right. You cant do that. You shouldn't do that. I think that breaks the terms and conditions.

Let alone, what's you're own view point? Or is that your post on another forum?