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| Topic: E.U. Bailout Tax Sparks Bank Run In Cyprus | |
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Edited by
Jeanniebean
on
Mon 03/18/13 06:14 PM
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Now they want to take the people's money right out of their savings accounts to bail out the Banksters!!
This really pisses me off.  E.U. Bailout Tax Sparks Bank Run In Cyprus Citizens of Cyprus did not react well to the news that their government wants to allow the E.U. to take nearly 10 percent of their savings deposits in exchange for a $13 billion bailout. Banks are closed through Tuesday after worries over bank runs. Depositors stood in long lines to withdraw money over the weekend. |
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Cyprus Seizure Is Dawn Of European Bank Run
The big news over the weekend was that European Union officials forced a tax on deposits of 6.75 percent on all bank accounts with amounts less than 100,000 euros and 9.9 percent for accounts above that. There will also be a banking holiday for the next two days on the island. Although Cyprus's economy is a tiny fraction (0.25%) of the European economy, the precedent set from this deposit is catastrophic to the stability of the eurozone. Bank runs within Europe and the collateral damage caused by this will be enough to restore the European debt crisis along with its adverse effect on markets. More importantly than the actual amount of money seized from the measure is the precedent set by the willingness of Europeans to retroactively tax deposits to protect bondholders. As of the writing of this column, there is still a chance that the Cypriot parliament may soften or reject this levy entirely. However, any reversal of this policy in the near term hardly makes a difference. By even considering the option of direct wealth taxation, Brussels has shattered the confidence of the European banking system. Why would any depositor risk holding their money in a euro-denominated bank? Interest rates do not offer any real yield and with the high debt levels on sovereign balance sheets and undercapitalized banking systems, there is no reason to assume that any country's bank is safe from deposit confiscation. Individuals' risk of losing 6-10% of savings without notice far outweigh any convenience of a domestic bank account. In addition wealthy individuals can easily move enough money to US dollar, pound, or Swiss franc denominated bank accounts who do not have the same currency contagion risks. http://seekingalpha.com/article/1281901-cyprus-seizure-is-dawn-of-european-bank-run?source=google_news |
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there are 2 key points missing from these posts.
1. Anyone with 20,000 euros or less in their account is exempt. 2. 30% of the money deposited in their banks came from Russian oligarchs and the mafia.. Looking to escape Russian taxation. http://www.bbc.co.uk/news/world-europe-21817197 |
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there are 2 key points missing from these posts. 1. Anyone with 20,000 euros or less in their account is exempt. 2. 30% of the money deposited in their banks came from Russian oligarchs and the mafia.. Looking to escape Russian taxation. http://www.bbc.co.uk/news/world-europe-21817197   Bankrobbery Cyprus-Style! 
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Edited by
Jeanniebean
on
Thu 03/21/13 09:10 AM
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there are 2 key points missing from these posts. 1. Anyone with 20,000 euros or less in their account is exempt. 2. 30% of the money deposited in their banks came from Russian oligarchs and the mafia.. Looking to escape Russian taxation. http://www.bbc.co.uk/news/world-europe-21817197 The Cypriot finance ministry amended its plan on 19 March, after eurozone ministers called for a rethink. At the time of this post, this was not the case. From your own link: Under the new proposal, savers with less than 20,000 euros on deposit would be exempt from the one-time levy. Those holding between 20,000 and 100,000 would still have a 6.75% levy - a figure that previously would have applied to all accounts below 100,000 euros. |
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there are 2 key points missing from these posts. 1. Anyone with 20,000 euros or less in their account is exempt. 2. 30% of the money deposited in their banks came from Russian oligarchs and the mafia.. Looking to escape Russian taxation. http://www.bbc.co.uk/news/world-europe-21817197 The Cypriot finance ministry amended its plan on 19 March, after eurozone ministers called for a rethink. At the time of this post, this was not the case. From your own link: Under the new proposal, savers with less than 20,000 euros on deposit would be exempt from the one-time levy. Those holding between 20,000 and 100,000 would still have a 6.75% levy - a figure that previously would have applied to all accounts below 100,000 euros. Actually it was reported on the 18th that they were making the change. I just preferred the BBC article because of it's overall breakdown of the causes. http://news.yahoo.com/cyprus-suggests-small-deposits-tax-114226587.html |
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there are 2 key points missing from these posts. 1. Anyone with 20,000 euros or less in their account is exempt. 2. 30% of the money deposited in their banks came from Russian oligarchs and the mafia.. Looking to escape Russian taxation. http://www.bbc.co.uk/news/world-europe-21817197 The Cypriot finance ministry amended its plan on 19 March, after eurozone ministers called for a rethink. At the time of this post, this was not the case. From your own link: Under the new proposal, savers with less than 20,000 euros on deposit would be exempt from the one-time levy. Those holding between 20,000 and 100,000 would still have a 6.75% levy - a figure that previously would have applied to all accounts below 100,000 euros. Actually it was reported on the 18th that they were making the change. I just preferred the BBC article because of it's overall breakdown of the causes. http://news.yahoo.com/cyprus-suggests-small-deposits-tax-114226587.html I knew they better do something. .... taking money from the working people is just wrong. From the Russian mob... hey I'm all for that. LOL They should take money from gangsters and drug lords too. |
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Cyprus Seizure Is Dawn Of European Bank Run The big news over the weekend was that European Union officials forced a tax on deposits of 6.75 percent on all bank accounts with amounts less than 100,000 euros and 9.9 percent for accounts above that. There will also be a banking holiday for the next two days on the island. Although Cyprus's economy is a tiny fraction (0.25%) of the European economy, the precedent set from this deposit is catastrophic to the stability of the eurozone. Bank runs within Europe and the collateral damage caused by this will be enough to restore the European debt crisis along with its adverse effect on markets. More importantly than the actual amount of money seized from the measure is the precedent set by the willingness of Europeans to retroactively tax deposits to protect bondholders. As of the writing of this column, there is still a chance that the Cypriot parliament may soften or reject this levy entirely. However, any reversal of this policy in the near term hardly makes a difference. By even considering the option of direct wealth taxation, Brussels has shattered the confidence of the European banking system. Why would any depositor risk holding their money in a euro-denominated bank? Interest rates do not offer any real yield and with the high debt levels on sovereign balance sheets and undercapitalized banking systems, there is no reason to assume that any country's bank is safe from deposit confiscation. Individuals' risk of losing 6-10% of savings without notice far outweigh any convenience of a domestic bank account. In addition wealthy individuals can easily move enough money to US dollar, pound, or Swiss franc denominated bank accounts who do not have the same currency contagion risks. http://seekingalpha.com/article/1281901-cyprus-seizure-is-dawn-of-european-bank-run?source=google_news Did Anyone think that there wouldn't be a run on the Banks when they announced a Tax on All Savings Accounts on a curtain date? I would say that Politicos are as Dumb as a Box of Rocks, but that would be insulting to Boxes of Rocks. |
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Savings accounts? Whats that?
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Savings accounts? Whats that? That's what I thought. Even if I had enough money for one, I don't trust the bank that much. |
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Savings accounts? Whats that? A Savings Account is a place where you park some money at regular intervals so that you'd have some money to buy what you want or need. My Gas Station has a Savings Account with enough to operate, if needed, up to six months without additional revenue; of course if my station only stayed open because of what I have in Savings for that Station, it's be very bad. It's more of a Stop Gap Account for me when Business slows down, and allows me to take advantage of Oprotunities that may happen along. |
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Edited by
Jeanniebean
on
Sat 03/23/13 12:32 PM
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Savings accounts? Whats that? A Savings Account is a place where you park some money at regular intervals so that you'd have some money to buy what you want or need. I prefer keeping my extra cash somewhere else. It's just not safe in the bank. I purchased something on the television using a debit card from my account and the company kept and shared my debit card number with their "affiliates" and then someone signed me up for some monthly travel club and some other monthly thing and started taking money out of my account. When I called them on it they said they would "cancel my account." I told them they had better refund to me all the money they had taken or else. They did. I asked the bank about this and they said that if someone has your number, they assume they have permission to take the money. Your money is supposed to be SAFE in the bank. Its not!! It can be frozen, or taken out by court order, or taken out if some company has your bank account number or debit card number. You money is not safe in a bank. |
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Savings accounts? Whats that? A Savings Account is a place where you park some money at regular intervals so that you'd have some money to buy what you want or need. I prefer keeping my extra cash somewhere else. It's just not safe in the bank. I purchased something on the television using a debit card from my account and the company kept and shared my debit card number with their "affiliates" and then someone signed me up for some monthly travel club and some other monthly thing and started taking money out of my account. When I called them on it they said they would "cancel my account." I told them they had better refund to me all the money they had taken or else. They did. I asked the bank about this and they said that if someone has your number, they assume they have permission to take the money. Your money is supposed to be SAFE in the bank. Its not. My Savings Accounts don't have Debit Cards, I have to Transfer the Money myself; as I visit the Bank Everyday anyways to make Deposits, I have it set up so that I have to be there in person to make the Transfer on my Business Accounts. |
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Savings accounts? Whats that? A Savings Account is a place where you park some money at regular intervals so that you'd have some money to buy what you want or need. I prefer keeping my extra cash somewhere else. It's just not safe in the bank. I purchased something on the television using a debit card from my account and the company kept and shared my debit card number with their "affiliates" and then someone signed me up for some monthly travel club and some other monthly thing and started taking money out of my account. When I called them on it they said they would "cancel my account." I told them they had better refund to me all the money they had taken or else. They did. I asked the bank about this and they said that if someone has your number, they assume they have permission to take the money. Your money is supposed to be SAFE in the bank. Its not. My Savings Accounts don't have Debit Cards, I have to Transfer the Money myself; as I visit the Bank Everyday anyways to make Deposits, I have it set up so that I have to be there in person to make the Transfer on my Business Accounts. Well let me tell you how a person can take your money out of the bank. They can claim you owe them money, then sue you and win. They can win by getting a dishonest process server to say he served you with papers. When you don't show up for court, you loose by default. Then they get a court order to take your money from your bank. All this can be done and you won't know about it until your money is gone. Also, if you own back taxes, the IRS can easily freeze your account. Aslo, if you are a suspected "domestic terrorist" the NSA can freeze your account. |
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Edited by
Jeanniebean
on
Sat 03/23/13 12:52 PM
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If you have gold or silver, it is best to keep it in your possession, don't put it in a "safety deposit box" or a bank that claims to store your gold or silver.
Don't believe it when they say they don't have an extra key. Don't believe it when they say no one but you can open your vault or box. If you go to your box and your gold is gone, you have no recourse at all. You will have to take the bank to court. How can you prove you had your gold or silver in there in a safety deposit box? |
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Bankrobbery Cyprus-Style! . I bet that's what will end up happening in MOST countries, soon. Unless we really get things sorted.
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Edited by
Jeanniebean
on
Sat 03/23/13 04:03 PM
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What gripes me is that banks were originally intended to be a safe place to put your gold or your money.
Now the government and the Banksters figure if you have a lot of money they can surely find a "legal" way to separate you from it. Aside from high taxes, fees, fines, etc. now they are just ... um ... TAKING IT OUT OF YOUR ACCOUNT. "We will call it a tax. They'll buy that, they have been buying it for years." |
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With Cyprus facing a Monday deadline to avoid a banking collapse, the government and its international negotiators devised a plan late Saturday to seize a portion of savers’ deposits above 100,000 euros at all banks in the country, in a bid to raise money for an urgently needed bailout.
A one-time levy of 20percent would be placed on uninsured deposits at one of the nation’s biggest banks, the Bank of Cyprus, to help raise 5.8 billion euros demanded by the lenders to secure a 10 billion euro, or$12.9 billion, lifeline.A separate tax of 4 percent would be assessed on uninsured deposits at all other banks, including the 26 foreign banks that operate in Cyprus. An agreement was still far off, though, as Cyprus’s lenders left for the night without reaching an accord. The proposal still requires approval by the Cypriot Parliament and by the European Central Bank , International Monetary Fund and European Union leaders. Finance ministers from the 17 euro zone countries have scheduled an emergency meeting at 6 p.m. Sunday in Brussels. Under the plan, savings under 100,000 euros wouldnot be touched — a rollback after a controversial plan last week to tax insured deposits wasrejected by Cyprus’s Parliament, amid outrage among ordinary savers and widespread concern that a precedent hadbeen set for governments anywhere to tap insured bank savingsin times of a national emergency. |
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Edited by
Kleisto
on
Mon 03/25/13 12:32 AM
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It's gone to 40 percent, and what's worse they are FREEZING all the accounts over 100K indefinitely at that. this sets a HUGE precedent. If they can do it there, they can do it here too.
Time to start going after these thugs........ http://www.naturalnews.com/039636_Cyprus_bailout_agreement.html |
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there are 2 key points missing from these posts. 1. Anyone with 20,000 euros or less in their account is exempt. 2. 30% of the money deposited in their banks came from Russian oligarchs and the mafia.. Looking to escape Russian taxation. http://www.bbc.co.uk/news/world-europe-21817197 Bankrobbery Cyprus-Style! From banksters to gangsters. 
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