Cyprus confiscates bank saver funds
- Thread starter Kilrain
- Start date
TokenLibertarianGuy
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Cyprus is bankrupt and is the next EU state that will ask for a bailout.
Edit: nevermind, they're already getting a bailout
Eurozone and IMF agree 10bn-euro Cyprus bailout deal
Edit: nevermind, they're already getting a bailout
Eurozone and IMF agree 10bn-euro Cyprus bailout deal
hazek
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Yes.. the confiscation is the condition for the bailout..
presence
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torchbearer
Lizard King
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this can/will happen here.
Rand Paul or bust.
Rand Paul or bust.
NoOneButPaul
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Europe is crumbling at an accelerated rate... Grillo being elected in Italy will also prove detrimental to the central planners.
A large (and the most productive) part of Spain is trying to secede
Italy is under new, non-central banker, management
France's full blown socialism is blowing up in their face as capital is fleeing the country
Greece is, as always, a ticking time bomb
The German people want out of the Euro
and now we've got sure fire bank runs about to happen in Cyprus
Oh and now we're helping the Syrians, Israel and Iran are still looking to duke it out, Egypt is a mess, Libya is a mess, and the Federal Reserve is pumping trillions into Europe right now to keep it all together.
And don't look now but Americans think everything is hunky dory and don't even see the debt ceiling debate on the horizon as the vastly inflated DOW hits all time nominal highs.
The entire world is a powder keg and I suspect very soon it will all go to the dogs as all commodity prices surge. The world is literally teetering on the brink...
Yes, this will all help the dollar in the short run if things truly start to collapse in Europe, but ultimately this will wreak havoc in the global economy and will be felt here one way or another.
Get on the 2nd train out of precious metals station while you've still got a chance...
War or economic collapse, or both, are rapidly approaching.
A large (and the most productive) part of Spain is trying to secede
Italy is under new, non-central banker, management
France's full blown socialism is blowing up in their face as capital is fleeing the country
Greece is, as always, a ticking time bomb
The German people want out of the Euro
and now we've got sure fire bank runs about to happen in Cyprus
Oh and now we're helping the Syrians, Israel and Iran are still looking to duke it out, Egypt is a mess, Libya is a mess, and the Federal Reserve is pumping trillions into Europe right now to keep it all together.
And don't look now but Americans think everything is hunky dory and don't even see the debt ceiling debate on the horizon as the vastly inflated DOW hits all time nominal highs.
The entire world is a powder keg and I suspect very soon it will all go to the dogs as all commodity prices surge. The world is literally teetering on the brink...
Yes, this will all help the dollar in the short run if things truly start to collapse in Europe, but ultimately this will wreak havoc in the global economy and will be felt here one way or another.
Get on the 2nd train out of precious metals station while you've still got a chance...
War or economic collapse, or both, are rapidly approaching.
Would it be a good idea to withdraw my savings from the bank and just keep it at home? I really do think sooner or later its all going to cascade over here. But its just scary keeping money in these damn banks. Been really considering it for quite some time.
qh4dotcom
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What happened to Ron Paul 2012 or BUST?
sailingaway
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They gave up their gold in their central bank in exchange as I understand it. It is pure slavery and lack of sovereignty from here to revolution, if ever.
HOLLYWOOD
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- Nov 29, 2007
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Amazing searching/reading the articles on Cyprus politicians that are basically stealing ~$6 Billion from everyone who has a bank account to get a $10 billion loan from the planet enslavers @ the IMF?
They'd be better off getting all the private loans from Russia, give them collateral of the island, and if the politicians screw-up and blown it... it's their necks on the chopping block, not making the entire country poorer.
They'd be better off getting all the private loans from Russia, give them collateral of the island, and if the politicians screw-up and blown it... it's their necks on the chopping block, not making the entire country poorer.
Last edited:
torchbearer
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from pm- with rand as president, with power of veto- he can prevent the government confiscations to come. to prevent this- its Rand or bust.
in 2012, it was a last shot to right the ship before collision with iceberg. so, ron or economic bust.
now it rand, or tyranny bust.
HOLLYWOOD
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Political dumb asses...
Cause & Effect: http://www.telegraph.co.uk/finance/...rush-to-cash-machines-after-bailout-deal.html
Cypriots rush to cash machines after bailout deal
Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country's bank accounts.
An elderly man holds his bank passbook as he looks through the windows of a closed cooperative bank shop in Limassol, Cyprus. Photo: AP
By Rachel Cooper, and AP
4:25PM GMT 16 Mar 2013
Lines formed at many ATMs as people scrambled to pull their money out after word that the €10bn (£8.7bn) rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included a one-off levy on deposits.
European officials said people with less than €100,000 in their accounts will have to pay a one-time tax of 6.75pc, those owning more money will lose 9.9pc. Cypriot bank officials said that depositors can access all their money except the amount set by the levy.
But that hardly assuaged people who continued to withdraw cash from ATMs until the machines ran out, unsure what or how much would be taxed. Officials said that withdrawing funds on Saturday would not reduce anyone's levy.
The country's cooperative banks also shut their doors after depositors scurried in hopes of protecting their savings.
Unlike commercial banks which remain closed on weekends, cooperative banks customarily open for business on Saturday.
Related Articles
The cooperative banks, which represent about a fifth of the island's banking sector, remained open only for a short time. However, people continued to have access to their funds through ATM machines.
"Politicians and senior bank bosses have covered each other's backs for years, now it's ordinary people who are paying the price and are being punished," said Christos Demetriades, 58, milling outside a shut Nicosia cooperative bank branch.
One disgruntled customer at a branch in the southern coastal town of Limassol briefly parked his tractor in front of its shut doors in a show of frustration.
Cyprus' Finance Minister Michalis Sarris defended the decision to accept the levy, saying it was either that or a complete economic meltdown.
"This was the least worst option," he told state broadcaster CyBC. "We battled to prevent the country from completely going bankrupt."
News of the levy came as a shock to most people following strict assurances from Cyprus' President Nicos Anastasiades that he would not accept a deal which required depositors to share in the losses.
Cypriot and European officials feared that forcing depositors take a hit would undermine investors' confidence in Cyprus and other weaker eurozone economies and even possibly lead to bank runs.
The Mediterranean island nation becomes the fifth country to turn to the eurozone, following in the footsteps of Ireland, Greece, Portugal and Spain.
The emergency funding will be used to prop up the country’s banks which were hit by the financial restructuring of nearby Greece.
The Cypriot banking system had grown to be eight times the size of the country’s fledgling economy - which accounts for just 0.2pc of the eurozone’s gross domestic product.
But in a departure from previous bail-outs, the country’s savers are being asked to make sacrifices.
The levy stirred up a political firestorm on the tiny island of a million people, with some politicians accusing the government of leading the country to "a tragic dead end."
Government spokesman Christos Stylianides said Cypriot officials had resisted intense pressure to accept a deposit levy of 40pc.
Bank bosses are meeting with Central Bank officials to figure out their next steps, while Anastasiades, who returns to Cyprus Saturday evening has called for a meeting of party leaders to assess the unfolding situation.
Cause & Effect: http://www.telegraph.co.uk/finance/...rush-to-cash-machines-after-bailout-deal.html
Cypriots rush to cash machines after bailout deal
Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country's bank accounts.
By Rachel Cooper, and AP
4:25PM GMT 16 Mar 2013
Lines formed at many ATMs as people scrambled to pull their money out after word that the €10bn (£8.7bn) rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included a one-off levy on deposits.
European officials said people with less than €100,000 in their accounts will have to pay a one-time tax of 6.75pc, those owning more money will lose 9.9pc. Cypriot bank officials said that depositors can access all their money except the amount set by the levy.
But that hardly assuaged people who continued to withdraw cash from ATMs until the machines ran out, unsure what or how much would be taxed. Officials said that withdrawing funds on Saturday would not reduce anyone's levy.
The country's cooperative banks also shut their doors after depositors scurried in hopes of protecting their savings.
Unlike commercial banks which remain closed on weekends, cooperative banks customarily open for business on Saturday.
Related Articles
- Cypriot crisis deepens as 'haircut' fears drive capital flight
05 Mar 2013 - Cyprus faces 'material' risk of default
20 Feb 2013 - Cyprus bail-out doubts over money laundering
02 Dec 2012 - Cypriot savers hit as eurozone agrees €10 billion bail-out
16 Mar 2013
The cooperative banks, which represent about a fifth of the island's banking sector, remained open only for a short time. However, people continued to have access to their funds through ATM machines.
"Politicians and senior bank bosses have covered each other's backs for years, now it's ordinary people who are paying the price and are being punished," said Christos Demetriades, 58, milling outside a shut Nicosia cooperative bank branch.
One disgruntled customer at a branch in the southern coastal town of Limassol briefly parked his tractor in front of its shut doors in a show of frustration.
Cyprus' Finance Minister Michalis Sarris defended the decision to accept the levy, saying it was either that or a complete economic meltdown.
"This was the least worst option," he told state broadcaster CyBC. "We battled to prevent the country from completely going bankrupt."
News of the levy came as a shock to most people following strict assurances from Cyprus' President Nicos Anastasiades that he would not accept a deal which required depositors to share in the losses.
Cypriot and European officials feared that forcing depositors take a hit would undermine investors' confidence in Cyprus and other weaker eurozone economies and even possibly lead to bank runs.
The Mediterranean island nation becomes the fifth country to turn to the eurozone, following in the footsteps of Ireland, Greece, Portugal and Spain.
The emergency funding will be used to prop up the country’s banks which were hit by the financial restructuring of nearby Greece.
The Cypriot banking system had grown to be eight times the size of the country’s fledgling economy - which accounts for just 0.2pc of the eurozone’s gross domestic product.
But in a departure from previous bail-outs, the country’s savers are being asked to make sacrifices.
The levy stirred up a political firestorm on the tiny island of a million people, with some politicians accusing the government of leading the country to "a tragic dead end."
Government spokesman Christos Stylianides said Cypriot officials had resisted intense pressure to accept a deposit levy of 40pc.
Bank bosses are meeting with Central Bank officials to figure out their next steps, while Anastasiades, who returns to Cyprus Saturday evening has called for a meeting of party leaders to assess the unfolding situation.
L
LibForestPaul
Guest
I would avoid it. However, do you have ANY cash reserves not in the bank? 3days to 7 days of food cache?
Henry Rogue
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WTF, there is nothing governments wont take. Hide it, stash it, bury it.
Patrick Henry
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- May 20, 2007
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Hopefully this will be the spark that breaks up the EU.
Last edited:
wgadget
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- Jun 23, 2007
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Bump for major importance to the global markets.
