U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-16-2013, 08:29 AM
 
Location: Atlanta
4,444 posts, read 4,357,451 times
Reputation: 3323

Advertisements

According to this link: Cyprus Bailout Deal - Business Insider they're implementing "instant tax" on all bank deposits within the nation of Cyprus as part of a bailout deal - any deposits below 100,000 Euro gets hit with 6.75% and anything above 100k is taxed at 9.9%, across the board. Furthermore, this will be done before banks reopen on Tuesday, so the citizens of Cyprus are left completely without recourse - talk about getting screwed with a 10 1/2-foot pole!

I can only hope this outrage is met with catastrophic bank runs all over Europe and a total repudiation of the EU banking system, which has done nothing but cause misery for tens of millions of hapless Europeans. I do think Cyprus will be what pushes the people of Europe over the edge - time to break out the popcorn, as it's going to be on like Donkey Kong.
Reply With Quote Quick reply to this message

 
Old 03-16-2013, 08:55 AM
 
47,576 posts, read 58,739,847 times
Reputation: 22163
The same can happen here if they don't get control over the spending. The money for big government has to come from somewhere especially when you have those tax-happy politicians in charge.
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 10:33 AM
 
17,749 posts, read 15,036,578 times
Reputation: 6377
Quote:
Originally Posted by malamute View Post
The same can happen here if they don't get control over the spending. The money for big government has to come from somewhere especially when you have those tax-happy politicians in charge.
You don't appear to know where that somewhere is.

The money is government debt. So do you think government has any trouble getting it?
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 10:39 AM
 
17,749 posts, read 15,036,578 times
Reputation: 6377
Quote:
Originally Posted by NorthStarDelight View Post
According to this link: Cyprus Bailout Deal - Business Insider they're implementing "instant tax" on all bank deposits within the nation of Cyprus as part of a bailout deal - any deposits below 100,000 Euro gets hit with 6.75% and anything above 100k is taxed at 9.9%, across the board. Furthermore, this will be done before banks reopen on Tuesday, so the citizens of Cyprus are left completely without recourse - talk about getting screwed with a 10 1/2-foot pole!

I can only hope this outrage is met with catastrophic bank runs all over Europe and a total repudiation of the EU banking system, which has done nothing but cause misery for tens of millions of hapless Europeans. I do think Cyprus will be what pushes the people of Europe over the edge - time to break out the popcorn, as it's going to be on like Donkey Kong.

Yes its known as bank counterfeiting. They print money they can't collect and then pass the loss to the citizens. Such is the workings of the global FIRE sector few citizens talk about what with all the political training they receive.
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 02:30 PM
 
Location: WA
5,293 posts, read 20,717,188 times
Reputation: 5626
I got caught by attempts by Swiss banks to minimize currency impact years ago with negative interest on accounts and it looks like it is being considered again...

'Switzerland may introduce capital controls to fight a sharp rise in the Swiss franc in the event of a euro-zone collapse, radical measures that the Alpine nation hasn’t employed since the seventies.'
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 02:48 PM
 
Location: The High Seas
7,146 posts, read 12,743,335 times
Reputation: 10973
"...and hardline lenders like Germany had pressed for months for a clampdown on banks' alleged involvement in money laundering."

So, just like here (U.S.), the little guy gets screwed and the criminal banking elite walks off unscathed. Sounds about normal.
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 04:58 PM
 
Location: Warwick, RI
2,546 posts, read 3,859,961 times
Reputation: 4038
Quote:
The money is government debt. So do you think government has any trouble getting it?
Yes, they will eventually. As our $16 trillion nation debt continues to skyrocket, eventually even the US will not be able to continue making interest payments, and that alone is what gives us the ability to keep borrowing. As powerful as our economy is, there IS a limit, and our government is fast approaching it. If spending continues the way it's going, default is inevitable.
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 05:08 PM
 
Location: Waterworld
1,025 posts, read 1,176,573 times
Reputation: 934
This is pretty frightening, who is to say other governments wont do that? In the future we will be hearing that having a savings account is a risky investment..
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 06:21 PM
 
10,485 posts, read 22,565,034 times
Reputation: 6611
Quote:
Originally Posted by NorthStarDelight View Post
According to this link: Cyprus Bailout Deal - Business Insider they're implementing "instant tax" on all bank deposits within the nation of Cyprus as part of a bailout deal - any deposits below 100,000 Euro gets hit with 6.75% and anything above 100k is taxed at 9.9%, across the board. Furthermore, this will be done before banks reopen on Tuesday, so the citizens of Cyprus are left completely without recourse - talk about getting screwed with a 10 1/2-foot pole!

I can only hope this outrage is met with catastrophic bank runs all over Europe and a total repudiation of the EU banking system, which has done nothing but cause misery for tens of millions of hapless Europeans. I do think Cyprus will be what pushes the people of Europe over the edge - time to break out the popcorn, as it's going to be on like Donkey Kong.
The fact is it is not true until the vote is made:

Cyprus parliament to vote on savings levy | Reuters
Reply With Quote Quick reply to this message
 
Old 03-16-2013, 09:43 PM
 
12,870 posts, read 12,777,920 times
Reputation: 4446
it is theft-pure and simple.

bank runs have already started there, and some people are unable to get their money out.

interestingly, about half of their depositors are believed to be non-resident Russians-who probably aren't going to take the news well at all....
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2018, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top