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Still worrisome though because Cyprus actually proposed it and the big players approved the action.
Well the bank runs showed that the people aren't totally asleep at the wheel and will allow governments to run roughshod over them.
That line in the sand keeps moving and not in a good direction as far as citizens/taxpayers go.
It seems banks/sovereigns will try to take as much as they can and back off at sure signs of revolt.
But while the people get to keep their deposits they are not out of the woods. Most likely they will see strict austerity measures put on them like the other countries beholden to the IMF.
This may turn into a staring contest. Who will blink first. Without the bail-out, the Cyprus economy is predicted to collapse, and they'll have to leave the Eurozone. Will Germany allow that to happen? If Cyprus goes, others like Greece may follow. Portugal and Spain will be watching closely.
They didn't vote yet. And the new proposal is to not tax deposits under $20K Euro now; everyone else will still be taxed.
Well the line has been crossed...
From your link..from Ms IMF herself is in favor of taxing citizen's savings:
The managing director of the International Monetary Fund, Christine Lagarde, said Tuesday she was in favor of modifying the agreement to put a lower burden on ordinary depositors.
As I said, I understand the idea of requiring collateral for a loan but the bigger question is whether or not the loan is the answer.
Quote:
Well the bank runs showed that the people aren't totally asleep at the wheel and will allow governments to run roughshod over them.
That line in the sand keeps moving and not in a good direction as far as citizens/taxpayers go.
It seems banks/sovereigns will try to take as much as they can and back off at sure signs of revolt.
But while the people get to keep their deposits they are not out of the woods. Most likely they will see strict austerity measures put on them like the other countries beholden to the IMF.
This may turn into a staring contest. Who will blink first. Without the bail-out, the Cyprus economy is predicted to collapse, and they'll have to leave the Eurozone. Will Germany allow that to happen? If Cyprus goes, others like Greece may follow. Portugal and Spain will be watching closely.
The IMF is pushing Cyprus to "act quickly" and pass the bill.
The IMF could give a hoot what happens; they just want their ounce of blood.
If you are already "awake" then you have plans made for "what if".
And there is nothing bad about hope for the best but plan for the worst.
When FDR got elected rumors started circulating about him seizing the gold.
That was right after the 1932 elections. By April 1933 it proved true.
There was a 5 month span of rumors. I'll betcha there were some "paranoid" folks that took their gold home during that period "just in case".
Heck..over the course of my career my pension got changed by my company and my SS retirement date got changed by Congress.
I managed and planned and retired early in spite of the changes.
But my 401K is MY money that I saved and invested and I'll be damned if Congress attempts to put their grubby hands on that money "in my best interests". So I have my Plan B sitting in the wings and I follow and I read and I wait.
They didn't vote yet. And the new proposal is to not tax deposits under $20K Euro now; everyone else will still be taxed.
Well the line has been crossed...
From your link..from Ms IMF herself is in favor of taxing citizen's savings:
The managing director of the International Monetary Fund, Christine Lagarde, said Tuesday she was in favor of modifying the agreement to put a lower burden on ordinary depositors.
Then they would still be taxing insured accounts. No matter how they slice this they are hitting ordinary customers. They should just give it up and stop making it appear that it even matters. They are seeking to seize money from the traditional safe keeping place - a savings account. The trust is gone.
Then they would still be taxing insured accounts. No matter how they slice this they are hitting ordinary customers. They should just give it up and stop making it appear that it even matters. They are seeking to seize money from the traditional safe keeping place - a savings account. The trust is gone.
Yes it is. To step over that line indicates to me that the EU is in worse financial condition than we are led to believe.
They say history repeats itself.
The stock market crashed in 1929 but the Great Depression wasn't acknowledged until 1933-1934.
That span was full of "we're recovering" and trying to build citizen confidence to go back to spending and investing.
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.
Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.
Breaking news on the BBC television news. 1 million euros are on a plane flying out to Cyprus right now. This is for emergency funds for British personnel in Cyprus, in case people are unable to get access to funds at the bank, or from cash machines.
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