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They also were putting money there because they were averaging 5% interest which indictes the risk and low tax rates. .In the end if we do not want taxpyer bailouts( which this still is in the 13 billion Euors they are getting from ECB) its the bondholders with account holders being at the bottom that will take haircuts.If they didn't get the ECB money they all would lose it all in a collapse likely.Some taxpayer somewhere is taxed for that 13 billion and mostly german taxpayers as reported.Still the government owes and can't pay the russian loan and asking for another break on that.At sametime its reported that Cypress tax rates are very low compared to other euro countries.in the end the results likely to hurt those same savers much more than the 6% on bank accounts with taxes needed and lower interest rates coming plus cuts in government services.Ireland can tell them what it takes;years of deep cuts;job losses and pain.
it's much bigger than a simple "confiscation"-why do you think they are STILL keeping the banks closed?
they have managed to destroy an entire economy ON PURPOSE and have promised that to be the template for the future in the European union:
and, as noted in (denninger-market ticker):
The Euro clowns have now said out loud that the Cyprus model is how banks will be resolved in the future as a "template."
Good.
Now what is Deutsche Bank's leverage ratio? The real one, not what they claim?
Oh, and the rest of the banks in Europe too.
How many are still running at 50:1 or even 100:1 leverage -- 1-2% reserve ratios in fact despite their claims, when one looks at actual values of assets and not mark-to-fantasy and uncollateralized derivatives?
That would be virtually all of them.
Do you have your money in a European bank or own their bonds?
This is what is about to be done to you as demonstrated in Cyprus.
(end)
this isn't good news for anyone.
Last edited by floridasandy; 03-25-2013 at 08:10 PM..
though what can you really expect when the the man who is the head of the Eurogroup council of euro-zone finance ministers, Juncker, said:
Mr. Juncker said he has “had to lie” and, speaking about touchy economic topics, “When it becomes serious, you have to lie.”
it is serious, and they are lying.
first step in capital controls: 18.18 Cyprus central bank official Yiangos Dimitriou has confirmed that the cashing of cheques will be banned as part of the introduction of capital controls
it is a disgrace what they are doing to the people of Cyprus, and the tragedy is that this robbing peter to pay paul STILL WON'T WORK.
NICOSIA, March 29 (Reuters) - Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.
The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.
Officials had previously spoken of a loss to big depositors of 30 to 40 percent.
Cypriot President Nicos Anastasiades on Friday defended the 10-billion euro ($13 billion) bailout deal agreed with the EU five days ago, saying it had contained the risk of national bankruptcy.
there are evil men out there, and don't for a minute believe that these deals are really being done to "save" countries.
the Cypriot president is a traitor to his people, and don't think that some of the larger depositors didn't have a heads up that they were going to do that-that's why the depositors now face a possible "total loss".
and one other thing, they aren't calling this a tax so it didn't have to be "approved"- Second, the plan does not have to be approved by the Cypriot parliament because losses on large depositors will be achieved by restructuring Cyprus's two largest banks and not by levying a "tax" on its citizens.
UNDERSTAND THAT YOUR MONEY CAN BE STOLEN ANYWHERE.
Last edited by floridasandy; 03-29-2013 at 03:40 PM..
Privaize the profits, socialize the losses. Even the EU has adopted this page from the playbook of US-style capitalism.
Europe invested it after WWII because they were bankrupt basically. They have even attenpted to euro zone the failign of socialised wealth sharig that clearly hasn't wroked. people fail to see that our economy satrted changig i the moid 60s; to more and more welth sharing. its gotten tot eh poit that 40% of workigage adult aren't even tryig to find work.Too many dependent on too few does not work. It leads to too mnay at the bottom of the insome sacle and compoanies having to move to overseas markets that consume from prodcution increases called GDP.
Well it's looking like the people with over $100K (Euro) are going to lose 60% of their savings.
Much worse than what they said last week when the agreement came out.
Cypriot MPs will next week investigate a list of several million euros of alleged loans to politicians and others said to have been written off by the two banks at the centre of the island's financial crisis.
It should come at no surprise that any one with more than 100k euros in their bank after this fiasco settles will be transferring their money abroad.
My personal opinion about this whole mess in Europe is that Greek, Cyprus, and possible others should have never joined the Euro and in the longer run it's in their best interest to leave the Euro.
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