U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Politics and Other Controversies
 [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 03-18-2013, 12:34 PM
 
41,059 posts, read 23,679,209 times
Reputation: 13843

Advertisements

All bank deposits in Cypress, part of the EURO banks, are frozen without warning, banks are closed and tomorrow the government will vote. What are they voting on? If they should seize private money in savings accounts to fund government bailouts and spending

The government had seized up to 10% of everyone's savings from their bank accounts without warning. depositors holding less than €100,000 are made to pay 6.75% and those with more than €100,000 9.9% as part of a €10bn (£8.7bn) bailout agreed in Brussels


Read more: Reactions To Cypress Bailout - Business Insider
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-18-2013, 02:47 PM
 
23,836 posts, read 21,731,662 times
Reputation: 9398
People in the US are still wary of this happening here as well. There's a stash in the ground out back near the oak tree in an untold number of Americans' backyards for this very reason.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:16 PM
 
Location: San Francisco
9,031 posts, read 9,730,900 times
Reputation: 5733
The people who will suffer most are Russian oligarchs who stash their ill-gotten billions in Cyprus to escape Russian taxes and law enforcement.

A glance at origin and size of Russians deposits in Cyprus that will be hit by bailout levy | Fox News

Quote:
Russian officials estimated that about $49 billion, which is equivalent to 2.5 percent of Russia's gross domestic product, was wired to foreign accounts illegally last year. Sergei Ignatyev, outgoing chief of the Russian Central Bank, has said that these transfers might be linked to drug trafficking and corruption activities.


Cry me a river.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:29 PM
 
Location: Where they serve real ale.
7,242 posts, read 7,357,978 times
Reputation: 3497
No, it will not seize 10% of everyone's savings as you have to have $600,000 in a SAVINGS ACCOUNT (no other investments touched) to get hit with the 10% tax rate. Yes, it is stupid, yes, it was the German government pushing this but, no, it will not be locals who are mostly hit and instead it will be mostly Russian mobsters and South American drug lords who get hit with the tax.

It's bad policy but not the end of the world and you can blame Merkal for it because she knows bailouts are unpopular in Germany and she's facing reelection next year. BTW what was wrong with the other half dozen threads on this exact same topic which made you feel you needed to start yet another duplicate thread?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:30 PM
 
Location: Great State of Texas
86,068 posts, read 79,367,502 times
Reputation: 27670
There was warning ..just not a long stretch of it. And it's retroactive so a run to take out your money didn't make you safe.

And today is a bank holiday in Cyprus..that is why the banks are closed. And that is the reason Cyprus had to act quickly..before the next regular banking day which is tomorrow.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:32 PM
 
16,883 posts, read 10,772,269 times
Reputation: 15496
Quote:
Originally Posted by petch751 View Post
All bank deposits in Cypress, part of the EURO banks, are frozen without warning, banks are closed and tomorrow the government will vote. What are they voting on? If they should seize private money in savings accounts to fund government bailouts and spending

The government had seized up to 10% of everyone's savings from their bank accounts without warning. depositors holding less than €100,000 are made to pay 6.75% and those with more than €100,000 9.9% as part of a €10bn (£8.7bn) bailout agreed in Brussels


Read more: Reactions To Cypress Bailout - Business Insider
There's a very good reason why Americans cling to their guns. Not because of the fear of being robbed or raped. But a fear that their government will steal their property.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:34 PM
 
Location: Great State of Texas
86,068 posts, read 79,367,502 times
Reputation: 27670
Everyone will suffer. Those with 100K Euro and below pay 6.7% and those with 100K Euro and above will pay 9.9% and they have not voted yet.

Cypriot deposits grab shocks savers across Europe | CNS News
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:35 PM
 
Location: Great State of Texas
86,068 posts, read 79,367,502 times
Reputation: 27670
Quote:
Originally Posted by pch1013 View Post
The people who will suffer most are Russian oligarchs who stash their ill-gotten billions in Cyprus to escape Russian taxes and law enforcement.

A glance at origin and size of Russians deposits in Cyprus that will be hit by bailout levy | Fox News



Cry me a river.
You're only looking at one segment. Normal citizens will pay as well..6.7% of their savings will go to bail out the government.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:35 PM
 
17,019 posts, read 9,618,379 times
Reputation: 20447
Quote:
Originally Posted by Think4Yourself View Post
No, it will not seize 10% of everyone's savings as you have to have $600,000 in a SAVINGS ACCOUNT (no other investments touched) to get hit with the 10% tax rate. Yes, it is stupid, yes, it was the German government pushing this but, no, it will not be locals who are mostly hit and instead it will be mostly Russian mobsters and South American drug lords who get hit with the tax.

It's bad policy but not the end of the world and you can blame Merkal for it because she knows bailouts are unpopular in Germany and she's facing reelection next year. BTW what was wrong with the other half dozen threads on this exact same topic which made you feel you needed to start yet another duplicate thread?

What about the 6.75% tax on lesser amounts?

Edit: Looks like HappyTexan and I posted this point at the same time. LOL Great minds...

Really though, people are so quick to be rah rah punish the rich mobsters, eh, the regular guy is just collateral damage.

Obama did this with some taxes. No one cares it affects middle class, as long as the rich, whatever that means nowadays, get hit that's all that counts.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-18-2013, 03:52 PM
 
Location: Maryland
18,603 posts, read 18,125,173 times
Reputation: 6390
Well it appears the Germans are a backing off somewhat, as long as the same amount can be levied the Cypriots can protect account holders under 100K euros. Leaving those whose accounts are more than 100K to pay 15% plus. I doubt the Russians will be pleased and when the banks open there will still be a run.

Besides the Cypriot minister does not have the votes to pass the current proposed levy and may not have the votes to pass a bill that institutes any levy.

Fun times in global finance but hey according to the front page of WaPo., nearly 60% of AMericans support gay marriage and Hillary Clinton changed her mind on gay marriage and over at the NY Times they're dealing with the weighty issue of transgendered 6 year olds and a question about sexuality proposed to NFL Combine participants. Gotta keep everything in perspective.
Rate this post positively 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 > Politics and Other Controversies

All times are GMT -6.

© 2005-2022, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top