Cyprus closes all banks so that government can take up from 10% from citizens accounts - Polidicks

[quote=BBC News]Cypriot President Nicos Anastasiades has said a big bailout - which has provoked mass public anger - was needed to avoid a "disorderly bankruptcy". The 10bn-euro ($13bn; £9bn) deal agreed by the EU was "a painful but controlled management of the crisis", he said. Many Cypriots, shocked that the bailout imposes a levy on bank deposits of up to 10%, were seen queuing to withdraw cash. [/quote] [URL="http://www.bbc.co.uk/news/world-europe-21818598"]Source[/URL] Basically as part of a bailout, the Cypriot government is taxing all citizens between 6.75% and 9.9% from their savings in their bank accounts. Apparently the Germans and the IMF wanted them to levy 40%. They've closed all the banks so that people can't withdraw their money while the government votes on whether or not to do it.

Surely that's illegal. It's like someone coming round to your house, smashing your piggy banks and running off with the loot. The fuck, Cyprus?

[QUOTE=ijyt;39948194]Surely that's illegal. It's like someone coming round to your house, smashing your piggy banks and running off with the loot. The fuck, Cyprus?[/QUOTE] Its not illegal if you pass a law to allow it! Seems very similar to the negative interest idea that they are considering here. Also the daily mail are blaming the EU, the way they have worded it you would think the EU are physically taking the money themselves.

My friend in Cyprus was telling me about this the other day, he was saying all the old people were rushing down to the bank to get their money out considering some of them have millions in there.

[QUOTE=ijyt;39948194]Surely that's illegal. It's like someone coming round to your house, smashing your piggy banks and running off with the loot. The fuck, Cyprus?[/QUOTE] It's a tax, taxing isn't illegal.

It's 7% if you have less than €100,000 in there as IIRC. [editline]17th March 2013[/editline] Yeah 6.75% below 100K and 9.9% above that.

Fucking title, these kind of misleading titles are ridiculously misleading, why is it that people get banned for "Undescriptive Thread Titles", but not misleading thread titles, which is essentially the same thing?

[QUOTE=parsimony;39948506]Fucking title, these kind of misleading titles are ridiculously misleading, why is it that people get banned for "Undescriptive Thread Titles", but not misleading thread titles, which is essentially the same thing?[/QUOTE] "Sensationalist Headlines"

This is what state force brings you. It's disturbing, the government makes terrible choices and the people suffer. Government needs to stop taking on huge debts and be more responsible, or be eliminated.

To be honest its better they pay for their problems than making other countries pay for them.

[QUOTE=ripsipiirakk;39948585]To be honest its better they pay for their problems than making other countries pay for them.[/QUOTE] But they're being given €10bn..

The British government are covering it for our citizens: [quote]Mr Osborne told the BBC's Andrew Marr programme: "For people serving in our military and serving our government we are going to compensate anyone affected by this bank tax; people who are doing their duty for our country in Cyprus will be protected from this Cypriot bank tax."[/quote]

And I wouldn't be surprised if many people have millions in the bank acquired by tax dodging in the first place. Certain parts of southern Europe are notorious for that, just take a peek at Greece.

Are they taking x% from people's savings, the income on those savings or what's put into the savings? [editline]a[/editline] wow, the EU has depositor's protection laws but the has circumvented it's own laws to implement this 'tax'

snip, confusing quote

[QUOTE=Pat4ever;39948712]... meaning the rich in the government that are involved with this don't have to worry about losing their money while they meanwhile make legislation for others to lose theirs[/QUOTE] British government. Cyprus government.

Cyprus is the money washing central for Eastern Europe, they fucked their economy beyond repair at the cost of their people.

Great job, by doing this, you start a massive bank run and then your economy keels over because MONEY NOW REPERCUSSIONS l8R

[QUOTE=Zambies!;39948863]Great job, by doing this, you start a massive bank run and then your economy keels over because MONEY NOW REPERCUSSIONS l8R[/QUOTE] The banks were closed to prevent a bank run.

[QUOTE=mobrockers2;39948909]The banks were closed to prevent a bank run.[/QUOTE] They can't stay closed forever, if this is true: [quote]Apparently the Germans and the IMF wanted them to levy 40%.[/quote] I can't imagine too many people will want to leave their money in the bank

Well Cyprus is losing some investments I guess.. the government having power like that is not something attractive. Europe is going to hell, the social welfare garbage dumps are only being held up by poor Germany. People need to learn that such welfare states are unsustainable if you don't have a hardworking population and billions in surplus from oil money.

I'm all for governments solving their own problems, but if I'm reading this correctly, they're taking 7-10% out of all bank accounts based in Cyprus? So they're taking money out of private savings accounts, which were filled up people's privately earned finances, without having the people vote? Isn't that practically theft?

woah, talk about freedom

[QUOTE=Zombii;39948974]I'm all for governments solving their own problems, but if I'm reading this correctly, they're taking 7-10% out of all bank accounts based in Cyprus? So they're taking money out of private savings accounts, which were filled up people's privately earned finances, without having the people vote? Isn't that practically theft?[/QUOTE] See this: [QUOTE=Van-man;39948702]And I wouldn't be surprised if many people have millions in the bank acquired by tax dodging in the first place. Certain parts of southern Europe are notorious for that, just take a peek at Greece.[/QUOTE] And this: [QUOTE=Killuah;39948821]Cyprus is the money washing central for Eastern Europe, they fucked their economy beyond repair at the cost of their people.[/QUOTE] They're basically taking money [I]MOSTLY[/I] from people who have accumulated wealth from tax dodging in one form or the other. Sadly it will affect people who actually worked for it, but it's impossible to single out just the offenders. And it's either this or defaulting, both will fuck over the people either way.

Well I guess it's better that the people who caused the problem [Tax dodgers, people who voted for the government] should pay, than it is for Germany to pay. Poor Germans.

Yeah this is all to target all the wealthy Russians that launder all their money into Cypriot accounts to avoid tax.

It's better than having a ~18-25 billion euro bailout which they could never ever manage to pay back and would probably just cause their banks (holding +800% of their gdp) to tank and fuck everything up

They have big balls doing this, have the thought about civil unrest?

[QUOTE=matt.ant;39949459]They have big balls doing this, have the thought about civil unrest?[/QUOTE] They never worried about it before.

[QUOTE=Rangergxi;39949225]Well I guess it's better that the people who caused the problem [Tax dodgers, people who voted for the government] should pay, than it is for Germany to pay. Poor Germans.[/QUOTE] Germany are pulling the strings here [quote]As with past eurozone bailouts, the deal must be approved by the lower house of parliament in Germany, the EU's biggest economy.[/quote] [url=http://www.bbc.co.uk/news/world-europe-21818598]from here[/url] Also the bailout my not go through, the alternative being default and Euro-withdrawal