• Bank of Cyprus depositors could lose up to 60% of savings
    52 replies, posted
[QUOTE=SCopE5000;40104778]Someone posted this over at another forum I visit... [img]http://s12.postimg.org/yt2wefvot/popularbank2.png[/img] His business account, and 720k he'll never see again.[/QUOTE] 80% of his account robbed? That is insane.
How is this whole situation even legal? Is the EU just going to let this happen without intervention?
[QUOTE=SCopE5000;40104778]Someone posted this over at another forum I visit... [img]http://s12.postimg.org/yt2wefvot/popularbank2.png[/img] His business account, and 720k he'll never see again.[/QUOTE] That could ruin businesses easily.
This is not fair. the people paid their taxes, served their country and work for the nation's and this is how the government repays them? The Cyprus government is asking for a civil war
[QUOTE=Antdawg;40104847]How is this whole situation even legal? Is the EU just going to let this happen without intervention?[/QUOTE] [url]http://en.wikipedia.org/wiki/Eminent_domain[/url] It's not like this is a one off thing. This power is reserved by all governments, western ones legally, and autocracies by just beating you over the head and taking it.
[QUOTE=Antdawg;40104847]How is this whole situation even legal? Is the EU just going to let this happen without intervention?[/QUOTE] The EU is behind the plan. [editline]31st March 2013[/editline] [QUOTE=BCell;40104873]This is not fair. the people paid their taxes, served their country and work for the nation's and this is how the government repays them? The Cyprus government is asking for a civil war[/QUOTE] That is the only way because the EU doesn't want to bail them out completely.
[QUOTE=scout1;40104882][url]http://en.wikipedia.org/wiki/Eminent_domain[/url] It's not like this is a one off thing. This power is reserved by all governments, western ones legally, and autocracies by just beating you over the head and taking it.[/QUOTE] The legal system's laws are like all those horrible EULA agreements rolled into one, except legally binding and you automatically agree to all future iterations of it by being born in the country.
[QUOTE=soulharvester;40105080]The legal system's laws are like all those horrible EULA agreements rolled into one, except legally binding and you automatically agree to all future iterations of it by being born in the country.[/QUOTE] So emigrate.
Iceland sounds nice this time of year, despite the name.
[QUOTE=scout1;40105086]So emigrate.[/QUOTE] with what money? is your solution to theft seriously just "give up literally every single thing you own and don't fight back"?
[QUOTE=wraithcat;40102752]Except the banks are locked and you can't really draw out the cash from them atm.[/QUOTE] At the moment no, but as soon as they are able to, I forsee everyone withdrawing the fuck out of their accounts with another bank crash following not all that long after.
[QUOTE=SCopE5000;40104778]Someone posted this over at another forum I visit... [img]http://s12.postimg.org/yt2wefvot/popularbank2.png[/img] His business account, and 720k he'll never see again.[/QUOTE] When was this taken? If it was recently he doesnt have a problem since the account was last used on 3/6/13... Sucks he lost the money though
The government is allowed to rob people, it's the government. :suicide: These events make me sympathize with anarchists more and more each day.
[QUOTE=Rangergxi;40108444]The government is allowed to rob people, it's the government. :suicide: These events make me sympathize with anarchists more and more each day.[/QUOTE] An anarchist society (especially one with higher living standards than the one we currently live in) is pretty much impossible.
[QUOTE=laserguided;40104903]The EU is behind the plan. [editline]31st March 2013[/editline] That is the only way because the EU doesn't want to bail them out completely.[/QUOTE] The EU let them do what they wanted in a sense. I strongly it was an idea that came from the EU, nor is it an idea that the EU is backing. Cyprus could decide to fold, but they want to keep their banking system online so they're doing this isanity. [QUOTE=RayvenQ;40108070]At the moment no, but as soon as they are able to, I forsee everyone withdrawing the fuck out of their accounts with another bank crash following not all that long after.[/QUOTE] Imho they'll keep something like a year long transfer limit. In order to mitage just this. The Cyperian government has already pretty proven that they do what they want in the banking system, wouldn't put this past them.
How did it get so bad that the gov has to steal over 60% of it's citizen's cash? How could it get that fucked up? Do they know nobody in their country is ever going to trust banks again? I'm surprised their hasn't been riots. Holy fuck imagine if they try this in the US.
[QUOTE=Iago;40109393] Holy fuck imagine if they try this in the US.[/QUOTE] Might as well happen, all that printing is going to cause some seriously damaging inflation.
[QUOTE=Iago;40109393]How did it get so bad that the gov has to steal over 60% of it's citizen's cash? How could it get that fucked up? Do they know nobody in their country is ever going to trust banks again? I'm surprised their hasn't been riots.[/QUOTE] Since Cyprus has basically NOTHING going for their economy other than their banks, they need to get their money there. The EU was probably hoping that by taxing the fuck out of the rich, they'd mostly hit foreigners who dumped their money into Cypriot bank accounts, but since SOMEONE left the bank accounts open (cough London cough Moscow) all the foreigners emptied their bank accounts already.
[QUOTE=Rangergxi;40108444]The government is allowed to rob people, it's the government. :suicide: These events make me sympathize with anarchists more and more each day.[/QUOTE] in an anarchist society, everyone steals from you instead of the government
[QUOTE=Iago;40109393]How did it get so bad that the gov has to steal over 60% of it's citizen's cash? How could it get that fucked up? Do they know nobody in their country is ever going to trust banks again? I'm surprised their hasn't been riots. Holy fuck imagine if they try this in the US.[/QUOTE] With all the push to disarm the US, I wouldn't be surprised if things like this were already written up and waiting to be enacted.
[QUOTE=Skidmarks;40103853]Well we've been emptying our bank accounts since the initial tax was stated so there isn't much left in our accounts now. But yeah, the Marfin Laiki bank, is the one my mother and I both have an account with, we were told that it will just merge into the Bank of Cyprus.[/QUOTE] What's the mood of the public over there? Angry and ready to riot? Resigned?
[QUOTE=Rangergxi;40109408]Might as well happen, all that printing is going to cause some seriously damaging inflation.[/QUOTE] The rampant printing of money is only part of the problem with the accelerated inflation levels. Another large part of it that's happening this year is the minimum wage increase and the adjustment to minimum wage based on inflation on a yearly basis. This alone will cause infinite accelerated inflation. Business owners aren't looking to make less money every year, so they're just going to pass it off on to their consumers via increased prices, which in turn accelerates inflation, and raises minimum wage. This cycle is going to continue unless someone sane stops it (unlikely to happen.) Another big issue is the part of Obamacare that forces businesses with over 50 employees to provide health insurance comes into play, as well as the individual mandate that forces everyone to have a health insurance policy. I've seen some rough calculations on the employer mandate for a medium sized business right at 50 employees and it will cost about $40,000 for minimum coverage, which again will be passed on to consumers. I know a few businesses that are downsizing their workforce or doing other creative legal work to break their businesses up so they have less than 50 employees on the books, because it's cheaper than the financial burden of paying for health insurance for all of their employees. Though right now it's accelerating at such a pace that markets can't keep up with prices. Food prices are rising so fast that every few days that I go to the store, at minimum prices on individual items are at least 5 cents higher, and at worst they've doubled.
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