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

[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] I thought the title was perfectly descriptive, and not at all sensationalist. If it was supposed to be completely sensationalist I'd have made it "Cyprus locks down banks and steals a tenth of all private citizens wealth" or something.

[QUOTE=knutmora;39948522]"Sensationalist Headlines"[/QUOTE] Why are we compromising the quality and legitimacy of our news section because of a tired and lazy joke? [editline]17th March 2013[/editline] [QUOTE=SeamanStains;39949536]I thought the title was perfectly descriptive, and not at all sensationalist. If it was supposed to be completely sensationalist I'd have made it "Cyprus locks down banks and steals a tenth of all private citizens wealth" or something.[/QUOTE] The actual thing that is happening is a tax thing that takes a % of their money which is dependent on the amount of money in their savings account, it's basically a tax. But this title that you made makes it sound as if they are stealing their money with no discretion or some shit

[QUOTE=parsimony;39949649]Why are we compromising the quality and legitimacy of our news section because of a tired and lazy joke?[/QUOTE] Because this is funnier See it as a test to see how many people read past the headline

[QUOTE=parsimony;39949649]Why are we compromising the quality and legitimacy of our news section because of a tired and lazy joke? [editline]17th March 2013[/editline] The actual thing that is happening is a tax thing that takes a % of their money which is dependent on the amount of money in their savings account, it's basically a tax. But this title that you made makes it sound as if they are stealing their money with no discretion or some shit[/QUOTE] I fail to see the difference between an arbitrary tax and just stealing truckloads of money from people. I expect to pay income tax, for example. I don't expect to pay a "we fucked up" tax whenever the government thinks it's necessary.

yeah, i'm pretty sure this is how revolutions start.

[QUOTE=Turing;39949773]yeah, i'm pretty sure this is how revolutions start.[/QUOTE] Wouldn't really matter. Cyprus is like half a country anyway.

[QUOTE=parsimony;39949649]Why are we compromising the quality and legitimacy of our news section because of a tired and lazy joke? [editline]17th March 2013[/editline] The actual thing that is happening is a tax thing that takes a % of their money which is dependent on the amount of money in their savings account, it's basically a tax. But this title that you made makes it sound as if they are stealing their money with no discretion or some shit[/QUOTE] That's still what's happening though. Whether you think it's a legitimate tax or not, that's still what is happening.

[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] lol laws don't matter when the imf is involved. imf says suck and you ask how hard.

[QUOTE=Rangergxi;39948968]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.[/QUOTE] The southern countries of the EU may be shitting the bucket, but that has nothing to do with "Universal Health Care". We don't have enormous oil funds here in Denmark, neither do Sweden and we're basically doing pretty good. Most countries north of Italy is doing good, pretty much, and I haven't heard much about Italy's economy in some time.

This isn't good. After the tax, cyprusians will lose faith in their banks and withdraw their money en masse.

Why would the EU purposely trigger a bank run when bank runs were supposed to be avoided at all costs?

[QUOTE=gamefreek76;39950344]This isn't good. After the tax, cyprusians will lose faith in their banks and withdraw their money en masse.[/QUOTE] People from Cyprus are called Cypriots :eng101:

[QUOTE=smurfy;39950501]People from Cyprus are called Cypriots :eng101:[/QUOTE] Coincidentally, the same portmanteau for the future Cyprus riots.

[QUOTE=smurfy;39950501]People from Cyprus are called Cypriots :eng101:[/QUOTE] Are we talking west cyprus or east cyprus?

And now the bank-run will fuck over the country even worse than before.

Yeah I used to live in Cyprus for 13 years, I've got a bank account set up there which my mother sends money to for my rent over in England while I'm studying, so I guess I'm fucked for a while as my rent is due soon.

Cyprus has a deposit protection scheme protecting deposits up to $100 000. There is recompense in the form of shares in the bank you're with. The money they raise better stabilise their economy otherwise the shares won't be worth a thing.

[QUOTE=gerbe1;39955977]Cyprus has a deposit protection scheme protecting deposits up to $100 000. There is recompense in the form of shares in the bank you're with. The money they raise better stabilise their economy otherwise the shares won't be worth a thing.[/QUOTE] They are already going to be worth nothing. These banks are failing and the bail-out isn't going to help them much. If I were a Cypriot I would just want my money. The British taxpayer bailed out RBS and bought a load of shares in it. We stand to make a massive loss as the shares are still worth diddly squat. I think the same will happen with Cypriot savers.

[QUOTE=Skidmarks;39955799]Yeah I used to live in Cyprus for 13 years, I've got a bank account set up there which my mother sends money to for my rent over in England while I'm studying, so I guess I'm fucked for a while as my rent is due soon.[/QUOTE] Transfer it to an English account?

[QUOTE=Mythman;39955999]I think the same will happen with Cypriot savers.[/QUOTE] Most likely yes. But it doesn't mean they will be worth nothing forever. There is some recompense. The loss experienced is offset by the damage that could have been caused by a crash of the bank. I don't think this will end up so badly.

[QUOTE=matt.ant;39956175]Transfer it to an English account?[/QUOTE] I imagine there are measures in place to stop people doing this before the levy is taken. Or else everyone and their mothers (including the Russian money launderers they are supposedly targeting) would move their money out of Cyprus. If everyone moves their money out then there's no point in the levy at all as all it would do is encourage capital flight from Cyprus which will make the problems worse. I don't think there is anything a Cypriot can do about it; which is why they are so livid with anger. [editline]18th March 2013[/editline] [QUOTE=gerbe1;39956201]Most likely yes. But it doesn't mean they will be worth nothing forever. There is some recompense. The loss experienced is offset by the damage that could have been caused by a crash of the bank. I don't think this will end up so badly.[/QUOTE] That's true enough I guess. There is at least some recompense. However, deposits up to €100,000 are guaranteed as part of the EUs plan. Tbh those with under that amount in savings are probably going to be better of if the banks folded. They would have more money than when the EU levy is taken. Of course I am ignoring the other savers with more than that amount. It seems the levy is designed to protect them by trying to prevent the banks from failing.

British government has stopped all pension payments for British expats going in to their accounts: [url]http://www.dailymail.co.uk/news/article-2295115/British-government-STOPS-pension-payments-expats-Cyprus-government-wont-seize-10-tax-EU-bank-bailout.html[/url] [editline]18th March 2013[/editline] [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] Everyone has their savings taxed, it's just sometimes the interest is more than the tax: [IMG]http://i45.tinypic.com/edk6b.png[/IMG]

It's only a matter of time now until this happens in the USA Be ready

[QUOTE=matt.ant;39958733] Everyone has their savings taxed, it's just sometimes the interest is more than the tax: [IMG]http://i45.tinypic.com/edk6b.png[/IMG][/QUOTE] I'm not sure how it works there in Europe but in North America only interests are taxable when it comes to savings.

[QUOTE=matt.ant;39956175]Transfer it to an English account?[/QUOTE] There are blocks in place stopping any transfering of money to other accounts, the only way my mum can take money out is by drawing it from an ATM, which is limited to 400 euros a day.

It's obvious that Germany is behind this one and the goal of this was to mess up Russians.

[quote] [B]14.35[/B] While we weren't looking, the legisation around the ECB's [B]"single supervisory mechanism"[/B] - its direct supervision of the 200-or-so largest EU banks and the right to intervene at the first sign of trouble in the other 6,000 - reached a milestone. Ireland, current chair of the European Council, reached a provisional agreement with the European Parliament in a deal that will pave the way towards full banking union in the bloc. It now goes to individual member states for minor tweaks before it gains the final stamp of approval. However, a senior eurozone diplomat told Reuters earlier that the timing is somewhat unfortunate, with Cyprus complicating the future of the project.[/quote] [url=http://www.telegraph.co.uk/finance/debt-crisis-live/9939296/Cyprus-bailout-live.html]source[/url] Rather interesting to say the least, especially given the timing of the two events. I personally think this will set a precedent for future bailouts given that Cyprus is such a small country for them to test it on. [editline]a[/editline] Former governor of the Cypriot central bank, Anthanasios Orphanides: [quote]We are witnessing historic times. What we're witnessing is the slow death of the European project. We are in a situation where some European governments are essentially taking actions that are telling citizens of other member states they are not equal under the law. What we have seen for the last few days is a very serious blunder by European governments that essentially are blackmailing the government of Cyprus to confiscate the money that belongs rightfully to depositors in the banking sector in Cyprus. The way the strongest governments of Europe have blackmailed the Cypriot government to confiscate deposits is essentially sending a message that no-one with deposits in a small country like Luxembourg should feel safe about their deposits. No-one with deposits in a weak country, like Spain, should feel safe about deposits. Decisions like this, much like the decision to haircut Greek debt in October 2011, actually benefit some countries. For example as we’ve seen from markets yesterday a decision like this reduces the financing costs for the German government so the German government can now borrow at negative rates as a result while it inflicts pain on other countries. Not everybody is equal under the law the way European governments are behaving these days. This is why I worry about the future of Europe.[/quote]

[QUOTE=butt2089;39969402][url=http://www.telegraph.co.uk/finance/debt-crisis-live/9939296/Cyprus-bailout-live.html]source[/url] Rather interesting to say the least, especially given the timing of the two events. I personally think this will set a precedent for future bailouts given that Cyprus is such a small country for them to test it on. [editline]a[/editline] Former governor of the Cypriot central bank, Anthanasios Orphanides:[/QUOTE] Should've thought about that before they fucked up their economy.

No matter how you call it: 10% tax or theft, it is unacceptable to take money from a person's bank account. What other democratic country takes even 2% off your entire bank account under some BS pretense of saving the economy? This sets a very bad precedent for other small EU countries should their economies fail. There are reports of Russians flying in there to lobby and withdraw their money ASAP. Given Cyprus' position as a tax heaven, some very wealthy clients have their money in those bank accounts. Taking 10% of say 100m is going to piss them off very much. Day after banks open, virtually all of the rich clients will transfer money outside of the banks to another tax heaven. What angers me most is, if they pass even 5% on below 100K, the residents are still likely to do a bank run, and we know how that ends up.

[QUOTE=Unsmart;39970282]No matter how you call it: 10% tax or theft, it is unacceptable to take money from a person's bank account. What other democratic country takes even 2% off your entire bank account under some BS pretense of saving the economy? This sets a very bad precedent for other small EU countries should their economies fail. There are reports of Russians flying in there to lobby and withdraw their money ASAP. Given Cyprus' position as a tax heaven, some very wealthy clients have their money in those bank accounts. Taking 10% of say 100m is going to piss them off very much. Day after banks open, virtually all of the rich clients will transfer money outside of the banks to another tax heaven. What angers me most is, if they pass even 5% on below 100K, the residents are still likely to do a bank run, and we know how that ends up.[/QUOTE] The Russians are already seeking to remove their money en-mass [quote] Keane said that in the past 10 days since rumours surfaced about such a move, Russian depositors had taken around [B]€2bn out of Cyprus[/B]. Russia gave Cyprus a €2.5bn loan in 2011. But while Putin had been believed to be considering easing its terms, Russia is not happy at the savings grab – its citizens are among the largest group of depositors.[/quote] [url=http://www.cityam.com/article/russians-pull-money-out-ex-safe-haven]source[/url]