So much for €100,000 protection - Cyprus bailout

atush

ColdIron wrote: »

What's different about this is and an emergency tax is it's levied against savings and not just interest. It's hard to see the difference between a bank robber and the state. The latter may be legal but neither seem lawful

It's worth remembering that events like this highlight the real purpose of gold. It's of limited use in ordinary times but in extraordinary times nothing else will do although in this case stashing your cash under your mattress would have served just as well

I wonder if this is going to spark a flight of money away from Cyprus's banks and where to?

It may spark money away, but the fee will be paid before exit.

But not a rush to gold. A rush to other countries/currencies that can't get away with such a thing. such as UK/sterling

ColdIron

atush wrote: »

It may spark money away, but the fee will be paid before exit

I was thinking more on the lines of 'Fool me once shame on you, fool me twice shame on me'. If the state burgled my cash once I'm not sure I'd give them a second chance

FLAPJACK

Just enough time left for Mr Osbourne to re-jig Wednesdays budget in order to do the same here!

It would be a fantastic way to bring down the deficit, and we could all be proud that we have done our bit....after all we are all in it together.

I am joking of course.....?

RetiredInThailand

opinions4u wrote: »

That's a real kick in the gonads for prudent savers.

Surely anyone "prudent" would not have deposited money in Cyprus in the first place? I certainly wouldn't have.

C_Mababejive

The precedent has now been set.

Governments can now steal money directly from your private bank account.

Watch and learn..there should be civil unrest on the streets of Cyprus because of this.

socrates

C_Mababejive wrote: »

The precedent has now been set.

Governments can now steal money directly from your private bank account.

Watch and learn..there should be civil unrest on the streets of Cyprus because of this.

What can a small island with under 1 million population do?

Perhaps our European cousins should help.....

opinions4u

C_Mababejive wrote: »

The precedent has now been set.

Governments can now steal money directly from your private bank account.

Watch and learn...

This sums it up. An outrageous act by the politicians who led us to the situation we are currently in.

As direct a theft as there could ever be.

I don't care about the shady Russians and I'm not that bothered about Cypriots.

I care about how it affects Mr and Mrs Average in the UK at an unstated point in the future. Now that politicians have the right to steal our savings and don't even have to do it by inflationary stealth anymore.

Christ, what has become of democracy?

C_Mababejive

The moment of anarchy is at hand..head for the ATMs for your worthless pictures of the Queen..

ColdIron

I bet it will make the Turks in the north think twice

socrates

ColdIron wrote: »

I bet it will make the Turks in the north think twice

Its ok they have one eye on the Gas found on the Greek side and want 50%

Europe has its eyes on the other 50% to pay for the bail out