Cyprus: Bank Levy of 10% on all accounts

jumperabv3

Have you heard the latest news?

http://news.sky.com/story/1065753/cyprus-postpones-vote-on-savings-raid-bailout

Cyprus is going to impose immediate tax on all account holders, residents and non-residents, companies and individuals:

1) Accounts with balance up to €100,000 - 6.75% tax
2) Accounts with balance of €100,000 and more - 9.9% tax

In addition they are going to imply the following taxes:

1) Additional tax on interest earned on fixed deposit etc.
2) Raise the corporation tax from 10% to 12.5%

This is all good for the EU, for Germany and for the banks.
Certainly it is bad and pure evil for the people who have money in Cyprus.

Any idea why the EU keeps on insisting, day after day, insisting and insisting again, and keep on insisting, and never stop insisting, on using the Euro as a currency? Why not let each Eurozone country go back to its original currency, print its debt out of massive hyper-inflation, and never again repeat that huge mistake of having the Euro as a currency?

Good thing the UK has its own currency and never joined that Euro thing.

Jules2012

This is setting a precedent that could snowball throughout all struggling EU Economies.

grumbler

jumperabv3 wrote: »

...
Any idea why the EU keeps on insisting, day after day, insisting and insisting again, and keep on insisting, and never stop insisting, on using the Euro as a currency?
Why not let each Eurozone country go back to its original currency,

Who cares what the EU keeps insisting in? It's up to each member to decide whether to stay or to default and to go.

print its debt out of massive hyper-inflation,

I always thought that printing was a way to inflation, not out.

FireWyrm

Yes, now one has done it, I give it about 2 weeks until the others give in to the same temptation....I wouldnt put it past our government either. Puts a whole new spin on the banks going 'down' last year and a week ago doesnt it....

Monday is going to be interesting. How to cause a run on the bank in one easy lesson.

jumperabv3

grumbler wrote: »

Who cares what the EU keeps insisting in? It's up to each member to decide whether to stay or to default and to go. I always thought that printing was a way to inflation, not out.

My bad in regards to the "out of it" part.

jumperabv3

FireWyrm wrote: »

Yes, now one has done it, I give it about 2 weeks until the others give in to the same temptation....I wouldnt put it past our government either. Puts a whole new spin on the banks going 'down' last year and a week ago doesnt it....

Monday is going to be interesting. How to cause a run on the bank in one easy lesson.

Well said. This is going to be so sad for many people.
On the same time, some light in the end of the tunnel, it might end the reign of banks and lies from statistics burearus around the world, from 2008 to nowadays ... we might go back to a much more 'sane' economics until the next Goldman Sachs decides to screw up the world again.

bengal-stripe

It might be bad for the Cypriot small investor, but all the foreigners who have invested vast sums of dodgy money in Cyprus have gotten away lightly.

Why would any non-Cypriot hold an account in Cyprus? Because they all have something to hide!

A_Flock_Of_Sheep

If this was announced in this country I would be the first in the queue withdrawing ALL my cash.

FireWyrm

A_Flock_Of_Sheep wrote: »

If this was announced in this country I would be the first in the queue withdrawing ALL my cash.

a) It wont be announced. The banks will simply 'go down' (seen this before?) and when they come back, 10% of your money will be missing.

b) Withdrawing your money at that point profits you nothing. The banks have already 'ringfenced' the money due and you cant access it. You can withdraw all you wish up to the 10% which has just been stolen.

c) The only way to ensure this doesnt happen to us is to withdraw all but the least amount needed to service your bills. Then, you have a run on the bank. Better get down there tomorrow morning because I guarantee lots of other people will have exactly the same idea as you.

jumperabv3

bengal-stripe wrote: »

It might be bad for the Cypriot small investor, but all the foreigners who have invested vast sums of dodgy money in Cyprus have gotten away lightly.

Why would any non-Cypriot hold an account in Cyprus? Because they all have something to hide!

Based on the way governments treat citizens I wouldn't classify "tax dodgers" as the most dangerous people to society. They might "steal" from society and yes, they do it quietly ... however the banks do so massively and no one can say a word.

The enemy is not the tax dodger but the bank and the government that backs it up. The way the press is going against Grillo in Italy just because he can end up the Euro with his reforms is digusting and dispecable ... the Eurocats in Brussels will do anything they can, use the media, money, anything, just to keep on running this phony business forever and stop anyone who stands on their way.

They came with a puppet called Pier Luigi Bersani in Italy, invested lots of money on his elections, and got hit when he failed to become so far the Prime Minister, and they're trying in "democracy" ways to kill Beppe Grillo because he's their #1 enemy and they don't want him in the picture any longer.

The banks are one big fraud and no one can do anything against them ... you protest, they send the riot police.
You wanna vote, they will use the media for the nation to choose a puppet over the sane guy.
You wanna escape, they will use money laundring laws against you.
They can freeze and close your account anyime and for any reason.

No one can do a godamn thing about the banks, they are our biggest enemy and yet we can't do anything to them, but they can cause a lot of damage to us.

jumperabv3

FireWyrm wrote: »

c) The only way to ensure this doesnt happen to us is to withdraw all but the least amount needed to service your bills.

The way to deal with this is to open a personal account in Hong Kong, a country where not Europe nor the US can touch ... and have a bank card you can withdraw money freely from the ATM and put this money for your bills etc, and this way if banks in Europe fall ... your money would remain protected no matter what.