Cypriot bank savers forced to pay towards Euro/IMF bailout

[Sasaferrato]

But don't you think that this type of system exists because ordinary people put up with it? They turn a blind eye and never get angry, and if the bank bailout had come from a big central pot of money, people still don't get angry because they don't connect cause and effect. But if people lose 7-10%o f their savings maybe they'll be a bit more interested in government and finance.

I know it must be bad for people who have lost money and I'm prepared to be persuaded I'm wrong but I don't see this as the EU being pro big business, the opposite, by saying to everyone, you're in the same boat they're making people take responsibility. If they just did a bailout the money would still have come from ordinary people I think.

So, the banks indulge in illegal and immoral behaviour, and the ordinary citizen picks up the tab? I don't think so.

 

[8115]

So, the banks indulge in illegal and immoral behaviour, and the ordinary citizen picks up the tab? I don't think so.

Customers of the bank.

 

[Firky]

But to protect the banks and those in charge? This isn't to protect jobs and services,its to prop up a corrupt cartel who have been sucking the system dry for years and now as their little pack of cards is collapsing they expect us to fork out to protect them.

No, that is why I said if it was to improve the lives of the people and not the banks, didn't explain my self properly. Am munching a chinese take-away and don't want grease allowa the shop.

 

[Sasaferrato]

But it's not "the EU" who are "forcibly" removing the money, is it? It's the Cypriot government. Not the same thing. But why let that get in the way of a fondly-held bugbear?

Why are the Cypriot government doing it? Oh, at the behest of the EU as a bailout condition. I see, so it wasn't the Cypriot government's idea in the first place, it was the EU?

 

[coley]

No, that is why I said if it was to improve the lives of the people and not the banks, didn't explain my self properly. Am munching a chinese take-away and don't want grease allowa the shop.

Aye, I don't mind paying my share for the benefit of those worse off, but it boils my piss seeing the mega bucks going to consultants, lawyers etc, recently saw a payment of over £400 million being described "peanuts in the general cost of the project"
Start saving at the top,then talk to us regarding austerity.

 

[thedockerslad]

People with less than 100,000 euros in Cypriot bank accounts will have to pay a one-time tax of 6.75%, while those with more will have to pay 9.9%. Cypriot banks are freezing withdrawals to ensure people cannot remove their money from the banks.

http://www.bbc.co.uk/news/business-21797888

 

[junglevip]

.

 

[bi0boy]

Why are the Cypriot government doing it? Oh, at the behest of the EU as a bailout condition. I see, so it wasn't the Cypriot government's idea in the first place, it was the EU?

I thought you were in favour of national governance and against EU meddling. You think the EU should not interfere in Cypriot banks and let the Cypriot government deal with them alone?

 

[likesfish]

They have $26 billion of russian money which isnt at all dodgy in the slightest.

 

[Tankus]

I wonder how much the Piigs bank runs by depositors will cost ? ...more than a few roubles .....Busy week ...next week ....?

 

[youngian]

Naked theft by the scum that is the EU hierachy

Savers in Cyprus are having money forcibly removed from their bank accounts by the EU, who have bailed out the Cyprus economy.

http://www.bbc.co.uk/news/world-europe-21814325

If you ever doubted just how vile and corrupt the EU is, I think this rather proves the point.

It is theft, plain and simple.

Who is stealing this money? and who in the EU are the corrupt beneficiaries from the savings tax?

By all means make a case for this as bad economics and/or politics but that just sounds like an unhinged UKIP conspiracy rant.

 

[ViolentPanda]

Savers in Cyprus are having money forcibly removed from their bank accounts by the EU, who have bailed out the Cyprus economy.

http://www.bbc.co.uk/news/world-europe-21814325

If you ever doubted just how vile and corrupt the EU is, I think this rather proves the point.

It is theft, plain and simple.

Nope, they're having money removed by the Cypriot government, who are blaming the EU to distract from the fact that they've not been keeping their fiscal promises.

 

[shagnasty]

My ex brother in law setttled in Cyprus a real right wing bastard ,i do hope it will give him pain

 

[ViolentPanda]

I'm genuinely encouraged by some of the anti-E.U. sentiments I've read on this thread. The E.U. is a liberal entity. Or didn't you know that?

You don't say?
More correctly, it's a social-democratic entity about halfway through a transition to a neoliberal entity, but don't let historical fact get in the way!

 

[ViolentPanda]

You'll find that Sass is far from being an Urban bellwether.

Well, obviously, you'll end up being banned before you really work out who's who, but the principle stands.

What will happen when people work out who you are?

 

[Lo Siento.]

fucking state of this place when Sas is the most sensible person on a thread. This is the state taking 7% off people's life savings. Not just off the rich, not even just off the middle class, but literally anyone who's saved a bit of money up over the course of their life.

All so they can protect their banking system and their euro. Bollocks to that, and bollocks to shoulder-shruggers on here.

 

[coley]

You don't say?
More correctly, it's a social-democratic entity about halfway through a transition to a neoliberal entity, but don't let historical fact get in the way!

Halfway? It's a bit further down the track than that!

 

[coley]

fucking state of this place when Sas is the most sensible person on a thread. This is the state taking 7% off people's life savings. Not just off the rich, not even just off the middle class, but literally anyone who's saved a bit of money up over the course of their life.

All so they can protect their banking system and their euro. Bollocks to that, and bollocks to shoulder-shruggers on here.

Fuck me, never thought I would be in full agreement with you, but I am, totally, unless this is you being uber ironic?

 

[Lo Siento.]

Fuck me, never thought I would be in full agreement with you, but I am, totally, unless this is you being uber ironic?

why would it be ironic?

 

[coley]

Urbanites, you never know

 

[SikhWarrioR]

I wonder just how long before callmedave and oinkborne hear of this and decide to try something like this out on the 99 percent of us in the UK in order to protect the 1 percent {And to cover their inept attempts to get the UK's economy going}

 

[stuff_it]

I wonder just how long before callmedave and oinkborne hear of this and decide to try this out on the 99 percent of us in the UK in order to protect the 1 percent

My mum is shitting it tbh, as she's renting between buying houses (sale fell through) and got her house money in the bank.

 

[Mr Blob]

This is State abuse of individual's wealth. People work and save all their life see the government steal a chunk to remedy problems in the nation. No doubt many Cypriots are angry

 

[lighterthief]

My mum is shitting it tbh, as she's renting between buying houses (sale fell through) and got her house money in the bank.

in Cyprus?

 

[RedDragon]

I bet there's loads of pissed off dodgy Russians in Cyprus.

 

[Santino]

fucking state of this place when Sas is the most sensible person on a thread. This is the state taking 7% off people's life savings. Not just off the rich, not even just off the middle class, but literally anyone who's saved a bit of money up over the course of their life.

All so they can protect their banking system and their euro. Bollocks to that, and bollocks to shoulder-shruggers on here.

Who exactly is supporting the tax?

 

[stuff_it]

in Cyprus?

No, in the UK. She thinks Disco Dave may have a few too many shandys and do something similar.

 

[Mrs Magpie]

I know Cypriots over here, some pretty elderly, who will be affected. They're not money-launderers and aren't exactly rolling in it. They tend to be low-paid, hard-working and generally thrifty.
This kind of action worries me as we have no debt, only savings. I've always thought credit cards, stuff on the never-never was a recipe for disaster as you never know what's around the corner. I can see now why some favour keeping cash under the mattress rather than trusting banks.

 

[FridgeMagnet]

I've merged the two threads on this into the one in the WorldPol forum, which also has the clearer title.

 

[redsquirrel]

Savers in Cyprus are having money forcibly removed from their bank accounts by the EU, who have bailed out the Cyprus economy.

http://www.bbc.co.uk/news/world-europe-21814325

If you ever doubted just how vile and corrupt the EU is, I think this rather proves the point.

It is theft, plain and simple.

And what about increasing VAT - is that also theft, plain and simple?

The EU, IMF and Cypriot government can all go to fuck none of these measures are needed and the scum implementing them should be hung. But the squeals that this move has generated in the press compared to the silence that accompanied the UK government's regression taxation changes is pathetic.

Has anyone got any data comparing how regressive this measure is compared to the VAT increases? My first guess would be that is that it could be less regressive than Gideon and co's policies, those at the bottom are generally going to be the ones with the least savings.