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Cypriot bank savers forced to pay towards Euro/IMF bailout

This is anything but pedantry as it goes, it's rather important that if you're going to make such broad claims as the state is "done and dusted" that you say exactly what you mean. Who is done and dusted? The million people that live there? How, what does that mean for them in immediate and longer-term time frames? What does it mean for recipients of state pensions or benefits? For public sector workers? For private sectors workers dependent on state investment or subsidy? For those in any social housing that may exist? For education? Or do you not mean "done and dusted" but something else entirely?
 
The Islands economy has had its plug pulled ....... don't you think

Focus of attention is now firmly back on the rest of the banks and "nations" solvency within the eurozone ......Cyprus only stays open until the EU pulls the finance ...It doesn't really matter which way the Cypriot government vote ....(Unless your a Cypriot )...........Its now been shown that personal deposits can be raided within the Eurozone


Merkels message wasn't for the Cypriots was it ?
The Greeks alone are € 285bn plus writes offs and counting ....... what's just another €10bn to this lot ?.....why risk the whole eurozone with such a solution ? ...The coming bank deposit removals across the Piigs are going to far exceed €10bn , dont you think ?

Its an island fire sale , Russia buys its naval base in the Med on the cheap,and its the Germans who get the proceeds partly in gas , which Merkel needs now its nucs are closed .... The French are out of the game ...its now all about the Germans ...The electorate are getting inflation twitchy (Gold repatriation in place of valium )

Dunno

Maybe we could send Gordon Brown , he'll save them
Russia - Naval base, and that's halfway to sorting Syria.

Re Gordon Brown what have the cypriots done to make you hate them so?
 
Technically if they are using depositors money to fund the bailout in the first place it's really just a neo colonialist power grab innit.

Well sure, which is why my post was somewhat cynical about what will actually happen to the money.
 
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There are substantial undeveloped Gas deposits that are being earmarked as further collateral against the debt.Privitisation of water (if still in state hands)is highly likely
Both are things the IMF have form on

http://www.globalexchange.org/resources/wbimf/facts
http://www.cyprus-mail.com/commerce-and-industry/gas-export-now-much-more-urgent/20130315
http://citizensimon.blogspot.co.uk/2011/06/water-human-right-or-imf-cash-cow.html

I'm not sure even the IMF would be daft enough to attempt to privatise water, given the scarcity in Cyprus.
 
I'm not sure even the IMF would be daft enough to attempt to privatise water, given the scarcity in Cyprus.

I dunno. The IMF can be pretty stupid sometimes. How much does it rain in Bolivia?

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They're taking 6.75% out of everyones bank accounts (9.9% on anything over Euro 100,000) thats anything that anyone had in their bank accounts on Friday - wages, pension, savings the lot.

The first thing I'd do as soon as I could is to pull all my money out so they couldn't do it again. They may be bailing out the rich, but they're also encouraging the entire system to collapse when the poor realise they can get better returns stuffing it in their mattress.
 
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.

This is only a more visible and aggressive repeat of what's been done all across the world with artifically lowered interest rates on savings. The world economy has been propped up on the backs of the small saver. This is done to make sure the rich, who mostly don't use savings accounts and invest in markets, are making huge gains.
 
He's an idiot. It's not a wealth tax, it's a cash tax, the virtual opposite of a wealth tax.The poorer you are, the more likely it is that any wealth you have is saved in the form of cash rather than property or bonds.
 
Right so you can't say what you mean. They are just glib phrases.
Seems to saying the Cypriots are the first, perhaps it's time for the depositors of other bailout countries to make a 'contribution' if you take Merkel at face value
If I was in one of those countries my money would be under the mattress. By now
 
It is one of the stupidest and utterly self defeating attempts at wedge grabbing I have ever seen
(Well El Gordo Browno managed to nick loads of wedge from pension funds here, something we will pay for over time)
It seems part of it is some clumsy attempt to get what the EU assumes is semi laundered Russian dirty money and to cut the Cyprus bank biz down to size - bizarre concidering they have just done the deal to have ALL Euro banks overseen by the ECB so they could have done so by simply enforcing the current laws - some thing Cyprus has singularly failed to do over the last few years
 
I'm not sure even the IMF would be daft enough to attempt to privatise water, given the scarcity in Cyprus.

that still leaves the Electric,Telecomunications and Port authority. As for water i could envisage a scenario where subsidies were channeled into the accounts of private firms much in the way Rail privatisation is handled here.
 
Given the perceived likelihood of a Spanish bailout at some point, how much will be taken out of the Spanish banks this week as a result of this move?

When are the creditors of a bank going to take the hit? All 100% of it?
 
...If I was in one of those countries my money would be under the mattress. By now

indeed - anyone in a country that might need a bail out, or has already had one, and who hasn't popped down to their local bank to withdraw as much as they possibly can, probably needs their head seeing to.

in social terms its only marginally less bad than the cash machines stopping working - and one is reminded of Robert Pestons throw-away line during the Northern Rock debacle: 'invest in baked beans and Shotguns'.
 
Given the perceived likelihood of a Spanish bailout at some point, how much will be taken out of the Spanish banks this week as a result of this move?

When are the creditors of a bank going to take the hit? All 100% of it?
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Any bets on when it'll reach 10c and ALL the wedge will be nicked?
 
Something tells me that you didn't quite get what that article is saying - as you appear not to have got much of what anyone on this thread has been saying. Can you point to any part of that article that actually endorses the measures that other people on here have opposed? I certainly can't.

I was actually making a joke, but no I don't really understand what you're saying there. Starting with the first paragraph it looks to me for example as if he's endorsing the measure with:

"There are several principles at stake in the row over Cyprus and its bailout. But one we should ignore is the hysterical reaction to a tax on bank deposits. It is a wealth tax – and about time too."

which ymu for one opposed in the post above yours

He's an idiot. It's not a wealth tax, it's a cash tax, the virtual opposite of a wealth tax.The poorer you are, the more likely it is that any wealth you have is saved in the form of cash rather than property or bonds.

or is that not what you meant?
 
This will surely cause a run on banks elsewhere. I would say this run is entirely expected and has only been avoided by applying sticking plasters which fucked the poorest first and foremost. This wealth confiscation is preferable to more taxes on the poor, but is hardly welcomed.
 
indeed - anyone in a country that might need a bail out, or has already had one, and who hasn't popped down to their local bank to withdraw as much as they possibly can, probably needs their head seeing to.

in social terms its only marginally less bad than the cash machines stopping working - and one is reminded of Robert Pestons throw-away line during the Northern Rock debacle: 'invest in baked beans and Shotguns'.

Very surprised the news isn't reporting the start of bank runs in the PIG countries, as for your last? i have;)
 
I was actually making a joke, but no I don't really understand what you're saying there. Starting with the first paragraph it looks to me for example as if he's endorsing the measure with:

"There are several principles at stake in the row over Cyprus and its bailout. But one we should ignore is the hysterical reaction to a tax on bank deposits. It is a wealth tax – and about time too."

which ymu for one opposed in the post above yours



or is that not what you meant?
What i meant?

"Actually making a joke"? You sure? Looked like a sulky see i'm not an idiot/liberal/whatever someone has annoyed you by calling you recently because this knowledgeable person agrees with me.
 
I was actually making a joke, but no I don't really understand what you're saying there. Starting with the first paragraph it looks to me for example as if he's endorsing the measure with:

"There are several principles at stake in the row over Cyprus and its bailout. But one we should ignore is the hysterical reaction to a tax on bank deposits. It is a wealth tax – and about time too."

which ymu for one opposed in the post above yours



or is that not what you meant?


It's a wealth tax as you actually have to have some funds to be taxed. Previous sticking platers such as the screw the Irish people solution hit the poorest hardest.
 
This will surely cause a run on banks elsewhere. I would say this run is entirely expected and has only been avoided by applying sticking plasters which fucked the poorest first and foremost. This wealth confiscation is preferable to more taxes on the poor, but is hardly welcomed.

But it is in many cases, just that, a tax on the poor, imagine your a Cypriot with enough,just, to cover your various DDs until the end of the month and all of a sudden your going to be short, what happens then?
 
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quote="TopCat, post: 12064869, member: 502"]How much is a shotgun and will they give a rehabbed crim like me a licence?[/quote]
Cheap as chips, but no, not after what happened up here at the new year
 
This will surely cause a run on banks elsewhere. I would say this run is entirely expected and has only been avoided by applying sticking plasters which fucked the poorest first and foremost. This wealth confiscation is preferable to more taxes on the poor, but is hardly welcomed.

But it isn't a wealth tax. The true wealthy don't use savings accounts. If you want to tax the wealthy put a tax on stock transactions. It's a lot more subtle and wouldn't hit the poor nearly as hard. It certainly wouldn't cause a world-wide bank run.
 
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