Cyprus is short of money, so it will raid personal bank savings for tax revenue
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Cyprus is short of money, so it will raid personal bank savings for tax revenue
Posted by NC_Tigah on 3/17 at 1:33 pm
LINK
That'll teach those irresponsible savers!


This post was edited on 3/18 at 7:54 am

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Posted by Beer Bryant on 3/17 at 1:36 pm to NC_Tigah
Not to fret, it'll get worse.


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Posted by THRILLHO on 3/17 at 1:43 pm to NC_Tigah
quote:

But the news led to frenzied attempts by Cypriots to withdraw money from their bank accounts on Saturday.



Well that certainly hasn't been a precursor to something much worse in the past.

quote:

People with less than €100,000 in their accounts will have to pay a one-off tax of 6.75%, Eurozone officials said, while those with greater sums will lose 9.9%.








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Posted by Jim Rockford on 3/17 at 1:47 pm to NC_Tigah
All the people thinking about living the expat life, look closely. This could be you. As shitty as you think it is in America, there are safeguards here that aren't in place elsewhere. You may think you've found some third world paradise, but if things go to shit, you're just a foreigner, and they'll come after you and/or your money.


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Posted by Malik Agar on 3/17 at 1:57 pm to NC_Tigah
Forbes is calling it "worse than Lehman Brothers" and the start of the next Great Depression. Its all about to hit the fan.


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Posted by kclsufan on 3/17 at 2:00 pm to NC_Tigah
I'll take Ways To Start A Bank Run for 200 Alex.


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Posted by CarrolltonTiger on 3/17 at 2:04 pm to Malik Agar
quote:

Forbes is calling it "worse than Lehman Brothers" and the start of the next Great Depression


It seems they were saying it was worse crisis mismanagement based upon the time and options they had to do something. I don't see where they said it was the start of the next great depression. This was a very samll bail out compared to Greece, Spain, Portugal, Ireland, this is like three years of cell phone money for our dysfunctionals.



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Posted by Lsut81 on 3/17 at 2:08 pm to NC_Tigah
Just saw this story... Holy shit, so they just ordered that 10% of all bank account be seized?






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Posted by WikiTiger on 3/17 at 2:13 pm to Lsut81
quote:

Holy shit, so they just ordered that 10% of all bank account be seized?



Should I bump the "Is taxation theft?" thread?



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Posted by Interception on 3/17 at 2:25 pm to WikiTiger
quote:

Should I bump the "Is taxation theft?" thread?





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Posted by THRILLHO on 3/17 at 2:27 pm to Jim Rockford
quote:

As shitty as you think it is in America, there are safeguards here that aren't in place elsewhere.


Meh. California raised taxes and retroactively charged companies the difference, and FedGov has been floating around the idea of taking over 401K's. Neither of those situations is that much different.



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Posted by Porky on 3/17 at 2:28 pm to WikiTiger
quote:

Should I bump the "Is taxation theft?" thread?

Definitely is theft in this case.



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Posted by CajunAngele on 3/17 at 2:57 pm to NC_Tigah

Panic: people queued to withdraw money after it was determined that part of the Greek bailout would come from the bank accounts of savers. Photo: Reuters



IF there was a bank run here for less severe reasons would people still defend Obama?



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Posted by NC_Tigah on 3/17 at 2:59 pm to CarrolltonTiger
quote:

This was a very samll bail out compared to Greece, Spain, Portugal, Ireland, this is like three years of cell phone money for our dysfunctionals.
Except the measure came by demand of the EuroZone.
There lies potential impact in terms of Greece, Spain, Portugal, Ireland, and Italy.

So much so that Eurozone Officials disingenuously claimed this precedent was not a precedent. Rep. Hank Johnson may think Guam might tip over, but even he would be smart enough to recognize seizure of personal savings as precedent setting.
quote:

European officials said it would not set a precedent.

In Spain, one of four other states getting euro zone help and seen as a possible candidate for a sovereign rescue, officials were quick to say Cyprus was a unique case. A Bank of Spain spokesman said there had been no sign of deposit flight.
Let's put it this way, if I had significant accounts in a PIIGS bank, I'd be moving it right now.




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Posted by I B Freeman on 3/17 at 3:02 pm to NC_Tigah
Don't think this can't happen in America. Remember Bill Clinton made his tax increases retroactive to the first of the year when he got them passed.





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Posted by davesdawgs on 3/17 at 3:42 pm to WikiTiger
quote:

Should I bump the "Is taxation theft?" thread?


Sure, it definitely is in this case. And for those who think this could never happen in the U.S., think again.



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Posted by NC_Tigah on 3/17 at 4:07 pm to davesdawgs
quote:

And for those who think this could never happen in the U.S., think again.

U.S. to let spy agencies scour Americans' finances



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Posted by llfshoals on 3/17 at 4:41 pm to Jim Rockford
quote:

All the people thinking about living the expat life, look closely. This could be you. As shitty as you think it is in America, there are safeguards here that aren't in place elsewhere. You may think you've found some third world paradise, but if things go to shit, you're just a foreigner, and they'll come after you and/or your money.


There were safeguards to protect their money there too...until it was inconvenient to keep protecting it.

If you think for one instant the government here won't do the same thing given a chance then you should immediately put your savings in Cyprus banks.

Why wait?



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Posted by WikiTiger on 3/17 at 4:52 pm to llfshoals
quote:

There were safeguards to protect their money there too...until it was inconvenient to keep protecting it.

If you think for one instant the government here won't do the same thing given a chance then you should immediately put your savings in Cyprus banks.

Why wait?


If only there was a decentralized, digital currency that the government couldn't touch...



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Posted by Meauxjeaux on 3/17 at 5:15 pm to Beer Bryant
quote:

Not to fret, it'll get worse.


Fret, a light bulb just went off in some Dem leaders head.



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