Cyprus is short of money, so it will raid personal bank savings for tax revenue - Page 2 - TigerDroppings.com

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Meauxjeaux
Memphis Fan
Team Vag
Member since Jun 2005
16203 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

WikiTiger


Funny thing is, the minute I saw this, I thought about how cool it would be to log on, exchange all my (if I was a Cypriot) money for Bitcoins, and GTF out of there.



This post was edited on 3/17 at 5:17 pm


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deltaland
Mississippi St. Fan
Member since Mar 2011
21494 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


The Euro is going to cause another World War over there. Matter of time imo.





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deltaland
Mississippi St. Fan
Member since Mar 2011
21494 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

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


Taxes are not theft...at least not taxes on income and products. Gov'ts need taxes to run a country.

Ordering 10 percent of savings accounts to be seized, after that saved money was already taxed before as income, is theft.






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31370 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


The Federales are looking to do the same shite here mon frere.





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Scruffy
USA Fan
Member since Jul 2011
25910 posts
 Online 

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

Ordering 10 percent of savings accounts to be seized, after that saved money was already taxed before as income, is theft.
We could always just call it a retroactive tax...






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prplhze2000
LSU Fan
Parts Unknown
Member since Jan 2007
30721 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


Actually a Euro newspaper said the IMF and Germany initially wanted 40%.





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dr smartass phd
LSU Fan
Valerie Jarrett's School Picture
Member since Sep 2004
11084 posts
 Online 

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

Just saw this story... Holy shit, so they just ordered that 10% of all bank account be seized?



The Germans wanted 40%






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NC_Tigah
LSU Fan
Member since Sep 2003
48271 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

THE LEVY THAT HAS SHOCKED CYPRUS' DEPOSIT-HOLDERS

HOW CAN THEY DO THAT?
Currently, all 17 European Union countries that use the euro offer deposit insurance to protect customers if their bank fails. But the measure in the Cyprus deal is a tax - not losses incurred because of a bank failure. In fact, it's meant to hold off a bank collapse. Countries have the right to raise or lower taxes whenever they want. Just ask the residents of Greece, Portugal and Ireland - all bailout recipients - who saw their tax bills skyrocket as those countries tried to reduce their debts. But Cyprus is charting new ground here, and there could be legal - and political - challenges.

AND HOW EXACTLY WILL THEY DO THAT?
Banks have already acted to seal off the amount of the levy - a 6.75 per cent tax on deposits under 100,000 euro and 9.9 per cent on those above - so depositors can't access it. Bank customers still can draw on the rest of their funds via ATM machines this weekend, and nervous depositors did that on Saturday to drain their accounts. But the few banks that opened on Saturdays did so only briefly, and no international transfers will be able to go through until Tuesday, since Monday is a holiday. Cyprus' Parliament is expected to meet Sunday to pass the required legislation. The deal also needs the approval of several eurozone parliaments; it's unclear how fast they can act and what will happen to bank deposits in the meantime.

HAS THIS EVER HAPPENED BEFORE?
So far in the euro crisis, depositors have been protected. But in the 1990s, Italy levied a tax on every bank account to stave off the collapse of its lire currency. The rate, however, was minuscule - 0.06 per cent - compared to what Cyprus is enacting. Iceland - another island with an outsized financial sector, although worse weather - also relied on depositors to prop up its banks. When the crisis hit there in 2008, Iceland protected its domestic deposits but reneged on deposit insurance for overseas, Internet-based accounts held by British and Dutch. Those two governments stepped in to help their citizens to the tune of $5billion. The U.K. and the Netherlands sued Iceland unsuccessfully in a European court to get their money back, but Iceland has nevertheless started to repay some of that money.
European officials are promising that Cyprus is a unique case, and they are right in one aspect: the country's banks are overwhelmingly funded by deposits, so it wouldn't have been very fruitful to go after bondholders.

WHAT WILL THE REACTION BE MONDAY?
Cyprus may be on holiday Monday, but the rest of the world will go back to work. Kirkegaard says that the decision to tap depositors indicates that the European Central Bank is confident that the risk of a bank run elsewhere in the eurozone is low - and by excluding Greek branches of Cypriot banks, they have reduced the possibility even further. Bond markets may react a little since bondholders were also tapped. Bank stocks will probably fall and they'll see their borrowing costs rise since this deal is a signal that other eurozone countries may call on bondholders, if their banks run into trouble.
But Heather Conley, director of Europe program for the Center for Strategic and International Studies, says it's hard to know the far-reaching implications of this one-off deal. The 'exceptions' created to solve Europe's debt crisis are adding up, she said. And some investors may look at this late-night, three-day-weekend deal and see what she saw: a dress rehearsal for a country dropping out of the euro.

LINK






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llfshoals
Alabama Fan
Member since Nov 2010
1380 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

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


There is no currency a government can't touch...if they want it badly enough.






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


You need to join my bitcoin threads





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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31370 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


Nothing but stupid BS from someone that fiegns intelligence.





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aaronb023
LSU Fan
Boxtard Baseball Club
Member since Feb 2005
9372 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


the US government is doing essentially the same thing here, though more discreet





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AlaTiger
LSU Fan
Alabama
Member since Aug 2006
12275 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


This is why Obama & Co. are not worried about the $16 Trillion debt. They have the full wealth of the private holdings of the United States in reserve. This is around $60 Trillion. What keeps them from tapping in to that? My guess is that they are using it for collateral now and have been for some time - as though they own it.





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boosiebadazz
Member since Feb 2008
42287 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


man Greece is such a frickup







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Lsut81
USA Fan
Member since Jun 2005
61470 posts
 Online 

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


If our govt did this, what would be the response???







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Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
34814 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


They say that if you arrest all the bankers and bail out your people that your economy will take off.





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boosiebadazz
Member since Feb 2008
42287 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


riots in the street

as there should be






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texashorn
Member since May 2008
1452 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

If our govt did this, what would be the response???


The people who are already angry (the tea-party types) would get angrier, and the hipsters and cool cat youth who have been duped by the Democrats would just shrug their shoulders, because after all, those old white people with the fat 401K's are the ones standing in the way of their birth control, their abortions, and their gay marriages, (ETA: and how could I forget their legal dope), and are all-around racists, so they get what they deserve.



This post was edited on 3/17 at 7:44 pm


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Stingray
LSU Fan
Shreveport
Member since Sep 2007
4569 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

riots in the street as there should be


what would you do?

burn down a local business?

beat a trucker?

shoot a cop?



Just hard to imagine the "savers" have much of the riot spirit in them.






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Meauxjeaux
Memphis Fan
Team Vag
Member since Jun 2005
16203 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue


quote:

If our govt did this, what would be the response???


Before or after they have taken all the guns?






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