Cyprus is short of money, so it will raid personal bank savings for tax revenue | Page 5 | TigerDroppings.com
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Interception
Providence Fan
Member since Nov 2008
11089 posts

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

quote:

It's just a matter of time before they go after the 401k over here; and that should cause a ruckus.


The interesting thing is that the European Union is behind all this. Basically all guarantees by government and insurers is thrown out the window now. If this is how things are going to go then here come the bank runs.


llfshoals
Alabama Fan
Member since Nov 2010
1401 posts

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

I liked this in particular.

Nicholas Papadopoulos, the chairman of the parliamentary finance committee, said banks would remain closed "for as long as we need to conclude an agreement" but stressed this would be "in the next few days." Banks had been ordered to remain shut until Thursday while the bill was debated and amended, to prevent a bank run.

I thought that was pretty telling. No you can't get to your money until we figure a way out how we can steal enough of it to get the bailout...and not let you take your money out of the banks in the process.

I think the morons are scared to death now that they've shown their hand that no matter what they do they're screwed...guess what, they're right about the screwed part.



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LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
I assume by now everyone who posted hysterically in this thread knows the Cypriot parliament voted the deposit tax proposal down 36-0.

It AIN'T going to happen.....


LSURussian
LSU Fan
Member since Feb 2005
85143 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...
I thought you've said repeatedly you only tell others to NOT buy or mine bitcoins??

Make up your mind.


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UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

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

I assume by now everyone who posted hysterically in this thread knows the Cypriot parliament voted the deposit tax proposal down 36-0.

It AIN'T going to happen.....

quote:

However, what’s happened over the past few days and what’s likely to happen in the days and weeks to come has little to do with numbers. It is much more about perceptions.

Even if capital flight from Cyprus as a result of this decision is less severe than many fear, even if Cypriot banks survive this real stress test, even if the island’s economy is not set back many years, even if savers in Greece, Spain, Portugal and Italy don’t panic, the idea of a deposit tax and the way it was adopted has released something poisonous in the air.

It is difficult to see how these citizens will be able to trust the system - be it their governments, banks or eurozone partners - in the weeks to come. Belief in countries where the economy is contracting and unemployment growing is already vitreous and planting fears about a possible deposits grab in the future could shatter it completely.


This post was edited on 3/20 at 8:04 am


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
Could you please link to where you got your quote from?


RCDfan1950
LSU Fan
United States
Member since Feb 2007
12170 posts

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

The interesting thing is that the European Union is behind all this. Basically all guarantees by government and insurers is thrown out the window now. If this is how things are going to go then here come the bank runs.


Bank runs? Do people with money have it in banks anyway, I? Mostly just the middle class working folk I suspect.

Now those at the top - like AIG (the government/taxpayers) bailed out - well, they are too big to fail, so as ususal, it'll all go into the government kitty. And since all 401ks, pensions, etc. are being held up by QE, for all practical purposes...we've already entered into Centrally Planned Economy land.

All we are waiting on now is to see WHICH nation causes the dominoes to start falling. Then it'll be time for the International 'grand bargain' to be engineered.

This is fascinating stuff, at least from the screen/keyboard...not so much when real 'skin' is on the table.



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UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

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

Could you please link to where you got your quote from?

LINK


CajunAngele
LSU Fan
Member since Oct 2012
15175 posts

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


UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
The "official" word right now is banks closed until at least next Tuesday.


SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
306220 posts
Online

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
this may be the first domino to fall to destroy the EU


LSURussian
LSU Fan
Member since Feb 2005
85143 posts

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

this may be the first domino to fall to destroy the EU


Probably not the EU but it might be the first crack in the euro. Germany probably won't let little Cyprus crash the euro but over the next decade, who knows?

When the Maastricht Treaty was first agreed to in 1992 it was difficult for me to see how the member nations could have a common currency but with each nation having independent fiscal authorities. It would be like the 50 U.S. states all used the dollar but there was no union-wide fiscal (budgetary) authority.


Tiguar
South Alabama Fan
Mobile
Member since Mar 2012
9401 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
Question: Do people in Cyprus have a right to gun ownership? I'm ignorant to most EU laws and jurisdictions.


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SlowFlowPro
Stanford Fan
Simple Solutions to Complex Probs
Member since Jan 2004
306220 posts
Online

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

It would be like the 50 U.S. states all used the dollar but there was no union-wide fiscal (budgetary) authority.

remember this comment when state bailouts come into the political discussion shortly

quote:

but it might be the first crack in the euro.

i just don't see them all sticking it out. plus probably half of the EU will be in severe financial straits within a couple years


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UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

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

(Reuters) - The European Central Bank is prepared to cut off funding to Cyprus and let the Mediterranean island succumb to financial meltdown if it has to, confident it has unlimited firepower to protect the rest of the euro zone.

LINK


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CajunAngele
LSU Fan
Member since Oct 2012
15175 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
So if the bank is closed, no one can get to their money? What if someone paid a bill with their money would it go through and pay? Just trying to understand.
This post was edited on 3/20 at 12:43 pm


UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

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

Dead Russian whistleblower at forefront of Cyprus bailout crisis
Sergei Magnitsky discovered a huge Russian tax fraud — $230 million had been stolen from the Russian government, said his ex-boss, William Browder of Hermitage Capital Management, a former major investor in Russia.
...
But after blowing the whistle to the Russian authorities in 2008, Magnitsky was himself arrested, jailed, and died in custody in November 2009 at the age of 37.

truth is always stranger than fiction


CajunAngele
LSU Fan
Member since Oct 2012
15175 posts

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


CarrolltonTiger
LSU Fan
New Orleans
Member since Aug 2005
46698 posts
Online

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
When Cyprus agrees to give the Russian Navy access to one of its ports to replace the asset it will lose in Tartus, Syria, Russia will do the bail out.


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UncleFestersLegs
Columbia MD
Member since Nov 2010
1739 posts

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


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