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

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NC_Tigah
LSU Fan
Member since Sep 2003
50468 posts

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


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That'll teach those irresponsible savers!



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



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Beer Bryant
Alabama Fan
In a Hidden Bunker
Member since Jan 2012
8792 posts

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


Not to fret, it'll get worse.





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THRILLHO
New Orleans Saints Fan
New Orleans, LA
Member since Apr 2006
33569 posts

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


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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Jim Rockford
LSU Fan
Member since May 2011
33536 posts
 Online 

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


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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Malik Agar
USA Fan
Member since Nov 2012
609 posts

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


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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kclsufan
New Orleans Saints Fan
Show Me
Member since Jun 2008
11145 posts

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


I'll take Ways To Start A Bank Run for 200 Alex.





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CarrolltonTiger
LSU Fan
New Orleans
Member since Aug 2005
46291 posts

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


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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Lsut81
USA Fan
Member since Jun 2005
63118 posts
 Online 

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


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









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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


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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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:

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








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THRILLHO
New Orleans Saints Fan
New Orleans, LA
Member since Apr 2006
33569 posts

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


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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Porky
Arkansas Fan
Member since Aug 2008
12252 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?

Definitely is theft in this case.






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CajunAngele
LSU Fan
Member since Oct 2012
11168 posts

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



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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NC_Tigah
LSU Fan
Member since Sep 2003
50468 posts

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


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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I B Freeman
Member since Oct 2009
5275 posts

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


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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davesdawgs
Georgia Fan
Georgia
Member since Oct 2008
16481 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?


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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NC_Tigah
LSU Fan
Member since Sep 2003
50468 posts

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


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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llfshoals
Alabama Fan
Member since Nov 2010
1397 posts

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


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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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


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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Meauxjeaux
Memphis Fan
I have 89,275 posts with my alters
Member since Jun 2005
16312 posts

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


quote:

Not to fret, it'll get worse.


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






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