Cyprus is short of money, so it will raid personal bank savings for tax revenue | Page 2 | TigerDroppings.com
Posted by
Message
Meauxjeaux
Memphis Fan
90248 posts including my alters
Member since Jun 2005
18917 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


Replies (0)
Replies (0)
deltaland
Ohio State Fan
Member since Mar 2011
26989 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.


Replies (0)
Replies (0)
deltaland
Ohio State Fan
Member since Mar 2011
26989 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.


CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 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.


Replies (0)
Replies (0)
Scruffy
USA Fan
Member since Jul 2011
36657 posts

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...


prplhze2000
LSU Fan
Parts Unknown
Member since Jan 2007
32981 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%.


Replies (0)
Replies (0)
dr smartass phd
LSU Fan
Valerie Jarrett's School Picture
Member since Sep 2004
11917 posts

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%


NC_Tigah
LSU Fan
Member since Sep 2003
57025 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


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
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.


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


CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 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.


aaronb023
LSU Fan
TeamBunt CEO
Member since Feb 2005
11766 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


Replies (0)
Replies (0)
AlaTiger
LSU Fan
Member since Aug 2006
15648 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.


boosiebadazz
Member since Feb 2008
49350 posts

re: Cyprus is short of money, so it will raid personal bank savings for tax revenue
man Greece is such a frickup



Lsut81
USA Fan
Member since Jun 2005
65823 posts

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???



Patrick O Rly
New Orleans Saints Fan
y u do dis?
Member since Aug 2011
38224 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.


Replies (0)
Replies (0)
boosiebadazz
Member since Feb 2008
49350 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


texashorn
Member since May 2008
2413 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


Replies (0)
Replies (0)
Stingray
LSU Fan
Shreveport
Member since Sep 2007
5426 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.


Meauxjeaux
Memphis Fan
90248 posts including my alters
Member since Jun 2005
18917 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?


Page 2 of 6

Back to top

Follow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram