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Putin hits out at "dangerous" Cyprus bank deposit levy
Reuters via Yahoo ^ | March 18, 2013 | Lidia Kelly and Alexei Anishchuk

Posted on 03/18/2013 4:14:31 AM PDT by cunning_fish

MOSCOW (Reuters) - Russian President Vladimir Putin criticized on Monday a levy imposed by the European Union on bank deposits in Cyprus as unfair and setting a dangerous precedent.

"While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous," Kremlin spokesman Dmitry Peskov told journalists.

Russian citizens account for the majority of the billions of euros held in Cypriot banks by foreign depositors, and Russian banks are heavily exposed to the island as a favored offshore centre for big business.

The levy, imposed as part of a 10 billion euro bailout, sparked panic among Cypriots over the weekend and hit Russian and other European financial markets on Monday.

As the Cyprus parliament prepares to vote on the measure on Monday, the government in Nicosia was working on a plan to soften the blow for smaller savers.

Russian Deputy Finance Minister Sergei Shatalov earlier said the tax would be acceptable if it was levied only on interest earned by savers.

There are almost 70 billion euros in deposits held in Cyprus. A little less than half that is held by non-residents, most believed to be Russian.

At the end of last year, Russian banks had around $12 billion on deposits with Cypriot banks and corporate deposits accounted for another $19 billion, according to Moody's credit-rating agency.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Business/Economy; Conspiracy; Government; Politics
KEYWORDS: budget; communists; corruption; cyprus; demagogue; democrats; dictator; economy; europeanunion; germany; greece; israel; russia; sequester; turkey; unitedkingdom
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1 posted on 03/18/2013 4:14:31 AM PDT by cunning_fish
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To: cunning_fish

“There are almost 70 billion euros in deposits held in Cyprus. A little less than half that is held by non-residents, most believed to be Russian.”

Guess its all about who’s ox is being gored......


2 posted on 03/18/2013 4:17:56 AM PDT by snoringbear (E.oGovernment is the Pimp,)
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To: snoringbear

Precisely. Here it will be the “greedy geezer’s” hoards that will come under attack.


3 posted on 03/18/2013 4:20:00 AM PDT by abb
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To: snoringbear

Couldn’t happen to a nicer bunch of guys


4 posted on 03/18/2013 4:31:26 AM PDT by babble-on
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To: cunning_fish
This guy was a threat to the Russians once ...


5 posted on 03/18/2013 4:34:18 AM PDT by Pan_Yan (I love it when spell check selects every single word in my post.)
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To: cunning_fish

Gee, big surprise.


6 posted on 03/18/2013 4:36:14 AM PDT by 98ZJ USMC
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To: cunning_fish

Russians or no Russians, this would set a precedent that will destroy faith in banks and eventually destroy the banking system.


7 posted on 03/18/2013 4:37:43 AM PDT by Venturer
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To: cunning_fish
Russian Deputy Finance Minister Sergei Shatalov earlier said the tax would be acceptable if it was levied only on interest earned by savers.

Wrong. It's not acceptable, ever.
8 posted on 03/18/2013 4:38:56 AM PDT by 98ZJ USMC
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To: cunning_fish; blam; dennisw

Let’s watch for Putin’s next move. This levy is seen as an anti-Russia slap by the EU. Putin will now slap back, probably in the gold markets.


9 posted on 03/18/2013 4:42:52 AM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee
Putin will now slap back, probably in the gold markets.

IIRC the last time he got in a spat with the EU he squeezed their natural gas supplies in the middle of winter.

10 posted on 03/18/2013 4:45:35 AM PDT by Pan_Yan (I love it when spell check selects every single word in my post.)
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To: cunning_fish

Once again, Putin beats Little Obama Bo Peep to the punch. The 0-boy apparently couldn’t bring himself to protest this obviously destructive move.


11 posted on 03/18/2013 4:45:36 AM PDT by ScottinVA (Gun control: Steady firm grip, target within sights, squeeze the trigger slowly...)
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To: Travis McGee

the Chinese have a huge stake in the gold markets- so what would the Russians do?

What safe haven will wealth go to when banks subject to deposit grabs ordered by the IMF (and Germans) aren’t trusted anymore?

Some reports say the Germans wanted to take 40% of the depositors’ money!


12 posted on 03/18/2013 4:48:32 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: cunning_fish

For once Ivan is on the right side. Just for the wrong reasons.


13 posted on 03/18/2013 4:52:36 AM PDT by ImJustAnotherOkie (zerogottago)
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To: Travis McGee

Three words...”Warm weather port.”


14 posted on 03/18/2013 4:53:53 AM PDT by dfwgator
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To: cunning_fish

El Bozo has succeeded in making the USA a third-rate power when Putin can strut on the world’s stage and be taken seriously again. This was part of that “change” he ran on in ‘08.


15 posted on 03/18/2013 5:05:06 AM PDT by txrefugee
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To: cunning_fish
It's a very bad precedent. Once they start, it could happen here too.
0bama did not say anything because he was salivating at the mere thought.

16 posted on 03/18/2013 5:05:14 AM PDT by BitWielder1 (Corporate Profits are better than Government Waste)
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To: cunning_fish

The “New World Order”, Euro to tax Cyprus bank accounts at 10%! If they get away with this it will set precedent in other countries. Can it happen here? We know that Homeland Security purchased over 1 billion rounds of ammo, we have a new push for gun control, Homeland security purchases armored vehicles and drones for stateside duty, then there are the rumors that military men have been asked if they will fire on American citizens. Keep an eye on Cyprus!


17 posted on 03/18/2013 5:07:56 AM PDT by kenmcg (scapegoat)
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To: BitWielder1
0bama did not say anything because he was salivating at the mere thought.

He can't condemn it because when he does it he'll be crucified by the media given a pass by the media. Nevermind.

18 posted on 03/18/2013 5:17:27 AM PDT by BipolarBob (Happy Hunger Games! May the odds be ever in your favor.)
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To: Venturer

Russians or no Russians, this would set a precedent that will destroy faith in banks and eventually destroy the banking system.

That would be a good thing. We have already lost faith in burglars and other common thieves.


19 posted on 03/18/2013 5:18:20 AM PDT by freedomfiter2 (Brutal acts of commission and yawning acts of omission both strengthen the hand of the devil.)
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To: Venturer

So clarify something for me...I have a deposit in a Cyprus bank and what is there is reflective of savings after I have paid my taxes on it. I may or may not be a Cypriot citizen but still, the EU outside of the Country just wants to take 10 per cent of what I have saved...just like that?

I think, in order to be fair...all savers in all EU countries(richer or poorer should have to have 10 per cent of their savings taken.(..better yet...just dissolve the EU!}

After all the EU is supposed to be one great big supranational/financial entity anyway with richer and poorer countries. When they formed the EU they all knew some areas were worse off then others but the whole purpose was to unite Europe. So, if any levies are to be laid, then every saver in the whole of the EU needs to have a portion of their savings taken....it’s only “fair”...(sarcasm on)


20 posted on 03/18/2013 5:24:55 AM PDT by mdmathis6 (Rest assured, Mankind is loved....both completely and severely!)
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To: mdmathis6

That’s probably the plan - if it works for Cyprus, it will eventually work for the rest of the EU. Free money for the taking!


21 posted on 03/18/2013 5:28:37 AM PDT by Ken522
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To: BitWielder1

Obama- and his goons probably did the suggestion- to see
how it will work here-

remember- the Demonrats have been floating the idea-
of taxing your 401K’s,IRA’s etc. for sometime- and
by taxing- meaning you put in now -you must have some
type of “fee” associated with it- not just the taxes
when you withdraw-

Hell- there are ALL kinds of Taxes I can throw at the
“rich people”- including the Rich that saved.


22 posted on 03/18/2013 5:34:51 AM PDT by mj1234
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To: cunning_fish; All
After just having about 5% of their savings expropriated by the EU, isn't it logical that depositors would then yank all of their money out of Cyprus' banks?

That can't be good//

23 posted on 03/18/2013 5:36:18 AM PDT by ken5050 ("One useless man is a shame, two are a law firm, three or more are a Congress".. John Adams)
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To: cunning_fish

Didn’t Gov Palin just make a ‘joke’ about most politicians were like Bernie Maddov - how timely.


24 posted on 03/18/2013 5:36:21 AM PDT by 11th_VA (DRONES DON'T KILL, PRESIDENTS KILL ...)
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To: cunning_fish

I wonder if this is the straw that breaks the camel’s back? I could ironically see the US and UK yet again backing the Russians to defeat the Germans yet again 5-10 years down the road. I didn’t realize most of the money in these Cyprus banks was Russian until I read this article.


25 posted on 03/18/2013 5:36:41 AM PDT by wolfman23601
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To: BitWielder1

I doubt that

If a similar bank deposit grab (er, one-time “contribution”) happened in the Caymans or other Caribbean bank haven, and affected Barry O’bama’s wealthy liberal supporters, better bet he’d be on the horn

In 2009 the obamaessiah might have threatened the Swiss banking system into becoming part of the IRS but I do believe the thrill is gone


26 posted on 03/18/2013 5:38:09 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: ScottinVA
Putin has more respect for private property than our president.

Who's surprised.

27 posted on 03/18/2013 5:47:00 AM PDT by skeeter
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To: silverleaf
Whata a messsss!

Cyprus is in Asia, but eeeew Eu took it in and now wants to “fix” it, by milking Russian commie capitalists.

Commies used to do “adjustments” to people's savings by having “corrections” of exchanging people's money, say first 1000 at 1:5 and over 1000 at 1:50. That will teach “greedy” people to hoard the money.

0bama is good student and agent of commiesarrriat and itching to implement the equalization “reforms” in greedy Amerika.

28 posted on 03/18/2013 5:53:35 AM PDT by Leo Carpathian (FReeeeepisssssed)
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To: babble-on

Are u talking about the seniors and poor who’s money is being stolen?


29 posted on 03/18/2013 6:00:06 AM PDT by Deathtomarxists (collapse death heartburn heartache dingdongs diaherea)
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To: cunning_fish

Put aside his motivations, the bottom line is that he is right. The world truly has turned upside down when Putin, once again, sounds like more of a property rights Capitalist than those in the West do.


30 posted on 03/18/2013 6:00:09 AM PDT by Opinionated Blowhard ("When the people find they can vote themselves money, that will herald the end of the republic.")
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To: blam

PING!


31 posted on 03/18/2013 6:04:57 AM PDT by Graewoulf (Traitor John Roberts' Commune-Style Obama'care' violates U.S. Constitution AND Anti-Trust Law.)
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To: skeeter

That was my first thought, too...


32 posted on 03/18/2013 6:05:41 AM PDT by Eric in the Ozarks (NRA Life Member)
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To: ScottinVA

Protest? He’s salivating about doing it here.


33 posted on 03/18/2013 6:16:04 AM PDT by mykroar (Sig is pending a Conservative party.!!,)
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To: Leo Carpathian

reading the comments in some of the articles linked in Drudge is fascinating!

Some Germans are all self righteous about how Russian “black money” should be up for grabs anyway and not “protected” by Germans (Hey Hans, wait until you get your next natural gas bill from Russia, Yippy Ki Yay)

Other euros are sarcastic that depositors like retired expat Brits are upset- after all they moved their life savings (what they saved after already being taxed) to a Cyprus bank that pays 6% interest - and now get upset when their savings account is zapped... doesn’t such greed deserve a haircut

other EEE-UUU’s are saying well, Cyprus is just a tiny little bank shithole anyway, could never happen in Spain, Italy etc..... apparently some members of the European “UNION” are more equal or protected than others


34 posted on 03/18/2013 6:17:00 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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To: cunning_fish
Good way to destroy the good faith in the Banking industry.
35 posted on 03/18/2013 6:23:19 AM PDT by 2001convSVT (Going Galt as fast as I can.)
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To: Ken522
if it works for Cyprus, it will eventually work for the rest of the EU

If it works for Cyprus, it will destroy every bank in the EU. Because there will be a run on every EU bank.

Choice A: Leave your money in your EU bank. Earn 0.1% interest. Lose 10% of your savings as a "tax" whenever the government needs more money.

Choice B: Take every cent out of your account. Buy some gold. Put the rest under your mattress.

If the Cyprus solution is copied by the rest of the EU, who in the EU wouldn't take Choice B?

36 posted on 03/18/2013 7:04:28 AM PDT by Leaning Right
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To: skeeter

Yep... evidenced by his warning in 2009 to Obama that going socialist is a destructive path.

Is the world upside down or what?


37 posted on 03/18/2013 7:07:06 AM PDT by ScottinVA (Gun control: Steady firm grip, target within sights, squeeze the trigger slowly...)
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To: silverleaf
Some Germans are all self righteous about how Russian “black money” should be up for grabs anyway and not “protected” by Germans

IMHO, the "black money" angle is just a cover for the theft. If the EU was really interested in stopping the money-laundering, it would do a comprehensive audit of Cyprus's books.

38 posted on 03/18/2013 7:10:58 AM PDT by Leaning Right
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To: Ken522

“Money for nothing and the chicks for free”


39 posted on 03/18/2013 7:16:17 AM PDT by newfreep (Breitbart sent me...)
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To: Travis McGee

Putin is in gloat mode because Western Europe is propping up fiat currencies and fiat nations while Russia, China, India are voting against fiat paper (illusory) economy by piling up gold. By being buyers on the world market

Those central bankers behind the US Dollar and other fiat currencies despise gold because the better gold/silver look, the worse their fiat currencies look


40 posted on 03/18/2013 7:24:32 AM PDT by dennisw (too much of a good thing is a bad thing --- Joe Pine)
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To: chuckles; Diana in Wisconsin; Boogieman; BipolarBob; yldstrk; nodakkid; Aquamarine; BenLurkin; ...

Putin is in gloat mode because Western Europe is propping up fiat currencies and fiat nations while Russia, China, India are voting against fiat paper (illusory) economy by piling up gold. By being buyers on the world market

Those central bankers behind the US Dollar and other fiat currencies despise gold because the better gold/silver look, the worse their fiat currencies look


41 posted on 03/18/2013 7:25:00 AM PDT by dennisw (too much of a good thing is a bad thing --- Joe Pine)
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To: cunning_fish

No one’s stopping Putin from bailing out those banks with his own or Russia’s money, without a ‘haircut’.


42 posted on 03/18/2013 7:26:42 AM PDT by Moltke ("I am Dr. Sonderborg," he said, "and I don't want any nonsense.")
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To: Leaning Right

As if Russian “black money” isn’t in their banks as well.


43 posted on 03/18/2013 7:26:48 AM PDT by dfwgator
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To: cunning_fish

Glenn Beck has been discussing this personal bank accounts tax on his show this morning.

Coming to your bank here in the USA soon to punish savers.


44 posted on 03/18/2013 7:37:23 AM PDT by KeyLargo
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To: BitWielder1

Business
The Crazy Cyprus Tax Plan: What Does This Mean For the U.S. & the Rest of the World?
Mar. 17, 2013 7:10pm Becket Adams

http://www.theblaze.com/stories/2013/03/17/the-crazy-cyprus-tax-plan-what-does-this-mean-for-the-u-s-the-rest-of-the-world/


45 posted on 03/18/2013 7:39:33 AM PDT by KeyLargo
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To: Deathtomarxists

no, you need to keep up with the news, they’re not going to be affected. I’m talking about the Russian kleptocrats who have stashed their money there


46 posted on 03/18/2013 7:40:17 AM PDT by babble-on
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To: cunning_fish

My understanding is that part of the reason they approved this was to swipe a bunch of ill-gotten gains the Russian Thugocracy has stashed there.

Am I misinformed? *SMIRK*


47 posted on 03/18/2013 7:41:15 AM PDT by Diana in Wisconsin (I don't have 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set...)
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To: BitWielder1
It's a very bad precedent. Once they start, it could happen here too.

There are already beltway types talking about our 401K's. No doubt our lefties will see this as a "lets think outside the box" idea. This debt bubble will resolve itself with human blood. Confiscating savings seems like a good way to get the shooting started.

Kind of ironic that it is Russian money that is in Cyprus because it is ill gotten or is there to evade taxes and Putin is defending it. Likely a big pile of ill gotten rubles there in his name.

48 posted on 03/18/2013 7:51:42 AM PDT by IamConservative (The soul of my lifes journey is Liberty!)
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To: IamConservative

Russia can make all of Cyprus’ problems “go away”....all they ask for in return is to allow them to build a Navy port there.


49 posted on 03/18/2013 7:57:09 AM PDT by dfwgator
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To: Diana in Wisconsin

Ill-gotten gains from what?

Building pipelines, ports and ships to ship natural gas, oil and other natural resources to windmill-huggers in Germany and elsewhere?

Almost a million Germans already cannot afford to heat their homes and their coal mines and power plants sit idle. Wait until Hans, who sees nothing wrong with no-notice seizure of OPM bank deposits, gets next month’s gas bill from Putin (smirk)

Russia’s so-called new class of “oligarchs” (ie capitalists) were once known in the US by names such as Vanderbilt, Ford, Carnegie, Mellon, Rockefeller - now Buffet Gates Spielberg Zuckerman et al


50 posted on 03/18/2013 8:56:24 AM PDT by silverleaf (Age Takes a Toll: Please Have Exact Change)
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