Posted on 03/17/2013 3:17:20 PM PDT by Lorianne
The president of Cyprus Nicos Anastasiades said in a televised address on Sunday that the controversial bank levy being imposed as part of an EU bailout deal is the "least painful" option available under the circumstances
President Nicos Anastasiades said Sunday that a controversial bank levy on private depositors in Cyprus banks as part of an EU bailout deal was the "least painful" option for the financially embattled island.
"I chose the least painful option, and I bear the political cost for this, in order to limit as much as possible the consequences for the economy and for our fellow Cypriots," Anastasiades said in a televised address to the nation.
As a condition for a desperately-needed 10-billion-euro ($13 billion) bailout for Cyprus, fellow eurozone countries and international creditors Saturday imposed a levy on all deposits in the island's banks.
Deposits of more than 100,000 euros will be hit with a 9.9 percent charge, while under that threshold the levy drops to 6.75 percent.
Anastasiades urged all political parties in Cyprus to ratify the terms of the EU deal when parliament meets on Monday.
"I urge the parliamentary parties to decide, and I will fully respect their decision, in the best interests of the people and this country," Anastasiades said.
"I hope that together, based on the facts as they have developed, we will take the wisest decision," he said, adding, "the road ahead will not be easy."
"The solution we came to is certainly not the one we wanted, but its the least painful under the circumstances," the president said.
Anastasiades needs to get the legislation ratifying the deal through parliament before banks reopen Tuesday after a long three-day weekend or face a run on accounts.
But Cyprus media reported that the scale of revolt against the agreement among MPs has thrown into disarray his efforts to do so over the weekend, and HE MAY HAVE TO DECLARE AN ADDITIONAL BANK HOLIDAY ON TUESDAY.
Cyprus also postponed until Monday an emergency debate in parliament on the deal that was scheduled for Sunday.
Wow, so people have to wait until Wednesday to find out how much the government stole from them?
And so it begins. The left-wing scumbag “elites” are now engaging in open, naked theft of people’s life savings. When you sow the wind, you reap the whirlwind.
Why do you think the government is so anxious to grab the guns and ammo?
Zero’s ok with this because it’s an option he can use. They are preparing themselves for this event here.
You would think someone would have asked Carney what Obama thinks about this.
Least painful = most illegal.
This is pure theft. If any of us did that, we’d be arrested and upon a conviction, jailed. However, the EU gets away with it. The morons on the EU who came up with this idea should be arrested and tossed in the clink for theft.
like our 401ks and private pensions
It would seem to me that everyone who has their bank account should be issued a Bond, or something that could be cashed in if the situation ever rights itself.
To just take the money with absolutely no intention of ever paying it back is theft pure and simple.
Of course these Bonds would be as useless as those our own federal Reserve is printing, but it would at least be something better than Government theft.
One more thing, “don’t steal, the government hates the competition.” B-P
It’s just starting. Italy next
http://www.zerohedge.com/news/2013-03-17/german-commerzbank-suggests-wealth-tax-italy-next
It seems they are going to try that ... to quell a riot no doubt.
Anastasiades promises natural gas bonds to depositors
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_17/03/2013_488327
S&P Futures Plunge To 1-Week Lows; Gold Jumps To 3-Week Highs
http://www.zerohedge.com/news/2013-03-17/sp-futures-open-one-week-lows-gold-breaks-above-1605
“I chose the least painful option”
Least painful to whom?
You know, I’ve run across a number of addicts who thought that paying for their next hit by robbing some old lady of her social security check was less painful than getting off drugs and starting to work for a living.
How is this any different?
Will parliament go along? I think that is an open question. A lot guns will be put to a lot of heads.
I still don’t get this meme. This is a tax. All taxes are theft. Why do you think differently?
“If it walks like duck, and quacks like a duck....”
I’m just wondering why all the indignation over a tax when everyone rolls over for taxes here at home. The only difference between this tax and a payroll tax is that the tax in Cyprus only happens once.
That's like somebody trying heroin thinks they'll try it "just this once." Six months later, they're lying dead in an alley way.
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