Posted on 03/16/2013 8:42:06 PM PDT by alexmark
People with Cyprus bank accounts will lose up to 10% of their savings as the price of a 10 billion euro (£8.6 billion) rescue package for the cash-strapped country from its European partners and the International Monetary Fund.
The bailout was agreed early on Saturday in a bid to keep the island nation from a bankruptcy that could rekindle the region’s debt crisis.
But in a major departure from established policies, the package also includes a one-off levy on the money held in bank accounts in Cyprus. Analysts have warned that making depositors take a hit threatens to undermine investors’ confidence in other weaker eurozone economies and might possibly lead to bank runs.
In return for the rescue loans Cyprus will trim its deficit, shrink its troubled banking sector, raise taxes and privatise state assets, said the Netherlands’ Jeroen Dijsselbloem, presiding over meetings of the 17-nation eurozone’s finance ministers. “The assistance is warranted to safeguard financial stability in Cyprus and the eurozone as a whole,” he said, speaking after nearly 10 hours of negotiations.
People with less than 100,000 euro (£86,000) in their Cypriot bank accounts will have to pay a one-time tax of 6.75%, those with more will lose 9.9%. The measure is expected to net 5.8 billion euro (£5bn) in additional revenues, Mr Dijsselbloem said, greatly reducing the country’s financing need.
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It’s legal because it’s being taken by the people who decide what’s legal and what’s not.
Yup it’s a TAKEN not a Tax.
Yes, this is theft, pure and simple. It would be more honest for the EU to simply say: You have money, we need money, therefore we are going to take your money.
I wonder if Cyprus has anything like a 2nd Amendment.
Curious too on the Sunday Futures. Most like red but by 10am Uncle Ben will pump big time.
The IMF wanted to tax the depositors 40%, but that was reduced to a max of 9.9% and a bit less than 7%.
The purpose of this was to get money from Russian oligarchs, hiding their cash in Cyprus.
As usual, the elitist banksters, who are international financiers and international corporatists, don't give a damn about our rights or our financial fate. The average citizen means nothing to the Globalists.
They only care about money and the power that comes with its possession.
So the IMF, which is controlled by the same people who “own” the Federal Reserve Banks in our country as well as the Bank of England, are going after the Russians.
The Russians are the only thing between ourselves and a One World government. The Russians here are not "the good guys"; they want global domination for themselves.
He who controls the money supply matters more than who controls governments.
The left has long had their eyes on 401K’s and private retirement accounts. They have proposed to take them and then put all those people on SS, or something, in return.
did they even consider the repercussions of this move?
Making up rules that only favor one side out of the blue is grounds for revolt. Rightly so. Government is just people. They are not untouchable just because they are “government”. They pull this crap and they deserve to lose their power. They are entrusted with power and not to usurp power they aren’t given, if they want to change the rules they have to go through a proper process and enough of THE GOVERNED MUST AGREE.
Otherwise they are right to be revolted against. Government is fallible, wrong, greedy, oppressively powerful, made up of imperfect people no better or worse than those they govern. When they start thinking they’re gods and the laws are only for the peons, they have lost legitimate authority and are like Saul. Godly government needs to be protected and constantly kept in check.
This is utterly ridiculous.
No. They don’t give a s5it. These people have been destroying lives for decades. They simply do not care.
The most outrageous aspect of this is that Russians are not citizens of the EU, and they are having their money stolen to fund it. It’s immoral, and would be illegal if anyone else other than the government did it. I am hoping Russia takes the EU to international court.
I am aware, it was one of the first things floated around under Obamanation Term 1.
This is a version of “regionalism” on a nation-state scale.
Never fall for regionalism. I wonder what Putin’s getting out of this in return.
I agree with you, but this isn’t the reality in the modern world. You must have been aware of this, right? The same socialist scum have been doing this for a long time. Now that everything is going down in flames, they’re grabbing every penny they can. It doesn’t matter how they get it. If they have to dive into people’s savings, and block their ATM access while they do it, then the government has no problem with doing that.
Of course it is grounds for revolt. What is being done right now in Cyprus makes the actions of King George seem like child’s play. Will there be a revolt? It’s possible. I would hope so.
I find it interesting the way they did it. Near every develop nation has deposit insurance. If the banks went belly up they would not lost a dime. Instead the dirty banks are still in business.
Thing that gets me is they’re grabbing fiat money, and money that’s almost all electronic. They created worthless stuff and they’re going after it for no other reason than to wipe these people out.
I doubt he’s getting anything. The EU aren’t the kind of people to ask permission before they do things like this, and they probably aren’t afraid of Russia. Brussels’ bureaucrats have a lot of buffer nations between them and Vladimir. By the time the tanks reach Belgium, they’ll all be in the Caymans.
Is it not illegal? I am sure somewhere along the way that seizing the property and wealth of foreign citizens would have been made a no-no.
That’s why I speculate this may end up in international court. There is so much Russian wealth in Cyprus, this can only be seen as planned international theft. In the meantime, the people of Cyprus are suffering. The Russian money belongs to billionaires who have money elsewhere and in Russia. In Cyprus, this is people’s retirement and savings.
How is this any different than our government printing money here. Both steal the wealth of saver’s. Just they are being more upfront about it.
Yes. They’ve seen this movie before. Nothing is worse in their minds, though, than them losing control of the money supply. Threats to the corrupt, global financial system are the direst threats of all.
These international financiers have, in the past, loaned money simultaneously to opposing sides in wars. You think they care about the results? They want chaos so as to form a Global government out of the ruins.
Their belief is that chaos will result in a world-wide economic collapse, and they can step in and take control.
Sounds like Cloward-Piven, doesn’t it?
What the Jihadists, the communists, and the international trade unionists don’t understand is that they are all tools being used by the international financiers. The end goal is for the elitists to have control of the Global money supply.
If you haven’t viewed the DVD, The Money Masters, a documentary by Bill Still, it sounds far-fetched, I know. But these are the people behind Valerie Jarrett, who in turn controls the Obama administration.
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