Cypriot Authorities in Revised Deal Talks

CNBC ^ | 3-17-13 | Peter Spiegel in Brussels and Kerin Hope in Nicosia

[dynachrome]

"We had proposed a levy with a rate of zero below €100,000, and a higher one afterwards," said the official. "The Cypriot president did not want to agree to a levy higher than 10 per cent, and if you do the numbers you get the 6.75 and 9.9 [percent]."

Cypriot officials insisted no levy on smaller depositors was impossible. One senior Cypriot official involved in the talks said that because about 35 percent of all deposits are below the threshold, exempting them would mean a rate so high for the rest that it would no longer be viewed as a tax.

"If this is successful then it will be used in the future," said the dejected official, predicting Spanish and Italian banks could face similar levies. "If this is not successful then who cares about Cyprus."

[dynachrome]

It can't happen here, of course, with our excellent and beloved leader in charge./s

[SpaceBar]

They are trying to hammer out the exact amount they intend to steal.

[LucianOfSamasota]

Something like $19.7 Trillion in US private retirement accounts.

Wait and see whether our heroes in DC come after those who have ‘too much’ in order to continue the spending.

Five years at most.

[babble-on]

Of course they’re stealing stuff that was already stolen at least once before, since most of the depositors are Russian oligarchs.

[MeneMeneTekelUpharsin]

Oh no, no, no! You can't go back now! You thought of this, you tried to enact it, everyone was watching and now the cat is out of the bag! ROFL...Other countries saw this and probably liked the idea. It will be too funny to watch the world's reaction to THIS.

[dynachrome]

Think 401k. Look at all that there money just waiting to be confiscated "taxed" for the children, the elderly, etc, etc.

[Memphis Moe]

When asked for a comment regarding the seizure of 10% of citizens’ bank accounts in Cyprus, President Barrack Obama said, “Why didn’t I think of that?”

[dynachrome]

Heh. It may not be a done deal yet.

http://www.cnbc.com/id/100560852

“But the rescue has already been thrown into doubt with Cyprus’ parliament postponing an emergency session on Sunday to discuss the levy and several parties opposing the deal.

“When the dust has settled on this deal, which I hope it never does, we will see that the single market has been sold down the river for a shoddy price,” said the EU parliament’s Bowles.”

[Cyber Liberty]

They are trying to hammer out the exact amount they intend to steal.

Yeah, it's just like Congress. They know how much they want, they just have to decide whom to fleece.

[Nomedeplume]

Undoubtedly “contingency plans” to that effect have been written. However, getting the civilized world through *today’s* development is still an open question.