Posted on 03/31/2013 1:36:58 AM PDT by John W
Major depositors in Cyprus's biggest bank will lose around 60 percent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks and saved the island from bankruptcy.
Initial signs that big depositors in Bank of Cyprus would take a hit of 30 to 40 percent - the first time the euro zone has made bank customers contribute to a bailout - had already unnerved investors in European lenders this week.
But the official decree published on Saturday confirmed a Reuters report a day earlier that the bank would give depositors shares worth just 37.5 percent of savings over 100,000 euros. The rest of such holdings might never be paid back.
The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.
(Excerpt) Read more at worldnews.nbcnews.com ...
Oh yeah. The ones who had the REAL money flew to London (THAT DID NOT HAVE A LIMIT AND WAS NOT CLOSED) and withdrew their money while the poor suckers who lived in Cyprus were there waiting on the banks to open.
“.They are not going to lose 60% of their deposits over €100,000.00, they are going to lose all of it.”
And I can see obama rubbing his hands and salivating in anticipation of doing the same here.
He doesn't have to confiscate the actual banknotes, he can make them worthless instead, which is the way it is already being done in the USA. It is called QE.
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So take your millions out and hide them in your mattress. After a couple of years of unlimited QE they will buy a loaf of bread.
But you will still have your money, right?
It has already been done but not at banks. The firms AMBAC and AIG had bond holders lose their bonds and they were replaced by common stock.
When the air clears, the devalued stock rises in price. The rise in price of the stock will improve the position.
This should have happened at GM but did not. The tyrant in the White House stole the total bond holder position and gave it to the UAW. The Black thief is no better than the common ghetto street criminal.
“Let the socialists try that in the USA. Watch the rebellion.”
We have gone too far toward the mecca of a total utopian society and the “takers” far outnumber the “makers.”
The current gun control and health control issues prove the point. Over the past 50 years our public indoctrination centers (public schools and universities) along with politically correct TV, movies and all forms of entertainment, and special rights for all but the normal law-abiding citizen, have destroyed the core values of the American citizen that used to exist prior to 1964.
No, the sheep and lemmings will simply do what they are told to do without question.
Today they are coming for our guns and the general population cheers with glee that we will all be saved from violence by our master, Obama.
Tomorrow they will come for your retirement savings, checking balance, personal property and all manner of personal financial security and wealth once the private ownership of guns has been taken care of.
It’s coming as sure as rain. It’s a “one way street” with no possibility of turning off on another road.
“Bread and Circuses” killed Rome and now the same is happening to us.
The only hope we have left is a civil war to restore the values given in our original Constitution as it was written. It cannot be done by educating the public as to what has happened to them over the years since the public school system and the Marxist universities and secondary educational institutions along with the main stream media gained complete control of the education and morals of our citizens and their children.
That may be why Homeland Security bought a stockpile of ammo and armored personnel carriers.
The modern banking model no longer can sell interest for your money, so it offers those other services.
The banks are fractional reserve banks, so the money isn't even there. It's been loaned out 10:1.
How can the government confiscate 60% of something for which there is only 10% at best?
What about gold pressed latinum!?
The percentage goes up as the Russians remove their money.
The plan has already been put in place
EU: Hey, depositors, you screwed up - you TRUSTED US!
Excellent summary, DH.
Good question. Anyone?
>>Let the socialists try that in the USA. Watch the rebellion<<
Like the rebellion in California over a retroactive tax? Like the rebellion when started Social Security, medicare and the Rx entitlement? Like the rebellion when obamacare passed and is starting to squeeze the Middle Class?
Like the one that will happen they take our 401(k)’s?
Like those rebellions?
Gun ownership is not allowed.
Use Bing and search for Theresa Ghilarducci. She wants to turn 401Ks into an ‘annuity’ plan. Lie that worksso well for Social security...
Lead & brass = ammo.
There is NO capitalism without
1. Moral Hazard (If you do not trust your neighbor do not put your money in his bank)
2. The rule of Law - the primacy of Private property
All else is socialism / dictatorship / slavery of one level or another
I do not applaud but solemnly recognize the bleakness of your prediction.
Hard times is a'comin'.
“So, which one is socialist and which one is capitalist? You’re mad at the EU because they’re only going for 40% socialist. You think they should be 100% socialist.”
Not sure I entirely understand your point. To me, putting money in a Bank is not ‘an investment’, good, bad, or otherwise. Most people use banks as a place of ‘safe keeping’, as opposed to having it stuffed in your mattress. Obviously there was a time when people put their savings in banks to earn interest, but for most that is not the motivation anymore - given the meager interest rates.
So if a country spends itself into bankruptcy, largely because of providing an unsustainable socialist lifestyle for those who didn’t have the money to pay for it, why is it capitalism to then confiscate the money of those who didn’t need or use government handouts in the first place?
By the way. I have zero money in banks - with the exception of what I put in my checking account.
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