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Viking
03-16-2013, 04:06 PM
I'm pretty stunned by this. The EU gets to come and take up to 10% of your deposits.

If you live in another potential bailout nation (Portugal, Spain, Italy, and Greece..for the 5th time), the mattress looks pretty attractive right now.

http://www.nytimes.com/2013/03/17/business/global/facing-bailout-tax-cypriots-try-to-get-cash-out-of-banks.html?_r=0

wuapinmon
03-16-2013, 04:20 PM
I'm pretty stunned by this. The EU gets to come and take up to 10% of your deposits.

If you live in another potential bailout nation (Portugal, Spain, Italy, and Greece..for the 5th time), the mattress looks pretty attractive right now.

http://www.nytimes.com/2013/03/17/business/global/facing-bailout-tax-cypriots-try-to-get-cash-out-of-banks.html?_r=0

Holy crap! I do believe that you might have armed insurrection in this country if something like that were tried across the board. 6.75% of all account balances. Good Lord. IPU would strike back like a thief in the night.

NorthwestUteFan
03-16-2013, 06:43 PM
The saddest thing about that is the individual citizens are being forced to pay for the government's bad policies. This of course will most hurt those who cannot hide their money.

GarthUte
03-16-2013, 10:51 PM
Holy crap! I do believe that you might have armed insurrection in this country if something like that were tried across the board. 6.75% of all account balances. Good Lord. IPU would strike back like a thief in the night.

And rightfully so.

U-Ute
03-17-2013, 12:07 PM
What a wonderful way to cripple your banks. What did they think people would do, leave their money there?

LA Ute
03-18-2013, 07:29 PM
Glenn Reynolds (http://pjmedia.com/instapundit/165172/):


WHO COULD HAVE SEEN THIS COMING? Savings account seizure plan draws fury in Cyprus. (http://washingtonexaminer.com/savings-account-seizure-plan-draws-fury-in-cyprus/article/feed/2080252)

If I were a Republican in Congress, I’d introduce a bill — tomorrow! — banning, and, in fact, criminalizing, such seizures in the United States. That would be popular, and if the Democrats were dumb enough to oppose it, it would make people wonder what they were up to.

Solon
03-21-2013, 07:56 AM
So, maybe not:


Defiant lawmakers in Cyprus rejected a bill on Tuesday March 19th that would impose a universal levy on bank deposits, calling it a shameless attempt to “blackmail” a small island. The levy had been agreed to last week with the euro-zone group negotiating a bail-out for Cyprus. The governing Democratic Rally party, which proposed it, chose to abstain. The other five parties in parliament voted against.
The levy was supposed to raise €5.8 billion ($7.5 billion) on top of a €10 billion bail-out by the European Union and International Monetary Fund, to spare criticism that once again north European taxpayers were footing the bill for Mediterranean idlers. Nicos Anastasiades, the Cypriot president, said he would quickly draw up a plan B.

http://www.economist.com/blogs/schumpeter/2013/03/bail-out-cyprus


I wonder what Plan C is?

Solon
03-26-2013, 03:38 AM
So, maybe not:
I wonder what Plan C is?

http://www.economist.com/blogs/charlemagne/2013/03/cyprus-bail-out

The new plan upholds the guarantee up to 100,000 euros, and imposes some pretty tough haircuts on large depositors at the biggest two banks.

It is amazing that the banks in a country of <1 million need a 10 billion euro bailout.
Dirty Russian money, I guess.