Cyprus Confiscating 10% of People's Savings to Pay on National Debt

[Dont Taz Me Bro]

Who says it can't happen here considering the road we're going down?

Britons have about £1.7billion of deposits in Cyprus and could lose up to £170million. The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island’s crisis-hit banking system.

The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.

Warning: Chancellor George Osborne said today on BBC One's Andrew Marr Show that the situation in Cyprus was 'an example of what happens if you don't show the world that you can pay your way'

Restrictions have been imposed to stop people emptying their accounts or moving their money out of the country following the deal with other eurozone finance ministers, under which ordinary citizens’ deposits will be directly raided for the first time.

One furious expat said: ‘This is plain theft. I’d love to hear someone explain to me why it isn’t.’

ATMs emptied across Cyprus after savers learn 10billion euro bailout agreement includes levy on all bank accounts | Mail Online

It's called big government, sir.

 

[Mad Scientist]

The Gov't is trying it's best to save the Economy over there, they shouldn't complain.

EDIT: If I understand correctly, that's on orders from the EU.

 

[Dugdale_Jukes]

It's a start. Likely more governments will consider that option.

Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.

And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.

 

[editec]

Why are Britons banking in Cyprus in the first place?

 

[Dont Taz Me Bro]

Why are Britons banking in Cyprus in the first place?

I know a lot of British soldiers are stationed in Cyprus. Have been for decades. There are also a number of ex-patriots living there for what ever the reason. Brits, for what ever reason, have had an affinity with the place, kind of like how northerners here in the U.S. will move to Florida when they retire.

 

[ScreamingEagle]

It's a start. Likely more governments will consider that option.

Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.

And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.

...until inflation really kicks in....

 

[freedombecki]

Who says it can't happen here considering the road we're going down?

Britons have about £1.7billion of deposits in Cyprus and could lose up to £170million. The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island’s crisis-hit banking system.

The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.

Warning: Chancellor George Osborne said today on BBC One's Andrew Marr Show that the situation in Cyprus was 'an example of what happens if you don't show the world that you can pay your way'

Restrictions have been imposed to stop people emptying their accounts or moving their money out of the country following the deal with other eurozone finance ministers, under which ordinary citizens’ deposits will be directly raided for the first time.

One furious expat said: ‘This is plain theft. I’d love to hear someone explain to me why it isn’t.’

ATMs emptied across Cyprus after savers learn 10billion euro bailout agreement includes levy on all bank accounts | Mail Online

It's called big government, sir.

In sports, it's called "KILL THE UMPIRE, SUCKAH!"

 

[bripat9643]

The Gov't is trying it's best to save the Economy over there, they shouldn't complain.

It's patriotic not to complain when the government steals your savings!

 

[bripat9643]

It's a start. Likely more governments will consider that option.

Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.

And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.

It sounds like you approve.

 

[Dugdale_Jukes]

Why are Britons banking in Cyprus in the first place?

Cyprus is a tax haven, mostly for senior European bureaucrats dodging their own tax systems, but also for the heroin trade Clinton protected when he split out Kosova from Yugoslavia and intervened in Serbia.

 

[Dugdale_Jukes]

It's a start. Likely more governments will consider that option.

Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.

And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.

It sounds like you approve.

While my loathing of government knows few bounds, my contempt for bureaucrats dodging their own tax systems is significantly greater.

So, yes, it's going to be fun watching how this goes down.

 

[bripat9643]

It's a start. Likely more governments will consider that option.

Where it is going to go is cross border asset-seizing. For example, the US pressuring Switzerland or the Bahamas to give up some pct of US accts. It's going to happen. What is in doubt is the time frame.

And while the gross pct may well be "across the board" what will be seized are assets "above X". There will be a line below which assets are safe.

It sounds like you approve.

While my loathing of government knows few bounds, my contempt for bureaucrats dodging their own tax systems is significantly greater.

So, yes, it's going to be fun watching how this goes down.

What I don't get is how anyone got caught flat-footed by this. There must have been stories in the news about it. Nothing like this could get through the U.S. Congress without the entire country knowing about it before it went down. By that time, everyone would have ample time to take out their money from their bank accounts.

 

[tinydancer]

It's taking peoples' personal savings that they have no right to. The government is stealing. It's called theft.

And I personally hope that those persons' who are having their money stolen get some fire in their bellies and storm the Greek parliament buildings.

 

[BillyV]

Why would it be considered "confiscation"? I'm sure if you asked Justice Roberts it would just be called a "tax" and be perfectly legitimate. Just payment for liberal utopia!

 

[Rocko]

Why are Britons banking in Cyprus in the first place?

It's a tax haven. Ironic, huh?

 

[bitterlyclingin]

That couldn't happen here, could it? What if the Chicomms started demanding Guam, Wake island, Hawaii, Alaska, California, Washington, and Oregon as partial payments of our debts?

» Cyprus could / could not happen here (Reader Poll) - Le·gal In·sur·rec·tion

Eurozone About To Put Levy On Bank Deposits In Cyprus | Weasel Zippers

"Yes, it is every bit as bad as it sounds, and worse. Word is that the initial plan was for a 40% (!!!!) levy confiscation of Cypriot bank accounts. They settled for a MERE 6.75% and 9.9% dual-layered compromise.
Yeah, you all need to do what I have been doing for the last several months and live within spitting distance of being overdrawn in your bank accounts. In other words, keep the BARE MINIMUM in the bank and feed your account just enough to cover the bills. As soon as money comes in, get it the heck out of there.

Looks like the IRS may prove to be the least of my worries with regards to levying bank accounts!

This has the potential to spark bank runs in other Southern European nations MERELY BECAUSE OF THE FACT THAT IT ACTUALLY HAS HAPPENED. Pray the Greeks, Italians, Spaniards and Portuguese are all watching talent shows or soccer and don't notice. But if it does, if you have watched my eight-part economic presentation on YouTube, then you understand that we will blow sky-high as the big banks and their tens of trillions of dollars in repos and reverse repos and credit default swaps, many-to-most of which are written on European sovereign debt, blow.

In case you have been either under a rock or passed out drunk since yesterday:

UPDATE: I agree with various commentators that this is almost certainly a test-run by Brussels to see what the reaction of the Cypriots is. If no one is hanging from light poles by sunset on Tuesday, they will likely move on to Greece and the other Southern European economies, satisfied that the people have been sufficiently conditioned to roll over. Tiny Cyprus, an ISLAND mind you, makes the perfect test lab.

I anticipate that the light poles will remain undecorated. There is no fight left in the men of former Western Civilization; only indifference punctuated by self-loathing. Say goodnight, Gracie."

Barnhardt.biz - Commodity Brokerage

 

[francoHFW]

Just listen to all the idiotic conspiracy theories and fear mongered propaganda from the dupes LOL. Change the channel...

Breaking: The USA is better off than just about anyone, and when the GOP ends its BS about the debt ceiling/fiscal cliff/sequester, we'll be out of this....

The EU has screwed itself with German/Brit austerity, and will only recover after we do.

But thanks for the Booosh World Financial Meltdown and 3 1/2 years of mindless obstruction.

Today, Boehner says there's no immediate debt crisis, agrees with Obama. DUH!:

There's no immediate debt crisis, Boehner says, agreeing with Obama - latimes.com

 

[Dont Taz Me Bro]

Today, Boehner says there's no immediate debt crisis, agrees with Obama. DUH!:

There's no immediate debt crisis, Boehner says, agreeing with Obama - latimes.com

So now Boehner is credible?

 

[Jarlaxle]

Cash in a safe is starting to look pretty good right about now.

 

[mudwhistle]

A socialist country in a bind is liable to do just about anything to pay it's bills:

Reuters) - Cyprus was working on a last-minute proposal to soften the impact on smaller savers of a bank deposit levy after a parliamentary vote on the measure central to a bailout was postponed until Monday, a government source said.

In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece.

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points, most of which were depleted within hours. Electronic transfers were stopped.Cyprus works on last-minute deal to soften bank levy | Reuters​

The federal government is already stealing from their employee's TSP accounts. It's only a matter of time before a proposal surfaces in Congress to tax individual savings accounts.

Then again, it may have already.

I swear....every day the Feds sound like the mob.