Cyprus cuts bank savings/ deposits in 6.75% or 10%
On Cyprus today lots o f people run to the ATM in the hope withdraw their deposits
As a condition to their bank bailout the EU and IMF demanded the banks to cut people deposits in 6.75% or 10%, it seems that people in Cyprus with less than 100000 Euros in the bank would have to pay a tax of 6.75% but the tax its enlarged to those with more than 100000 Euros and will be about 10%, witch means that those who have 150000 Euros will lose 1500 Euros .in My opinion The EU and IMF just went crazy this time or they are running out of money or something of this sort.
In your opinion shouldn’t something like this be illegal?
Aren’t they stealing people in their faces?
watched at sic noticias tv
The banks are just reminding the people that the money in their bank accounts do not belong to them. Pretty much anyone can come along and take it if they need it. If you have that much money you probably were responsible with the money account and your temporary access to it, so you deserve to have that money taken to help support all of those who were absolutely irresponsible and spent all their money. Whatever it takes they need a 4th or 17th bailout so they can continue their reckless party with maybe a 0.2% less budget. It's only fair... for them.
It does seem like quite a crude smash-and-grab approach to taxation...
Politician A: We need more money. How do we get it?
Politician B: Well, where could we find money?
Politician C: The banks have lots of money.
Politician B: But that money belongs to people. We can't just go take it.
Politician A: Well... Actually. Why can't we? We're the government. We make the rules. If we just go in and take the money, nobody will stop us.
Politician C: Genius!
All because the Central Banks themselves are criminal.
Give you money at Interest is criminal. This is why the world is in trillions of dollars of debt. If I'm the sole source of money, and I give you $10,000 and want 5% interest each year until you pay it back... where in the world is that interest going to come from? From other people who have loaned out money at interest. In the end, it's a system that puts many many people far in the debt hole.
What I can't STAND is Canada is proposing to do this Cyprus 'bail-in' style with our banks. I have such a huge hate for our Tyrannical Gov't.
Russia killed Cyprus. After they started talking about supporting China and Iran, this fabricated bank crisis hit. Cyprus directly effected THE RUSSIANS.
Known fact: since the cold war, Russians bank in other countries. Moscow's billionaires spread their fortune from the Caymans to Cyprus and back, while registering their countries anywhere but at home. Even Putin has his money hidden elsewhere. This goes back t Boris Yeltsin's sins; remember after the USSR fell, Russia went over to crude capitalism but didn't stretch the dollar back to its own investments or people That makes Russian money unstable and they are never going to be invited to be apart of the EU euro; since 2008 alone more than $350 billion in capital has fled the country. These billions craved secrecy and security, and financial islands inside the European Union welcomed them though; Cyprus being their version of the Caymans. Cypriot capital, Nicosia, was Russia’s most important offshore accountant. But today this financial paradise lies in economic ruin, its bloated banking sector wrecked by a gigantic exposure to Greek bonds. To save Cyprus from bankruptcy, a decree from the European Union, the International Monetary Fund and the European Central Bank (known as “the troika”) would have to happen, but the US via the IMF stopped it. 60% in losses is a hellava blow.