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Cyprus cuts bank savings/ deposits in 6.75% or 10%

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
zaxacongrejo wrote:
In your opinion shouldn’t something like this be illegal?

Aren’t they stealing people in their faces?
ABSOLUTELY! But that's been going on for a very LONG time now. Ever since the banks and the Governments got the Banks to be deregulated so they could enrich themselves with merging their banking with real estate, investments and insurance, as well as many other products. Banks OWN all of our money. They even act as though the money we have in our accounts with them, are theirs.

I sincerely wish one of these days that people will revolt en masse. This last big crisis at the end of 2008 was especially revealing to the extent that Banking Corporations were flogging bad mortgage investments to their own customers, when they knew they were bad, and in the end not only got away with it, but got handsomely baled out through the initiatives of Governments with tax payers' money. That is daylight robbery.

Not to mention the pound sterling decreasing in value while Governments and Banks are printing more money to bale themselves out all of the time. So technically are stealing my money in a Bank in the UK.
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!
The banks in Cyprus are still closed for the politicians to raid as they see fit. Their current plan is to take only 40% of some of the bank accounts. Cyprus desperately needs to foolishly squander that $13 billion (whatever it is in euros) in bailout money because they foolishly squandered their own tax money. When it's gone they can beg for another bailout and another.

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I wonder how the people there are living without access to the bank. Are they running out of money?

It would be interesting to know how many of their politicians lost 40% or even 6% of their money. They probably have their own special private bank

My idea of what happened:
Cyprus Politician A: Our plan of spending more money than we have still isn't working, Should we spend less?
Cyprus Politician B: That's crazy talk, we'll just beg the rest of Europe for help.
European euro thing: We can bail you out, but we need to make up a few crazy rules to go with it
Cyprus Politician A: Whatever, as long as we go unscathed, show me the money!
European euro thing: Excellent! (touching their fingers together)
It's criminal.
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.
lemonedia wrote:
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.
So do I for all of the Governments who are in the pay of those banks. I really wish we can break up those banking corporations so we can get back to the neighbourhood building societies. Right now those large banking corporations aren't providing us a service. To the contrary. They're robbing us of our money with playing with currencies, manufacturing more money, paying almost zero interest and charging high fees for anything they "give away", even our own money, which in essence they are treating as their own.
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.
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