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

[Oldguy]

What's the Fed have to do with Cyprus?

 

[mudwhistle]

What's the Fed have to do with Cyprus?

Feds......not Fed.

Dumb-ass.

 

[007]

What's the Fed have to do with Cyprus?

You can bet your ass that the socialists here in our government have been salivating over the idea of doing it here.

 

[KissMy]

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

The cash in your safe is the governments cash. They are still printing more to reduce the value of yours. Gold made a U-turn.

 

[Sunshine]

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.

You are better off these days with your money under the mattress. The interest rate is roughly equal to that of a bank and hidden better from Obama.
I bought a little treasure chest and polished up some quarters to go in it, about $20. Plan to bury it in my back yard and take a treasure map I bought off Amazon so my little grandson and I can go out later this year and dig it up. Who knew this would turn out to be the best strategy of all!

 

[Meathead]

The catch here is that 30% of bank deposits in Greece are from clients outside the Eurozone. In other words, to a large extent not only the British, but Israelis and Arabs will be bankrolling the Cypriot deficit.

 

[Meathead]

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?

That there is no immediate debt crisis is a given, but it is hardly consoling.

 

[editec]

Yeah, this is an astounding development.

I'll ask once again:What are Britons doing banking in Cyprus?

And as long as I am trying to understand it, did I read it wrong or are they really ONLY taking the money of Britons?

the next question is obvious, if the previous question is yes.

WHY ONLY BRITONS?

 

[editec]

Okay...either the journalist who wrote the article is a forking idiot, or ONLY BRITONS are getting ripped off.

 

[NYcarbineer]

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.

Except for where they may go after insured deposits, the fact is, bank deposits are fair game when banks are failing.

 

[KissMy]

The catch here is that 30% of bank deposits in Greece are from clients outside the Eurozone. In other words, to a large extent Israelis and Arabs will be bankrolling the Cypriot deficit.

Cyprus took money from the wealthy around the globe who hid their money there to avoid taxes in their own country & to benefit from a bail-out of Cyprus. That caused the Cyprus banking system to become 8 times larger than other countries as a percent of GDP. Easy money for Cyprus.

 

[Meathead]

Except for where they may go after insured deposits, the fact is, bank deposits are fair game when banks are failing.

What would be the point in depositing into banks if those deposits are "fair game"? Obviously, if banking is an investment, they would have to yield a lot more.

 

[mudwhistle]

Yeah, this is an astounding development.

I'll ask once again:What are Britons doing banking in Cyprus?

And as long as I am trying to understand it, did I read it wrong or are they really ONLY taking the money of Britons?

the next question is obvious, if the previous question is yes.

WHY ONLY BRITONS?

Oh, only the foreigners get hosed.

Well that's different.



BTW, I see no evidence of this in the article.

 

[Meathead]

The catch here is that 30% of bank deposits in Greece are from clients outside the Eurozone. In other words, to a large extent Israelis and Arabs will be bankrolling the Cypriot deficit.

Cyprus took money from the wealthy around the globe who hid their money there to avoid taxes in their own country & to benefit from a bail-out of Cyprus. That caused the Cyprus banking system to become 8 times larger than other countries as a percent of GDP. Easy money for Cyprus.

Cyprus is part of the Eurozone and money cannot be hidden. Simply, Brits deposit in Cyprus because so many live there. Wealthy Israelis and Arabs do so to protect their money and hedge from their domestic currency.

 

[mudwhistle]

Funny.....Cyprus is hoping for a particular industry to bail them out of this trouble.

Natural Gas.

Hope the Socialists there aren't like ours.

 

[dblack]

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

Hasn't it, more or less, happened already?

 

[PoliticalChic]

Seems that among the insane premises that Obama supporters are willing to accept as their version of truth include

a. we don't have a spending problem

b. deficits don't matter

c. it's just peachy keen that the Democrat economic plan never balances the budget....

d. ObamaCare adds trillions to the debt






What do you imagine the future will hold for the United States?

Check out this story from Cyprus, where the plan is to simply take citizen's savings:





1. "Cyprus tries to rework divisive bank tax

2. NICOSIA (Reuters) - Cypriot ministers rushed on Monday to revise a plan to seize money from bank deposits as part of an EU bailout, in an effort to ensure lawmakers supported it in a vote later in the day.

3. ....announcement that Cyprus would impose a tax on bank accounts as part of a 10 billion euro ($13 billion) bailout broke with previous practice that depositors' savings were sacrosanct and sent a shiver across the bloc, causing the euro to tumble and stock markets to dive.

4. On Sunday, a source close to the consultations told Reuters authorities were hoping to cut the tax to 3.0 percent from 6.7 percent for deposits under 100,000 euros. The rate for deposits above that would then be jacked up to 12.5 percent from 9.9 percent."
Cyprus tries to rework divisive bank tax - chicagotribune.com



'Can't happen here'?
Really???


How many times must the responsible Right warn you of the dangers of this class-warfare, socialist administration???


Wake the heck up!!!

 

[dblack]

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

Which currency? Those gold nuts are looking more and more sane.

 

[ba1614]

And I'm considered an extremist because I hope for the best and prepare for the worst.

This is exactly why my wife and I hoard all the untraceable gold and silver coins we can get our hands on.

 

[Book of Jeremiah]

Why are Britons banking in Cyprus in the first place?

One of my friends was a Major in the Cypriot Army - now retired - I can ask him as he lives in the UK. His family owns alot of land in Cyrus and own businesses there. I'm sure he'd know.

I told him years ago to transfer his money to gold and silver but he didn't listen. I still would advise anyone who has family members outside of the USA to invest in gold and silver and then store your assets outside of the country. That way the govt cannot touch it. If you don't have family members outside of the country you'll have to get creative because the last thing I advise anyone to invest in is ETFs. The only thing that is going to help you in the day the dollar dies is physical gold and silver. Not paper, not ETFs. None of that will be worth a red penny. I'm really surprised when I see how many people have still not transferred their assets to physical gold and moved it out of the country. What exactly are they waiting for is what I'm wondering. - Jeremiah