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This wont ever happen, the Cypress gig was sold as a currency recall rather than a haircut where as a "confiscation" would never make it past artical 1 of the most sacred document in EU law.
European Convention on Human Rights - Wikipedia, the free encyclopedia
right to the peaceful enjoyment of one's possessions.
Lol, next your going to tell us that Social Security in this country is a trust fund separately managed from the general budget?
Lol, the oligarchs love having fools like you defending them and providing cover for their crimes.
Again quick with the insults but slow with any wit.
I tell you what James, how about I stick around on here for a while and when European bank accounts are raided of their Euros in order to balance European books I'll admit you're right. And in the meantime I'll ask you every fucking day if this bullshit that you've come out has happened yet?
Size matters when it comes to bank bail outs and European politics. In the most brazen bail out deal yet, the citizens of Cyprus just had their savings seized to give the money to the banks. I kid you not. Here is the Eurogroup statement:
These measures include the introduction of an upfront one-off stability levy applicable to resident and non-resident depositors. Further measures concern the increase of the withholding tax on capital income, a restructuring and recapitalisation of banks, an increase of the statutory corporate income tax rate and a bail-in of junior bondholders.
Bail In means private citizens are responsible for the bail out. These masked terms mean anyone with over €100,000 has a whopping 9.9% of their money seized and anyone with deposits in a Cyprus bank below €100,000 is going to lose 6.75% of their savings deposited in Cyprus financial institutions. Unbelievable. The savings deposit seizure was announced when the banks are closed, so instead of a run on the banks, we have a run on the ATMs. Needless to say those ATMs are limited in withdrawals and also ran out of money fairly quickly . Lockdown of Cypriot Savings was preplanned and has already taken place before the announced private deposit seizure.
This so called bail out, orchestrated by the International Monetary Fund, the European Central Bank and the European Commission amounts to €10 billion in funds. Yet the seizing of almost 10% of deposits in bank accounts is estimated to bring in €6 billion, with all of those seized deposits going to re-capitalize Cyprus banks. The Republic of Cyprus was left holding the bag on Greek debt, after the hair cut given to Greece bond holders, which disproportionately left Cyprus taking huge losses Cyprus has been hammered by sovereign credit ratings downgrades as they were odd man out in the game of Greek sovereign debt swaps musical chairs.
The bail out terms also requires Cyprus to raise the corporate tax rate from 2.5% to 12.5%, which should possibly give flight to any multinationals operating in Cyprus for tax reasons. This below news report really exposes the bail out terms and how this is just toasting Cyprus citizens in their retirement savings and will decimate what's left of their economy.
