Cyprus Deal Reached 40% Bailout Tax Imposed On Accounts over 100,000

Discussion in 'Markets & Economies' started by Silver2012, Mar 25, 2013.

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  1. SilverPhoenix

    SilverPhoenix New Member Silver Stacker

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    I am astounded! A bank, closed by command with funds under EUR100k transferred to a bank not of the owner's choice and everything over EUR100k stolen! And then at the other bank, 40% of everything over EUR100k stolen! And this is a solution???

    These politicians have a death wish. Bet none of them have deposits over EUR100k in the Popular Bank of Cyprus, in fact I'll bet most of them have no deposits anywhere in Cyprus over EUR100k.

    But I predict, no popular uprising, just grumbles. I'll safely put money on the bet that most citizens of Cyprus have less than EUR100k in the bank, most of them living pay-to-pay to pay mortgages/rent and bills and just glad the earlier announced and voted down tax/levy/theft of 6/15/20% of their money didn't go ahead.
     
    SilverPhoenix, Mar 25, 2013
    #21
  2. Hoth25

    Hoth25 New Member

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    I think you're right. I don't know what HAS to happen for the market to fall anymore?!
    Gold and Silver and now sliding almost vertically!! WTF?
     
    Hoth25, Mar 25, 2013
    #22
  3. projack

    projack Well-Known Member Silver Stacker

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    Cyprus ATMs

    [​IMG]
     
    projack, Mar 25, 2013
    #23
  4. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    To read markets you have to read price, not news.
    Price is fact, fundamentals is theory. ;)
     
    wrcmad, Mar 25, 2013
    #24
  5. KMGeneral

    KMGeneral Member

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    This is insane! This has to be a hoax... right?
    ...
    Guys?
    ...
    ...
    Please tell me it's a hoax..?

    Also, what's this about bullion? I thought that this was an economic forum... with a slight skewing to the conspiracy nut.
    :p
     
    KMGeneral, Mar 25, 2013
    #25
  6. Yippe-Ki-Ya

    Yippe-Ki-Ya New Member

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    A hoax you say? You mean like the 100% deposit grab by the Australian government on bank accounts which have not been used in two years? Same with super accounts....

    No hoax i'm afraid :lol:
     
    Yippe-Ki-Ya, Mar 25, 2013
    #26
  7. Byron

    Byron Guest

    So is gold falling because a "deal" has been reached and the crisis is "over"?
     
    Byron, Mar 25, 2013
    #27
  8. Emanance

    Emanance Guest

    Holy Fuck!!! 40% There has to be a bank run! At this rate the ECB will make April Fools of us all.
     
    Emanance, Mar 25, 2013
    #28
  9. Emanance

    Emanance Guest

    turtle?
     
    Emanance, Mar 25, 2013
    #29
  10. Aureus

    Aureus Active Member Silver Stacker

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    I wish Bill Hicks and george carlin were still around, I have a feeling they'd know what to say better and more coherently than most.

    to YouTube I go...
     
    Aureus, Mar 25, 2013
    #30
  11. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    First time you said it huh?! :lol:
     
    bordsilver, Mar 25, 2013
    #31
  12. CriticalSilver

    CriticalSilver New Member Silver Stacker

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    I give up trying to read Bloomberg articles! What does this first paragraph mean?

    Creditors (Troika) demanded they shrink their banking system otherwise they not get any more printed currency?

    It makes no sense. I was listening to PM on the way home tonight and they were talking about the Troika's demand for cypriot cash or they would not bailout the country. The bailout is a debt anyway, so all they are doing is stealing savings to issue more debt! The world is insane. In the same radio segment they interviewed a guy who said there could very well be bank runs in Europe.

    Still, it could be worse I suppose! They could be doing it all on purpose to destroy the basis for middle-class wealth accumulation in an effort to compete with the Chinese and unregulated foreign labour rates and conditions. It could be worse if the principle of private property rights was the target of destruction by the Troika. Thank goodness the Troika saved the Cypriots from being ejected from the EU!
     
    CriticalSilver, Mar 25, 2013
    #32
  13. XB

    XB Active Member Silver Stacker

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    Don't swear! It's rude.
     
    XB, Mar 25, 2013
    #33
  14. Ag47

    Ag47 Active Member Silver Stacker

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    Ag47, Mar 25, 2013
    #34
  15. JulieW

    JulieW Well-Known Member Silver Stacker

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    Words fail. Tears of Rage.
    http://www.guardian.co.uk/business/2013/mar/25/eurozone-crisis-cyprus-bailout-deal-agreed

     
    JulieW, Mar 25, 2013
    #35
  16. XB

    XB Active Member Silver Stacker

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    Oh wow - so saving your money in a bank, with guaranteed deposits, is considered a risk by Eurozone - I really wonder what form or saving/investment they consider to be not a risk..... <shakes head>
     
    XB, Mar 25, 2013
    #36
  17. Golden ChipMunk

    Golden ChipMunk Well-Known Member

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    :eek:
    Who run the bank? The banker.
    Who give the order? The government.
    Now who is the robbers, the bandits that taken the money????
    But you cant call them robbers because they have license to steal.
    Same same... May aswell be a lawyers twist and turn.
    Cos they have license.
    No this is not April fool. We are the fools that falls for.
    Just get rid of them.
     
    Golden ChipMunk, Mar 25, 2013
    #37
  18. Lunardragon

    Lunardragon Well-Known Member Silver Stacker

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    Just curiousity...

    If they have superannuation invested on cash deposit or fixed interest income product, do they get taxed this so called special levy?
     
    Lunardragon, Mar 25, 2013
    #38
  19. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    As far as I can tell, Yes. Technically though, like the Banksia Financial collapse last last year in Vic, the funds over $100K are being frozen and the savings accounts will be paid back as the bank liquidates its other assets. It is expected to result in a loss of 40% but may be 10% or 80%. How long before they will see the money is anyone's guess. Could be 1yr could be 10yr.
     
    bordsilver, Mar 25, 2013
    #39
  20. rbaggio

    rbaggio Active Member Silver Stacker

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    Bonds. The holders of bonds seem to be spared over and over again.
     
    rbaggio, Mar 25, 2013
    #40
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