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

Well... maybe it is the authorities' way of encouraging spending? Isn't this what they need to uphold the system thay are trying to maintain?
Stealing savings is quite a disincentive for people to save. :|

 

Don't be surprised if we end up seeing some politicians hanging from the street lights on CNN

 

Surprise, surprise, Dijsselbloem 'clarifies' his 'template' statement. His earlier statements were crystal clear though, so Europe should still be worried.

Statement by the Eurogroup President on Cyprus

"Cyprus is a specific case with exceptional challenges which required the bail-in measures we have agreed upon yesterday.

Macro-economic adjustment programmes are tailor-made to the situation of the country concerned and no models or templates are used."

 

possibly they get slaughtered by the Russian mob first then hang on the electric pole.

 

Russian mob money has fled the country as the everyday person gets screwed. To quote the video...

[youtube]http://www.youtube.com/watch?v=OKByJOeCy5o[/youtube]

 

Cyprus banks will be closed until Thursday now. A lot of stores are going to struggle with getting supplies now. Things could get out of hand really quickly if the panic herd mentality sets in.

 

This from a newsletter from Simon Black. Couldn't have put it more succinctly myself if I tried!

Quote:

The prime minister of Luxembourg, Jean-Claude Juncker, has provided two clear insights into this world of deceit:

"We all know what to do, we just don't know how to get re-elected after we have done it."

And,

"When it becomes serious, you have to lie."

This is what we now have by way of government: a self-serving elite who cannot be trusted, operating to a timetable defined by, and limited to, the electoral cycle.

Unquote

Have no idea where he lifted the quote from the PM of Luxembourg, who will now be shot (or at least shunned) by every politician in he world!

 

And this also, on the "safety" of banks:

Quote
We may not see eye to eye with the FT's Martin Wolf on many aspects of modern economics and central banking in particular, but he described banks well last week:

"Banks are not vaults. They are thinly capitalised asset managers that make a promise-- to return depositors' money on demand and at par-- that cannot always be kept without the assistance of a solvent state."
Unquote

Now that says it all as far as I'm concerned. A mental adjustment that is vital to surviving this mess.

 

Oh no! Exports will be more competitive!

China and the US will not be impressed.

 

Looks like under $100k Euro will be spared. Over $100k 30% is the latest figure.

I dont necessarily agree that depositors should be levied but nor should Germans continually go to work and pay for the borrowings of the likes of Cyprus.

Alternatively the ECB could do nothing and let the banks fail, then depositors will lose money due to market forces.

Funny how bankers always demand free markets until they are on the verge of bankruptcy and suddenly they become socialists !

 

Bloomberg articles? I gave up on them because:
1. When I want to read AUS/NZ news, I get all the US garbage as well, but most importantly
2. The reporters can't string a sensible sentence together to save their lives!!

As communicators, I put Bloomberg reporters on the general level of my three year old.

As for destroying the basis of middle-class wealth creation and so on, surely not. Surely TPTB are not so silly as to destroy the very thing that keeps them in power and pays for the "not-middle" class? But then again, our property, that funny fiat stuff we deposit to banks - "legal tender" apparently actually is a gift to the banks and becomes theirs , so maybe they do.

Hmmm I seem to recall the middles class getting peeved once before in France. Chopped off some heads if I recall correctly.

 

Hope they don't forget to hang those who were pulling the strings of the politicians as well

 

THIS!!! Get the powers-behind-the-thrones this time too!!!

 

I'm surprised the cries from Cypriot businesses are absent.

Think of all the No Liability companies in Australia that are just a few drilling assets and a couple of $Million of raised capital sitting in a bank waiting to be spend on mineral exploration.

Now imagine if this happens here - just that one industry of micro cap mining companies would lose millions. And all that money just removed from the economy. This whole situation is horrible and must be resisted from ever happening again anywhere in the world.

 

Sound money is the only answer (but still subject to losses by fraud of course).