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-   -   Cyprus Banks Taking 10% From Citizens! (http://www.insidehoops.com/forum/showthread.php?t=293611)

n00bie 03-17-2013 10:26 AM

Cyprus Banks Taking 10% From Citizens!
 
http://www.telegraph.co.uk/finance/9...-bail-out.html

This shit is not going to end well. You can't just steal money from peoples bank accounts. :no:

They also froze all bank activity so people won't be able to withdraw their money. Can you imagine if that shit happened in North America?!?!

East_Stone_Ya 03-17-2013 02:50 PM

Re: Cyprus Banks Taking 10% From Citizens!
 
Quote:

Originally Posted by n00bie
http://www.telegraph.co.uk/finance/9...-bail-out.html

This shit is not going to end well. You can't just steal money from peoples bank accounts. :no:

They also froze all bank activity so people won't be able to withdraw their money. Can you imagine if that shit happened in North America?!?!



one of the commentators states a reason

Quote:

Employ thousands of over-paid civil servants in non-jobs and spend and borrow until bust.

n00bie 03-18-2013 02:35 PM

Re: Cyprus Banks Taking 10% From Citizens!
 
Quote:

Originally Posted by East_Stone_Ya
one of the commentators states a reason


May be true, but that doesn't give the right for banks to just steal money from people.

LJJ 03-18-2013 03:09 PM

Re: Cyprus Banks Taking 10% From Citizens!
 
Quote:

Originally Posted by n00bie
May be true, but that doesn't give the right for banks to just steal money from people.


People put their money in Cypriotic banks because it's a tax haven and they get insanely high rates on their savings. It's a known high risk-high reward place for your savings account. Given that, the majority of the people losing some money here (foreign investors) can't really come crying when the notably higher risk they knowingly took went sour. Playing with fire.


Essentially the idea behind this tax is quite a bit more fair than the other options. You cover the costs of the financial instability in Cyprus through the benefactors of said instability, which seems pretty fair. The other option is to let people who had nothing to do with it foot the bill indirectly.


That said, fair as the measure might be in theory, it's the dumbest thing I ever heard. If they want to save face for the Euro they should have backed Cyprus completely and cleaned the financial system from the inside out. If they wanted to dole out some tough love they simply should have watched Cyprus go bankrupt before doing anything. What they decided to do though, is both at the same time. They are destroying Cyprus financial industry while taking all the blame for that on themselves, while still poring money into it. It's the dumbest thing.

Patrick Chewing 03-18-2013 03:11 PM

Re: Cyprus Banks Taking 10% From Citizens!
 
Quote:

Originally Posted by n00bie
Can you imagine if that shit happened in North America?!?!



With this economy, I can.

Lebowsky 03-18-2013 03:19 PM

Re: Cyprus Banks Taking 10% From Citizens!
 
Quote:

Originally Posted by LJJ
People put their money in Cypriotic banks because it's a tax haven and they get insanely high rates on their savings. It's a known high risk-high reward place for your savings account. Given that, the majority of the people losing some money here (foreign investors) can't really come crying when the notably higher risk they knowingly took went sour. Playing with fire.


Essentially the idea behind this tax is quite a bit more fair than the other options. You cover the costs of the financial instability in Cyprus through the benefactors of said instability, which seems pretty fair. The other option is to let people who had nothing to do with it foot the bill indirectly.


That said, fair as the measure might be in theory, it's the dumbest thing I ever heard. If they want to save face for the Euro they should have backed Cyprus completely and cleaned the financial system from the inside out. If they wanted to dole out some tough love they simply should have watched Cyprus go bankrupt before doing anything. What they decided to do though, is both at the same time. They are destroying Cyprus financial industry while taking all the blame for that on themselves, while still poring money into it. It's the dumbest thing.


Well, stupid as it may be, can't say it surprises me much. EU's economic policies have been rather erratic since the good old crysis struck, to put it nicely.

CeltsGarlic 03-18-2013 04:41 PM

Re: Cyprus Banks Taking 10% From Citizens!
 
I hope jeff wont charge it.

n00bie 03-19-2013 12:10 AM

Re: Cyprus Banks Taking 10% From Citizens!
 
Now they proposing to only tax accounts over $100,000... but tax 15.6% :lol

Russian mob is NOT going to be happy.

http://sgtreport.com/2013/03/latest-...ligarchs-15-6/


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