Wow. EU steals 10% of bank deposits in exchange for bailout

Bank holiday extended to Tuesday and possibly Wednesday
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/03/2013_488273
Nicosia declares Tuesday a bank holiday, but ECB urges for action

The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.

There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.
 
Now the Titanic is sinking there is the problem of insufficient lifeboats.
Fill up the available lifeboats and they will sink too. Looks like some will just have to swim for it !!
The Soviet dream has finally come true and our fates are in the hands of the same useless plonkers ! Fantastic
 
Quote from sle:

If memory serves me right, the losses to the gold holders were pretty significant (dollar was "devalued" from 20.6 to 35 dollars per troy ounce). I am sure that felt just great...
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it felt great to gold holders. gold was reveled not devalued.

i guess nobody thought it worth the time to correct an obvious ................
 
Quote from Grandluxe:

..........

The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.

There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.
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Notice that when the "world ends" in Cyprus, the politicians ensure they still get their holiday pay and time off. I predict they will reverse their position before the banks open for business. Some other country - Germany or the US will cover the 10% payment.

In a world parched dry by endless money printing, fear, high unemployment, and ridiculous policies and words, all it takes is one spark (somewhere), to cause an inferno that can't be extinguished.
 
Quote from tomdavis:

While this tax may hit a few Russian oligarchs, it will harm thousands of innocent people who did nothing wrong. That's bad. Very bad.
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"While this tax may hit a few Russian oligarchs, it will harm thousands of innocent people who did nothing wrong"
remark from kashrin

you were undeservedly gentile with the poster who wrote above the effects on the oligarchs his remark will rank among the most ignorant remarks on ET for the year 2013..

i am willing to bet that russian oligarchs found about the tax before it happens. that is the value of good inside information. it was not the usual inside info crap bandied around.
 
Quote from StarDust9182:

I would like to think that this is true, but based on observation in the past decade or so, I'm not that confident. All they need is spin and TV talking heads.

We all line up like sheep for an imagined threat, government bankrupts the economic system, we all know they will never pay the debt off, there are drones flying that can kill people (only the bad ones though) in the skies, the government is deadlocked over political wrangling, they are gearing up to take guns away, laws are not followed, rights are taken away, corruption is rampant, banks are bailed out, people lose their wealth ......

And the outrage is where exactly?
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True dat'.

They will take the money for our "safety and security."
 
Quote from Grandluxe:

Cyprus eurozone bailout prompts anger as savers hand over 10% levy
Angry Cypriots try in vain to withdraw savings as eurozone bailout terms break taboo of hitting bank depositors

Reuters
guardian.co.uk, Saturday 16 March 2013 11.23 GMT

European finance ministers have agreed an £8.7bn bailout for Cyprus which includes all Cypriot bank customers handing over up to 10% of their savings.

"I wish I was not the minister to do this," the Cypriot finance minister, Michael Sarris, said after 10 hours of late-night talks in which eurozone finance ministers agreed the package. "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country." Without a rescue, Cyprus would default and threaten to unravel investor confidence in the eurozone, a renewed confidence fostered by the European Central Bank's promise last year to do whatever it takes to support the euro.

However, on Cyprus, initial incredulity at the decision gave way to anger. Co-op credit societies, normally open on Saturdays, were shut for business in the coastal city of Larnaca as depositors started queuing early in the morning to withdraw their cash.

"I'm extremely angry. I worked years and years to get it together and now I am losing it on the say-so of the Dutch and the Germans," said British-Cypriot Andy Georgiou, 54, who returned to Cyprus in mid-2012 with his savings.

"They call Sicily the island of the mafia. It's not Sicily, it's Cyprus. This is theft, pure and simple," said a pensioner.

Cypriots with savings of under €100,000 will pay a one-off levy of 6.75%, which rises to 9.9% for those with larger deposits. The levy on bank deposits will come into force on Tuesday, after a bank holiday on Monday. Cyprus will take immediate steps to prevent electronic money transfers over the weekend.

http://www.guardian.co.uk/world/2013...-bailout-anger

Nobody's money is safe. European socialism is great huh?
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Yes, this is socialism however there are more socialist in Cyprus then anywhere else in Europe, as a matter of fact AKEL ( socialist party) is the largest and most established political party in Cyprus. If you ask me they got what they wanted, SOCIALISM.
 
what happened and will happen in near future reminds me of this:
http://en.wikipedia.org/wiki/Black_swan_theory

Investors should always take precautions, especially if politicians, like the president of the European Council, declare today on TV that the situation of Cyprus is completely different from the situation in Spain, Greece and Italy.

A professional crook always tries first to win the victims confidence so that it is easier to steal from him.
 
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