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EU - Cyprus confiscating 10% of all bank depositors money

 
Anonymous Coward
User ID: 23554071
United States
03/17/2013 11:44 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
....."The terms of the deal mean that Cyprus’s savers will sacrifice up to 10% of their deposits in a move which will raise as much as €6 billion.

The move, which is likely to prove unpopular with the country’s 1m citizens - and the Russian non-residents who reportedly account for half of deposits in Cyprus’s banks - will be enacted almost immediately.

Following a bank holiday in the country on Monday, March 18, the levy on bank deposits will come into force on Tuesday, March 19.

The Cypriot government will take steps to prevent electronic money transfers over the weekend, in order to stop depositors attempting to avoid the curbs."
 Quoting: Anonymous Coward 25720208


Just like in the USA, the Cyps just spend too fucking much!!!
Earth Daughter

User ID: 36341046
United States
03/17/2013 11:46 AM

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Re: EU - Cyprus confiscating 10% of all bank depositors money
Scary stuff. How many on GLP are going to lose that 10%?
 Quoting: Skepticnumberone


0% lol
 Quoting: Balloons


Eventually all of us. It's forced austerity and they won't be happy until they've oppressed everyone.
"Arrows of hate have been shot at me too, but they never hit me, because somehow they belonged to another world, with which I have no connection whatsoever." - Albert Einstein
Anonymous Coward
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United States
03/17/2013 11:47 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
The Sonic Dreamer

User ID: 19453308
United States
03/17/2013 11:49 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
This is preparation for what will be happening in the United States at some point in the next 18 months- likely end of 2013-ish is my timeframe prediction.

x% of 401(k)s will be absorbed to help pay for ____________

you fill in the blank:
National Debt
War with Iran
Funding to protect "the children"
Budget deficit
Social Security
Medicare/Medicaid
Obamacare
Currently working on:
Bach: Invention No. 1
Joplin: Maple Leaf Rag
Mendelssohn: Tarantella Op.102 no.3
Mendelssohn: Venetian Boat Song Op. 19 no. 6 (both from 'Songs Without Words')
Anonymous Coward
User ID: 961432
United States
03/17/2013 11:50 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Scary stuff. How many on GLP are going to lose that 10%?
 Quoting: Skepticnumberone


0% lol
 Quoting: Balloons


Eventually all of us. It's forced austerity and they won't be happy until they've oppressed everyone.
 Quoting: Earth Daughter


How is it austerity? Austerity means that the government reduces its spending to sustainable levels. What European Austerity means is that European countries are all over indebted and beholden to the banks that can generate more credit for their drunken spending to meet promises they can never keep.

So, the banksters are robbing the people blind, probably knowing their fictional gains in holding sovereign bonds are just that, fictional.

.
Anonymous Coward
User ID: 36366918
United States
03/17/2013 11:52 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
So they are taking 90 Euro/Cents off my 9 Euros?

I will survive that, I think.

Oh, they take some 100 million EUROS from a Russian Billionaires black money account?

That’s fine by me; I will survive that one too.

Few facts;

Cyprus banks asking for a bail-out when they have more than 50 billion in black Russian money to play with but expect the EU/Germany to send them 10 billion?

Italy is up in arms about austerity,
yet the average Italian savings account is double the size of an average German savings account.

Italy average savings are @ 140.000 EUROs

German average savings are @ 72.000 EUROs rant

Greece pension system;

In Germany you have to work @ 45 years to get full pension.

In Greece you have to work @ 35 years.

A German pensioner gets @ 46% of his last wages. (2010 figures)

A Greek pensioner enjoys @ 80%. (2010 figures)

Here in the UK you get £107.45 pension a week (@ 124.20 EUROs)

Even if you (like me at present) pay 4 X that each week in taxes and national insurance, working an 80 hour week. redface

Why is it always the once with the most privileges that scream the loudest? rant
 Quoting: Anonymous Coward 20881168




Probably because the less privileged have no voice. Nobody listens to the peons
Anonymous Coward
User ID: 961432
United States
03/17/2013 11:53 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
This is preparation for what will be happening in the United States at some point in the next 18 months- likely end of 2013-ish is my timeframe prediction.

x% of 401(k)s will be absorbed to help pay for ____________

you fill in the blank:

 Quoting: The Sonic Dreamer


A rise in interest rates that will send prices on bonds lower than what the banks originally paid giving them losses?

Gotta bailout the banks you know...

.
Anonymous Coward
User ID: 35172780
United States
03/17/2013 11:53 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
cyprus Harlem shake!!!! awesome riot footage!!

Anonymous Coward
User ID: 9964408
Canada
03/17/2013 11:55 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
yes that leagal and fine ... pay your debts and don't complain
Anonymous Coward
User ID: 9204853
United States
03/17/2013 11:58 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Wake up Americans.....we've had far more than 10% stolen from us through bailouts, the wholesale printing of money, and the resultant inflation.....and it hits everyone, not just savers.

We also earn far less interest on our saving than those in Cyprus.

Better learn how to garden and get some chickens.....it shows no sign of slowing.
visible hand
User ID: 30728507
United States
03/17/2013 11:58 AM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Bullish.

More people will feel safer owning shares of stock than cash in their banks now because no government has yet threatened to confiscate people's stock accounts.

Watch for more European savers to convert cash to shares in blue chip stocks like Apple and Facebook.

Then you go up the demand curve for equities and breathe a little new life into this tired bull market.

As they say, "Don't fight the Fed" (or IMF)

So...bullish.
ParadiseStorm

User ID: 9013152
United States
03/17/2013 12:00 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
So people are getting their savings jacked?

:o

-Withdraws all my money-
ParadiseStorm
Anonymous Coward
User ID: 961432
United States
03/17/2013 12:01 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Bullish.

More people will feel safer owning shares of stock than cash in their banks now because no government has yet threatened to confiscate people's stock accounts.

Watch for more European savers to convert cash to shares in blue chip stocks like Apple and Facebook.

Then you go up the demand curve for equities and breathe a little new life into this tired bull market.

As they say, "Don't fight the Fed" (or IMF)

So...bullish.
 Quoting: visible hand 30728507


Bah, read this, congress could just as easily, actually more easily, impose a 30-40% capital gains tax on the recent stock market ramp.

[link to www.zerohedge.com]

After all most of the ramp was due to credit injected by the federal reserve and once the markets tank all that credit will be seen as phantom assets which evaporated leaving only a debt overhang.

I'm sure the administration is actively looking at imposing a measure to confiscate at least 30% of the recent gains in the markets. Plus they can capture the bigger fish who have their real savings in offshore accounts.

.
PedroDeSapper

User ID: 36225853
United Kingdom
03/17/2013 12:01 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Bullish.

More people will feel safer owning shares of stock than cash in their banks now because no government has yet threatened to confiscate people's stock accounts.

Watch for more European savers to convert cash to shares in blue chip stocks like Apple and Facebook.

Then you go up the demand curve for equities and breathe a little new life into this tired bull market.

As they say, "Don't fight the Fed" (or IMF)

So...bullish.
 Quoting: visible hand 30728507


Facebook? Blue chip?

Yeh, well, good luck with that. You don't get paid for your financial wisdom, do you?
Anonymous Coward
User ID: 9204853
United States
03/17/2013 12:03 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Bullish.

More people will feel safer owning shares of stock than cash in their banks now because no government has yet threatened to confiscate people's stock accounts.

Watch for more European savers to convert cash to shares in blue chip stocks like Apple and Facebook.

Then you go up the demand curve for equities and breathe a little new life into this tired bull market.

As they say, "Don't fight the Fed" (or IMF)

So...bullish.
 Quoting: visible hand 30728507


Then they pull the plug on the markets and walk us right in to the globalists wet dream.......global electronic currency.

An EMP or massive solar flare can't get here soon enough.
Pathaka

User ID: 19009045
Finland
03/17/2013 12:04 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Take it or leave it! (meaning staying in the Eurozone - aka Euro currency)

[link to greece-salonika.blogspot.com]

bump for doom
 Quoting: Anonymous Coward 36037348


The CDS figure was notional, not net. Also the size of the banking sector (even though it's huge compared to GPD) is miniscule. GER/FR/ITA/ESP could have taken it easily.

That's why the politicians in Cyprus buckled.

It was a 10% haircut on deposits or 40% to 50% (some say even up to 60%) devaluation of all savings via exit from euro.

They took the road of less imminent pain, hence 10% deposit cut.
Pathaka
Cocorito90

User ID: 28952191
San Marino
03/17/2013 12:07 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Take it or leave it! (meaning staying in the Eurozone - aka Euro currency)

[link to greece-salonika.blogspot.com]

bump for doom
 Quoting: Anonymous Coward 36037348


The CDS figure was notional, not net. Also the size of the banking sector (even though it's huge compared to GPD) is miniscule. GER/FR/ITA/ESP could have taken it easily.

That's why the politicians in Cyprus buckled.

It was a 10% haircut on deposits or 40% to 50% (some say even up to 60%) devaluation of all savings via exit from euro.

They took the road of less imminent pain, hence 10% deposit cut.
 Quoting: Pathaka


knowing that Euro IS the problem, this is a dumb step....
Bluebird

User ID: 27748381
United States
03/17/2013 12:56 PM

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Re: EU - Cyprus confiscating 10% of all bank depositors money
wow

so they are outright stealing peoples money now?

holy shit
 Quoting: ^TrInItY^


I can't belive this!! So sick!!
I wonder if it will be like a forrest fire and spread to other europeantour countries...
 Quoting: Limpan




And yet we STILL have Europeans coming on here and lecturing us and telling us how much better things are in the good ole EU! And how the USA is doomed and they are not and everything is rosy there.

Make me wonder if they even know what's going on right under their noses.
One of the most important aspects of conspiracy theories is being able to discern when there isn't one.

Oh yeah, like you'd understand anyway.

Where are we going and why am I in this handbasket?. . .J. Handy
Anonymous Coward
User ID: 6685296
United States
03/17/2013 01:10 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
And so it begins.... All Cyprus banks this weekend have frozen electronic transfers while a bailout is brought in. There will be a "bank holiday" on Monday and then on Tuesday, March 19th, 10% of every bank depositors savings will be taken and transferred to the central planners and central banksters.

[link to www.telegraph.co.uk]
 Quoting: Anonymous Coward 25720208


UP TO 10%. No details were offered. AND it ALSO mentions that more than HALF of the accounts in Cyprus were from Russian investors, NOT Cypriot citizens.



.
2012Portal
2012Portal - The Mayan Calendar

User ID: 566027
Netherlands
03/17/2013 01:25 PM

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Re: EU - Cyprus confiscating 10% of all bank depositors money

 Quoting: Anonymous Coward 35172780


Good video on the scene.

Guy showed up with his BULLDOZER to make it clear he wanted a full deposit. WOW!
Mayan Calendar and 2012-
From the love of power to the power of Love -
[link to 2012portal.myfeedportal.com]
2012Portal
2012Portal - The Mayan Calendar

User ID: 566027
Netherlands
03/17/2013 01:29 PM

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Re: EU - Cyprus confiscating 10% of all bank depositors money
Russia *must* be pissed about this.

Hence, was this move, just last week, a primer?

"Moscow: Russian President Vladimir Putin has signed a law banning foreign banks from opening branches in the country, the government website said."

[link to zeenews.india.com]
Mayan Calendar and 2012-
From the love of power to the power of Love -
[link to 2012portal.myfeedportal.com]
Anonymous Coward
User ID: 36371613
Brazil
03/17/2013 01:30 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
It seems Fernando Collor lessons are spreading to the world!


ana
Anonymous Coward
User ID: 36185381
Greece
03/17/2013 01:31 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
So the President in Cyprus allowed banks to confiscate 10% of all bank depositors including the accounts of the russian mafia????
So Mr president you are going to steal money from the Russian Mafia and expect to get away with it??? I wouldn;t want to be in your shoes mate......
Watch this before you make up your mind.....
[link to www.youtube.com]

hiding
Anonymous Coward
User ID: 36355797
United Kingdom
03/17/2013 01:39 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
This is a shot across the bows of Italy.

A warning of what is going to happen if they don't get there shit together.

Cyprus is a minnow of Europe, if it pulled out of the Euro it doesn't bother anyone.

Italy is the one to watch.
Thats the one that will cause the problems, and the eventual avalanche that will take Spain Portugal and Ireland with it.

The Spanish, Italians, Portuguese and the Irish need to get themselves down to their bank, and get their money out ASAP.

It is coming to a bank near you.
Anonymous Coward
User ID: 35346996
United States
03/17/2013 01:44 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
And so it begins.... All Cyprus banks this weekend have frozen electronic transfers while a bailout is brought in. There will be a "bank holiday" on Monday and then on Tuesday, March 19th, 10% of every bank depositors savings will be taken and transferred to the central planners and central banksters.

[link to www.telegraph.co.uk]
 Quoting: Anonymous Coward 25720208


Not enough. They should have started with 20%.
Jefiner

User ID: 35583797
United States
03/17/2013 01:50 PM

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Re: EU - Cyprus confiscating 10% of all bank depositors money
This is a shot across the bows of Italy.

A warning of what is going to happen if they don't get there shit together.

Cyprus is a minnow of Europe, if it pulled out of the Euro it doesn't bother anyone.

Italy is the one to watch.
Thats the one that will cause the problems, and the eventual avalanche that will take Spain Portugal and Ireland with it.

The Spanish, Italians, Portuguese and the Irish need to get themselves down to their bank, and get their money out ASAP.

It is coming to a bank near you.
 Quoting: Anonymous Coward 36355797



This. I'll be watching the Italian financials tomorrow.
<0>
User ID: 36373950
France
03/17/2013 01:56 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
just to get another perspective...

I have had contact with a family since april 2012.

they expressed interest in a house my family has for sale in southern france for around 300,000 euros.

this guy, english, who had previously owned a villa and sold it in cyprus, was a ROYAL pain in the ass. he came over to france for two viewings and needed help in finding and getting a haircut for fucks sake... in the LAND of hairdressers. total out of touch loser with a big opinion of himself.

anyway he loved himself to bits and couldnt resist telling us that he had sold his piece of shit villa in cyprus and had 300 grand sitting in euros in a cypriot bank earning him fat interest and how we should all bow down and worship his financial wisdom ra ra ra

so he eventually makes an offer on the property (having written the MOST pathetic email dragging in stuff like how by offering this amount he would have to deprive his 7 year old daughter's eventual college fund and shit like that) and we negotiate him up a little bit and he agrees and accepts. all good.

pretty much immediately after accepting he starts back peddling and being non committal and basically fucking us around, eventually he cites 'an illness in the family' and pulls out leaving us high and dry.

so fast forward until today, that amazing cyprus bank account has been raped and ravaged by brussels and he is PISSING and MOANING on twitter in the most extreme fashion... it's almost worth the hassle of knowing him. he is SO butthurt right now. declaring war on cyprus etc.. LOLZ

EPIC fail mate, you got FUCKED!

treat people better you horrible, self important man and maybe next time it won't bite you so hard when it comes around like it ALWAYS does.


AHAHAHAHAHHAHAHAHAHAHAHAHHAHAHHAAAAAAAAAAAAAAAAAA!!!!!!!!!!!!​!
Anonymous Coward
User ID: 29165335
Slovenia
03/17/2013 02:11 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
.

The vote has been postponed until Monday.

[link to www.huffingtonpost.ca]



.
 Quoting: Anonymous Coward 18850150


got a call from putin that scared shit out of them.
Anonymous Coward
User ID: 35910891
United States
03/17/2013 02:12 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
Ultimatum from Germany to Cyprus:

Take it or leave it! (meaning staying in the Eurozone - aka Euro currency)

[link to greece-salonika.blogspot.com]

bump for doom
 Quoting: Anonymous Coward 36294072


Ultimatum from Cyprus to Germany:

Your banks are screwed if we default and they have to pay all that lovely CDS..

Seems like the Cypriot PM just rolled over and let Mutti do what she wanted.
 Quoting: Anonymous Coward 36037348

dream on!
lmao
the bail out of the southern crooks has to stop NOW.
 Quoting: Anonymous Coward 36365054


I'm not dreaming, mate... there's 10x the CDS out there compared to the bonds that will be defaulted on. And guess who will pay out on that CDS? Well, Deutsche Bank comes to mind....
 Quoting: Anonymous Coward 36037348


Take JPM for instance. They have a 50 to 1 levered balance sheet. To write off or rupudiate one dollar they would have to print $49 new ones. Not gonna happenrockon
Anonymous Coward
User ID: 36374477
United States
03/17/2013 02:22 PM
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Re: EU - Cyprus confiscating 10% of all bank depositors money
And so it begins.... All Cyprus banks this weekend have frozen electronic transfers while a bailout is brought in. There will be a "bank holiday" on Monday and then on Tuesday, March 19th, 10% of every bank depositors savings will be taken and transferred to the central planners and central banksters.

[link to www.telegraph.co.uk]
 Quoting: Anonymous Coward 25720208


Cyprus is an off shore banking shelter.

The 9.9% charge is for depositors over 100,000 Euros.

There is a 6.75% below 100,000 Euro.

The idea that they are going after money laundering depositors is an excuse.

Meanwhile all other depositors get hit with a 6.75% charge.

Who is the thief?

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