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Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?

 
Anonymous Coward
User ID: 1385276
United States
03/17/2013 11:46 AM
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Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down? What, did they just tap people's accounts?
Anonymous Coward
User ID: 20566260
United States
03/17/2013 11:48 AM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down? What, did they just tap people's accounts?
 Quoting: Anonymous Coward 1385276


[link to www.thedailybeast.com]

What happened:

As you probably already know by now, the banking system of Cyprus has imploded, and Europe has stepped in to provide, not a "bail-out", but a "bail-in": the banks get a capital infusion, but the depositors have to take a haircut, losing between 7-10% of the value of their bank account. That's not exactly what they're calling it, of course; it's a "special bank levy" of 6.75% on accounts up to 100,000 (the limit for deposit insurance) and about 10% on accounts above that limit.

The depositor haircuts seem to have been necessary to get political support for the deal in the EU--and political support in the EU was necessary because Cypriot banks had assets somewhere in the neighborhood of 8 times the Gross Domestic Product of Cyprus. And just to bring it full circle, the banking system had grown to such grotesque, hypertrophied proportions because Cypriot bank accounts seem to be a favorite of tax-dodging Russian oligarchs . . . which is why it was politically necessary to give depositors such a large haircut.

Why it's bad

Deposit insurance is the one way we know to stop a bank run. Oh, the government can say that this was a one-time thing, but once you've broken your promise once, what's to stop you from doing it again? It's bad enough to slam middle-class savers in order to put a smaller levy on Russian oligarchs, but it's insane to do so when you're actually making it less likely that your bank bail-in will succeed. And at this point, the whole scheme is looking extremely shaky.

It's foolish for Europe, too. If Cyprus had done this on its own, the country would be in trouble, but the rest of the world would just emit a bemused sigh and move on. Now, however, this plan has the imprimatur of the EU stamped on it--and so people are going to be looking hard at other European banking systems. Which other nations' depositors might have to take a similar haircut in the future?
Anonymous Coward (OP)
User ID: 1385276
United States
03/17/2013 11:52 AM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down? What, did they just tap people's accounts?
 Quoting: Anonymous Coward 1385276


[link to www.thedailybeast.com]

As you probably already know by now, the banking system of Cyprus has imploded, and Europe has stepped in to provide, not a "bail-out", but a "bail-in": the banks get a capital infusion, but the depositors have to take a haircut, losing between 7-10% of the value of their bank account. That's not exactly what they're calling it, of course; it's a "special bank levy" of 6.75% on accounts up to 100,000 (the limit for deposit insurance) and about 10% on accounts above that limit.
 Quoting: J&V


wow. thanks

the banksters have been pulling the strings and manipulating humans for thousands of years as i understand it.

and globalism just makes the potential of evil as great as it gets.

i can't wait till the day when we evolve past this shit.
Anonymous Coward
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United States
03/17/2013 11:53 AM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Your welcome hf
Anonymous Coward
User ID: 35910891
United States
03/17/2013 12:03 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
The IMF pushed it onto the gov of cyprus so that they (IMF and the EU) wouldn't have to print up a bunch of Euros to bail out the banks of cyprus itself.

This will envolk a firestorm watch !
Anonymous Coward
User ID: 1404507
United States
03/17/2013 12:06 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Yeah....you would have thought they sell all their cypress trees for money first before asking for the bailout....
Anonymous Coward
User ID: 6685296
United States
03/17/2013 12:13 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down?
 Quoting: Anonymous Coward 1385276


Right, that's NOT what happened.



.
SteamrolledGobias

User ID: 15716609
United States
03/17/2013 12:20 PM

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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
The IMF pushed it onto the gov of cyprus so that they (IMF and the EU) wouldn't have to print up a bunch of Euros to bail out the banks of cyprus itself.

This will envolk a firestorm watch !
 Quoting: Anonymous Coward 35910891


bump
Anonymous Coward
User ID: 14408911
United States
03/17/2013 12:38 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down? What, did they just tap people's accounts?
 Quoting: Anonymous Coward 1385276


The government giveth and the government taketh away. The people love getting the government handouts but don't care how they get paid for. This is like a reality check for them I'm sure.
Anonymous Coward
User ID: 36181764
Canada
03/17/2013 12:40 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down? What, did they just tap people's accounts?
 Quoting: Anonymous Coward 1385276


You have not got it quite right. The EU ordered the government of Cyprus to do it.
Anonymous Coward
User ID: 36237080
United States
03/17/2013 12:46 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
:Oarrogant:


"What's this you say?... Barry likes...."
SteamrolledGobias

User ID: 15716609
United States
03/17/2013 02:00 PM

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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down? What, did they just tap people's accounts?
 Quoting: Anonymous Coward 1385276


You have not got it quite right. The EU ordered the government of Cyprus to do it.
 Quoting: Anonymous Coward 36181764


EU or IMF? I havent read everything but I noticed IMF mentioned a few times
Anonymous Coward
User ID: 331367
Austria
03/17/2013 02:05 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Or is that not exactly what went down? What, did they just tap people's accounts?
 Quoting: Anonymous Coward 1385276


[link to www.thedailybeast.com]

As you probably already know by now, the banking system of Cyprus has imploded, and Europe has stepped in to provide, not a "bail-out", but a "bail-in": the banks get a capital infusion, but the depositors have to take a haircut, losing between 7-10% of the value of their bank account. That's not exactly what they're calling it, of course; it's a "special bank levy" of 6.75% on accounts up to 100,000 (the limit for deposit insurance) and about 10% on accounts above that limit.
 Quoting: J&V


wow. thanks

the banksters have been pulling the strings and manipulating humans for thousands of years as i understand it.

and globalism just makes the potential of evil as great as it gets.

i can't wait till the day when we evolve past this shit.
 Quoting: Anonymous Coward 1385276


Just hang them and let them rot from the ropes.

Works fine with keeping crows away, so a bit more intelligent human thieves should get the idea too.
Free Planet
User ID: 36373291
United Kingdom
03/17/2013 02:18 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Argentina2001-style banking crime has worked before, it'll work again.

:)
Anonymous Coward
User ID: 36362608
Switzerland
03/17/2013 02:23 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Watch this animated version of how central banks work, then you will understand everything my young friend:

Anonymous Coward
User ID: 3571320
United States
03/17/2013 02:54 PM
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Re: Do i understand this right?... Gov't of Cypress just decided to TAKE money from citizens' accounts?
Remember that old saying" possession is nine tenths of law"? Well it IS true. If it is in the bank you technically loaned it to them. Yes, they can take it for their own debts good luck on getting any of it back though.

Coming to America sooner rather than later.

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