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Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves

 
Anonymous Coward
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03/18/2013 10:13 AM
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Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Fears Emerge Over Impact of Cyprus Bailout

Jon Mawby, senior portfolio manager at GLG Partners, said: "In the medium term this could be one of the key policy errors of the entire crisis, affecting the reaction functions of populations across Europe."

Chris Iggo, chief investment officer in global fixed income at Axa Investment Managers, said: "The potential for a complete loss of confidence in the financial system is huge."

"You can imagine some career euro bureaucrat thinking 'We tried that in Cyprus and it seemed to work; let's try it in Portugal,'" he said.

Marcus Ashworth, head of fixed income at Banco Espirito Santo, said the plan was "quite unnecessary" and not worth the EUR7 billion saving for core euro-zone countries.
"They've breached a huge taboo for a relatively small amount of money in the scheme of things,"

"The real test of the Cypriot package is going to be how depositors in the weaker peripheral countries now react. I think this could be something the politicians have sorely underestimated," he said.

"Expropriation of depositors is an aggressor act, so one should expect retaliation," wrote Ashworth in a note earlier today.

[link to online.wsj.com]
JUST HERE

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03/18/2013 10:14 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
bump
:glp sign:
Anonymous Coward (OP)
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03/18/2013 10:17 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
This was a move that spurs fear, uncertainty and lack of trust. It's unacceptable.

Thanks for Pin!
Anonymous Coward
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Indonesia
03/18/2013 10:19 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
maybe this will cause interest rates to rise
Anonymous Coward
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03/18/2013 10:20 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
is this it? should I go to sea until the rednecks get the advantage? wtf does this mean?
Anonymous Coward
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03/18/2013 10:21 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Fears Emerge Over Impact of Cyprus Bailout

Jon Mawby, senior portfolio manager at GLG Partners
 Quoting: Anonymous Coward 36375982


Did a double-take... thought that said "GLP Partners".
Anonymous Coward
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Hungary
03/18/2013 10:22 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
this is what happens when an institution such as the EU has communist in the highest positions.
communism started like this
Anonymous Coward
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03/18/2013 10:22 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Obama is monitoring the situation..(to see if he can get away w/ it in the US)
angkory13

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Brazil
03/18/2013 10:24 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
This happened in Brazil years ago.The people lost money,and did nothing.Only what you doing now,blah blah blah.It's a sheep world.
angkory13
Anonymous Coward
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03/18/2013 10:24 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Anonymous Coward
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03/18/2013 10:25 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Some much going on in the whole world

[link to www.dailyjobcuts.com]

hiding
-
-
No More Lies

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03/18/2013 10:25 AM

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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
dominos
Anonymous Coward
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Belgium
03/18/2013 10:26 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Obama is monitoring the situation..(to see if he can get away w/ it in the US)
 Quoting: Anonymous Coward 1379065


Yeah,but first they will confiscate all weapons.
Anonymous Coward
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United States
03/18/2013 10:28 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Obama is monitoring the situation..(to see if he can get away w/ it in the US)
 Quoting: Anonymous Coward 1379065


Yeah,but first they will confiscate all weapons.
 Quoting: Anonymous Coward 36290489


good luck there
American Sith: Darth Shillerus

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03/18/2013 10:29 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
dominos
 Quoting: No More Lies


My thoughts exactly, this may be the domino that starts a cascade effect that reaches the USA in the next 24 months, or so.
(GLP aka American Jedi)

Listen here you beautiful bitch, I'm about to fuck you up with some truth.
Kenny Powers

If you steal the dreams of others long enough, sooner or later you'll end up in a nightmare.
American Jedi

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Satis Eloquentiae, Sapientiae Parum....

"The last of the old?"

"No, the first of the new."
Anonymous Coward (OP)
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03/18/2013 10:29 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Facing outrage, Cyprus' government delayed a parliamentary vote on the seizure and ordered banks to remain shut until Thursday while it tries to modify the deal to reduce the hit on people with small deposits.

Several hundred people gathered outside the vacant parliament building, with some chanting "thieves, thieves."

"We're very angry, betrayed, hurt and extremely disappointed," said protester Andriana Constantinou.

"The damage is done," said Louise Cooper, who heads financial research firm CooperCity. "Europeans now know that their savings could be used to bail out banks."

The euro and stocks around the world took a hit even though the Cypriot economy accounts for only 0.2 percent of the combined output of the 17 European Union countries that use the currency.

While trying to make the package more appetizing for those with low savings, the government has to make sure that the total raised remains the same at 5.8 billion.

One solution doing the rounds is to make the tax more graduated: placing a one-time 3 percent levy on deposits below 100,000, rising to 15 percent for those above 500,000.

Still, the government has a battle to get a majority in the 56-member Parliament after some 25 lawmakers from communist AKEL, socialist EDEK and the Green party said they would vote down the levy that they have criticized as disastrous.

The decision by Cyprus' 16 partners in the eurozone and the International Monetary Fund marks a significant shift in the way the debt crisis is being addressed. It is the first time that savings have been touched in a financial bailout. While it is not expected to cause a run on banks in Italy or Spain, it may make savers more likely to withdraw their funds.

"This sets a worrying precedent for Spain and Italy, but doesn't make widespread bank runs imminent," said Dario Perkins, an analyst at Lombard Street Research.

Cypriot authorities said they had no choice in the matter.

Cyprus' government spokesman, Christos Stylianides, accused eurozone countries of using "blackmail tactics" by insisting that if Cyprus did not raid savings accounts, it would have to immediately shut down the country's top two lenders.

Another reason for the raid is that Russian money accounts for a large part of the banks' deposits. An estimated 20 billion ($26.17 billion) of Russian money sits in Cypriot banks, part of it thought to be linked to money-laundering. European officials were loathe to give Cyprus bailout loans to protect those Russians' savings.


Read more: [link to www.sfgate.com]
Anonymous Coward
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03/18/2013 10:29 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
you posted a link that people need to pay to view the article.

AND they have advertisments.

FUCK THAT NOISE.
Anonymous Coward
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03/18/2013 10:30 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
.

The interest most banks pay has been lowered to almost nothing.

A bank tax like this is akin to a negative interest rate.



.
Sleeping Giant16

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03/18/2013 10:30 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Why would anyone have any confidence in the bank industry? Seriously? We all see how the FED prints money out of thin air. Interest rates are ridiculously low. There's no point in keeping your money in a bank. Between inflation the increase of cost of living the measly interest rate you get is shadowed by the devaluation of said dollars in your bank account. Smart people would have taken their money out of their accounts as soon as the FED started dropping interest rates and started buying hand held gold and silver. Much better rate of return... Personally i find it easier to hedge on gold and silver than it is stocks... But what do I know.
militia
X
Bucephelus

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03/18/2013 10:31 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
.

This was a move that spurs fear, uncertainty and lack of trust. It's unacceptable.

.
 Quoting: Anonymous Coward 36375982
.


The only difference between Cypress and the US (and rest of the world) is
that it just hasn't to you ... yet.


You people have to understand that the elites see your personal property as
theirs, and your personal body and labor as nothing more than collateral
against which to create more Debt ... just to keep themselves in power.

It's time to wake up, people!!! Time for the revolution against tyranny to begin!

.
Bucephelus
Anonymous Coward
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03/18/2013 10:31 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
apparently this has had no real effect in the USA , why is that?
Anonymous Coward
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Ireland
03/18/2013 10:32 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
I liked a bit from the same link: Euro Zone turning into Twilight Zone. Sounds about right.
Bucephelus

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03/18/2013 10:32 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
apparently this has had no real effect in the USA , why is that?
 Quoting: Anonymous Coward 636900
.

Because the Media is talking about senseless shit, as usual.

.
Bucephelus
Limpan

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Sweden
03/18/2013 10:33 AM

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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Is this Pandora's box opening???

hiding
Bucephelus

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03/18/2013 10:33 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
.


You people have to understand that the elites see your personal property as
theirs, and your personal body and labor as nothing more than collateral
against which to create more Debt ... just to keep themselves in power.


It's time to wake up, people!!! Time for the revolution against tyranny to begin!

.
Bucephelus
Anonymous Coward (OP)
User ID: 36375982
United States
03/18/2013 10:34 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
you posted a link that people need to pay to view the article.

AND they have advertisments.

FUCK THAT NOISE.
 Quoting: Anonymous Coward 31189143


I could read it before just when it got published. They added that ad right after they posted the article. I copied most of it in the original post above.
Anonymous Coward (OP)
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03/18/2013 10:36 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
.

The interest most banks pay has been lowered to almost nothing.

A bank tax like this is akin to a negative interest rate.



.
 Quoting: Anonymous Coward 18850150


Exactly. As if it wasn't enough that people's money was losing value due to inflation and no interest paid on savings. Now they have the audacity to just take from people's savings.
Anonymous Coward
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Spain
03/18/2013 10:37 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
This happened in Brazil years ago.The people lost money,and did nothing.Only what you doing now,blah blah blah.It's a sheep world.
 Quoting: angkory13


THE SAME HAPPENED IN ROMANIA YEARS AGO. THE PEOPLE LOST MONEY, AND MORE THAN 1000 PEOPLE WERE KILLED, MASSIVE RIOTS OCCURRED AND THE PRESIDENT WAS EXECUTED WITH HIS WIFE. YOU CAN'T FUCK AROUND WITH PEOPLE HERE AND EXPECT NOTHING IN RETURN. THERE IS GOING TO BE A MASSIVE PAYBACK, WE JUST DON'T KNOW WHERE&WHEN...

stfu and don't spread ignorance. Europe is not South America and things can get out of control very quickly.

CripplingLies

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03/18/2013 10:37 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
This happened in Brazil years ago.The people lost money,and did nothing.Only what you doing now,blah blah blah.It's a sheep world.
 Quoting: angkory13


I lost a good amount of money, my father too. I know of cases that people shot themselves in despair. But it seems to me, that this case is a little bit different. It could spread like fire pretty quick
Anonymous Coward (OP)
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03/18/2013 10:37 AM
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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Why would anyone have any confidence in the bank industry? Seriously? We all see how the FED prints money out of thin air. Interest rates are ridiculously low. There's no point in keeping your money in a bank. Between inflation the increase of cost of living the measly interest rate you get is shadowed by the devaluation of said dollars in your bank account. Smart people would have taken their money out of their accounts as soon as the FED started dropping interest rates and started buying hand held gold and silver. Much better rate of return... Personally i find it easier to hedge on gold and silver than it is stocks... But what do I know.
militia
 Quoting: Sleeping Giant16


They know that and will go after your gold and silver next. It's been confiscated before.
No More Lies

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03/18/2013 10:38 AM

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Re: Taking Depositors Money to Fund Bailout Packages has broken a Taboo; Risking Worldwide Loss of Confidence In The Banking System & Panic Moves
Is this Pandora's box opening???

hiding
 Quoting: Limpan


yep...and we always said there is no way they will let this fail until THEY pull the plug...well I can not for the life of me see what has happened as anything BUT that....tptb have knocked over the first domino...just don't know how long it will take to destroy the "old system".





GLP