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» Hatrack River Forum » Active Forums » Books, Films, Food and Culture » Cyprus passes one-time 6-10% tax on deposits

   
Author Topic: Cyprus passes one-time 6-10% tax on deposits
James Tiberius Kirk
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http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/

Seems to me that individual accounts would be the last place you'd want to look in order to raise funds for a bailout - could trigger a run on their banks.

quote:

“The best the rest of the world can hope for,” says Neil Irwin, “is that Cyprus’s case is sufficiently unique that it won’t spark panic in Athens and Madrid (or in Lisbon, Dublin and Rome).”

Heh.

[ March 17, 2013, 03:54 PM: Message edited by: James Tiberius Kirk ]

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JanitorBlade
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That is messed up.
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James Tiberius Kirk
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Excuse the source, but he's asking the right question:
quote:
If the European governments can clandestinely expropriate 7 to 10 percent of their hard working citizen's precautionary savings after the close of business on a Friday night, what else are they capable of doing? Why even hold money in a bank account? Are they trying to start a bank run?
http://www.businessinsider.com/zervos-this-is-a-nuclear-war-on-savings-and-wealth-2013-3#ixzz2NqP4b57b

I should add: these are 'insured' deposits we're talking about here.

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Samprimary
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good job guys, i hear you like bank runs
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Mucus
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I hope I can get some cheap Euros.
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aspectre
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Smarter than one might think. Cypress is an offshore banking center. The majority of funds have been deposited by nonCypriots with a LOT to hide. Basicly, the majority of Cyprus' tax on bank deposits to provide earnest money in exchange for the EuropeanUnion's bailout is being paid for with those foreigners' dirty money.
Most of those foreigners can't complain about such "unfair treatment" to their own governments because they can't explain where that money came from: not without incurring financial and legal penalties MUCH larger and MUCH more painful than a mere 10% bite out of their deposit.
Their other alternative is for the EuropeanUnion to allow Cyprus' banking system to collapse; in the aftermath of which, depositors would receive cents on the Euro. So I'd be willing to bet that it's the foreign depositors who've been pushing the hardest for the bailout.

[ March 17, 2013, 11:23 PM: Message edited by: aspectre ]

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Orincoro
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"Smarter than one might think." No. Still dumb.

Of course foreign depositors are pushing for a bailout. But the fact is, you cannot base an economic policy on the impending threat of outright theft.

Cyprus's banking system will collapse now anyway. The haircut it's going to give depositors will be outstripped tenfold by the flow of money out of its banks. Worse yet, this will vastly decrease confidence in Euro investments, and have a toll on the Eurozone banks far higher than a bailout would have had.

So good job Eurozone. Idiots.

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Samprimary
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Cyprus deposit tax whoopa doopa bank run the blee blee a madrid flubbaatee dee rome whoop dee teedly athens.

the eurozone flerpa whoop a doop shoop second subsequent worldwide economic depressing effect. derp a tiddley too.

if i was working in finance in europe right now i'd just be throwing my hands up in the air and going f this, f that, f everything

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