Atilla
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Bailout levy
Depositors with under 100,000 euros deposited must pay 6.75%
Those with more than 100,000 in their accounts must pay 9.9%
Depositors will be compensated with the equivalent amount in shares in their banks
The levy is a one-off measure
This is a good idea.
Instead of big G bailout this is what should have been done here.
What's all the big noise about.
How much interest were all those savings earning?
Instead here in the UK shareholders get paid off and tax payers end up owning national debt.
Capitalism as well as politics of government is all theft.
Depositors with under 100,000 euros deposited must pay 6.75%
Those with more than 100,000 in their accounts must pay 9.9%
Depositors will be compensated with the equivalent amount in shares in their banks
The levy is a one-off measure
This is a good idea.
Instead of big G bailout this is what should have been done here.
What's all the big noise about.
How much interest were all those savings earning?
Instead here in the UK shareholders get paid off and tax payers end up owning national debt.
Capitalism as well as politics of government is all theft.
Atilla
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I'm sure people in the know had plenty of notice to shift monies.
All animals are equal but some more so than others. :clap:
jungles
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only if the stock rises
its more likely to start plummeting and continue doing so for years, perhaps even decades
its more likely to start plummeting and continue doing so for years, perhaps even decades
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Atilla
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Hmm yes but the other side of the coin is banks go bust and they lose it all
Not the ones that can't be allowed to fail
Cyprus's bank debt is 8 times the country's GDP. There is no way that it can avoid accepting Brussels terms.
There are a lot of people in Europe who are going to have to pay this tax on their accounts, not just Brits, but everyone else, otherwise how can there be this 8:1 difference?
I'm very sorry for the Cypriot working class. I see the stick that Spanish people are getting and I know all about it.
It is no good the Brits bleating about Brussels and what should have been done. There, but for the Grace of God, go the rest of us.
Anyone who has money in offshore bank accounts does not have the protection of the British government. They knew that before they went. The Brits did guarantee the British Icelandic bank accounts. Maybe, it will help in this matter, but I would not hold my breath. In any case, what would the average British taxpayer have to say about it?
There are a lot of people in Europe who are going to have to pay this tax on their accounts, not just Brits, but everyone else, otherwise how can there be this 8:1 difference?
I'm very sorry for the Cypriot working class. I see the stick that Spanish people are getting and I know all about it.
It is no good the Brits bleating about Brussels and what should have been done. There, but for the Grace of God, go the rest of us.
Anyone who has money in offshore bank accounts does not have the protection of the British government. They knew that before they went. The Brits did guarantee the British Icelandic bank accounts. Maybe, it will help in this matter, but I would not hold my breath. In any case, what would the average British taxpayer have to say about it?
new_trader
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UK citizens have had 5%+ of their savings (and purchasing power) confiscated each year via the inflation tax. However, if you talk to most people about inflation all you get from them is a dumbass vacuous expression as their mind thinks... "DUHHHH, WTF are you talking about?" A direct tax on savings like the one proposed is more honest and more obvious which is why U.K Politicians will avoid it...A stealth tax like inflation goes over the head of most people...they think fiat money is great.
That could be true, except that Rajoy knows, only too well, what the consequences of a bailout would be. That is why we have over 5 million unemployed, because he is trying to go it alone. He got the Spanish bank debt separated and financed by Europe, which was a big help, but the Cyprus bank debt is 8:1 to GBP.That he may not succeed is on the cards, the socialists hope that he won't. They would, wouldn't they? But, at least, he is sticking to his guns.
It seems to me that the Brits are relishing the prospect of the Euro going bust but they are not looking at the mighty pound, which is gradually coming down to a par with the Euro. I know, because my British pension pot is getting smaller. Nothing that a bit of QE cannot cure.
Time to stock up (on some more) gold, or fine art etc. Fiat money
Buying a case of sardines might be an idea, too.
Atilla
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Or can of beans.
Or even some land to grow your own.
Who has recently bought the whole can of Heins?
Hmm now it's beginning to make sense.
counter_violent
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Hoggums
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Bailout levy
This is a good idea.
Instead of big G bailout this is what should have been done here.
What's all the big noise about.
How much interest were all those savings earning?
Instead here in the UK shareholders get paid off and tax payers end up owning national debt.
Capitalism as well as politics of government is all theft.
Seriously Atilla? You think taxing the people who are keeping the banks afloat is the right thing to do?
What if you'd sold you house on Friday and found out this weekend that you are losing 10% of that money you were going to use to complete on a house on Monday - leaving you tens of thousands short. Would you still think it's fair?
It's political suicide for sure, as just about everyone in the country will be affected if they have a bank account with a positive balance, no matter how small.
And I now fear that this will bring on the collapse of cypriat banks as people withdraw and move their funds to off-shore banks to prevent it happening again. It could end up with a nasty chain reaction across the euro-zone.
counter_violent
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Next wave of runs on european banks starts now.
L
Liquid validity
Autumn 2011 deja vu
Atilla
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Which bank will they deposit their monies in Europe with? Issue is one of confidence. I reckon European banks reserves should bulk up somewhat then. That's a positive. No chain reaction to be expected imo.
I'd like to know what is happening to the Russian money that was living the high life in Cyprus??? No mention of the Russian money! Any ideas?
Collectively everyone surely made money during the good times and now they pay during the bad times.
Much ado about nothing... Good times ahead. Let's fix it with one stroke and let the good times roll.
Buy!
