Skip to comments.Cyprus likely to go ahead with deposit tax
Posted on 03/21/2013 9:45:07 PM PDT by Kartographer
That provoked a threat from the ECB that it would cut off emergency lending to banks in Cyprus, with effect from next Monday night.
The government of Cyprus is now trying to come up with an alternative plan, more palatable to parliament, before the ECBs deadline.
On Thursday, reports emerged that Cyprus Popular Bank PCL also known as Laiki Bank will be split into a good bank and bad bank to avoid bankruptcy.
Bank deposits totaling 100,000 or less, would also be protected, according to Cyprus central-bank Gov. Panicos Demetriades. Still, that implies that deposits of more than 100,000 would be subject to a deposit tax. Read: ECB tells Cyprus to strike deal by Monday or else
(Excerpt) Read more at marketwatch.com ...
why even bother with a vote?
Take a good look at this. This is the wealth tax that is every liberal wet dream. It will be proposed here before long. It is also communist/socialist to the core.
Remember this in our next election and make sure we do not let the liberals ever again control both houses of congress and the white house.
Have they considered a withdrawal tax? Take to money out Tuesday (or whenever/if ever the banks open) and you get hit with the tax. Keep it in until the crisis is over and you might get 100% back. Otherwise you are setting up a situation where customers are in the same financial position at far less risk by staging a run on the bank first thing when it opens.
That’s brilliant! :-)
U iz smart....
My attitude would be if I leave my money in the bank, I might lose it all. And they do not have FDIC. I want my money and I want it now.
The failure of Free Trade Communist Globalism just continues on
Cyprus should just tell the EU to stick it....if they cave now to a deposit tax....the EU will want more later
I mentioned this to my 18-year old son about the banks closing and the tax. Then asked him “So what do you think will happen when they open the banks?”
“Everyone will go down and take out their money.”
I then asked my 15 year-old daughter in the other room.
“Everyone will get their money out. And then the banks will go out of business.”
My daughter gets REALLY mad when she sees how stupid people are.
Most Cypriots believe somewhere in the final set of rules, hours before they reopen (might be Tuesday....but I’m betting it could be as late as next Friday)....there’s going to be a rule where you can’t take more than a certain amount of your money out of the bank per week.
From yesterday, the Turkish side of the isle...unaffected by this mess...came and offered an interesting deal. They’d fund the Greek Cypriot folks with seven billion Euro. They’d like to bring isle back into one group (like it was before 1973). So far, their deal has been probably the best situation for everyone....but they hate the Turks.
the Eee-eeeww needs to force Cyprus into submission so they can set a precedent to use in the next target- maybe Slovenia (major bank failures pending)
and yo Greece, what up?
You guys better stop applauding the Cypriot resistance and BOHICA. All your base are belong to Germany
The only thing differing from Greece and Cyprus...is Russian billionaire involvement. The real potential loser in Cyprus are Russians. When the smoke and dust settles...half their capital is likely gone...forever. Toss in a few dead bankers and a political figure or two as retribution...then the Cypriot cops finally get tough and toss the Russians off the isle. That’s the only outcome I see in the end.
One hint....when the Russian billionaires leave....where do they go, and how many years before that next banking sector is compromised? You can already start the clock on this one. Five to seven years....another major country failure will occur.
interesting question, where DOES the Russian new money (old KGB and mafia) go if they leave Cyprus?
perhaps the Cyprus gas fields have enough possibility that the Russians will strike a deal to take them in return for a bog loan, then just go ahead and buy Cyprus instead of renting it
You know what they say- you owe the bank $100,000 and it owns you. You owe the bank $100 Billion dollars, and you own it
I don't believe Russian money drove this issue at all. This stuff about Russian mob money is a distraction.
If it did, consider the crap going on with US banks.
...that didn't make me feel better about this, either.