Posted on 03/16/2013 8:04:24 AM PDT by DeaconBenjamin
“Since most of the depositors are probably communists too, and don’t mind taking their “fair share” from the other guy, this is at least one way to make sure everyone has some skin in the game.”
Only if they’re 1. first in line with 2. already insulated assets.
Silly Russians. They deposit their money in Cyprus expecting the rule of law to govern the EU.
This is going to have much bigger effect than people think.
Shake the confidence of depositors across europe, maybe take down the Euro itself.
And is Russia going to do nothing with the seizure of their huge oligarch money in this bank, I doubt it. This is not so different from Chavez “nationalizing” and seizing foreign investor money without compensation.
Guess the bond holders didn’t lose anything, they just went after the depositors
“Guess the bond holders didnt lose anything, they just went after the depositors”
Right out of the former Gov. of N.J. playbook, and calling it a “Roberts.”
All con-securities, in a priced up communist protection global protection recovery propaganda con.
Depositors fear a default because they might lose their money.
How does the government removing all doubt help allay that fear?
They’re going to be happy that they theoretically didn’t lose as much as they would have lost otherwise? Complete conjecture.
Something tells me that there will be a next time, too, and far sooner having permitted this legalized theft than ever would be the case with the booms and busts of the business cycle.
Popcorn in the microwave. This will be fun. There will be a lot of PO’ed Russians.
BTTT
FReepers aren’t paying enough attention to this.
Bankers and German politicians just stole 10% of your bank account balance.
I guess they don’t think it could ever happen here.
IRAs, 401Ks, Cds, bank and savings accounts... MINUS TEN PERCENT In THE COVER OF NIGHT
ATMs “out of order” for the weekend and holiday Monday.
Going to be a joyous holiday...if you’re a Euro banker.
“...IRAs, 401Ks, Cds, bank and savings accounts... MINUS TEN PERCENT In THE COVER OF NIGHT...”
Stoke of a pen and it’s gone....just like that! It’s only a matter of time before they do it. They cannot sustain “their communist utopia” without it. And once they do it, the trust and integrity of the system will instantly vaporize, both domestically and internationally. The collapse will undoubtedly follow, especially when the Chinese call for their money.
The comments...
As numerous comments allege...you know the cronies snuck their money out ahead of this.
If you’re an 81 year old grandmother with €371 in the bank...not so much.
Seems to me the best precaution to this would have been to never put your money in a bank, but to keep it in your mattress? Serious!
Russians with substantial deposits in Cyprus — even if the money was there as some kind of evasion or safe harbor — aren’t going to take this lying down (unless shooting in the prone position).
Well, until the FBI burns your house down, yes.
“Tax on interest will amount to between 20 and 25 percent.”
“...As numerous comments allege...you know the cronies snuck their money out ahead of this....”
Rest assured, the commies definitely stick together. I suspect a lot of Russian money, along with the domestic elites’ money, was moved out the last couple of days before they did this. This is the kind of stuff that starts riots and revolutions. Doing it by inflation is sneakier, but outright theft like this has the potential to really enrage the “unwashed masses”.
"To each according to his needs....and you obviously don't need all that money."
Maybe they think that because we have a two party system — Marxists and Socialists — this could never happen here LOL
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