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Raid on Cypriot deposits shakes Europeans' faith in savings (9.9% theft by govt)
Reuters ^ | Sun Mar 17, 2013 5:01pm EDT | By Harry Papachristou and Sonya Dowsett

Posted on 03/17/2013 3:32:46 PM PDT by Red in Blue PA

(Reuters) - Europeans' faith in the safety of their savings has been shaken by a levy on Cypriot bank deposits to pay for a bailout, even though there was no sign of a rush to withdraw cash in Madrid or Dublin.

People told Reuters they were angered but unsurprised that politicians should dip into citizens' deposits. And as bankers expressed concern the proposed terms of Cyprus's bailout could unnerve savers elsewhere, some leftist leaders voiced outrage.

Euro zone finance ministers want Cypriots to pay up to 9.9 percent of their deposits in return for a 10 billion euro ($13 billion) aid package. If approved by the island's parliament on Monday, it will be the first time savers have had to foot part of the bill for a European bailout.

(Excerpt) Read more at reuters.com ...


TOPICS: Germany; Israel; News/Current Events; Russia; United Kingdom
KEYWORDS: banks; cyprus; economy; eu; europeanunion; germany; greece; israel; russia; turkey; unitedkingdom
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To: Red in Blue PA

Wont be long before Europe realizes the importance of the 2nd Amendment. And if Dems keep talking about “managing” our 401Ks they too will find out the exact definition of the 2nd Amendment.


21 posted on 03/17/2013 3:52:28 PM PDT by avacado
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To: Red in Blue PA

As I understand it, the tax is Germany’s condition for bailing out the Cypriot banks. If Germany doesn’t bail out the banks, what happens to depositor’s money?


22 posted on 03/17/2013 3:54:28 PM PDT by GrootheWanderer
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To: Red in Blue PA
Sadly, if this happens here 75% of people will meekly go along with it. Some republican pols will bluster, but do nothing. Only the people who don't have their cash tied into the theoretical electronic-credit system will be safe.

Them, and the EBT card people.

23 posted on 03/17/2013 3:55:49 PM PDT by Wyrd bi ful ard (Gone Galt, 11/07/12)
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To: Jack Hydrazine
You'll never grow old and never die.

... but you must feed.

24 posted on 03/17/2013 3:58:45 PM PDT by skeeter
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To: GrootheWanderer

I wonder if the politicians there are subject to this same tax on their accounts? My guess would be no.


25 posted on 03/17/2013 4:00:24 PM PDT by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: GrootheWanderer

If Germany didn’t bail out Cyprus’ banks, it would have likely led to a systemic banking failure. And then the Cypriots would’ve had bupkis.

There were two big banks on the verge of insolvency, and the Central Bank of Cyprus couldn’t have bailed them out. If those two went, well.........that’s that. Game over for Cyprus, at least the Southern part of it.


26 posted on 03/17/2013 4:00:29 PM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
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To: Red in Blue PA

CW2 will not solve the problem, but if it does happen, let them carry the responsibility with their very lives.

Once our money is wasted by our politicians, there won’t be anything left to bury our remains.

Send them the bill for the funeral expenses. LOL.


27 posted on 03/17/2013 4:00:47 PM PDT by 353FMG ( I refuse to specify whether I am serious or sarcastic -- I respect FReepers too much.)
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To: AnAmericanAbroad

The ones who save their money are not the ones who cause the debt crisis and welfare state! What don’t you understand?


28 posted on 03/17/2013 4:03:32 PM PDT by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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To: avacado

Europe doesn’t have one, and our ‘POLITICIANS’ want to take it away from us.


29 posted on 03/17/2013 4:08:44 PM PDT by 353FMG ( I refuse to specify whether I am serious or sarcastic -- I respect FReepers too much.)
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To: Nateman
FRiend, Gold would have to rise by at least 500% before it enters the lower bound of being fairly priced, never mind being in bubble territory.

For Silver: triple that number to 1500%.

Right now the prices of Precious Metals (PMs) are heavily suppressed. They are direct currency crosses. Their prices cannot be allowed to rise naturally or the Fed's three bubbles - bonds, stocks and the current purchasing power of the dollar - will collapse.

Nevertheless PMs are inexorably going to rise in price. Economic reality cannot be stopped, only delayed. The Fed is pushing against a steamroller and is going to get crushed.

Hope this is helpful.

30 posted on 03/17/2013 4:09:32 PM PDT by agere_contra (I once saw a movie where only the police and military had guns. It was called 'Schindler's List'.)
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To: Red in Blue PA
Raid on Cypriot deposits shakes Europeans' faith in savings

Gee, ya think?

31 posted on 03/17/2013 4:10:11 PM PDT by dfwgator
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To: Red in Blue PA

The Cypriots don’t have a lot of alternatives open to them at this stage in the game.

They could always allow themselves to go bankrupt...it’s an option, if a painful one. They could go back to the Cypriot Pound, with an immediate devaluation of 40 to 50%. It would make vacationing there a lot cheaper, that’s for sure.

They could sell off the southern part of the island to the Russians. They’d be happy to buy it, I’m sure.

Maybe they could just let Turkey take over the rest of the island. Turkey’s in good shape, economically speaking.

Cyprus is bust. I know it’s not the fault of the ordinary man-in-the street for their situation. I don’t envy their situation, to put it mildly. They’re damned if they do, and damned if they don’t. It’s an economic Kobayashi Maru, to use a Star Trek analogy. The no-win scenario.


32 posted on 03/17/2013 4:12:30 PM PDT by AnAmericanAbroad (It's all bread and circuses for the future prey of the Morlocks.)
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To: GeronL
didn't that crook from Jersey...the ex governor in charge of an investment firm...I think MLGlobal....didn't he just abscond with all the investors money to pay someone else off?....and didn't the govt let him do it?....

this govt does not stand up for anyone but its cronies...

33 posted on 03/17/2013 4:14:58 PM PDT by cherry
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To: Nateman

Canned goods. Shotgun shells and canned goods.


34 posted on 03/17/2013 4:15:16 PM PDT by Eleutheria5 (End the occupation. Annex today.)
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To: Nateman

I’m thinking about land. If all falls apart, and you have the means to protect your property, at least you can grow your own food.


35 posted on 03/17/2013 4:17:36 PM PDT by pieceofthepuzzle
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To: Nateman

I’m thinking about land. If all falls apart, and you have the means to protect your property, at least you can grow your own food.


36 posted on 03/17/2013 4:17:36 PM PDT by pieceofthepuzzle
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To: Vince Ferrer

S&P Futures are also trading and are down 16.4. This may be the catalyst for the market correction.


37 posted on 03/17/2013 4:19:24 PM PDT by freedom1st
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To: Red in Blue PA

“...If this happens here, prepare for CW2....”

The sock puppet is planning on it. Rest assured. That’s why he needs that standing domestic army that just purchased all those hollow point bullets.
It’s not “IF”, it’s WHEN!!! Anyone with half a brain can see it coming.
I don’t have much, but I’ll be at the door when the bank opens first thing in the morning and pulling it out. Screw FDIC, the Fed, Obama and the rest of their sorry asses. I worked too hard for it and it’s not drawing hardly interest in there anyway. I’ll take my chances with it in my own hands.


38 posted on 03/17/2013 4:19:30 PM PDT by lgjhn23 (It's easy to be liberal when you're dumber than a box of rocks.)
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To: Red in Blue PA

So, the government taxed 60-70% of their incomes (including a lot of non-revenue producing bureaucratic jobs) so they net 30-40% then they take 10% of that....?

Socialism is a AAA team out outright Marxism.


39 posted on 03/17/2013 4:25:07 PM PDT by wac3rd (Somewhere in Hell, Ted Kennedy snickers....)
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To: pieceofthepuzzle

I was thinking about land. After reading this story, I am thinking of an island.


40 posted on 03/17/2013 4:25:25 PM PDT by Red in Blue PA (When Injustice becomes Law, Resistance Becomes Duty.-Thomas Jefferson)
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