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Up to 60,000 British savers face losing thousands each after £8.7billion EU bailout imposes tax on ALL bank accounts in Cyprus

Submitted by clynbrit on Sat, 03/16/2013 - 21:31

The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island’s crisis-hit banking system.

The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.

BUMP.

Submitted by Cyril on Sun, 03/17/2013 - 18:53. Permalink

BUMP.

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My name's pronounced like "see real". Its root is "Lord".

"The demand of a great people is always at the scale of its most serious misfortunes." --De Gaulle

http://Laissez-Faire.Me/Liberty

3500 British soldiers

Submitted by donvino on Sun, 03/17/2013 - 12:02. Permalink

Based in Cyprus also affected and included in this. They are furious said one soldier.

Where is the British government?

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donvino

This could be setting the public up

Submitted by clynbrit on Sun, 03/17/2013 - 11:26. Permalink

for more to come globally; the greedy transfer of the taxpayer savings to the rich bankers and their friends.

When it all collapses we may all be reduced to the same poverty level with an electronic cashless system.

How long before

Submitted by tsv0728 on Sun, 03/17/2013 - 01:11. Permalink

They freeze accounts throughout the eurozone to prevent widespread bank runs?

Stupid

Submitted by donvino on Sat, 03/16/2013 - 23:34. Permalink

Who would put money in that God foresaken place? Let that be a lesson to people. Obviously the Cypriot gov is criminal to go along with this. The people there should be going ape. Only aa conquered country could possibly receive this kind of treatment. Cyprus is no longer a country imo.

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donvino

ALL Banks at RISK

Submitted by trisport on Sun, 03/17/2013 - 01:51. Permalink

At least they will retain 90% of their deposits. The alternative was to lose all of it. Few (if any) banks in the world have the cash available to cover depositors' balances. This could easily spread across the globe if people lose confidence or believe their savings can be appropriated by government like this.

this is not a free market

Submitted by donvino on Sun, 03/17/2013 - 11:18. Permalink

Why should people all over suffer because of bad bank management? Those people should of did their due diligence with more effort. I am confident there are other banks out there in a much more viable position. The EU should have not allowed Cyprus in along with others. This is a moral hazard.

As for losses all over, other people have foregone paper assets for more tangible ones, they would of been fine. This has just pro-longed the instability imo. As RP has mentioned the debts have to be liquidated sooner or later. Outright robbing people by legal intrigues is not a honorable solution.

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donvino