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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

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

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.

Read more: http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied...

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Cyril's picture

BUMP.

BUMP.

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

3500 British soldiers

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

Where is the British government?

donvino

This could be setting the public up

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

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

Stupid

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.

donvino

ALL Banks at RISK

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

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.

donvino

Cyril's picture

Me thinks some may now experience a bit of nostalgia of Margaret

Me thinks some may now experience a bit of nostalgia of Margaret :

Speaking of socialism

http://www.dailypaul.com/264921/margaret-thatcher-on-socialism

There is no such thing as public money

http://www.dailypaul.com/264932/margaret-thatcher-there-is-n...

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius

Hopefully that will never

Hopefully that will never happen here, but if it does, you can bet there would probably be rioting and possibly and up rising.

To climb the mountain, you must believe you can.

but an uprising against whom?

Half will rise against those pesky republicans, the other half against those rascally liberals. All while the rabbis in charge laugh at the angry sheeple killing each other.

ain't socialism

great?

"The two weakest arguments for any issue on the House floor are moral and constitutional"
Ron Paul

Cyril's picture

It absolutely is. So much so ! It has great VIRTUE :

It absolutely is. So much so !

It has great VIRTUE :

"The inherent vice of capitalism is the unequal sharing of blessings.

The inherent virtue of socialism is the equal sharing of misery."

(By Churchill, who did put some truths nicely, once in a while)

"Cyril" pronounced "see real". I code stuff.

http://Laissez-Faire.Me/Liberty

"To study and not think is a waste. To think and not study is dangerous." -- Confucius