Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
The EU has ordered Cyprus, an EU member state, to confiscate savings from all holders of a bank account.
Everyone with savings will see 6.7% confiscated by the state, but those with at least 100, 000 euro in the bank will lose 9.9%.
It has started, the EU is confiscating savers' money.
http://news.sky.com/story/1065567/cyprus-bailout-savers-lose-money-in-eu-dealGuest 710- Registered: 28 Feb 2011
- Posts: 6,950
Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Ross Miller
- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
It strikes me this was the price the citizens of Cyprus have had to pay for their government failing to manage their economy and needing to seek a bailout from somewhere. Given those self same savers will have benefited from the free spending of their government this appears to be a claw back of that benefit.
I personally do not think this is fair but I also do not think that this is the fault of the EU as they need to look at the broader picture and protect the interests of all the taxpayers across the EU.
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
If the Brits in Cyprus start a rush on their savings deposited there and return to the UK, and if Spain introduces the same measures on savings in Spain, and the Brits there also rush to the banks and return to Britain, we could see a massive influx of refugees, expats, brandishing British passports and searching for a home here.
This would create an acute housing crisis, and for sure emergency laws would come into effect.
I'm not too sure we will see millions of Bulgarians and Romanians coming over to Britain in search of benefits and all the social services otherwise available.
Hopefully the writing is on the wall that we have to exit the EU smartly.
Ross Miller- Location: London Road, Dover
- Registered: 17 Sep 2008
- Posts: 3,707
Firstly why would we see "a massive influx of refugees"
Secondly if expats wish to come back they are absolutely entitled, but the real question is why would they?
Presumably the Cyprus tax is with immediate effect?
Thirdly do you have any evidence that Spain or any other nation in Europe is likely to follow suit?
Finally other than the right leaning press what hard evidence is there that "millions of Romanians and Bulgarians" want to come to the UK?
"Dream as if you'll live forever. Live as if you'll die today." - James Dean
"Being deeply loved by someone gives you strength,
While loving someone deeply gives you courage" - Laozi
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
The Cyprus tax is with immediate effect, yes!
It is a confiscation, not a tax, Ross.
It enters into effect Tuesday, but sufficient bank accounts in Cyprus have already been blocked in order to ensure the sum of money the Cypriot government wants cannot be withdrawn, namely 6 billion euro.
All money transfers have been blocked.
Cypriots are under shock, including the many Brits living there, and even British soldiers serving at Dhekelia and Akrotiri who have bank accounts in Cyprus.
This EU imposed confiscation order could easily be applied in Spain, where there are many hundreds of thousands of British people living there.
As for a massive return of Brits to Britain, of-course they are entitled to come back, but it is unlikely the Government will allow millions of Bulgarians and Romanians to come flocking over too.
Currently, 25,000 Eastern Europeans are still coming to Britain every month, there is a surge in immigration from Eastern Europe, and tens of thousands of translators are employed here to accommodate them.
Perhaps you should read the news articles, Ross, in the daily papers, or even take a visit around town.
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
Perhaps the following Sky News article may help you a little further, Ross.
The Bulgarians and Romanians waiting to flock over to the UK have become a Government dilemma here, as Parliament knows that a massive crisis is pending.
We simply cannot take them in, especially with 25,000 a month still coming over anyway from the current Eastern European EU member states that have no limits to immigration UK.com£££
http://news.sky.com/story/1044018/immigration-claims-of-anti-uk-campaign
As you will see from the Sky News article, Ross, the Government is so deeply concerned, that an anti-UK campaign is in the pipeline to deter mass immigration from Bulgaria and Romania.
Albeit currently a downplayed campaign.
Who's supposed to pay all the benefits, and where are all the houses to accommodate them free of charge?
There wouldn't be enough houses here even if they had money, which they don't, however.
They don't speak a word of English either, hence all the thousands of translators from Eastern Europe who are employed.
I'm skint, Ross, and can't afford to pay for all this. Perhaps you've got some money, but I ain't!
Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
oh alex i dont beliuve this,cypres its a one of thing and not a regular thing.if you have savings in cypres alex you will only lose a couple of euros and not your life savings.at there intrest rates you'll get it all back within a couple of months.
Guest 653- Registered: 13 Mar 2008
- Posts: 10,540
Scaremongering Alexander and an over-exaggeration.
It is just a one-off charge and although no one wants to have money taken away from them, it will not make people leave Cyprus and come back to the U.K. Nor I think, Spain or Portugal.
My brother lives in Cypus and won't be coming back here under any circumstances because life is so much better there than here - in every way.
Roger
Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Well well Alexander
Even the conservative poster is telling you it aint going to happen
ALL POSTS ARE MY OWN PERSONAL VIEWS
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
misleading thread title, the eu did not order cyprus to levy the tax, the cypriot government agreed to do it as part of the bail out deal.
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
One and the same thing, Howard, 6 of one, or half a dozen of the other.
The confiscation - it's not a tax here - was decided in order to get any bailout from the EU.
Without the bailout of 17 billion euro, the two biggest Cypriot banks would have gone bankrupt, so it is in reality much worse than many think.
The sum needed was 17 billion euro, this was the bailout request. The EU said they'd supply (lend) 10 billion, and the rest must come from a confiscation from bank accounts.
Otherwise the EU would have given (lent) no money at all to Cyprus.
Not to forget, Cyprus must repay the 10 billion euro bailout with the interest.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Well said howard
ALL POSTS ARE MY OWN PERSONAL VIEWS
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
astonishing how such a small country can get so deep in debt, the place is awash with russian oligarchs flaunting their wealth.
Guest 710- Registered: 28 Feb 2011
- Posts: 6,950
"Q: Hang on, savers are being taxed to help prop up Cyprus's economy?
Technically they are being "bailed in" - and will receive equity (bank shares) in return. But yes, it's in effect a tax on all savers.
Those with under €100,000 will lose 6.75%, rising to 9.99% for those with over €100,000 in the bank."
http://www.guardian.co.uk/world/2013/mar/17/cyprus-savings-levy-questions-and-answersIgnorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing.
Guest 670- Registered: 23 Apr 2008
- Posts: 573
If we did the same Cameron would lose £1million and dear old Gideon(yes thats his real name) Osborne would lose £400.000.
Neither earnt their personal fortunes all trust funds or inheritance.
If we did it across the board there might be no necessity for the bedroom tax.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Dave1
you have a good point
ALL POSTS ARE MY OWN PERSONAL VIEWS
howard mcsweeney1- Location: Dover
- Registered: 12 Mar 2008
- Posts: 62,352
in fairness to our chancellor he did work for the n.h.s typing the names of people that had just died into the database and then done a week at selfridges re-folding towels.
probably invested his earnings wisely.
Keith Sansum1- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
Didnt he also keep goldfishes once?
ALL POSTS ARE MY OWN PERSONAL VIEWS
Guest 696- Registered: 31 Mar 2010
- Posts: 8,115
The German Finance minister, Wolfgang Schaeuble, apparently had pushed for a 40% bank-savings confiscation in Cyprus, and word is going round that he wants some countries, including Cyprus, to quit the euro.
The Cypriot government is now considering readjusting the confiscation, with up to 100,000 euro in savings losing 3%, and above 100,000 euro losing 12.5%.
This may be turning into a tax-the-rich procedure, where the rich are those with at least 100,000 euro in saved cash assets.
All eyes are now on Spain, where problems stemming mainly from Bankia, a consortium of Spanish banks, have required a massive 100 billion euro bailout. This money needs to be paid back, adding to Spain's enormous public debt and the regional debts.
It's likely the EU started with Cyprus, which is a smaller country, with a smaller economy, and a smaller population, to test the reactions of the public, before proceeding to larger eurozone economies.
