The EU Confiscates Savings from all Bank Accounts
- 22 March 2013 23:14221757Cypriot bank leaders assure their country that only a confiscation of part of the money in the bank accounts can prevent the two major banks going bust, with all their staff being laid off, and the whole Cypriot monetary economy crashing down.
The EU won't bail out under any other terms.
Cyprus got there too late: if they had gone bust in 2008 along with Britain, the USA. Japan and some Western European countries, or even in 2010/11 along with Greece, Spain, Portugal and Ireland, they'd have been bailed out without any confiscation.
The money to do that is no longer there.
New chapter begins: we're on the next level. Confiscations, bank runs.
So what would happen if Italy needed a bailout?
They already know now what would be required of them.
The EU has failed, but the tendency is to ask that governments confiscate from those with higher figures in their accounts.
Has the day of reckoning come for the accumulated wealth of the super-rich?
YES!
Cum on now, pay oop! 
("bla bla yaboo, my money, my mansion my backyard")
sigh!
Chanters, Drums and Drones Potty Time http://youtu.be/99fMqpjnXYA
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Kent First http://youtu.be/04F3mAP3fV4 Keep banging on http://youtu.be/qYCU_SKmkGQ - 23 March 2013 09:28221784could be a bad day for egp's in cyprus.
- Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
23 March 2013 10:00221791every day is a bad day howard,and it will get worse as time marches on. - 23 March 2013 10:56221807Still advocating theft then Alexander alongside economic suicide.
- 23 March 2013 11:49221814Come off it, Barry!
You know as well as I do that Cyprus would have to leave the euro, but that would not be enough anyway.
They're down 17 billion euro and have no available cash except what the EU are giving as emergency liquidity for cash machines.
The Cypriot economy is on the drop, attached to machines. It's a clinical case, overrun by debt.Chanters, Drums and Drones Potty Time http://youtu.be/99fMqpjnXYA
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Kent First http://youtu.be/04F3mAP3fV4 Keep banging on http://youtu.be/qYCU_SKmkGQ - 23 March 2013 12:16221820Analysis
Chris Morris
BBC News, Nicosia
The eurozone is really turning the screw on Cyprus, and it's being led by Germany.
The message is crystal clear - your economic model has to change. They will no longer accept the idea of a national economy within the eurozone that is dependent on its reputation as an offshore tax haven.
There is huge irritation with the way the Cypriots have handled things, and that has led to the imposition of deadlines which mean big decisions need to be taken very quickly.
The cost of cleaning up the Cypriot banking system must be borne by investors in the Cypriot banking system - like it or lump it. - 23 March 2013 13:58221840the latest wheeze is a 25% levy on accounts with over 100,000 euros in it.
- 23 March 2013 16:01221879 That's great! Chanters, Drums and Drones Potty Time http://youtu.be/99fMqpjnXYA
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Kent First http://youtu.be/04F3mAP3fV4 Keep banging on http://youtu.be/qYCU_SKmkGQ - 23 March 2013 19:00221903From Sky News:
"Cyprus agrees to a 20% tax on deposits over 100,000 euros at the Bank of Cyprus and a 4% tax at other banks, Reuters says."
"Cyprus has to raise 5.8bn euros by Monday or face being kicked out of the single currency."Chanters, Drums and Drones Potty Time http://youtu.be/99fMqpjnXYA
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Kent First http://youtu.be/04F3mAP3fV4 Keep banging on http://youtu.be/qYCU_SKmkGQ - 23 March 2013 19:33221915read an article on russians with money tied up in cyprus, ordinary businessman they claim to be yet have tens of millions invested there - not oligarchs either.
when asked whether they would their money out when it became possible, all said that they couldn't as too many questions would be asked elsewhere. - Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
23 March 2013 19:36221918an oilgarch poped his clogs this morning,police are looking into it. - 24 March 2013 09:55221953the police have sent in teams of experts to ascertain whether there are chemical or biological agents connected to his death.
- Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
24 March 2013 09:57221955sounds familer to another death of a russian few years back. - Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
24 March 2013 12:42221973The russians dont mess about when it comes down to being an enemy of the stateALL POSTS ARE MY OWN PERSONAL VIEWS - 24 March 2013 16:16221986We Brits don't exactly hang about either. This from M Winner's widow...
""You know, the bank accounts were frozen. They froze them. Literally within five minutes of his death they had frozen everything," she told the Sunday Times."Ignorance is bliss, bliss is happiness, I am happy...to draw your attention to the possible connectivity in the foregoing. - 24 March 2013 23:20222048This has become a precedent:
in order to remain in the eurozone, a country in need of a bailout must make a government decree to confiscate a percentage of savings/deposits deposited on private bank accounts.
It will spread to other eurozone countries.Chanters, Drums and Drones Potty Time http://youtu.be/99fMqpjnXYA
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Kent First http://youtu.be/04F3mAP3fV4 Keep banging on http://youtu.be/qYCU_SKmkGQ - Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
24 March 2013 23:50222052Not a good way forwardALL POSTS ARE MY OWN PERSONAL VIEWS - 25 March 2013 01:07222059Keith, there is no more money left in Cypriot banks, and Spain was the last country to receive a bank bailout, of about 100 billion euro, just a few months ago.
Nest time a eurozone bank goes bust and calls for a bailout, and the government of that country pleads for a bailout on account that their whole economy will crash if the banks do not get the money, the EU will simply tell them to confiscate one third of the needed money from the bank accounts, and only then lend the remaining two thirds, as with Cyprus.
This is the crude reality.
And the German government, backed by a number of other Eurozone governments, have spelled out clearly that this is the case from now on.Chanters, Drums and Drones Potty Time http://youtu.be/99fMqpjnXYA
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Kent First http://youtu.be/04F3mAP3fV4 Keep banging on http://youtu.be/qYCU_SKmkGQ - Brian Dixon
- Location: Dover
- Registered: 23 Sep 2008
- Posts: 23,940
25 March 2013 06:39222064doh what tosh.its all gidions fault. - Keith Sansum1
- Location: london
- Registered: 25 Aug 2010
- Posts: 23,942
25 March 2013 08:28222091So alexander
you support the cyprus govt raiding savings bank accounts?ALL POSTS ARE MY OWN PERSONAL VIEWS