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Jor-el

Dark times in Cyprus, are we next?

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Posted (edited)

I find it strange how we in the European Union seem to class everything in life as secondary aside from finances, Cyprus woke up yesterday with the news that a new one time tax was going to be instituted, where people whose lifesavings in banks are over €100 000 must pay 10% of those deposits to the government while under that ammount it is 6.75%.

As some have classified it it is legalized piracy by a sovereign nation.

The trouble is that if this passes, are we going to see the same type of thing in other countries that are classified as "risky investments"?

Where is the line between saving a nation and destroying it?

I find this attitude to be somewhat similar to Portugals "piracy" of its citizens wealth, where we got an aproximate 10% increase in what we have to pay the government in the annual IRS statements. Are we seeing the 1st signs of a European money gobbling machine?

Edited by Jor-el
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Well, unless someone begins to stand up to the bullies of the Imperial Powers of Strasbourg & Brussels, then they're just going to keep getting away with blatant extortion. One day, perhaps, one of the small countries is going to say No to the bullying, and then we'll see what might happen.

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Posted (edited)

Yeah we tried that here in Portugal, it never got off the ground, I wonder how many kicks to the crotch we are going to take before someone says enough!

Over a million protestors, that's 10% of the entire nation and the government just smiles....

Edited by Jor-el
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Fracking in the EU ?

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cartoon44.jpeg
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cartoon44.jpeg

I think that pretty much sums it all up for me...

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Seem's to me the whole of the EU is in for some dark time's ahead, some EU are already going through it.......

Make's me wonder if it has been manufactured in some way, to be that way...

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Seem's to me the whole of the EU is in for some dark time's ahead, some EU are already going through it.......

Make's me wonder if it has been manufactured in some way, to be that way...

I think yes... a convenient emergency is an excellent excuse for centralizing power and control of the population.

I think back to the 911 crisis and the similarites start becoming apparent.

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Posted (edited)

Are we seeing the 1st signs of a European money gobbling machine?

Yes.... Give up an inch without protest from individuals in other countries and they'll take a mile in yours. What just happened in Cyprus was bank robbery and nobody complains about another individuals personal problem until it happens to them. By then it will be too late to do anything but accept you've been robbed and move on minus the dollars stole by the banksters. They're are stealing money from the bottom and giving it to the top.... business as usual.

Edited by acidhead
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Posted (edited)

The Germans are the ones driving this,they know that when the Euro goes Tits up they will the ones that will be left holding the baby and their Economy will be severely hit.If Greece and Portugal suddenly left the Euro,France and Germany will have to finance their Debt.German Economists have already planned for the Collapse of the Euro, and this latest venture is purely designed to soften the blow if the Euro goes belly up.

http://www.nytimes.c...nced-by-germany

Edited by shaddow134

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It's easy to see why some in Russia are unhappy with a new proposal from the European Union to levy a one-off tax on Cyprus bank deposits of up to 9.9% in exchange for €10 billion in bailout money to help the government pay its bills. If most of Russia's deposits get hit with the top tax rate, which applies to accounts holding €100,000 or more, the country's citizens stand to lose more than $3 billion.

[...]

There's a suspicion that not all of that money was obtained honestly. Cyprus is believed to be a harbor for ill-gotten gains. The country "remains vulnerable to money laundering; reporting of suspicious transactions in offshore sector remains weak," the U.S. Central Intelligence Agency wrote in its country brief.

Expanded surveillance around money laundering is one of the things being discussed as part of a bailout.

(link)

Just wonder how many "black" € russians (and others) were keeping there...

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U.S. Central Intelligence Agency wrote in its country brief.

Expanded surveillance around money laundering is one of the things being discussed as part of a bailout.

That sounds like a win win. wtf business is it of USA. We dont use Euros. Or own Cyprus banks.

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That sounds like a win win. wtf business is it of USA. We dont use Euros. Or own Cyprus banks.

The CIA has a World Factbook about every country in the world; and you'd expect them to keep an eye on what's going on everyone in the world, wouldn't you? particularly regarding possibly shady financial dealings.

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Posted (edited)

Well, unless someone begins to stand up to the bullies of the Imperial Powers of Strasbourg & Brussels, then they're just going to keep getting away with blatant extortion. One day, perhaps, one of the small countries is going to say No to the bullying, and then we'll see what might happen.

I don't think it has as much to do with the EU as it does banking cartels. It is the international banks that are forcing this sort of robbery on countries, not simply the EU. It is the deregulated, idiotic banking that has allowed things to descend to this point.

And with this in mind, I believe there is already one country that has said no: Iceland.

Edited by ExpandMyMind
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There is a lot of breaking info on this.

Apparently the money grab is not going to be approved and the Cypriot Finance Minister has resigned.

http://www.zerohedge.com/news/2013-03-19/cyprus-finance-minister-resigns

Crowds are gathering outside of parliament.

http://www.rightnow.io/breaking-news/cyprus_bn_1363433304743.html

This is almost assuredly going to cause a run on banks regardless. People are angry. If they grab the money, the people will take whatever they have left. if they do not grab the money, people will still draw their money out. Lose-lose anyone?

There are rumors that apparently the UK is sending a plane with a million Euros cash for their military to Cyprus. This might be an indicator that the banks are not going to opening anytime soon. This is hearsay though and I have not confirmed it. Hopefully someone might know if this is fact or false.

Very interesting developments. I think what we are seeing is the unraveling. These bailouts and handouts are not sustainable. Grabbing the people's money isn't going to solve an unsustainable debt and deficit problem. The small guys will be the first to fall. Keep your eyes on things folks...this might be the first domino.

But then again, I have no idea what I am talking about.

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Latest news is that ALL members of the Cyprus Govt. refused to vote. Now where does that leave (Greek)Cyprus, and why do I even care? More to the point, why is it that the Banks ludicrous lending in the first place led to this world crisis, yet now the same banks (many of whom were bailed out with taxpayers money)want to give unrestricted Bonuses to their employees?? Are we all stupid??

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There is a lot of breaking info on this.

Apparently the money grab is not going to be approved and the Cypriot Finance Minister has resigned.

http://www.zerohedge...inister-resigns

Crowds are gathering outside of parliament.

http://www.rightnow....3433304743.html

This is almost assuredly going to cause a run on banks regardless. People are angry. If they grab the money, the people will take whatever they have left. if they do not grab the money, people will still draw their money out. Lose-lose anyone?

There are rumors that apparently the UK is sending a plane with a million Euros cash for their military to Cyprus. This might be an indicator that the banks are not going to opening anytime soon. This is hearsay though and I have not confirmed it. Hopefully someone might know if this is fact or false.

Very interesting developments. I think what we are seeing is the unraveling. These bailouts and handouts are not sustainable. Grabbing the people's money isn't going to solve an unsustainable debt and deficit problem. The small guys will be the first to fall. Keep your eyes on things folks...this might be the first domino.

But then again, I have no idea what I am talking about.

Grab the physical assets of the Banks, not their depositors...

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Posted (edited)

it is a disgrace that the little people are going to suffer, the rich elite Cypriots have been doing their dealings with the Russian mafia and trust me none of them are going to be affected by this!!

I have friends over there, Cypriot friends, and they are very worried.

Edited by freetoroam

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it is a disgrace that the little people are going to suffer, the rich elite Cypriots have been doing their dealings with the Russian mafia and trust me none of them are going to be affected by this!!

I have friends over there, Cypriot friends, and they are very worried.

In Spain, if you are not registered for Spanish Tax via an NIE Number then your Bank Services are severely limited, even if you are an EU Member state. Last time I looked, Russia is not an EU Member, Cyprus has acted in a way that is unconscionable. Leave Registered Cypriot Citizens alone, and simply sequester all Non - EU deposits.

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In Spain, if you are not registered for Spanish Tax via an NIE Number then your Bank Services are severely limited, even if you are an EU Member state. Last time I looked, Russia is not an EU Member, Cyprus has acted in a way that is unconscionable. Leave Registered Cypriot Citizens alone, and simply sequester all Non - EU deposits.

Legendary trader Jim Sinclair: “This has quickly turned into a PR nightmare because it is not a ‘tax,’ but instead a ‘confiscation.’ They have stolen KGB money in order to meet the liabilities of the banks. Up to this point, bank depositors have been held whole in this most serious Western, and by consequence international financial meltdown.

Up to now the psychology has been that if you have money in the bank you really don’t have to worry too much. This represents a complete change in the strategy that has existed up to the present time, which has been crucial in holding together the financial world after the meltdown of the over-the-counter derivative has done so much damage.”

Eric King: “The aftermath of this debacle and some of the chess moves that are going on here, your thoughts?”

Sinclair: “Taking Russian money is very foolish. You have to understand the culture of the people you are dealing with. The government leaders in Cyprus have no ability to protect themselves from the retribution of the former Russian KGB agents, including Putin himself.

The government leaders in Cyprus are trying to back-pedal right now in order to save their lives. Let me say it again, they are trying to save their own lives. Remember, ‘revenge is best served cold.’

I would also add that this was the biggest mistake made by the IMF and the ECB in their history. Every time you do business with a Russian company, you do business with a bank in Cyprus. Money goes in, it goes out, but it all funnels through Cyprus.

Coming down on Cyprus as a test case for the new ‘Bail-In’ rather than ‘Bailout,’ the utilization of the depositors money to pay for the losses, could very well derail the entire efforts so far to maintain the appearance of solvency in the West.

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CYPRIOT lawmakers overwhelmingly rejected a deeply unpopular tax on bank deposits on Tuesday, throwing into doubt an international bailout for the troubled euro zone member needed to avert default and a banking collapse.

The 56-seat parliament voted by 36 votes against and 19 abstentions to bury the bill, a condition of a 10 billion euro European Union bailout for the Mediterranean island. One deputy was absent.

(link)

I have sneakin' suspicion... Cyprus will become autonomous province of the Great Russian Federation...

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They trully handled this in the stupidest way possible.

"Crisis time..we need to prevent a huge banking collapse, what can we do? Oh i know, let's scare the entire population into taking away all their money from the banks"

What the hell?

Im curious to see the after effects thursday and friday. I don't think the population will reason "it was just a scare, lets all leave our money on the banks" ... i think it will be more along the lines off "they'll find another way to screw us over, best to take as much money from our account as we can."

I could be wrong, but they only enlarged the problem and the crisis with that.

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Posted (edited)

Do not forget that this attempt was not simply an ECB manoeuvre. It was also fully endorsed by the IMF, and which nation is the largest contributor to that fund? It could even be argued that the IMF is deliberately undermining confidence in the Euro by insisting on unrealistic conditions. If this is the case then it will seriously backfire because an undervalued Euro on the Exchange Markets will make Euro Exports much more attractive and boost exports.

Edited by keithisco

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wouldnt this destroy the Euro..If it happened in America the run on banks would be absolute.

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wouldnt this destroy the Euro..If it happened in America the run on banks would be absolute.

the Euro is bigger than Cyprus though.

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