Cypriot Austerity Measures

233

233

233

Soldato
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as mentioned here

http://www.bbc.co.uk/news/world-europe-21814325

TLDR- Cypriot government are imposing a one off levy of approx. 7% of everyone in the countries savings to pay for a bailout or even more if you have more than 100k euros in your savings

People in Cyprus with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%, Eurozone officials said.

Those with greater sums will lose 9.9%.
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seems extremely shady tbh. i'm surprised that something like this is even allowed under law. If I was a saver over there i'd be royally miffed at this.



just wondering if our government would ever try anything like this?
 
Is it not due to the EU act saying that EU citizens deserve all the rights of a nation they reside in or something connected to this?

If not then, i suppose it doesn't matter.

Why would anyone even have an account in Cyprus anyway? (beyond being from there ;))
 
233 said:
as mentioned here

http://www.bbc.co.uk/news/world-europe-21814325

TLDR- Cypriot government are imposing a one off levy of approx. 7% of everyone in the countries savings to pay for a bailout or even more if you have more than 100k euros in your savings




seems extremely shady tbh. i'm surprised that something like this is even allowed under law. If I was a saver over there i'd be royally miffed at this.



just wondering if our government would ever try anything like this?
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They would and they are but call it a different name.
 
Be afraid. the precedent is now set. The EU is now simply stealing citizen's money to bail governments/banks out.

Basically, why would you keep you money in a bank earning 2.5% with the risk that the government will steal more than you're earning? This could easily trigger a bank run in southern Europe. The price of gold will be going up next week for sure.
 
its punishing the people who saved there cash and didnt run up debts. how the hell this is legal or even justified is beyond me.
 
I'd be drawing all my money out the bank if I was in Greece :eek:

Our government has already sneakily permanently upped the VAT by lowering it short term.

MW
 
Yes the EU should just magic some money to sort it out. The alternative is more money from the monetary fund which in turn means we end up paying for it. Yes its **** but what's the alternative?
 
Has the EU turned into Robin hood, but now steals from the average person on the street too? It doesn't look like withdrawing all your money will work either? You'll just end up being overdrawn when they take their 'cut'.
 
Well they are getting shares in their banks aren't they? Could work out a decent investment if the whole pile doesn't go bang in the next 10 years. Surely there is a better way to extract money from the population than robbing their accounts though? I'd have thought those Cypriots who can best afford it don't keep theirs on the island, for obvious reasons!
 
Could announcing something like that not cause a run on the banks? I'd definitely be stashing all my cash under the bed until that blew over.
 
They should do what Iceland did, they said a big **** you! To their bankers and debtors and decided to help their people financially instead, the complete opposite of what other Govts. in debt want to do.
 
That's absolutely mental! And they're stopping people from withdrawing their money over the weekend too. There should be riots in the streets over that. Hideous..
 
doofer said:
They should do what Iceland did, they said a big **** you! To their bankers and debtors and decided to help their people financially instead, the complete opposite of what other Govts. in debt want to do.
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Our government ended up having to pay for the Icelandic mess instead of Iceland, and you think it was a good thing?
 
Spektor said:
Could announcing something like that not cause a run on the banks? I'd definitely be stashing all my cash under the bed until that blew over.
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Scam said:
And they're stopping people from withdrawing their money over the weekend too.
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Guess not. This is extremely shady and there is bound to be a massive uprising.

Reading the article more:

The levy itself will not take effect until Tuesday, following a public holiday, but action is being taken to control electronic money transfers over the weekend.
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This is surely robbery. Anyone with over €100k is having €10k taken off them which is disgraceful. Hopefully those who can access online banking will be able to transfer their money out of the country before Tuesday.
 
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