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Posted: 3/16/2013 8:24:56 AM EDT
[#1]
Quoted: People with less than 100,000 euros in Cypriot bank accounts will have to pay a one-time tax of 6.75%, while those with more will have to pay 9.9%. It is expected to raise 5.8bn euros in additional revenue. Well, that island was a banking center in a very strategic location. Might not be after this! I would take my money out of there.  They will be poorer for this.
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Posted: 3/16/2013 8:26:33 AM EDT
[#2]
Make sure you don't have any weird ADR's in Cyprus banks.
Their pee-pee might get slapped on Monday. |
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Posted: 3/16/2013 8:34:56 AM EDT
[#3]
The guy I know who deals almost only in gold that he personally holds sounds less crazy every day.
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Posted: 3/16/2013 8:36:08 AM EDT
[#4]
Quoted: Make sure you don't have any weird ADR's in Cyprus banks. Their pee-pee might get slapped on Monday. Ouch, I figure the professionals who run the accounts day to day already bailed. But I agree, they're going to get slapped every day. The Cypriots are going to get demolished. There is good news, I wouldn't mind visiting Paphos again for vacation. My dollars should go further if they degrade into a Turd World country.
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Posted: 3/16/2013 8:37:36 AM EDT
[#5]
Wow - "It's something that compared to other possible outcomes, is the least
onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 |
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Posted: 3/16/2013 8:40:05 AM EDT
[#6]
Quoted:
Wow - "It's something that compared to other possible outcomes, is the least onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 haha. that'll piss a peasant off. Mr. Guillotine, please pick up the white courtesy phone.... |
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Posted: 3/16/2013 8:41:20 AM EDT
[#7]
Quoted:
Wow - "It's something that compared to other possible outcomes, is the least onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 Holy shit are they serious? They pierced private savings accounts of post-tax money to protect public salaries from a cut? I wonder what the private saver thinks of that when he took a 10% reduction in his private job after the economy tanked. |
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Posted: 3/16/2013 8:42:27 AM EDT
[#8]
Quoted: Quoted: Wow - "It's something that compared to other possible outcomes, is the least onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 Holy shit are they serous? They pierced private savings accounts of post-tax money to protect public salaries from a cut? I wonder what the private saver thinks of that when he took a 10% reduction in his private job after the economy tanked. He'll sleep sound knowing the DMV clerk's pension is safe  |
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Posted: 3/16/2013 8:47:45 AM EDT
[#9]
Quoted:
Wow - "It's something that compared to other possible outcomes, is the least onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 Illinois socialists, with a $85 billion public pension shortfall --------> 
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Posted: 3/16/2013 8:48:53 AM EDT
[#10]
Quoted:
Quoted:
Quoted:
Wow - "It's something that compared to other possible outcomes, is the least onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 Holy shit are they serous? They pierced private savings accounts of post-tax money to protect public salaries from a cut? I wonder what the private saver thinks of that when he took a 10% reduction in his private job after the economy tanked. He'll sleep sound knowing the DMV clerk's pension is safe It's interesting because it's a direct conflict of interests. That means it is actual theft; they have motive. Vote to steal from tax payers to pay themselves, not to better or save the country. |
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Posted: 3/16/2013 8:49:39 AM EDT
[#11]
"Cyprus to do a one time tax on savings accounts to avoid bankruptcy"
Horseshit. It's plain and simple theft. |
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Posted: 3/16/2013 8:52:42 AM EDT
[#12]
That's straight-up stealing.
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Posted: 3/16/2013 8:56:41 AM EDT
[#13]
Remember the law of unintended consequences...although many here see likely intended consequences.
Expect a run on banks initially in Europe then as that becomes known...across the globe. A one time 6.75 - 9.9% tax on savings to save their economy quickly ruins it and that of many other countries. Smart politicians. |
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Posted: 3/16/2013 8:58:37 AM EDT
[#14]
Quoted:
Remember the law of unintended consequences...although many here see likely intended consequences. Expect a run on banks initially in Europe then as that becomes known...across the globe. A one time 6.75 - 9.9% tax on savings to save their economy quickly ruins it and that of many other countries. Smart politicians. |
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Posted: 3/16/2013 9:05:14 AM EDT
[#15]
Quoted:
"Cyprus to do a one time tax on savings accounts to avoid bankruptcy" Horseshit. It's plain and simple theft. Imagine that, a country founded by and run by crooks, and they choose theft as a solution to their woes. Say it aint so! LOL at the earlier poster which suggested Cyprus was not a third world country. Cyprus makes Greece look like an icon of western civilization. |
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Posted: 3/16/2013 9:07:24 AM EDT
[#16]
Quoted: Quoted: WOw, I wonder what the fallout from this will be. Empty banks with no accounts left to tax would be my guess. This was my first thought Fool me once shame on you , fool me twice shame on me |
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Posted: 3/16/2013 9:08:11 AM EDT
[#17]
Quoted: I wonder how far they are away from checking contents of safe deposit boxes?Quoted: Quoted: WOw, I wonder what the fallout from this will be. Empty banks with no accounts left to tax would be my guess. I know when my country is in financial straights, the best thing I can think of to do is trigger a run on long-term deposits.  |
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Posted: 3/16/2013 9:10:28 AM EDT
[#18]
Quoted:
Wow - "It's something that compared to other possible outcomes, is the least onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 Socialism in a nutshell. |
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Posted: 3/16/2013 9:10:33 AM EDT
[#19]
i saw a real estate show a few years back when Cyprus was highlighted. It seemed like a lot of Brits and French were buying retirement/vacation properties there. I'll bet they're thrilled.
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Posted: 3/16/2013 9:11:24 AM EDT
[#20]
Quoted: It sounds like they are headed (rather fast) toward blood shed and don't even know itQuoted: Quoted: Quoted: Wow - "It's something that compared to other possible outcomes, is the least onerous," Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government "avoided salary and pension cuts" for the public sector." http://www.eubusiness.com/news-eu/finance-public-debt.mz8 Holy shit are they serous? They pierced private savings accounts of post-tax money to protect public salaries from a cut? I wonder what the private saver thinks of that when he took a 10% reduction in his private job after the economy tanked. He'll sleep sound knowing the DMV clerk's pension is safe It's interesting because it's a direct conflict of interests. That means it is actual theft; they have motive. Vote to steal from tax payers to pay themselves, not to better or save the country. |
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Posted: 3/16/2013 9:12:55 AM EDT
[#21]
Part of the big "Takeover" of the financial manager in Detroit will be access to the huge retirement fund owned by the city.
Just a matter of time. |
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Posted: 3/16/2013 9:14:03 AM EDT
[#22]
Quoted: i saw a real estate show a few years back when Cyprus was highlighted. It seemed like a lot of Brits and French were buying retirement/vacation properties there. I'll bet they're thrilled. I noticed a lot of British ex-pats there. I figure as long as their bank accounts are overseas, they should be good. Maybe the Brits should carve out a larger chunk of the island for the Crown so the tax won't apply to them. 
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Posted: 3/16/2013 9:15:05 AM EDT
[#23]
Want some real irony?
Greece does a lot of the training for the Cypriot military. |
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Posted: 3/16/2013 9:24:07 AM EDT
[#24]
Quoted:
Want some real irony? Greece does a lot of the training for the Cypriot military. Why is that ironic? Greece created the current Cypriot state and remains its most ardent patron and supporter. |
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Posted: 3/16/2013 9:26:34 AM EDT
[#25]
Quoted:
Want some real irony? Greece does a lot of the training for the Cypriot military. WAT? My cousin was over there in the 70 s trying to keep them from killing each other. |
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Posted: 3/16/2013 9:28:25 AM EDT
[#26]
Empty banks with no accounts left to tax would be my guess. [/quote] I know when my country is in financial straights, the best thing I can think of to do is trigger a run on long-term deposits. [/quote]I wonder how far they are away from checking contents of safe deposit boxes?
[/quote] That's what i was gonna' say. Hasn't there been an instance somewhere where they went and raped all the safety deposit boxes? edited, crap i tried chopping the quote tree and messed up the format. you get the point, though. |
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Posted: 3/16/2013 9:35:04 AM EDT
[#27]
Quoted: You're thinking about the Turks on the other side of the island. But there's some hope for Cyprus. American companies are finding gasfields off their coast. Quoted: Want some real irony? Greece does a lot of the training for the Cypriot military. WAT? My cousin was over there in the 70 s trying to keep them from killing each other. They'll be buying our fighter jets and tanks before you know it! http://investors.nobleenergyinc.com/releasedetail.cfm?ReleaseID=635912 HOUSTON, Dec. 28, 2011 /PRNewswire/ -- Noble Energy, Inc. (NYSE: NBL) announced today a natural gas discovery at the Cyprus Block 12 prospect, offshore the Republic of Cyprus. The Cyprus A-1 well encountered approximately 310 feet of net natural gas pay in multiple high-quality Miocene sand intervals. ...
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Posted: 3/16/2013 9:38:12 AM EDT
[#28]
Quoted:
WOw, I wonder what the fallout from this will be. It doesn't take a crystal ball to forsee everyone in the future hideing their money pretty much anywhere but in a local bank. Who in their right mind would do otherwise? Pretty much the end of any banking buisness in that country |
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Posted: 3/16/2013 9:43:42 AM EDT
[#29]
Quoted:
Quoted:
Mr. Sarris said the Cypriot Parliament would adopt the taxes over the weekend and the money would be extracted from accounts before banks take up business Tuesday. Monday is a public holiday.
They have blocked electronic transfers over the weekend too. http://market-ticker.org/cgi-ticker/akcs-www?post=218812 This is some iron curtain grade bullshit. Yeah it will work one time but I believe this will end banking in that country and I can see some bad results for any government type person who is a supporter of this program. Sure looks like a economic collapse and civil war type of thing |
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Posted: 3/16/2013 9:45:15 AM EDT
[#30]
Quoted: Quoted: Art, collector cars or other desirable collectables, guns, ammo, land, in the safe. Never in a bank. <sherrick>But definitely not gold or silver, because you can't eat them!</sherrick> Quoted: So they are taxing the savings of foreign investors too? Well, of course. You need to understand, Cyprus is a giant international money-laundering center. It's where the Russian mafia and the Russian kleptocracy stuff their money. Sure, there are plenty of individual Cypriots who are going to get fucked, but more than anything else, this is going to fuck the Russian mafia. Bigtime. UNLESS! those clients that the politicians have a reason to fear most (Russian mafia) were made exempt from any new taxes. |
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Posted: 3/16/2013 9:45:43 AM EDT
[#31]
Quoted:
Part of the big "Takeover" of the financial manager in Detroit will be access to the huge retirement fund owned by the city. Just a matter of time. All politicians covet retirement funds. It irks the shit out of them that there is all that money sitting around, and they can't get their hands on it. |
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Posted: 3/16/2013 9:57:17 AM EDT
[#32]
Quoted: Best possible outcome is the Russian Mob takes out contracts on all politicians involved. Time for some heads on pikes! interesting. What if the Russian Mob are the politicians? If they aren't, I'd like to see how the politicians squirm on this one |
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Posted: 3/16/2013 9:58:35 AM EDT
[#33]
The Wall Street Journal is reporting the Cyprus bank run has begun: "Depositors in Cyprus Rush to ATMs" (need a WSJ login to view the article).
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Posted: 3/16/2013 9:59:05 AM EDT
[#34]
Quoted: How does one even protect them self from something like this? Be dirt poor part of the FSA. If you nothing to begin with you have nothing to lose |
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Posted: 3/16/2013 9:59:51 AM EDT
[#35]
Wonder if people in Greece with PayPal accounts have their PP accounts frozen?
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Posted: 3/16/2013 10:01:31 AM EDT
[#36]
Quoted: Quoted: How does one even protect them self from something like this? Be dirt poor part of the FSA. If you nothing to begin with you have nothing to lose And if everyone were to follow that advice we'd live in a plunder-proof paradise, like Afghanistan. |
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Posted: 3/16/2013 10:01:56 AM EDT
[#37]
Quoted: You would think that would cause a run on banks come Tuesday morning. Are they trying to collapse their economy? As if their economy's not collapsed already  |
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Posted: 3/16/2013 10:02:05 AM EDT
[#38]
Quoted: The Wall Street Journal is reporting the Cyprus bank run has begun: "Depositors in Cyprus Rush to ATMs" (need a WSJ login to view the article). http://3.bp.blogspot.com/_cvdgPlEKW9k/S8b0S_n_cJI/AAAAAAAABHg/zx4ZoQBTh7E/s1600/bank-run-1931.jpg You're right, Ha Ha! Sat Mar 16, 2013 1:39pm EDT http://www.reuters.com/article/2013/03/16/eurozone-cyprus-idUSL6N0C720W20130316 ... Almost half of its depositors are believed to be non-resident Russians, but most of those queuing on Saturday at automatic teller machines to pull out cash appeared to be Cypriots. ...
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Posted: 3/16/2013 10:03:03 AM EDT
[#39]
What does this mean for Bitcoin?
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Posted: 3/16/2013 10:03:57 AM EDT
[#40]
Sweet
I will pull my emergency funds on Monday. Fuck em
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Posted: 3/16/2013 10:04:28 AM EDT
[#41]
Quoted: Quoted: Be dirt poor part of the FSA. If you nothing to begin with you have nothing to lose And if everyone were to follow that advice we'd live in a plunder-proof paradise, like Afghanistan. That's the goal of socialism, progressives, BHO, Democraps, Green movement, etc etc etc.... I noticed this trend 20 years ago |
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Posted: 3/16/2013 10:11:32 AM EDT
[#42]
Quoted:
The Wall Street Journal is reporting the Cyprus bank run has begun: "Depositors in Cyprus Rush to ATMs" (need a WSJ login to view the article). http://3.bp.blogspot.com/_cvdgPlEKW9k/S8b0S_n_cJI/AAAAAAAABHg/zx4ZoQBTh7E/s1600/bank-run-1931.jpg Didn't they say they are freezing funds until after the banks open on Tuesday? |
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Posted: 3/16/2013 10:12:20 AM EDT
[#43]
Quoted:
Quoted:
You would think that would cause a run on banks come Tuesday morning. Are they trying to collapse their economy Banking system? As if their economy's not collapsed already
Fixed |
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Posted: 3/16/2013 10:23:00 AM EDT
[#44]
Quoted:
Wow. Just think, our Democratic leadership must be giddy with excitement just envisioning the possibility! What prevents them from doing such a thing? |
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Posted: 3/16/2013 10:24:23 AM EDT
[#45]
Quoted: Quoted: Wow. Just think, our Democratic leadership must be giddy with excitement just envisioning the possibility! What prevents them from doing such a thing? Guns. |
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Posted: 3/16/2013 10:24:29 AM EDT
[#46]
Quoted:
Quoted:
Wow. Just think, our Democratic leadership must be giddy with excitement just envisioning the possibility! What prevents them from doing such a thing? Self-preservation. They won't try this until AFTER the 2A is taken away. |
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Posted: 3/16/2013 10:25:57 AM EDT
[#47]
Quoted:
Quoted:
Quoted:
Wow. Just think, our Democratic leadership must be giddy with excitement just envisioning the possibility! What prevents them from doing such a thing? Guns. I meant legally. |
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Posted: 3/16/2013 10:26:15 AM EDT
[#48]
Quoted:
"one time"  FPNI x 1000 |
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Posted: 3/16/2013 10:28:33 AM EDT
[#49]
Quoted:
Quoted:
The Wall Street Journal is reporting the Cyprus bank run has begun: "Depositors in Cyprus Rush to ATMs" (need a WSJ login to view the article). http://3.bp.blogspot.com/_cvdgPlEKW9k/S8b0S_n_cJI/AAAAAAAABHg/zx4ZoQBTh7E/s1600/bank-run-1931.jpg Didn't they say they are freezing funds until after the banks open on Tuesday? I think they just freezing the 10%. |
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Posted: 3/16/2013 10:33:56 AM EDT
[#50]
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