Cyprus Bailout/ EU Bank Run

[Deleted]

You're right. Opening your pocket and bending over is the answer. Admitting that you're not going to do anything other than accept your overlord taking his extra 10% tax on all your earnings. (on top of whatever he was taking before, I expect 30-40%+)

you must be a very binary person knowing only 1 and 0.

[Hyve]

Personally, I would be furious, but I can also see why it has been done this way.

Asking everyone to pay a one-time fee of 10% (dependant on your savings, etc...) is still a lot cheaper then higher tax rises, as that then passes onto Fuel, which increases costs of delivery, food, energy and everything! What they're doing is wrong in my view, but it is still far nicer then some alternatives.

Also, one thing I didn't see is if this affected only Cyprus Nationals with Bank Accounts, or anyone with a Bank Account in Cyprus. I'm curious, as I was thinking of moving to Cyprus about two years back, and losing a chunk of my cash because of government failings would've pissed me off to no end.

[Dezerte]

Yeah, they could have relaxed the tax rates for the poorer people while increasing them for the very rich.

Question is, did these rich people anticipate this action and withdraw their money before the banks closed? Especially the bankers could have foreseen this.

[Hyve]

BELOW 100.000euro = 0%
ABOVE 100.000euro = 10%
ABOVE 1.000.000euro = 25%

I'm sorry, what?

People who have 1,000,000 in the bank are not going to pay 25% of it to the government. Their percentile contribution is already much higher then everyone else, and you want to make them lose a quarter of their earnings?

You know, people who have that sort of money actually earn it, work and put in an insane amount of effort to maintain that. Asking them to give away 25% is insane, and as someone who would've been affected by that, may I politely tell you to shove your head up your ass.

Infracted: Don't flame a user.

[Dezerte]

Personally, I would be furious, but I can also see why it has been done this way.

Asking everyone to pay a one-time fee of 10% (dependant on your savings, etc...) is still a lot cheaper then higher tax rises, as that then passes onto Fuel, which increases costs of delivery, food, energy and everything! What they're doing is wrong in my view, but it is still far nicer then some alternatives.

Also, one thing I didn't see is if this affected only Cyprus Nationals with Bank Accounts, or anyone with a Bank Account in Cyprus. I'm curious, as I was thinking of moving to Cyprus about two years back, and losing a chunk of my cash because of government failings would've pissed me off to no end.

If the levy goes ahead, it will affect many non-Cypriots with bank accounts, including UK expatriates.
However, depositors in the overseas arms of Cypriot banks will not be hit. Bank of Cyprus UK and Laiki Bank UK both confirmed on their websites that there would be no impact.

http://www.bbc.co.uk/news/world-europe-21819990

[Hyve]

Yeah, they could have relaxed the tax rates for the poorer people while increasing them for the very rich.

Question is, did these rich people anticipate this action and withdraw their money before the banks closed? Especially the bankers could have foreseen this.

Anyone with a brain moved their money out months ago, but even I didn't expect the conditions of the bailout to be this major, and I don't think many of my friends did either. I've a few friends who still maintain accounts of a few million in Cyprus, and I am more then certain they're bribing a load of managers to let them do weekend withdrawals.

---------- Post added 2013-03-17 at 06:12 PM ----------

http://www.bbc.co.uk/news/world-europe-21819990

I'll pass on the good news to a few mates of mine then. Thanks.

[Kalis]

I have the temptation to say this, so I guess I'm just going to, without trying to make this thread about guns:

I guess it's a good thing guns are banned in Greece, because otherwise somebody might be able to do something about those in charge stealing billions of dollars.

Cyprus =/= Greece.

There are about 300,000 military guns in Cyprus, and the population is less than a million.

However, armed revolt would be impossible, due to the number of coffee shops.

[Nevor]

may I politely tell you to shove your head up your ass.

can't you talk in a civilized manner?

please get your facts straight first... cyprus is very well known for hoarding illegal money of rich russians and russian mafia... there will be very little to no millionaires born in cyprus and having it earned the right way. and dont tell me something about effort... most of this oligarchs got their money with oppressing other people and being corrupt and you probably are aware how the russian mafia earns their money... i have no pity for those kind of people as you might understand now.

[Jackmoves]

Personally if I had money in a European bank I'd be moving it tomorrow morning.

There are still plenty of Banks that are stable in Europe so calm your fucking horses!

This is the one I use for my salary account and basic savings account.
http://en.wikipedia.org/wiki/Nordea

Ownership
1. Sampo Group, a Finnish financial corporation, 21.3%
2. The Swedish state, 13.5%
3. Nordea Fonden, 3.9%
4. Swedbank Robur Funds, 3.3%
5. AMF Insurance and Funds, 2.1%

2012-11-29 08:03

Nordea is named Bank of the Year among the leading European banks for 2012 by The Banker owned by the Financial Times.

Nordea is the first-ever Nordic winner of the award, selected among some of the largest international banks.

- In times of tough economic conditions and constraining regulation, Nordea is a natural choice to award Bank of the Year in Western Europe. The bank’s relationship banking model is proving highly successful and the bank has stood out as a beacon of stability and prudence in banking, says Brian Caplen, Editor of The Banker.

- We are proud to receive this recognition, which is a result of the teamwork and dedicated efforts from each and every employee of Nordea, and the trust our customers show us. It’s a great motivation to continue the work creating the bank of the future, safeguarding our ability to deliver on our customers’ expectations, says Christian Clausen, Group CEO of Nordea.

Nordea took early action to adapt to a strained macroeconomic environment as well as new banking regulation. The bank not only maintained its ability to serve existing household customers, small and medium-sized companies and multinationals, but has also managed to attract new customers. Still, work is ongoing in all parts of the bank to further develop the services and the advice provided to customers and ensure compliance with the new financial market regulation.

- We have a good starting point, but we want to improve further in meeting our customers’ expectations and delivering solid financial results. By continuously developing our prudent banking model and always putting the customer at the centre of everything we do, we will do our utmost to safeguard our strong position, also in a changed banking landscape, says Christian Clausen.

[shise]

People seem to don't realize that there has been a putsch in Europe. It's no longer about people, it's about 4 rich persons ruling all the banks and so the countries.

Germany was saved after WWII. Now they are killing people in other countries, forcing them out of their houses, making them lose their job.

We should do as Iceland did, it doesn't matter that they are a smaller place, democracy is not about size.

[Deleted]

The theft posters are clueless. Alternative is to let the banks go bancrupt and then it's extremely unlikely that account holders get 90 to 93 % of their money back.

I'd very much have preferred if no bailout happened. We need to get back to personal responsibility: You invest money, you take the loss if your investment turns belly up.

[Hyve]

Cyprus =/= Greece.

There are about 300,000 military guns in Cyprus, and the population is less than a million.

I think he was just getting confused, due to their proximity.

That said, 300,000 Military Guns sounds very high. I know the British Army always had an interest in Cyprus, but I don't recall if we've still got military bases there, and if we do, if those figures are inclusive of them.

[Kalis]

...there will be very little to no millionaires born in cyprus and having it earned the right way...

Not true.

When Cyprus joined the EU, the value of land shot up, and lots of people sold it for vast sums of money to developers.

---------- Post added 2013-03-17 at 08:30 PM ----------

I think he was just getting confused, due to their proximity.

That said, 300,000 Military Guns sounds very high. I know the British Army always had an interest in Cyprus, but I don't recall if we've still got military bases there, and if we do, if those figures are inclusive of them.

There are still British bases, but those are just the Cypriot ones - Cypriots do National Service and get to take their guns home.

[Hyve]

can't you talk in a civilized manner?

Can you please stop making it out as if people who have wealth are demon summoning baby slaughtering nazis?

Please get your facts straight first... cyprus is very well known for hoarding illegal money of rich russians and russian mafia... there will be very little to no millionaires born in cyprus and having it earned the right way. and dont tell me something about effort... most of this oligarchs got their money with oppressing other people and being corrupt and you probably are aware how the russian mafia earns their money... i have no pity for those kind of people as you might understand now.

Your own personal views on money and people who have it are seriously distorted, and I mean seriously distorted.

and sure... you got that sort of money and own a couple of million euro... funny story bro. feeling important now? move on...

I'm not in the habit of proving my wealth online, nor telling people exact amounts. I care not if you believe me, all I'm saying is, I would be furious if they put their hand in and took 25% of my savings / money.

Simple fact is, taking 10% of 1,000,000 yields more money then taking 40% of 60,000. So why take a higher amount of money just because they can afford it. You're then penalising success severely.

[Tierbook]

People seem to don't realize that there has been a putsch in Europe. It's no longer about people, it's about 4 rich persons ruling all the banks and so the countries.

Germany was saved after WWII. Now they are killing people in other countries, forcing them out of their houses, making them lose their job.

We should do as Iceland did, it doesn't matter that they are a smaller place, democracy is not about size.

have you seen India? democracy is hard to do if the nation is larger

[Deleted]

Not true.

When Cyprus joined the EU, the value of land shot up, and lots of people sold it for vast sums of money to developers.

I don't feel you have to answer such broad "All rich Cypriots are crooks" generalizations. Still thanks for answering questions about your country.

[Daerio]

The theft posters are clueless. Alternative is to let the banks go bancrupt and then it's extremely unlikely that account holders get 90 to 93 % of their money back.

I'd very much have preferred if no bailout happened. We need to get back to personal responsibility: You invest money, you take the loss if your investment turns belly up.

There seems to be some serious lack of logic going on in this post. "We can't let the BANKS go bankrupt, but if somebody is dumb enough to open a bank account, they should lose all their money if something goes wrong." Also, I don't know how it is in other countries, but there's a reason over here bank accounts are insured, so that people don't just "lose all their money" when the bank goes under. That isn't how it works, that isn't how it has worked in almost 100 years.

I think all of the 'personal responsibility' should be on those people running those banks that are going bankrupt. I think they should be personally liable for paying back whatever debt is incurred from their shitty decision making. I'd bet that would cut down on it happening any more.

[Kalis]

I don't feel you have to answer such broad "All rich Cypriots are crooks" generalizations. Still thanks for answering questions about your country.

Not really my country. I was born and raised in London, but my father was Cypriot and I decided to move here 3 years ago, so I have a fairly good view on Cyprus from a (semi) outsiders point of view.

[Zangeiti]

I'm really glad that i don't have any money in the EU bank.

[Deleted]

Also, I don't know how it is in other countries, but there's a reason over here bank accounts are insured, so that people don't just "lose all their money" when the bank goes under. That isn't how it works, that isn't how it has worked in almost 100 years.

I think all of the 'personal responsibility' should be on those people running those banks that are going bankrupt. I think they should be personally liable for paying back whatever debt is incurred from their shitty decision making. I'd bet that would cut down on it happening any more.

Where is "over here" and why is once again northern european bailout money needed if all is going well and accounts are insured?

To make it 100% clear: I am in favor of letting banks go bancrupt.