ATMs emptied across Cyprus

[BlueStateSaint]

If you don't think that this hasn't been suggested here, you're hopelessly deluded.




Cash machines EMPTIED across Cyprus as 60,000 British savers face losing MILLIONS after £8.7billion EU bailout imposes tax on all of nation's bank accounts

Lines formed at ATMs as people scrambled to pull their money out

Word spread that rescue package included a one-off levy on deposits

Restrictions stopping people emptying accounts or moving money abroad

Up to 3,000 British service personnel are based on the bankrupt island

President Nicos Anastasiades agreed to raid with European finance chiefs
 
Said country in 'state of emergency' and not acting would be 'catastrophic'
 
But expats accused the island of 'plain theft' as violent protests sparked

Britons have around £1.7b of deposits on island and could lose up to £170m

By SIMON WATKINS and ALEX HAWKES
PUBLISHED: 11:23 EST, 16 March 2013 | UPDATED: 05:31 EST, 17 March 2013

Up to 60,000 British savers are to lose thousands of pounds each after European finance chiefs ordered an unprecedented  raid on personal bank accounts.

Expats and UK troops based in Cyprus will have their savings decimated as part of a  painful bid to bail out the bankrupt island.

Britons have about £1.7 billion of deposits in Cyprus and could lose up to £170 million.

The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island’s crisis-hit banking system.

The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.



I can easily see the Senate Dems, taking their cue from the Obamessiah, trying this.

The rest is at: http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied-Cyprus-savers-learn-10billion-euro-bailout-agreement-includes-levy-bank-accounts.html#ixzz2NnEyBWr5

[docstew]

The Brits are getting soft. Time was, they would invade a country for less than that.

[98ZJUSMC]

The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island’s crisis-hit banking system.

Of course, the Theft-O-crats haven't tried it here,.....yet, but just the example of this should start waking the low information people here. 

Should.  But, probably won't.

[NHSparky]

Whaddya mean the Oministration hasn't tried it?  Dodd-Frank mean anything?

Seriously, if a MAJOR EU player did this, the markets would take a HUGE dump, no matter how much money Bernanke pumps into Wall Street (which, IMO, is the ONLY reason they're doing as well as they are right now.)

[JohnnyReb]

Whaddya mean the Oministration hasn't tried it?  Dodd-Frank mean anything?

Seriously, if a MAJOR EU player did this, the markets would take a HUGE dump, no matter how much money Bernanke pumps into Wall Street (which, IMO, is the ONLY reason they're doing as well as they are right now.)

I think the rise is because some of the republicans appear, and I stress the word "appear", to have finally grown a set of balls.

[Mr Mannn]

I can easily see the Senate Dems, taking their cue from the Obamessiah, trying this.

More than likely O will use an executive order.
Or he's already been given the power in one of the 3000+ page bills.

[NHSparky]

I think the rise is because some of the republicans appear, and I stress the word "appear", to have finally grown a set of balls.

Of late, perhaps--but keep in mind, when you've dumped $3-4 TRILLION into the markets, the prices of stocks are going to be high--artifically so.

And when QE3 stops, the market will correct.  The only reason they haven't stopped yet is because inflation is relatively low (at least from an "official" standpoint.)  Once it REALLY starts to kick in, the spigot will get shut off, and we'll be off to the race for the bottom yet again.

[RightNow]

More than likely O will use an executive order.
Or he's already been given the power in one of the 3000+ page bills.

Its already in a bill.  Obamacare gives the government realtime access to your financial accounts.  Time to withdraw no while you still can and hide your money under the mattress.

[98ZJUSMC]

Whaddya mean the Oministration hasn't tried it?  Dodd-Frank mean anything?

Seriously, if a MAJOR EU player did this, the markets would take a HUGE dump, no matter how much money Bernanke pumps into Wall Street (which, IMO, is the ONLY reason they're doing as well as they are right now.)

Not quite the same, but point taken. 

[Freeper]

They won't try that here, not yet anyway. They have their eye on "managing" our 401ks for us, meaning that they will take over the funds and use those funds however they want.

I imagine if they tried to take 10% off the top of everyone's savings the Hollywood elites wouldn't stand for it, and 0bama won't do anything to piss them off.

[Dori]

I've heard about a 1% transaction tax being tossed around.  Also, isn't their some type of transaction tax now being charged to stock traders?

[Freeper]

I've heard about a 1% transaction tax being tossed around.  Also, isn't their some type of transaction tax now being charged to stock traders?

There is no telling what they will tax under 0bamacare.
0bamcare is bad enough for what it is in it, but what makes it worse is how much power it gives to the Sec of Health and Human Services. I forget how many times in the bill it says as determined by. So I would imagine that all they would have to do is get the Sec of Health to implement a tax in any way they want.

[98ZJUSMC]

I've heard about a 1% transaction tax being tossed around.  Also, isn't their some type of transaction tax now being charged to stock traders?

The (D)Ummies are all big on it.

[rich_t]

Of late, perhaps--but keep in mind, when you've dumped $3-4 TRILLION into the markets, the prices of stocks are going to be high--artifically so.

And when QE3 stops, the market will correct.  The only reason they haven't stopped yet is because inflation is relatively low (at least from an "official" standpoint.)  Once it REALLY starts to kick in, the spigot will get shut off, and we'll be off to the race for the bottom yet again.

Exactly.

[J P Sousa]

Whaddya mean the Oministration hasn't tried it?  Dodd-Frank mean anything?

Seriously, if a MAJOR EU player did this, the markets would take a HUGE dump, no matter how much money Bernanke pumps into Wall Street (which, IMO, is the ONLY reason they're doing as well as they are right now.)

We are getting increased fees for our business / and personal checking due to Dodd-F'n-Frank .

How Dodd-Frank impacted checking accounts – step by step
http://www.nerdwallet.com/blog/2012/doddfrank-impacted-checking-account/

It may not be going directly to the Feds but it's coming out of our pockets. The analogy of a balloon; squeeze one side air goes to another or water goes to path of least resistance, regulations push things in different directions and often doesn't correct anything. 
.

[Freeper]

The (D)Ummies are all big on it.

If they don't have to pay it, they don't care.

[BlueStateSaint]

And now here's the implications . . .

http://www.theblaze.com/stories/2013/03/17/the-crazy-cyprus-tax-plan-what-does-this-mean-for-the-u-s-the-rest-of-the-world/

Check out the observation by Henry Blodget about half the way down the page . . .

[NHSparky]

I've heard about a 1% transaction tax being tossed around.  Also, isn't their some type of transaction tax now being charged to stock traders?

That's a bargain compared to some ATM fees.

I love how the DUmmies bitch about oil companies which make a 9 percent profit, but don't say dick about banks which have 25-30 percent profit.

Oh, wait--a lot of major banks are run by Democrats.  Nevermind.

[Mr Mannn]

A talking head was on the radio. He said in the US this could happen without an act of congress. All Obama would need is some crisis/any crisis and he can use the emergency powers he granted to himself in all those executive orders.

Right now Obama was focusing on taking over retirement accts. The gist of the takeover? The people can't be expected to manage their own retirement funds, the wise govt will do so for you. Further everyone will be compelled to open retirement accounts through their employer.

Then plans are in place.

[DefiantSix]

The Brits are getting soft. Time was, they would invade a country for less than that.

Brits nothing.  Cyprus is a favored "banking" spot for the Russian mob.  I'm sure once they learned that one gang of bureaucrats thugs was going to make a play for their cash, they sent their own thugs "bureaucrats" to go reason with the sticky fingered Cypriot gub'mint.


Bodies found floating in the Med in 3... 2... 1...

[longview]

I heard the the president of Cyprus wants to skim 6.7% off the accounts of less than $100K and more than 9% off the accounts over $100K.  Everyone's.  Seems that no other country is supporting him in this. 

[Mike220]

I heard the the president of Cyprus wants to skim 6.7% off the accounts of less than $100K and more than 9% off the accounts over $100K.  Everyone's.  Seems that no other country is supporting him in this. 

From what I've read, it was requirement from the IMF and European Central Bank as a condition of a bailout, not the Cypriot president's idea. 

[longview]

From what I've read, it was requirement from the IMF and European Central Bank as a condition of a bailout, not the Cypriot president's idea. 

Oh, thanks.  Even worse.

[Mr Mannn]

Brits nothing.  Cyprus is a favored "banking" spot for the Russian mob.  I'm sure once they learned that one gang of bureaucrats thugs was going to make a play for their cash, they sent their own thugs "bureaucrats" to go reason with the sticky fingered Cypriot gub'mint.


Bodies found floating in the Med in 3... 2... 1...

Hmmm. Who to root for? Who to root for?

[zeitgeist]

Corrupt politicians everywhere will want a piece of the action.  Trust me.  IRA/401K's are just inviting targets of opportunity to them.   DUmmies could care less.  You can't get blood from a stone