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Thread: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

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    Denmark Avalon Member Watching from Cyprus's Avatar
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    Post Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Dear All,

    This morning (Saturday) it was announced that all savings accounts will be enforced debited/taxed 6.75-10% estimating a total amount of EUR 5.8 billion for the government coffers (ha ha for the banks). Here in Cyprus there is a long weekend due to green Monday coming so the timing they got right.

    http://www.cyprus-mail.com/bailout/s...ilout/20130316

    All of you please make sure this goes out to the world since there is very little coverage till now from other countries and the news that are out from outside Cyprus are playing the significance of this down..

    What would you think if your bank just confiscates 6.75% from your account .. almost 10% if you have above 100K ???? This is outrageous, and i believe completely illegal.

    Wait and see what will happen .... So much Russian moneys are in Cyprus, so my prediction is that we will see the Cyprus banks soon announce they cannot continue business, and the Russian banks standing by will swallow them up so the billionaire depositors stay unharmed (they have already been notified .. is my guess .. otherwise there would be no deposits left in Cyprus banks from the Russians)

    Love you all and keep an eye on the development here starting from Tuesday where the bank runs will start.

    Peter
    Last edited by Watching from Cyprus; 16th March 2013 at 19:16.
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    Default Savers forced to bear costs in Cyprus bailout

    Savers forced to bear costs in Cyprus bailout



    The eurozone struck a deal on Saturday to hand Cyprus a bailout worth €10 billion, but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risks of a wider bank run.

    Cyprus becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help in the wake of the region's debt crisis.

    In a radical departure from previous aid packages, eurozone ministers forced Cyprus' savers, almost half of whom are believed to be non-resident Russians, to pay up to 10 per cent of their deposits to raise almost €6 billion.

    more here

    http://www.cyprus-mail.com/bailout/s...ilout/20130316

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    Denmark Avalon Member Watching from Cyprus's Avatar
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    I would like to point out that this is already enforced so it is not that they are going to do this... No, they have already done it, the bastards.
    Last edited by Watching from Cyprus; 16th March 2013 at 19:15.
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    what a shame,, i love Cyprus,,,, my hearty calls me there often....


    i was living there during the build up to them joining the euro club,,, Cypriots were sold a dummie....

    i have heard there is violence on streets but it is only unconfirmed rumours.

    i know there will be trouble,,,,,beautiful country bust just beneath the veneer is the biggest examples of cabal activity..

    hoping you'll update,, cosmic

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    For me, this is the best commentary on the situation...http://www.zerohedge.com

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    A precursor for the rest of the planet. Cypriots/Russian reactions will dictate how they will proceed elsewhere to steal the money.

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Did anyone note this line in the article linked in the OP

    > Depositors will be compensated by equity in the banks

    So, they are taking a haircut from the depositors, but they are giving them equity in the banks who are taking the money. Effectively this is a mandatory loan from the depositors.

    I dont know how this is possible - I dont think this could be done in Australia, the Australian Bank Act does have the provisions to confiscate Gold though.


    Also from that article.

    > Cyprus may be required to privatise the Cypriot telecoms company, the electricity company and the ports authority.

    (This could bewhat it is all about....)

    -- update: I now see how they pulled this off, the government are calling it a TAX and they have the right to set taxes
    Last edited by Anchor; 17th March 2013 at 12:19.
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Quote Posted by anchor (here)
    did anyone note this line in the article linked in the op

    > depositors will be compensated by equity in the banks

    so, they are taking a haircut from the depositors, but they are giving them equity in the banks who are taking the money. Effectively this is a mandatory loan from the depositors.

    I dont know how this is possible - i dont think this could be done in australia, the australian bank act does have the provisions to confiscate gold though.


    Also from that article.

    > cyprus may be required to privatise the cypriot telecoms company, the electricity company and the ports authority.

    (this could bewhat it is all about....)
    The equity is shares @ eur 0.21 per share (in Bank of Cyprus).. Just wait and see the share price by the end of next week when the bank runs are on.. It is down right criminal and a "bank robbery". Revolution is starting here in Cyprus. Be prepared .

    Privatizing Semi Government institutions is a part of it yes, plus the gas reserves found which the b/wankers want control of.

    It will happen in Australia as well.. Dont know when but surely it will come to all westernized countries and then spreading to all other countries.
    Last edited by Watching from Cyprus; 17th March 2013 at 08:27.
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    This from Jim Sinclair:

    "What's just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian 'black money.' Russian 'black money' is KGB money, now in business. The leader of Russia (Putin) was a former KGB official. Who's money do you think they have taken? This is the biggest mistake the IMF could possibly have ever made."

    http://www.jsmineset.com/

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Talk about an effective way to incite rioting!

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    I read about this this moring.. here is a bit of an update:

    Quote Cyprus parliament delays vote on bank deposits tax
    Mar. 17 4:52 AM EDT


    NICOSIA, Cyprus (AP) — An official says Cyprus' parliament had postponed the debate and vote on the controversial levy on all bank deposits that the country's creditors demanded in exchange for €10 billion ($13 billion) in rescue money.

    Parliamentary official Antonis Koutalianos said the vote that was scheduled for Sunday afternoon has been pushed back to Monday, but the exact hour of the vote has yet to be fixed.

    The decision to impose the one-time levy of 6.75 percent on all deposits under €100,000 and 9.9 percent over that amount, has triggered scorn from Cypriot politicians who condemned it as unfair, bringing in doubt its approval in parliament.

    It marks the first time that the 17 eurozone countries and the IMF have dipped into people's savings to finance a bailout.
    http://bigstory.ap.org/article/cypru...k-deposits-tax
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Here's something from yesterday:

    Quote Cash machines EMPTIED across Cyprus and 60,000 British savers face losing MILLIONS after £8.7bn EU bailout imposes tax of up to 10% on all 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 about £1.7b of deposits on island and could lose up to £170m
    Parliamentary official: Vote scheduled for today pushed back to tomorrow
    G. Osborne: This is what happens if you don't show you can pay your way

    By Simon Watkins and Alex Hawkes

    PUBLISHED: 16:23 GMT, 16 March 2013 | UPDATED: 10:49 GMT, 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.

    Restrictions have been imposed to stop people emptying their accounts or moving their money out of the country following the deal with other eurozone finance ministers, under which ordinary citizens’ deposits will be directly raided for the first time.

    One furious expat said: ‘This is plain theft. I’d love to hear someone explain to me why it isn’t.’

    And one of the 3,000 British service personnel based on the island said: ‘I stand to lose €4,000 [£3,500] We’ve tried to save quite hard while we are here – that’s been thrown back in our faces.’

    ....

    But financial experts said the move – designed to stop Cyprus crashing out of the euro, potentially destroying the currency – would send shock waves through the eurozone.

    If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks.

    Economist Howard Archer from IHS Global Insight said: ‘It is an alarming precedent to hit the man in the street. As much as they say this is a one off, people will say if they can do it once they could do it again.’

    Tory MP Douglas Carswell added: ‘We should all be extremely worried about this. It shows that ordinary Europeans are being fleeced by the Continent’s elite in order to rescue foolish banks. Why would you risk putting your money in Greek, Spanish or Portuguese banks after this?’

    The European Central Bank said Britons have £1.7 billion deposited on the island.

    British expats were stunned by the news, with many left high and dry by the restrictions on accounts.

    Cash machines had been working, but many ran out of notes because of the panic withdrawals. Tomorrow is a public holiday in Cyprus, too, so savers will have to wait until Tuesday until they can access their money.

    Andy Georgiou, 32, who grew up in Liverpool, said: ‘We are struggling. We can’t access money and we need it to buy petrol and food. It’s appalling. All without any warning.’

    Sean Chamberlain, a 39-year-old writer from Devon who now lives in Cyprus, said: ‘There are a lot of people who are very angry. Everyone was furious, feeling absolutely betrayed by yet another apparently incompetent government.

    ‘And now they’ve done it once, what’s to stop them deciding to do it again next week? If there’s a run on the bank, that’s a terrifying thing.’

    Shirley Brooks, 61, originally from Manchester, stands to lose €18,600. She said: ‘I am extremely angry. This is our retirement money, and there was no warning that this was coming. I don’t think we should have to pay anything as we did not cause the problems in the economy.’

    Her sentiments were echoed by former Army officer Graham Smith, who moved to Cyprus from Dundee five years ago. ‘I don’t believe we Brits should have any money taken,’ he said. ‘We have not contributed to the bankruptcy. If anything, all we’ve done is contribute to the economy.’

    He stands to lose about €2,000, as does financial adviser Steve Carr, who is originally from York but has been living in the coastal city of Limassol for the past 24 years.

    He said the supposed solution to the island’s woes could make matters worse: ‘When the banks reopen, people will start moving their money out of Cyprus because they don’t want this happening again. This could create a run on banks, which would be a very bad thing for Cyprus.’

    ......
    Read more here:

    http://www.dailymail.co.uk/news/arti...#ixzz2Nmae1JSN
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Earlier I was wondering how they could do this, now I see they are calling it a TAX, and countries have the right to set their own tax rates.
    -- Let the truth be known by all, let the truth be known by all, let the truth be known by all --

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    Default Government and Banks Sink to a New Low................

    Ignorance is Bliss

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    Default Re: Government and Banks Sink to a New Low................

    Thanks Watching from Cyprus, hmm!, to bad for the Cyprus people saving, 9.9% of their saving to service the debt!, hope this doesn't happen to Canada, but who knows.

    Worst case than that happened, after WWII, Russia seized all the saving of their people to refinanced rebuilding. Similar stories must have been lived by people in other countries over the years.

    It's awful, citizens savings of a country have to be used because the administration of a government didn't do their job responsibly.
    Last edited by Deega; 17th March 2013 at 23:14.

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    Default Re: Government and Banks Sink to a New Low................

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

    Cyprus is being railroaded by the IMF, World Bank and the finance ministers of the E.U. otherwise known as TROIKA. They met with the new of president of Cyprus over the weekend and threatened to foreclose on the two biggest banks in Cyprus if the Central Bank of Cyprus did not fork over all individual and corporate bank deposits over 100,000 Eur.

    Cyprus has enjoyed large foreign investments, especially from Russian companies and individuals due to its low company income tax rate. A compromise was reached where all savings accounts over 100,000 Eur will be levied with a one time tax of 10% and all accounts below that will be taxed 6.75% percent. This was agreed over night on the morning of Saturday. This agreement still needs to be voted on by the Cyprus parliament.
    Banks are closed on Saturdays and Sundays here. People tried to withdraw funds from the ATM machines but they were soon depleted or jammed because of all of the traffic. My daughter tried transferring funds between accounts on line but was unable to. Monday is an official holiday in Cyprus. The banks are due to open on Tuesday, but there has been talk that they won't. Everyone I know is planning to attempt to take their money out of the banks as soon as they open. This is very serious.

    What is happening in Cyprus is unprecedented. They are actually going to take money out of people's bank accounts to bail out the banks and the government !! This is a text book conspiracy against the hard working people of Cyprus. I saw this coming a couple of years ago when it was confirmed that there are large natural gas and oil deposits right off the Cyprus coast. The rigs are being built and drilling should commence in a couple of years. You know where I'm going with this.
    Blessings,
    Yiola

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    Default Re: Government and Banks Sink to a New Low................

    it's wrong on two accounts. 1. They weren't working for the people, therefore were there under fraudulent purposes. 2. They put the crash into play, therefore whoever paid for their election to be re-elected, should have their taxes, as FDR did em. At least take them to Kennedy levels, as they have done this "to" the people, NOT "for, of or by" the people's/governmentrules.

    They should all be in jail for misappropriation of legislative laws to further indebt the country.

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    Default Re: Government and Banks Sink to a New Low................

    criminals, how would they like me just taking money from them to pay my mismanagement of my duties ???
    Raiding the Matrix One Mind at a Time ...

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    Default Re: Government and Banks Sink to a New Low................

    The president of Cyprus just spoke to the nation on television. He spoke of the hard bargaining tactics used by our European "partners". He explained that the alternative of not bailing out the banks in this way would be catastrophic for Cyprus now and for generations to come. The proposal on the table now is that any funds taken from the public's bank accounts will be "reimbursed" in the form of stocks in the respective "failing" banks. Furthermore, as an incentive for people not to withdraw the balance of their money from the banks after this fiasco, arrangements are being made to offer people stocks in future gas and oil revenues expected to be realized in the next few years from Cypriot off shore drilling sites. The stocks will be equal to the interest earned over the next 2 years from each person's savings account.

    By the way, the banks got themselves into this trouble in the first place by investing in the "ill fated" Greek bonds which were devalued by at least 60% last year !
    Blessings,
    Yiola

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    I've no doubt that there will be bodies found.

    No doubt at all.

    There are some people you just don't screw around with.

    And that is the best you can hope for.

    All other possibilities are much more ugly.
    Interdimensional Civil Servant

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