Euro zone orders Cyprus to sieze 10%

[tater]

Looks like Cyprus chose to let the majority of the money running through its banking system be russian moving money out, then back into russia (laundering?). Seems like if they wanted to have safe banks, they should have run their banking system better.

Who should pay for their mistakes, however? Seems like Cyprus should, whatever they call the tax (FDIC "premiums" like all corporate costs are simply passed to customers, so we all pay for FDIC up front in the US, then pay again as taxpayers in terms of guarantees to the whole system should FDIC fail (since FDIC doesn't have assets to cover all deposits insured at once in the nation, taxpayers are on the hook for the difference in a total failure).

If the EU is volunteering to be on the hook for all Cypriot deposits, strikes me they can demand whatever they like, and that's entirely fair. Cyprus can always refuse, and cover their own insurance.

[geetrue]

Thanks tater and bilge rat ...

I had forgotten about Russian mafia laundering their money in Cyprus

surely is a math problem behind the scenes

but what if this would happen to other bail outs such as ireland?

[STEED]

Cyprus Bank Deposits to Be Taxed in $13 Billion Bailout
http://www.golemxiv.co.uk/2013/03/eu...t-on-cypriots/

Interesting Blog.

[STEED]

Cyprus: Much Of Russia's Investment 'Corrupt'

A prominent economist has told Sky News that much of the cash deposited by Russians in Cypriot banks is "corruption money".
The comments from Ivan Tchakarov, chief economist at the Russian investment bank Renaissance Capital, came as Cyprus is set to impose a one-off tax on bank accounts as part of a 10bn euro bailout.

http://uk.news.yahoo.com/cyprus-much...e.html#RW7nM6i

Banks is a dirty word.

[Diopos]

Originally Posted by Bilge_Rat

...
The question of course is always what is the alternative solution?

Let them Ruskies put their money in German banks! In that way it won't be "laundered" any more, it will be "sanctified"!!

.

[mookiemookie]

Originally Posted by AndyJWest

What exactly has that got to do with a levy on Cypriot bank accounts?

You've made the mistake of trying to parse yubba logic into something resembling coherent thought. If you want to make any sort of sense out of it, it may help to down a pint of whiskey before reading.

[yubba]

Aaah you're to kind, well Mcdonald vs Chicago is a land mark case protecting our 2nd amendments rights, there is several trillion dollars in 401k and ira's and savings, don't pretend that these theives in DC haven't been figuring out a way to get their hands on this money for the continuiance of government, so the only thing that is standing in the way of that is, our 2nd amendment rights and the constitution, we are 16 trillion dollars in debt, so when we do implode where is it written that we won't go back to a free market system again that's normally what happens to a socialist country when it fails. I really don't see the 47% getting off the couch to fight for this left of Stalin dream, they won't get off the couch to go to work.

[Oberon]

Guns - check
Socialism - check
Stalin - check
Euro - check

So close...so close!

[August]

Originally Posted by Oberon

Guns - check
Socialism - check
Stalin - check
Euro - check

So close...so close!

Originally Posted by Oberon

Guns - check
Obama - check
Democrat - check
Republican - check
Conspiracy - check
Communism - Dammit!

[Hottentot]

Originally Posted by Oberon

Guns - check
Socialism - check
Stalin - check
Euro - check

So close...so close!

Yeah, what we need right now is Bubblehead or someone to have a rant about liberals and democrats and the horizontal row on the right is filled. Add a few words about republicans and it's a double win. Comparing Obama to Hitler would do as well, or suspecting that Bush is a muslim. But it usually goes the other way around.

[Oberon]

Yeah, you didn't make this easy did you?

And we're not likely to get the Jew column filled until either Alex is unbrigged/banned or Zeewolf emerges from the Tank sim section.

Ah well, I have my Bingo pen ready.

[Betonov]

Originally Posted by Oberon

And we're not likely to get the Jew column filled until either Alex is unbrigged/banned or Zeewolf emerges from the Tank sim section.

I could step in, but I'd only rant about that one time a Jew stole my seat at an airport
Maybe if we replaced Jews with Croats

[August]

Originally Posted by Oberon

Yeah, you didn't make this easy did you?

And we're not likely to get the Jew column filled until either Alex is unbrigged/banned or Zeewolf emerges from the Tank sim section.

Ah well, I have my Bingo pen ready.

Originally Posted by Oberon

Guns - check
Socialism - check
Stalin - check
Euro - check

So close...so close!

Originally Posted by Oberon

Guns - check
Obama - check
Democrat - check
Republican - check
Conspiracy - check
Communism - Dammit!

Jew

[geetrue]

Originally Posted by Oberon

Guns - check
Socialism - check
Stalin - check
Euro - check

So close...so close!

You forgot the social security check, but I know why
because March 14th now requires ebt (electronic banking transfer)

[Jimbuna]

Originally Posted by Skybird

Such assurances only hold ground if the disaster is extremely limite din size. When the mjaor part of a national bank envcriopnment goes down the drain, its just bits of paper then. The guarantees given for German savings at banks are sufficient for only 0.5 or 3.0% (I'm not sure which one it was) of customers' savings - and that was in 2009. Since then a great money devaluation has moved on, and more money was flooded onto the market.

Needless to say that the state giving such guarantees is a customer of the banks, and that the money such guarantees will be compensated with is just more of this wonderful thing called FIAT money.

It's all just a big illusion show to keep the mob silent in the street.

I still wonder in what way Cyprus is system-relevant,m and in what way the Cypriotic government can assume that other people owe it to them to pay for their corruption, incompetence and mismanagement. It was the Cypriotic people voting them into power, and they share the responsibility of what is being done in their name, therefore.

And why the heck have people from Greece and Britain, or any foreigners at all, moved their saving from their country to banks in - Cyprus? It's not as if the situation in Cyprus was not known since years, eh? No risk no fun, or what? My sympathy is limited. Very.

I have talked my parents into taking their savings from the bank and hide them well privately. Interests are so lousy here that the small raise in additional expropriation resulting from not even getting this caricature of an interest rate does not count anyway. Having savings on your bank these days means you get robbed, slowly, but constantly. and if the system fails over night, you cannot take it from the bank. That is a top level concern these days, I think. Even in Germany. Because if something really bad happens, then it will happen fast, unfolding within hours. The hour you notice that prices for good and items, property and real values explode suddenly, it will already be too late for almost everybody. And if the crash is politically wanted, you do not even get that warning time.

I think your misunderstanding me...I meant compensation for the levy only. Some of the service personnel have their wages paid direct into their Cypriot bank accounts and it is highly unlikely any will have vast sums in their accounts.

I read somewhere that it is estimated £170 million is the most a compensation payout total would be.