It Begins: Eurozone starts removing money from people's bank accounts

What's next? Polo shirts?

 

LOL..

How many people use the black BBS layout btw? It just looks wierd to me.

 

I have for years. The white looks terrible to me now.

I actually think the dark side theme is a prereq to warrant even consideration for access to the Styx forum.

 

I think this will happen all over Europe - governments stealing money from people.

 

This isn't Greece?

 

The policy sucks, no doubt.

But most of us would not have more than 100,000 euros in our accounts so it wouldn't affect most of us.

It was agreed upon as part of the conditions to pay for the bailout. It isn't as bad considering that it wasn't some random decision but Cypriots paying for the bailout they received.

It might be a worse decision for the EU to agree to give money away without ever being paid back.

 

100,000+ is what is taxed at the 9.9% rate. The article also says this:

"The levy will see deposits of more than 100,000 euros in Cypriot banks hit with a 9.9 percent charge when lenders re-open their doors on Tuesday after a scheduled bank holiday on Monday. Under that threshold and the levy drops to 6.75 percent."

 

What does this have to do with Greece?

 

It's all Greek to me!

 

agreed, with the qualifier that they are facillitating the theft on behalf of the lending banks

 

Ahh yes.

 

Nothing. Most of population is Greek.

 

This is frightening. The EU may be using this as a trial balloon to test response, in preparation for a larger effort in places like Spain and Italy. The fact that they came in and announced this as a surprise move during the weekend is scary. This will be horrible for the outlying euro countries' bonds (and conversely quite good for the German bund), and will create runs on the bank in those countries.

Surprise! We're going to steal from everybody's bank deposits. Unbelievable.

 

Hearing about a frenzy on ATM withdrawals reminds me of Its a Wonderful Life.

 

This was agreed upon by the citizens who's money is being effectively stolen from them? People being penalized for being fiscally responsible and actually having savings?

 

so let me get this straight...

1. Cypress banks get into trouble.
2. Government of Cypress ask for a bailout to avoid default.
3. Eurozone (European Union?) offers $13 billion dollar bailout with levy attached.
4. Cypress accepts but now Cypress wants to decrease levy for small savers before their government will 100% approve bailout.
5. Meanwhile, customers are cleaning out ATMs. (Bank holiday in Cypress today)

Can someone answer why #1 happened in the first place?

 

Socialists have spent generations trying to convince people that they deserve to have their hands out and that it is the government's role to fill those hands by emptying the hands of others. Redistribution 101. The fact that it is poisonous, toxic, and doomed to eventual catastrophic failure never seems to stop a great many people from believing it is a good idea.

 

But but but we need to be more like Europe!!

 

*more like Sweden, and not those f**ked up quasi-church based and "family-oriented", inflexible labour market welfare states*