They now call theft – “restructuring”
Bank of Cyprus depositors with more than 100,000 euros (£84,300; $128,200) could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say.
BBC News – Bank of Cyprus big depositors could lose up to 60%
Coming to a country near you.
Already here.
Plenty of Cypriots who live in Australia, but kept their money in Cyprus have just lost almost everything. And Juliar Gillard has now overspent by $300 billion so that every Australian family will have to fork out $40,000 extra just to pay off the Australian federal government debt. From no debt to massive debt in 6 years.
Morons who get into government are always very expensive once they leave. Like seagulls, the lefties fly in, consume everything, make lots of noise, crap everywhere and then fly off leaving you the mess to clean up. They deserve utter contempt. 6 months and she’ll be gone in a massive swing to the LNP.
PS Happy Easter Steve, hope the bunny left you something sweet.
😀
Its actually 100% they are stealing, but they can’t say that. The depositors are getting no real money at all, they are only being given worthless shares in a bankrupt bank. In theory some of their ‘remaining’ deposit is earning interest but that is just a number in a database since their chance of ever being allowed to withdraw the money from their account is somewhere between fat, slim and none.
Spot on.
Bank of Cyprus savers will see 37.5 per cent of any deposits over €100,000 (£85,000) converted into shares in the bank, with a strong possibility that these will prove worthless. Another 40 per cent will be repaid only if the bank does well in future, while 22.5 per cent will go into a contingency fund that could be subject to further write-offs.
Read more: http://www.dailymail.co.uk/news/article-2301737/Its-robbery-New-Cyprus-bombshell-Britons-told-lose-EVERYTHING-85k.html#ixzz2P5Nv1lQh
Like you said Bruce, this 100% robbery is disguised as 60%. A gleickian move by the EU.
The Russians managed to spirit out most of their money before the hammer fell, which is why Putin hasn’t been furious. It seems someone forgot to plug up some mouse holes.
Consequently when the troika got around to looking at what was left in the kitty they:
Oh my aching sides!
BofE and the FED have the same plan…
http://www.fdic.gov/about/srac/2012/gsifi.pdf
http://sherriequestioningall.blogspot.com/2013/03/fdic-and-boe-paper-one-controlling.html
It’s not Obama, poor people, Moslems, or Arabs that are your enemy.
Although Obummer does work for the Enemy.
Maybe we can call it restructuring too when the political elites are hanging from lamp posts.
That’s why the DHS has 1.6 Billion rounds of ammunition and 2700 RV’s.
The elites remember what happened in France 200 years ago and what happened in communist Eastern Europe just 20 years ago. I’d just take their passports away, confiscate their bank accounts and send them on one way flight to Saudi Arabia, Mali or Libya. They’ll be safe there.
This doesn’t seem like something that will inspire depositer confidence in the Cypriot banking system or banking at large.
coming soon to a theatre near you…..
Canada too!
http://suyts.wordpress.com/2013/03/30/oh-canada-canada-to-institute-cyprus-solution-to-budget-procedures/
In Australia, all superannuation (equiv of 401 K’s) is about to be robbed by the Feds to cover the leftist ALP governments incompetence.
http://au.news.yahoo.com/thewest/a/-/breaking/16460743/bid-to-fight-off-super-raids/
Reserve Bank of Australia boss Glenn Stevens endorses the theft:
Mr Stevens told an ASIC forum on Tuesday that global markets were in a ”better place” now than a few days ago.
”The reconstructed deal, as I understand it … is a better one than the initial proposal,” he said.
http://www.theage.com.au/business/cypriot-deal-no-blueprint-says-stevens-20130326-2gs92.html
The lesson being taught is that your Euro deposits are only safe in Germany.
Citizens of the EU now have a simple choice, accept fiscal unity with Germany being the centre of banking or break away from the euro.
Euros are now not safe in any country outside Germany.
Fortunately there was warning in Cyprus that this was going to happen…
although not widely disseminated:
http://www.dailymail.co.uk/news/article-2297383/Cyprus-bailout-President-Nikos-Anastasiades-warned-friends-money-abroad.html
Some are more equal than others.
I am very much considering withdrawing as much as I can from PSECU in PA.
Ammo might be a good commodity, but I’d avoid Cypriot Treasury Bonds.
Most of that money above 100E will be owned by businesses needing to pay debts, wages etc. So the government has managed to wipe out their business and banking sectors in one clean hit, which makes one wonder where future tax revenue is going to come from to pay back the next giant lum of money they have borrowed.
In our wonderful state of Maryland, they just increased the gasoline tax. Liberals love to tax evil fossil fuels to pay for the support of unwed mothers and their useless progeny. Also guanantees their votes in future elections.
“Dr.” Beverly Hall figured out a way to turn useless progeny into Mensa candidates with just an eraser and a sharp pencil:
http://www.nytimes.com/2013/03/30/us/former-school-chief-in-atlanta-indicted-in-cheating-scandal.html?_r=0
…by “doctoring” their test answers.
Price of ammo rises before EPA ensures that fuel especially gasoline goes up.
http://fuelfix.com/blog/2013/03/19/drivers-risk-13-billion-gas-price-hike-as-ethanol-charge-grows/
Russia will respond to the Germans yet, probably when they least expect it through currency manipulation and energy controls.
Back during the GFC, Germany forced the Irish people to take on the bank bondholder debt because most of the bondholders during the Celtic Tiger era were German savers pouring money into a housing boom and bust there. The German bondholders had to protected and repaid at any cost, thus the Germans introduced a 30 year financial famine in Ireland.
In Cyprus as it was mostly “Russian” euros, the Germans told the Russians to go to hell.
We now have the situation where the supposedly equal euro is actually devalued based on the location of the currency.
The message is clear, your Spanish/Italian/Portuguese/Periphery euro is no longer safe and it’s value depends on the country it’s located in, so big investors will have to take their deposits to Germany if they want to protect it’s value.
It will be a 2 tier Euro.
Germany and France high Euro, and the rest on Lesser Euro.
Good discussion…it’s nice to see so many people paying attention