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Major shock for Cypriots


hssutton

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anywhere else in the world this would be called theft

In the EU it's called a bail out levy.

People in Cyprus with less than 100,000 euros in their accounts will have to pay a one-time tax of 6.75%, Eurozone officials said.

Those with greater sums will lose 9.9%.

EU's latest bailout rules for Cyprus

I wonder what savers in Italy, Spain and Portugal think about this?

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carver

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It is theft, how can you have that much money taken and it be called legal, try that in France and the Guillotine would be back in service.

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sunnystaines

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wait till GB goes bust.

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spider9

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sunnystaines

If GB went bust, do you really think that we would be bailed out by the Euro - when we are not in that particular 'club'??

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fourm member

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carver

'how can you have that much money taken and it be called legal'

Er, it's called taxation.

If the British parliament passed a law tomorrow saying the government could take half of every bank account then the British government could take half of every bank account legally.

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Flak999

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Just one more reason, if one were necessary to get out of the EU. More grist to Mr Farage's mill!

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spider9

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Flak999

But this is only applicable to Euro members, who have no discretion about devaluing their own currency when needed, and as we are not one of those countries this whole business doen't affect us.

I hope fourm member hasn't planted a seed in Osborne's mind about a legal method to take 50% of all our bank accounts!!

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hssutton

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It would appear from the latest news that several thousand service men & women will also be caught up in this raid on savings.

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Woolwell

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If I was Greek or Italian or Spanish with money in one of their banks then I would start to get worried that I would be next in line to lose part of my savings. So I withdraw it, place it overseas or somewhere else. Others join in fearing the safety of their money in the banks. There is a bank run and the banks get in difficulty. Not so far fetched and this is what this policy could trigger.

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Flak999

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spider9

This is the EU we are dealing with, we are a member! Are you seriously telling me this could not happen here? Read FM 6.57pm post, do you trust our politicians to act in our interest or their own?

Vote UKIP at the first opportunity, you know it makes sense!

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Forum Editor

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Flak999

"....do you trust our politicians to act in our interest or their own?"

Think about what you've said - are you not aware that politicians are only in their jobs because we voted for them? It's very much in their interests to act in our interests, so we re-elect them, come polling day.

What would you do, faced with the same situation? Cyprus is in a desperate situation - would you stand aside and watch your country slide into a catastrophic bankruptcy, or would you try to act to control the situation?

I don't know enough about the Cypriot problem to be able to comment on the wisdom of the imposition of this levy. It does sound like a pretty grim step to take, but the alternative might be much worse in the end.

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