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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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Flak999

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Forum Editor

What they should do is leave the Euro, take back control of their currency and devalue it.

What I certainly would not do is impose a draconian charge on the entire electorate! How the government feel that will endear themselves to the population so that come polling day the lemmings will vote for them again, I cannot fathom!

It certainly doesn't seem like a vote winner to me!

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morddwyd

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I am a bit confused about how it applies to servicemen.

So far as I am aware, the British bases are sovereign areas, presumably including the domestic living areas, therefore they do not live in Cyprus.

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spider9

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Flak999

"Are you seriously telling me this could not happen here?"

If we were members of the Monetary Union (ie had adopted the Euro as currency), then yes it could happen to us.

But we have NOT joined this Union (remember Brown's five conditions were never met), and so the question doesn't arise for us - as I said originally.

But makes great scare tactics for UKIP promoters!!

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spider9

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FE

Can I ask if it is now OK to blatantly regurgitate election slogans in posts?

Example :- "Vote ........ at the first opportunity. You Know it makes sense.", at 11-33pm yesterday.

I had always assumed this would be classified as partisan politics.

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wiz-king

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morddwyd Our service personnel had the choice of how they are paid, They can be pay in £ or eros and into a bank of their choice, some of them chose to use Cypriot banks.

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sunnystaines

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I often watch the max kaiser show its finance based program he said sometime ago that goverments could easily sieze savers cash or large percentages of it if the financial saga continues. never thought it would ring true.

i can see ex pats in spain moving cash back to GB.

i feel they shoud bankrup the dodgy financial banks rather that hit joe public.

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carver

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sunnystaines you can't do that, don't forget it's the banks who give ex MP's their next job.

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Forum Editor

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spider9

"I had always assumed this would be classified as partisan politics."

Yes, I spotted it last night, but decided to leave it alone because it was so transparently born of silly prejudice. Sometimes it's best to let people hoist themselves with their own petard.

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Flak999

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spider9

I know we are not members of the Euro, and as such we probably would not have to conform to the rulings of the IMF or the European central bank. But we are members of the EU and as such we have certain legal obligations that we can not get out of.

If we see a run on banks in Italy and Spain as a result of this incredibly short sighted measure, because their populations take fright at the prospect of their deposits being taken by legalised theft, (I know it's an oxymoron!) The EU currency crisis that had been bubbling away in the background will burst forth again with renewed vigour.

If the Government in this country decided to change the law so that Osborne could do the same thing and just arbitrarily appropriate peoples savings on a whim, because it was deemed to be in the national interest.

Can we honestly that it could never happen here?

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john bunyan

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Flak999

In the UK the first £85,000 per institution (ie all brands within a group) is safe an guaranteed. Should an institution fail, the balance is at risk. Osborne can make tax changes but cannot act as you say - he would soon be over ruled by judicial revue.

The fact is, though, that even outside the monetary union the UK under successive governments built up a very large national debt , in spite of currency deflation, that needs to be tackled by a government of any persuasion. I suspect that if UKIP had their way we would still have to abide by the EU rules to maintain trade (as does Norway) but with no say in framing them. The savings by reduced contributions would, I believe, be offset by other issues.

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