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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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spider9

You said you were baffled! I just wanted to be sure you were keeping up that's all!

EU = European Union. We belong to this!

EMU = European Monetary Union. We don't belong to this!

So what is it you think I don't understand?

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spider9

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Flak999

Bravo for such a succinct post (repeating everything I had said to you earlier!). Good to see you can learn things. Now, concerning UKIP.....!!

*" So what is it you think I don't understand?"*

Just about everything, it would appear.

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Flak999

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fourm member

Do the arithmetic on the effect of even 10% inflation on the value of savings and you'll see that this levy is the cheaper choice if the alternative is to leave the EU and devalue.

That of course is always presupposing that the levy works! What if it doesn't, will they come back for more?

What of the other points regarding Spain and Italy if this causes a run on their banks? What then?

What of your earlier comments about all it would take is a change in the law here?

"Er, it's called taxation."

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Flak999

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spider9

I think you need a lie down in a darkened room! You appear to be having an attack of the vapours! :-)

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fourm member

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Flak999

Let's go back and go slowly.

The thread began with lots of harrumphing about 'theft'. I pointed out that it is no different to any other tax. If the parliament in Cyprus makes a law saying there is a levy then it is completely legal and not theft.

If the UK parliament decides on a tax and passes a law to implement it, then it is legal.

What stops truly draconian taxes being imposed is 1) that parliament has to pass the necessary law and 2) it would take someone even more stupid than Nigel Farage to propose such a thing.

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spider9

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Flak999

Please read fourm member's post very carefully, then take a couple of pills and sleep it off - everything will be alright in the morning, my little one.

That naughty UKIP monster will eventually fade from your dreams, and Mr Osborne will not take away all the toys in your cupboard.

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hssutton

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Sharon Bowles, the chairman of the European Parliament’s Economic and Monetary Affairs Committee and MEP for South East England, said: “This grabbing of ordinary depositors’ money is billed as a tax, so as to try and circumvent the EU’s deposit guarantee laws. It robs smaller investors of the protection they were promised.”

No matter what FM says I say it's theft as do a great many others and not just in this country

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Flak999

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fourm member

Let us see what happens, it already looks as if the government in Cyprus recognise the folly on which they have embarked and are franticly trying to amend the bailout agreement. Will the Cypriot parliament pass the legislation, there seems to be some doubt!

You say it would take somebody stupid to propose such a thing, well the ECB did propose this levy as part of the agreement for a bailout, so I suppose we can agree on this one thing, that the ECB are very stupid!

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morddwyd

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"No matter what FM says I say it's theft"

It may be hard for you to believe, but just because you say it is theft does not actually make it so.

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fourm member

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Flak999

'You say it would take somebody stupid to propose such a thing'

No, I didn't.

What I said was;

'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.'

I was making the point that the most extreme policy is legal if a parliament makes it so.

If the parliament in Cyprus passes this levy it will be legal. If it doesn't, it won't.

I don't know whether this levy is the best course for Cyprus to take but I do not that the alternatives you've put forward are not harmless to the value of savings.

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