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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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fourm member

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hssutton

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

Try that argument if you get stopped for doing 70mph in the town centre or if you fill your pockets in the supermarket and walk out.

'I say it is OK and it doesn't matter what the law says.'

If passed, it will be a shock, it will be a blow, it may have negative consequences that haven't been fully thought through. But it will not be theft.

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spider9

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I don't remember the infamous "Pound in your pocket" devaluation, by Harold Wilson, which effectively removed 14% from everyones savings, overnight, ever being classified as 'theft' by opposition parties at the time.

It was accepted and we moved on...!

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carver

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fourm member it may or may not be theft but for the people who are having their money taken from them it is theft, and the downside is that people who have money invested with these banks will move it to what is perceived as a safer place.

It's really funny that once again the people who are paying in this fiasco are the average person and the ones who get away with it are the bankers.

Yesterday lunch time I met up with a friend in the club and he is set to lose over £50.000 because of this, money he had earmarked to buy a villa in Cyprus for his son who has ME.

Try telling him it's not theft.

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fourm member

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'it may or may not be theft'

There's no 'may or may not' about it. It is not theft.

When are people going to learn that applying false names to things hands the victory to their opponents?

The Cyprus government wants to impose a levy. Opponents say 'this is theft'. The Cyprus government says 'No, it isn't. You clearly don't understand so we're not going to take any notice of you'.

It happens time and time again. In this country the latest one is 'bedroom tax'. Calling it that lets the government off the hook because when an interviewer says 'Why are you introducing a bedroom tax?' the minister can spend all his answer time explaining that it is not a tax rather than having to answer the substantive issue.

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Quickbeam

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Gold buried in the garden is looking like a very good option.

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spuds

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Perhaps going off topic, but I seem to recall the Northern Rock fiasco here in the UK, and the investor's being told not to panic, or how stupid they were being. In fact it would appear at that time, it was the 'general public' investor's (and perhaps borrower's) who may have been accused of bringing the world's banking downfall?.

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oresome

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Gold buried in the garden is looking like a very good option.

I'm thinking more of stocking up on baked beans and a few guns.

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john bunyan

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oresome

"....stocking up on baked beans ". Watch out for the silver mouse!

How many have 100,000 or more Euros in a bank account ; certainly not me!

I believe Cyprus is over reliant on the banking sector and has attracted large amounts of "dodgy" money from Greeks and Russians, for whom it is difficult to have much sympathy...

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Bing.alau

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You will be o.k. as long as you do not stock up on tinned toms. I think our FE qualifies for an upgrade to a Golden Mouse soon. Silver one is getting a bit worn.

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spider9

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john bunyan

*" How many have 100,000 or more Euros in a bank account"*

The 'levy' is not just on amounts over 10 000 Euros, it's still 6.75% on everything up to that, according to OP.

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