Winter Woman
Well-Known Member
The USA already has real-time access to your bank accounts thanks to you know who~
(Reuters) - Cyprus's parliament has postponed until Monday an emergency session to vote on a levy on bank deposits after signs that lawmakers might block the surprise move agreed in Brussels to help fund a bailout and avert national bankruptcy.
In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit up to 9.9 percent of their deposits in return for a 10 billion euro ($13 billion) bailout to the island, which has been financially crippled by its exposure to neighboring Greece.
The decision, announced on Saturday morning, stunned Cypriots and caused a run on cashpoints, most of which were depleted within hours. Electronic transfers were stopped.
The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. If it fails to do so, President Nicos Anastasiades has warned, Cyprus's two largest banks will collapse.
Read the whole article: http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317
~Then they are going to tax all deposits (bank accounts)~
People with bank accounts in Cyprus were shocked Saturday to learn that as part of an agreement reached with international creditors, the government has imposed a tax on all deposits to help bail out the nation and its banks.
While the island nation may be small, its an international favorite for offshore banking particularly for wealthy Russians. The tax will range from 6.75% to 9.9%, depending on how much is in the account.
This is a clear-cut robbery, Andreas Moyseos, a former electrician who is now a pensioner in Nicosia, told the New York Times. Iliana Andreadakis, a book critic, further added: This issue doesnt only affect the peoples deposits, but also the prospect of the Cyprus economy. The E.U. has diminished its credibility.
And indeed, following the massive run on banks in Cyprus, many are concerned that a minor panic could spread to the rest of the Eurozone. After all, it has just set a precedent for taxing private bank accounts at exorbitant rates without warning.
People queue to use an ATM machine outside of a Laiki Bank branch in Cyprus. Many rushed to cooperative banks after learning that the terms of a bailout deal includes a one-time levy on bank deposits. (Photo: AP)
But first, heres a little more background on the plan via the Associated Press:
(Reuters) - Cyprus's parliament has postponed until Monday an emergency session to vote on a levy on bank deposits after signs that lawmakers might block the surprise move agreed in Brussels to help fund a bailout and avert national bankruptcy.
In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit up to 9.9 percent of their deposits in return for a 10 billion euro ($13 billion) bailout to the island, which has been financially crippled by its exposure to neighboring Greece.
The decision, announced on Saturday morning, stunned Cypriots and caused a run on cashpoints, most of which were depleted within hours. Electronic transfers were stopped.
The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. If it fails to do so, President Nicos Anastasiades has warned, Cyprus's two largest banks will collapse.
Read the whole article: http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317
~Then they are going to tax all deposits (bank accounts)~
People with bank accounts in Cyprus were shocked Saturday to learn that as part of an agreement reached with international creditors, the government has imposed a tax on all deposits to help bail out the nation and its banks.
While the island nation may be small, its an international favorite for offshore banking particularly for wealthy Russians. The tax will range from 6.75% to 9.9%, depending on how much is in the account.
This is a clear-cut robbery, Andreas Moyseos, a former electrician who is now a pensioner in Nicosia, told the New York Times. Iliana Andreadakis, a book critic, further added: This issue doesnt only affect the peoples deposits, but also the prospect of the Cyprus economy. The E.U. has diminished its credibility.
And indeed, following the massive run on banks in Cyprus, many are concerned that a minor panic could spread to the rest of the Eurozone. After all, it has just set a precedent for taxing private bank accounts at exorbitant rates without warning.
People queue to use an ATM machine outside of a Laiki Bank branch in Cyprus. Many rushed to cooperative banks after learning that the terms of a bailout deal includes a one-time levy on bank deposits. (Photo: AP)
But first, heres a little more background on the plan via the Associated Press:
As one of 17 nations that use the euro currency, Cyprus can to raise or lower taxes whenever it wants. Early Saturday, it secured a (EURO)10 billion ($13 billion) bailout from its European partners and the International Monetary Fund to save the banking sector and avoid bankruptcy. In return, the island nation has imposed the new tax, among other moves.
Banks have already acted to seal off the amount of the levy a 6.75 percent tax on deposits under 100,000 euro and 9.9 percent on those above so depositors cant access it. Bank customers still can draw on the rest of their funds via ATM machines this weekend, although banks that usually open on Saturdays had limited hours and many said they were out of cash by the end of the day. No international transfers will be able to go through until Tuesday, since Monday is a holiday. Cyprus parliament is expected to meet Sunday to pass the required legislation. The deal also needs the approval of several eurozone parliaments; its unclear how fast they can act and what will happen to bank deposits in the meantime. [Emphasis added]
~read to the rest of the article: http://www.breitbart.com/Big-Peace/2013/03/16/uninvited-mukasey-lays-out-threat-of-civilizational-jihad
Banks have already acted to seal off the amount of the levy a 6.75 percent tax on deposits under 100,000 euro and 9.9 percent on those above so depositors cant access it. Bank customers still can draw on the rest of their funds via ATM machines this weekend, although banks that usually open on Saturdays had limited hours and many said they were out of cash by the end of the day. No international transfers will be able to go through until Tuesday, since Monday is a holiday. Cyprus parliament is expected to meet Sunday to pass the required legislation. The deal also needs the approval of several eurozone parliaments; its unclear how fast they can act and what will happen to bank deposits in the meantime. [Emphasis added]
~read to the rest of the article: http://www.breitbart.com/Big-Peace/2013/03/16/uninvited-mukasey-lays-out-threat-of-civilizational-jihad
