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| Europe | |
| Shock in Cyprus as savers face bailout levy | |
| 2013-03-16 | |
| Ouch!! People in Cyprus have reacted with shock to news of a one-off levy of up to 10% on savings as part of a 10bn-euro (£8.7bn; $13bn) bailout agreed in Brussels. Savers could be seen queuing at cash machines amid resentment at the charge. The deal reached with euro partners and the IMF marks a radical departure from previous international aid packages. President Nicos Anastasiades defended it as a "painful" step, taken to avoid a disorderly bankruptcy. It had, he said in a statement, been a choice between the "catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis".
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| Posted by:tipper |
| #7 "one-off levy of up to 10% on savings" If they get away with this, it won't be a "one-off" as long a anyone's still stupid enough to leave any money in the banks. Rope. Lamppost. Some assembly required. |
| Posted by: Barbara 2013-03-16 22:39 |
| #6 Reminds me of FDR's virtual seizure of private gold holdings, invalidation of gold clauses in previously written contracts, and the US Supreme Court's later validation of these actions. Theft, fair & square. |
| Posted by: Anguper Hupomosing9418 2013-03-16 21:53 |
| #5 It's not a bailout levy, it's their "fair share". |
| Posted by: Anguper Hupomosing9418 2013-03-16 21:51 |
| #4 I cant find where the haircut for the bondholders (all of them) is. |
| Posted by: Bright Pebbles 2013-03-16 19:56 |
| #3 Trust us, we're from the government. Right. Another reason to point out the failure of European 'enlightenment' that the Left seems so intent on imposing on America. Given the record of this administration to ignore established law regarding bond holders of the business formerly known as General Motors, I don't expect things like the Constitution Art I, Section 8 [The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises] or Amendments IV or V would deter the embezzlers to cover their loses similarly here. Though it would off set the economic collapse somewhat by the need to hire extensive bodyguards for the pols. President Nicos Anastasiades defended it as a "painful" step, taken to avoid a disorderly bankruptcy. I believe the Icelanders chose the 'disorderly' approach, much to the consternation of the bankers. |
| Posted by: Procopius2k 2013-03-16 19:43 |
| #2 The Cypriot leader, who was elected last month on a promise to tackle the country's debt crisis, will address the nation on Sunday. Ja, from his hidden underground bunker. Makes a person wonder if there should be a clause in a Constitution which would prevent or at least deter government tyranny... |
| Posted by: swksvolFF 2013-03-16 18:56 |
| #1 More info |
| Posted by: tipper 2013-03-16 18:50 |