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Bank accounts taxed by up to 10%. Can it happen in Poland?


Marek11111 9 | 816
19 Mar 2013 #61
"The National Government are pushing a Cyprus-style solution to bank failure in New Zealand"

how about doing it to pay down national debt or buy bonds
Wroclaw Boy
19 Mar 2013 #62
would it not be the end of our banking system?

It has the potential to end the entire Worlds banking sector, this could easily trigger a world wide bank run (people withdrawing their savings) epidemic. I'm surprised some of the bigger global players haven't put a stop to it already.
Maybe 12 | 409
19 Mar 2013 #63
It'd take generations for people to trust banks ever again, wouldn't it?

I think we are past that along time ago.
kondzior 12 | 1,242
19 Mar 2013 #64
They invested in banks, which were based on a faulty business model. The investment was risky. Now they'd have to pay the bill. Too bad.

Instead, socialism goes into the "controlled market economy" or even better "socially responsible market economy" which simply put is etatism and interventionism with socialist goals in mind.
OP poland_
19 Mar 2013 #65
E.U., would it not be the end of our European banking system?

Here is the quote SBM He warned the proposals could have negative dynamic repercussions across the euro zone as deposits under €100,000 are, by law, supposed to be guaranteed.

If CY is subject to a levy, then all EU banks could potentially face the same demands sometime in the future.

What is bizarre ' Lloyds names' at least got a share of the profits before being straddled with debt, in the case of CY its by default of trusting its banking system.

The funny thing on Polish radio today, the host making jokes about no-one ever getting away with ripping off the Russian mafia, its no wonder none of the CY politicians want to vote in favour of the levy...
pillager
19 Mar 2013 #66
They invested in banks, which were based on a faulty business model. The investment was risky. Now they'd have to pay the bill. Too bad.

Do you know where an alternate model exists? All commercial banks invest in securities thanks to Clinton and Thatcher. If Cyprus banks did not buy European debt bonds, they would not be in trouble.
OP poland_
19 Mar 2013 #67
This article paints an interesting picture.

blogs.spectator.co.uk/mesynon/2013/03/cyprus-this-isnt-a-tax-its-a-bank-raid
Wroclaw Boy
19 Mar 2013 #68
They invested in banks, which were based on a faulty business model. The investment was risky. Now they'd have to pay the bill. Too bad.

LoydsTSB, Natwest/Royal Bank of Scotland - these are major UK high street banks that required massive bailouts recently........I dont think the average account holder was researching their business practices. Even if they were nobody knew a risky investment until it was to late, and obviously not even the risk takers (banks) themselves. If the World didn't see it coming how would an account holder?
OP poland_
19 Mar 2013 #69
If the World didn't see it coming how would an account holder?

It looks like the EU have played into Russian hands:

Gazprom, the world's largest extractor of natural gas has offered to bail out the Bank of Cyprus in return for effective exclusive control of the gas reserves off the coast of the island.If Cyprus did accept the deal, then Gazprom beats the world's other energy companies to a very attractive piece of real estate. If that costs $10bn (£6.6bn) or so, that is not too big a deal for Russia's largest company. Gazprom recently did a similar deal with Isreal for the exclusive control of the gas reserves off the coast of Israel.
kondzior 12 | 1,242
19 Mar 2013 #70
The ideal course should have been to allow them to fail. It would have bred a stronger economy in the long run.
Check the US mortgage bailout fiasco. The people who lived outside of their means are getting spared the axe of foreclosure, while responsible people are forced to foot the bill. What kind of message does this send? What would a rational person do? Would they keep up the old values and get screwed over for it, or just go along with the crowd down the tubes?
grubas 12 | 1,390
19 Mar 2013 #71
nobody knew a risky investment until it was to late, and obviously not even the risk takers (banks) themselves.

So you are saying that their (banks) management boards are comprised of retards playing with hundreds of billions but not knowing what they are doing?Like drunk children in the mist,yes?

Bollocks my friend.I still well remember a guy on TV in late 2007 talking about subprime mortgages bubble and predicting a crash.They all knew my friend but they were greedy,very greedy.
Marek11111 9 | 816
20 Mar 2013 #72
It has the potential to end the entire Worlds banking sector, this could easily trigger a world wide bank run (people withdrawing their savings) epidemic. I'm surprised some of the bigger global players haven't put a stop to it already.

why you think they are moving to digital money? they could not control money in your sock.
szkotja2007 27 | 1,498
20 Mar 2013 #73
The name of the Governor of the Cypriot Bank is Panicos. Prophetic really.
ShortHairThug - | 1,103
20 Mar 2013 #74
More like theft not Tax. Another bright idea by the incompetent fools, the bloody bankers and governments will end up like Marie Antoinette and her husband. Do they not realize that people can only take so much?
Wroclaw Boy
20 Mar 2013 #75
So you are saying that their (banks) management boards are comprised of retards playing with hundreds of billions but not knowing what they are doing?

along those line yes, but you need to add healthy commission and bonus systems.

I still well remember a guy on TV in late 2007 talking about subprime mortgages bubble and predicting a crash.

Thats pretty obvious if billions of $ mortgage loans were paid out and a vast majority of the mortgages were worth more than the the asset. This guy came on TV and said look we have a potential problem here.....Whoopdy doo, the damage was already done, the writing was on the wall. Thats like saying look Russia just nuked Europe i think this may mean war.

It would have bred a stronger economy in the long run.

After approx 30% of the country were rendered homeless, humm maybe. Its a global economy though, if HSBC goes down it would bring down other banks and economies with it. Its not like the government wanted to pony up $80 billion, they had no choice.

It looks like the EU have played into Russian hands

Well yeah the message im getting is that it was one big trick to blackmail the Russians into saving the day.
OP poland_
20 Mar 2013 #76
The ideal course should have been to allow them to fail

Cyprus bail-out: bank levy rejection 'protects all Europeans'

Farage is always good value
OP poland_
21 Mar 2013 #77
Here is the link for the above post
youtube.com/watch?v=JMf_KwQ2Xlk
Grzegorz_ 51 | 6,161
21 Mar 2013 #78
the banking crises is a side effect of the pursuit for profit in the shape of banks lending money that was not able to be paid back, boom there it is - plain and simple.

Yes but the that has nothing to do with capitalism... Lending money to people or entities, who were not able to pay them back is totally against the basic idea behind capitalism... "Capitalism does not work" is the mantra repeated by "elites", which created this whole mess we have to deal with now and they just push away blame from themselves.
poziomka2 - | 29
21 Mar 2013 #79
Wow! So have they closed the banks yet, as is customary in times like these? I would be flying to the bank to get my money out and never put back again if I was Cyprian. I think we better watch in Poland because our government likes to copy the EU.
Wroclaw Boy
21 Mar 2013 #80
So Warsawski did you watch my youtube video or what?
OP poland_
21 Mar 2013 #81
I watched the first couple of mins, I need to have a clear mind and 20 mins to give it a fair chance. I will watch it and give you my two-penneth.
SeanBM 35 | 5,808
21 Mar 2013 #82
Gazprom, the world's largest extractor of natural gas has offered to bail out the Bank of Cyprus in return for effective exclusive control of the gas reserves off the coast of the island.

That's interesting and a potential way out but at a great loss to the Cypriot people.

It's funny how money works, if you tax people on their savings all hell breaks loose, "these people have saved and for what?"...

but up the retirement age, lower the pension and take the pension money away and it's not such a tragedy in people's minds but it amounts to the same thing.
OP poland_
21 Mar 2013 #83
I am of the opinion Cyprus should default on their bonds deal, screw the EU and the banks. Recapitalize their banks by doing a deal with Russia or use the pension money to save the account holders. That way CY saves its financial sector, account holders will not repatriate money and they build for the future. Let the Germans have some of their own medicine.
Marek11111 9 | 816
22 Mar 2013 #84
I am of the opinion Cyprus should default on their bonds deal,

it is not people that made the deals is the bankers, Island showed what to do, they jail bankers and now they are highest growing country.
SeanBM 35 | 5,808
22 Mar 2013 #85
"The talks have ended as far as the Russian side is concerned," Russian finance minister Anton Siluanov told reporters after two days of crisis talks with his Cypriot counterpart, Michael Sarris.
Having angrily rejected a proposed levy on tax deposits in exchange for the EU bailout, Nicosia had turned to the Kremlin to renegotiate a loan deal, win more financing and lure Russian investors to cut-price Cypriot banks and gas reserves.
Wealthy Russians have billions of euros at stake in Cyprus's outsized and now crippled banking sector. But Mr Siluanov said Russian investors were not interested in Cypriot gas and that the talks had ended without result.

irishtimes/news/russia-rebuffs-cyprus-as-ecb-funding-deadline-looms-1.1335164?page=2
peterweg 37 | 2,319
22 Mar 2013 #86
I am of the opinion Cyprus should default on their bonds deal, screw the EU and the banks.

The bonds are irrelevant as its a small amount, they don't have the money to protect the depositors.
OP poland_
22 Mar 2013 #87
protect the depositors.

They have already agreed to sell off the BOC and Laika subs in Greece and UK, they also have funds in pensions and they put in place currency outflow restrictions for 12 months done deal. From what I am seeing it is likely CY/EU will agree to stealing money from people with over 100,000 Euro.
Maybe 12 | 409
22 Mar 2013 #88
Hang on folks could it be interpreted thus.
The EU (Germany) and Russia are effectively dividing Cyprus between each other. hmmmm......now the last time a country was divided between Germany and Russia, well we know what happened next.
OP poland_
22 Mar 2013 #89
EU/Gerrmany seems to be more interested in using CY as a testing ground for future PIGS strategy. Russia is waiting for the bankrupt sale. A tale of two sharks.
Wroclaw Boy
22 Mar 2013 #90
Russian Leader Warns, "Get All Money Out Of Western Banks Now!"

A Ministry of Foreign Affairs (MFA) "urgent bulletin" being sent to Embassies around the world today is advising both Russian citizens and companies to begin divesting their assets from Western banking and financial institutions "immediately" as Kremlin fears grow that both the European Union and United States are preparing for the largest theft of private wealth in modern history.

cantondailyledger/article/20130322/NEWS/130329631/1001/NEWS


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