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

"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

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.

I think we are past that along time ago.

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.

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...

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.

This article paints an interesting picture.

blogs.spectator.co.uk/mesynon/2013/03/cyprus-this-isnt-a-tax-its-a-bank-raid

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?

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.

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?

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.

why you think they are moving to digital money? they could not control money in your sock.

The name of the Governor of the Cypriot Bank is Panicos. Prophetic really.

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?

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


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.


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.


Well yeah the message im getting is that it was one big trick to blackmail the Russians into saving the day.

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

Farage is always good value

Here is the link for the above post
youtube.com/watch?v=JMf_KwQ2Xlk

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.

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.

So Warsawski did you watch my youtube video or what?

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.

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.

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.

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.

irishtimes/news/russia-rebuffs-cyprus-as-ecb-funding-deadline-looms-1.1335164?page=2

The bonds are irrelevant as its a small amount, they don't have the money to 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.

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.

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.

Russian Leader Warns, "Get All Money Out Of Western Banks Now!"


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