Governments raiding savings accounts to bail out banks

Cavehill Red

Ok, so the precedent is set. Cyprus is raiding the savings accounts of everyone in the country to pay off its bank bailout, and has acted to prevent people from switching their money out of the country.
http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied-Cyprus-savers-learn-10billion-euro-bailout-agreement-includes-levy-bank-accounts.html
http://www.nytimes.com/2013/03/17/business/global/facing-bailout-tax-cypriots-try-to-get-cash-out-of-banks.html
What's worse is this was done with the express approval of the EU in order to save the ailing euro.
Does anyone seriously think that our government, a government which would tax your house and your water, wouldn't dip into your savings too?
Are you going to do anything to protect your savings in case they take action here, or are you confident it'll never happen?

dreamers75

have to have savings for that to be an issue

Praetorian Saighdiuir

Ha, savings! That should be in the "Celtic Tiger" thread!

Man, I wouldn't put it past our boyos to do the same. If it is successful for the Cypriots and the EU backs it, the good ol' Eire will do the same.

Gatling

And we thought we were raped by Europe ,they've shutdown atms and banned all electronic transfers of funds out of banks ,

If it happened here well some would come on here and whinge and moan ,some Facebook or twitter come Tuesday everybody(those who have) would go back to work and say well what are we suppost to do

My name is URL

I think our blanket and universal guarantee was probably worse. At least in Cyprus, the people being hit with the tax actually have a stake in their banks.

shopaholic01

I saw this earlier, for once in my life I'm glad I'm broke! Up to 9.9% of your savings taken in one chunk - that's got to hurt:eek:.

Cavehill Red

It's the way they do it too - at the weekend when no one can do anything about it except try to clean out the cash machines. No warning. That's what I'd be concerned about. One day it's the usual 'green shoots of growth' spoofing and the next it's 10% of your savings, thank you very much.
(Not that I have much, but still.)

sfwcork

Whats 10% of sweet fook all

Praetorian Saighdiuir

sfwcork wrote: »

Whats 10% of sweet fook all

Probably an I.O.U on your behalf, they will just backdate it when you get some savings

Gatling

Actually I'd be down to the community welfare officer looking for an exceptional need payment to replace the 9.9% of my saving, take from me I take from them win win

dxhound2005

Gatling wrote: »

Actually I'd be down to the community welfare officer looking for an exceptional need payment to replace the 9.9% of my saving, take from me I take from them win win

Probably not win win. You have to have over €100,000 to be hit with 9.9% so they might enquire could you not survive for a week or two on the other €90K.

Gatling

dxhound2005 wrote: »

Probably not win win. You have to have over €100,000 to be hit with 9.9% so they might enquire could you not survive for a week or two on the other €90K.

Simple tell them I'm a loan parent feck it id even throw on a skanger dress if be one ugly mother,
I've 50 kids now pay me ,meeeeeee bratzzz are bleeeeeedin starrrrrvin

mickdw

I genuinely fear for the whole european banking system after hearing this. People will be pulling their money out of the banks in large chunks and could well bring the whole thing crashing down.

We have a tax on homes that are bought with tax paid money. I can see a tax on tax paid savings coming here too.

What if our government see a trend re money walking out of the banks. What is the next step for government - limits on withdrawals?

RoverZT

mickdw wrote: »

I genuinely fear for the whole european banking system after hearing this. People will be pulling their money out of the banks in large chunks and could well bring the whole thing crashing down.

We have a tax on homes that are bought with tax paid money. I can see a tax on tax paid savings coming here too.

What if our government see a trend re money walking out of the banks. What is the next step for government - limits on withdrawals?

Your right.

Property tax is now completely insignificant.

**** just got real.

Anyone with money in the struggling EU countries is going to panic now.

They have destroyed all banking confidence for the sake of a few billion, spare change in the scheme of things.

****ing idiots.

Slydice

Yeah, jaysus... sure begorrah, can you imagine like... if the government here... you know... took money from our savings?

Wouldn't that be raising DIRT*!?


*"Deposit Interest Retention Tax (DIRT) rises by 3% to 33%"

Cavehill Red

Gatling wrote: »

Simple tell them I'm a loan parent feck it id even throw on a skanger dress if be one ugly mother,
I've 50 kids now pay me ,meeeeeee bratzzz are bleeeeeedin starrrrrvin

Amusing as your satirical bigotry is, it isn't lone parents who just stole 10% of Cypriot deposits. It's their own government.
I appreciate that deep down you'd like an easy scapegoat for the increase in your taxes, the decrease in your wages and the hike in living costs.
But as a lone parent myself, I'd appreciate it if you directed blame where it ought to be directed, at those who caused the financial crisis and those who are currently mismanaging it, and not at people like me.
Ta.

I Luv Crysis

dxhound2005 wrote: »

Probably not win win. You have to have over €100,000 to be hit with 9.9% so they might enquire could you not survive for a week or two on the other €90K.

You don't even need €100,000 for them to rape you, 6.75% on savings €0-€100,000 from my understanding. Even if you only have €1,000 they will still take €67.50 from you on Tuesday morning. Fairly serious precedent to be setting all the same, disguising it as "a war against the russian druglords" is even more sinister.

shopaholic01

Slydice wrote: »

Yeah, jaysus... sure begorrah, can you imagine like... if the government here... you know... took money from our savings?

Wouldn't that be raising DIRT*!?


*"Deposit Interest Retention Tax (DIRT) rises by 3% to 33%"

DIRT is on interest only, not on the capital.

RoverZT

Slydice wrote: »

Yeah, jaysus... sure begorrah, can you imagine like... if the government here... you know... took money from our savings?

Wouldn't that be raising DIRT*!?


*"Deposit Interest Retention Tax (DIRT) rises by 3% to 33%"

Dirt is on the interest of your savings.

Not your actual savings.

What they have done is a margin call

MadYaker

That's unbelievable! How has there not been all out riots???

Cavehill Red

Just thinking that there's always some people get screwed on the timing. Of course, the insiders will have redirected their wealth to Switzerland some time ago. But there's bound to be at least one poor b'stard who had liquidated their assets and gathered all of their savings together to try and fund a new life outside of Cyprus, and who just had their account hosed and is back stuck in the place now.

ejmaztec

Gatling wrote: »

Simple tell them I'm a loan parent feck it id even throw on a skanger dress if be one ugly mother,
I've 50 kids now pay me ,meeeeeee bratzzz are bleeeeeedin starrrrrvin

Trouble with that is your kids never pay you back what you lend 'em

I Luv Crysis

MadYaker wrote: »

That's unbelievable! How has there not been all out riots???

Couldn't realistically see the Irish rioting about this either, the people who WOULD actually riot - "Deco" and "Anto" from "Ballyer" are hardly gonna have enough savings to be affected. No.. yet again it will be middle-income earners, probably families married. both parents working, with 2 or 3 children who will take the hit.

Cavehill Red

I Luv Crysis wrote: »

Couldn't realistically see the Irish rioting about this either, the people who WOULD actually riot - "Deco" and "Anto" from "Ballyer" are hardly gonna have enough savings to be affected. No.. yet again it will be middle-income earners, probably families married. both parents working, with 2 or 3 children who will take the hit.

All classes have been out on the streets protesting in Greece and Spain.
And need it be said that public protest doesn't have to descend into rioting?

RoverZT

I Luv Crysis wrote: »

You don't even need €100,000 for them to rape you, 6.75% on savings €0-€100,000 from my understanding. Even if you only have €1,000 they will still take €67.50 from you on Tuesday morning. Fairly serious precedent to be setting all the same, disguising it as "a war against the russian druglords" is even more sinister.

Has it affected bonds?

National bonds.

I Luv Crysis

RoverZT wrote: »

Has it affected bonds?

National bonds.

National Bond.

007.

RoverZT

MadYaker wrote: »

That's unbelievable! How has there not been all out riots???

They should all be getting on the planes, trains etc.

Tearing Berlin down.

Gatling

Bigotry seriously - what lone mammies are now a religious minority

We really do have problems in this country then

Sergeant

Yet more outlandish nonsense from those Socialist ideologues over in Brussels.

Cavehill Red

Gatling wrote: »

Bigotry seriously - what lone mammies are now a religious minority

We really do have problems in this country then

Yes, you're a bigot. You're also a bigot who doesn't actually understand what the word means.
And yes, we really do have problems in this country, serious economic problems, and they aren't caused by single parents, whatever you might think.

Victor

Cavehill Red wrote: »

Does anyone seriously think that our government, a government which would tax your house and your water, wouldn't dip into your savings too?

You do realise that they have already gone after pension funds?