Euro Area

[InsaneApache]

The Mediterranean island nation becomes the fifth country to turn to the eurozone, following in the footsteps of Ireland, Greece, Portugal and Spain.

The emergency funding will be used to prop up the country’s banks which were hit by the financial restructuring of nearby Greece.

The Cypriot banking system had grown to be eight times the size of the country’s fledgling economy - which accounts for just 0.2pc of the eurozone’s gross domestic product.

But in a departure from previous bail-outs, the country’s savers are being asked to make sacrifices.

The terms of the deal mean that Cyprus’s savers will sacrifice up to 10pc of their deposits in a move which will raise as much as €6 billion.

http://www.telegraph.co.uk/finance/9...-bail-out.html

I thought the EU was mad, now I know it is. Idiots.

[gaelic cowboy]

http://www.telegraph.co.uk/finance/9...-bail-out.html

I thought the EU was mad, now I know it is. Idiots.

The Cyprus bailout if it took 100% of savings couldn't be paid for.

Also what an incentive to take your savings out at a time when banks in Cyprus require capital. They will hit them for 10% over the weekend and then people will withdraw 100% monday morning, monday afternoon cyprus needs new bailout.

Also there basically penalising ordinary savers for what the EU elite caused by kicking the can so long with Greek banks.

Plus the russian oligarch thing is over played in the media there generally residents and there also generally russian banks

[Fragony]

All Russian mob-money is stored there, the Russian gangs are retrieving it and the banks are falling. The international-socialism acts in the only way it knows, getting funds from the ESM aka the northern countries. We are sooooooo better of without the international-socialism of a Flemish ferret who looks like an owl who just dropped from his tree, his Portugese waitor and a German booksalesman. The sooner the international-socialism dies the better.

[Andres]

Also there basically penalising ordinary savers for what the EU elite caused by kicking the can so long with Greek banks.

QFT.

Anyone who is wealthy, doesn't have most of his assets on a savings account, it's spread over real estate, shares, bonds, gold etc. and probably some black money abroad.

This is hitting nobody else but the ordinary people who work their butt off every day for a meagre salary and whose only wealth is a bit of money on a savings account. This is outrageous, this must be the biggest organised theft ever. Those bastards are simply hitting the easiest targets.

One thing's for sure, if they ever do that here, I'll be on the streets. And not to wave with a white balloon or to sing peaceful songs.

[InsaneApache]

The thing is this sets a precedent. How long before other governments, under orders from Bruxelles, start to pinch people money from their banks? This is why I dislike the EU. Accountable to no one. Can't be sacked.

Any Euro fans like to defend this latest outrage?

A comment from a Telegraph article on this sums it up.

A 'tax' which discriminates only against a certain portion of the population (those who have deposits) without good reason (why should just depositors pay - they will include ordinary people with small life savings in a deposit account for instance) is not a tax at all; it is outright theft.

[Andres]

The thing is this sets a precedent. How long before other governments, under orders from Bruxelles, start to pinch people money from their banks? This is why I dislike the EU. Accountable to no one. Can't be sacked.

Why doesn't the Cypriotic government show its' middlefinger to the so-called troïka?

Argentina showed its' middlefinger to the IMF and, apparently, they came through their collapse of their banking system much better than Greece does nowadays.

[InsaneApache]

Well if they carry on like this there will be unrest, perhaps even civil disorder. If that happens the EU peace prize is going to look very hollow indeed.

I've just read that initially they wanted to confiscate steal 40% of the savings, Now that would have started a revolution never mind a riot.

[Andres]

Well if they carry on like this there will be unrest, perhaps even civil disorder. If that happens the EU peace prize is going to look very hollow indeed.

I'm afraid we're only seeing the beginning of our downfall.

I've just read that initially they wanted to confiscate steal 40% of the savings, Now that would have started a revolution never mind a riot.

If we let them get away with stealing 10 % of the Cypriotic people, then maybe next time, they'll simply take everything.

[Fragony]

QFT.

Anyone who is wealthy, doesn't have most of his assets on a savings account, it's spread over real estate, shares, bonds, gold etc. and probably some black money abroad.

This is hitting nobody else but the ordinary people who work their butt off every day for a meagre salary and whose only wealth is a bit of money on a savings account. This is outrageous, this must be the biggest organised theft ever. Those bastards are simply hitting the easiest targets.

One thing's for sure, if they ever do that here, I'll be on the streets. And not to wave with a white balloon or to sing peaceful songs.

You know they will, the EU wanting an army just got scarier no

[Fragony]

Surprise surprise, vending machines are locked down, nobody has acces to their money despite it being their own money. The unelected international-socialists will never give up, the political union muss sein

[Husar]

In general your savings is being invested by the bank. That is why they pay rental ie interest on the savings parked there. Not only that, most banks can loan out a multiplier of the amount of savings that are held within their savings accounts.

So money saved in the bank is actually invested multiple times. This becomes an issue when everyone tries and gets their savings at the same time as the money is on assignment at other places and is being leveraged on top of that.

I know, but the banks are obviously not investing it well and waste it all or they wouldn't be in trouble.
People should take up personal responsibility and invest the money themselves, not only do they get more than 1 or 2% return then (which is funny if you have 2% inflation....), they would also fulfill their civic duty of personal responsibility and shaping the market. The lazyness of paying the bank to decide on investments is backfiring as we see now.

You know they will, the EU wanting an army just got scarier no

No.

Surprise surprise, vending machines are locked down, nobody has acces to their money despite it being their own money. The unelected international-socialists will never give up, the political union muss sein

Yes, that's absolutely correct, the socialist banks will never give up their schemes of making bad investments, paying high bonuses and then socializing their losses among all the socialist fiscally conservative money savers. And to think that their owners are unelected just adds insult to injury.

[Fragony]

Mock it all you want, you must be reading quality media

[Andres]

I know, but the banks are obviously not investing it well and waste it all or they wouldn't be in trouble.
People should take up personal responsibility and invest the money themselves, not only do they get more than 1 or 2% return then (which is funny if you have 2% inflation....), they would also fulfill their civic duty of personal responsibility and shaping the market. The lazyness of paying the bank to decide on investments is backfiring as we see now.

We count on our governments to make sure banks become more trustworthy again. Instead, banks and governments work together to rob us even more. How long do you think you can get away with that? How long before you'll see normally decent, working people raising kids, coming out on the streets demanding justice? Do you expect people will stay cool and rational if you just rob them off their money?

As we speak, millions of Europeans require food aid. Food distribution by the Red Cross in Europe is at its' highest level since the end of World War II.

People who are starving and are getting robbed by their own governments won't stay calm and rational for long. When you're hungry and being robbed, you no longer care about whose fault it is. You turn into a creature that lusts for blood. Hunger is food for war.

They're dumb teenagers playing with fire.

Yes, that's absolutely correct, the socialist banks will never give up their schemes of making bad investments, paying high bonuses and then socializing their losses among all the socialist fiscally conservative money savers. And to think that their owners are unelected just adds insult to injury.

That's indeed absolutely correct and exactly what is happening now, saying and writing March 18th 2013.