Euro Area

[Fragony]

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

[Andres]

@Husar , it's a question of trust. In Belgium (as in the rest of the EU if I'm not mistaken), the state guarantuees money in a savings account up to an amount of 100.000,00 €. So, if the bank falls, 100.000,00 € of the money you had with that bank is safe.

This gives people a (probably virtual/fake, but still) feeling of a savings account being, well, save. Just taking 6,75 % (below 100.000,00 € in savings) or 9,9 % (over 100.000,00 € in savings), like Cyrpus does now, is a serious breach of trust. What was promised yesterday is now being violated and the Cypriotic people didn't even get a chance to make adjustments, like investing in something else.

Also, who are you to tell people what they should do with their money? It's money they earned and where they already payed taxes on. You don't have anything to say about it; nanny state doesn't need to tell me what I should with my money. Besides, our governments, with their huge deficits, are not very well placed to give me financial advice. I'm not the one swimming in debt, the government should perhaps take lessons from me instead of me from them.

The 100.000,00 € treshold is too low. Sure, for a young guy like you, 100.000,00 € seems like a lot of money. But look at it from somebody aged 60, close to his retirement. We have a grey population. You can no longer count on the government to ensure you a reasonable living standard once you retired (allthough they should, the bloody bastards, given the insane amounts I pay every month on social security), so you'll need savings of your own. The man who worked his butt off every day for 40 years is now being robbed of 9,9 % of the money he saved; money he counted on to be able to maintain his living standard after his retirement. It's money he needs and that he has only because he lived under his means for 40 years. It's his reward, for being careful. And now you take away 10 % off it? It's a disgrace.

Money must roll? Don't keep it at a savings account? Pump it into the economy? Isn't it my god given right to do with my own money (what's left after paying crazy amounts of taxes, so I already fullfilled my duty to society, thank you very much) whatever the hell I want? Besides, it is my intention to pump it into the economy. After my retirement. Because I'll have to since the government, malgré me paying plenty of social security, can't ensure me a decent living standard after retirement.

First they tell you to put your money in a savings account where it's save and then they rob 10 % of it. Just like that. What message does that send to the European population? I'll tell you. The message is: "transfer your money to banks outside the EU, because you can't trust us."

The risk with this sort of decision is a serious capital drain for the entire EU. Or is the next step a 90 % tax for transferring money to a bank account outside the EU?

They're playing with fire.