Eurozone will collapse...

[Osem]

Originally Posted by Damien

Oh I don't think they acting selflessly. If their economy wasn't tied into the Eurozone they wouldn't have given a toss.

Well it's good we agree on that.

[Sirius]

Originally Posted by Damien

Oh I don't think they acting selflessly. If their economy wasn't tied into the Eurozone they wouldn't have given a toss.

Originally Posted by Osem

Well it's good we agree on that.

And here lies the problem WHO is it that seems to have the most control over the Euro and the EU Germany !. If one country now has such a postion of power within the EU it worries me greatly.

If this goes ahead who in Cyprus would be stupid enough to hold anything over 20000 in a bank.

The Cyprus finance ministry suggests savers holding less than 20,000 euros (£17,000) would be exempt from a bank levy which has caused much alarm.

The plan was changed following outrage that ordinary savers would be forced to pay a levy of 6.75%.

The new plan would keep that levy on deposits over 20,000 euros, with those over 100,000 euros charged at 9.9%.

http://www.bbc.co.uk/news/world-europe-21842966

[Osem]

I can see plenty of retirees and pensioners, for example, who're going to be mightily unhappy if their hard earned and already taxed savings are plundered in this manner.

They're calling this a one-off but does anyone really believe it would be?...

Originally Posted by Osem

I can see plenty of retirees and pensioners, for example, who're going to be mightily unhappy if their hard earned and already taxed savings are plundered in this manner.

They're calling this a one-off but does anyone really believe it would be?...

The problem is precisely that, they have proposed something that ought to have been utterly unthinkable. The very fact that they thought of it means nobody can believe a promise they won't do it again. In fact the weasel words they have used in order to justify doing the exact opposite of the legal protection measures that private savers should have enjoyed, demonstrates that they *will* do it again, when they feel the need, while at the same time slightly adjusting a few of the technicalities in order to claim they're not.

George Orwell would turn in his grave.

[Sirius]

Originally Posted by Osem

I can see plenty of retirees and pensioners, for example, who're going to be mightily unhappy if their hard earned and already taxed savings are plundered in this manner.

They're calling this a one-off but does anyone really believe it would be?...

Definitely NOT

---------- Post added at 12:28 ---------- Previous post was at 12:25 ----------

Originally Posted by Chris

The problem is precisely that, they have proposed something that ought to have been utterly unthinkable. The very fact that they thought of it means nobody can believe a promise they won't do it again. In fact the weasel words they have used in order to justify doing the exact opposite of the legal protection measures that private savers should have enjoyed, demonstrates that they *will* do it again, when they feel the need, while at the same time slightly adjusting a few of the technicalities in order to claim they're not.

George Orwell would turn in his grave.

And people wonder why i don't like the EU and there methods.

[Osem]

I think large numbers of people across Europe are realising the EU isn't the gravy train they bought tickets for in return for some of their social, legal and economic freedoms. They've been sold a pup by their own governments and the Eurocrats and can now see the reality of what's been done by stealth and duplicity, by hook and by crook. Either the Eurocrats don't have a clue what they're doing or they've set out to mislead us all to get their way and will employ and/or exploit any means by which to do so. I know which I believe.

[Ramrod]

The Cyprus finance ministry suggests savers holding less than 20,000 euros (£17,000) would be exempt from a bank levy which has caused much alarm.

The plan was changed following outrage that ordinary savers would be forced to pay a levy of 6.75%.

But 'ordinary savers' can have more than 17k in the bank......

Originally Posted by Ramrod

But 'ordinary savers' can have more than 17k in the bank......

Especially in pensions.

With all due respect to the "ordinary savers" of Cyprus, the problem here isn't the effect the measure would have on them, it's the very principle of expropriation from private bank accounts. So long as this plan goes ahead in any form whatsoever, a line will have been crossed.

Alastair Darling pointed out on Today this morning, it's not that this will cause bank runs across Europe here and now, but what about the next time Spain or Italy or Portugal seems to be heading for the rocks and speculation about a bail-out begins? The fact that this expropriation went ahead makes it perfectly logical in future for every saver to go and withdraw his funds just in case another cash grab is announced.

[Sirius]

Originally Posted by Chris

With all due respect to the "ordinary savers" of Cyprus, the problem here isn't the effect the measure would have on them, it's the very principle of expropriation from private bank accounts. So long as this plan goes ahead in any form whatsoever, a line will have been crossed.

Alastair Darling pointed out on Today this morning, it's not that this will cause bank runs across Europe here and now, but what about the next time Spain or Italy or Portugal seems to be heading for the rocks and speculation about a bail-out begins? The fact that this expropriation went ahead makes it perfectly logical in future for every saver to go and withdraw his funds just in case another cash grab is announced.

Indeed if the EU are allowed to do this then no savings account or bank account is safe from there attention

And in other news, this is the EU effect

Cyprus Bailout: Cash Flown Out To British Troops

Soldiers stationed on the island and their families would be able to borrow the money if cash machines and debit cards stop working completely, the Ministry of Defence said.

"The MoD is proactively approaching personnel to ask if they want their March, and future months' salaries paid into UK bank accounts, rather than Cypriot accounts," it said in a statement.

http://news.sky.com/story/1066871/cy...british-troops


This is what you get for being part of the Eurozone. Thank god we are not part of this train wreck called the Euro

[Ramrod]

Originally Posted by Chris

With all due respect to the "ordinary savers" of Cyprus, the problem here isn't the effect the measure would have on them, it's the very principle of expropriation from private bank accounts.

Indeed. It's simply robbery.

To be honest right now I hope Putin throws a hissy fit and cuts off Germany's gas supplies. The EU is a law unto itself at the moment. But the problem with being a bully is, sooner or later you'll meet someone bigger and nastier than you. No matter how serious the allegations, we are supposed to believe in the rule of law and claiming that a ton of money in Cypriot banks is hot, as justification for snatching it, is not good enough. As Head of State, Putin's responsibility is to stand up for the rights of his citizens, who have neither been indicted nor convicted of a crime.

[Sirius]

Originally Posted by Chris

To be honest right now I hope Putin throws a hissy fit and cuts off Germany's gas supplies. The EU is a law unto itself at the moment. But the problem with being a bully is, sooner or later you'll meet someone bigger and nastier than you. No matter how serious the allegations, we are supposed to believe in the rule of law and claiming that a ton of money in Cypriot banks is hot, as justification for snatching it, is not good enough. As Head of State, Putin's responsibility is to stand up for the rights of his citizens, who have neither been indicted nor convicted of a crime.

I hope they say NO, why

It will show other countries that you don't have to jump when Germany says jump. Germany are not to be trusted and have started to show there cards over this bullying of a small country. This has been building for a while and Germany has increased there demands on other countries bit by bit and at the same time they have increased there control over the EU .

*********EDIT********

It looks like the vote will be NO

*********EDIT********

Meanwhile, in the Through the Looking Glass nightmare universe our Euro-Masters have created for us, the MoD has been forced to fly a million euros in cash out to Cyprus on a military transport to sub our service families while the banks remain shut.

http://www.bbc.co.uk/news/uk-21847013

Truly, you couldn't make this stuff up. Someone remind me what century we're in?

Originally Posted by Sirius

I hope they say NO, why

It will show other countries that you don't have to jump when Germany says jump. Germany are not to be trusted and have started to show there cards over this bullying of a small country. This has been building for a while and Germany has increased there demands on other countries bit by bit and at the same time they have increased there control over the EU .

Sirius if we were the ones that were bailing out other countries would you want the Government to seek to attach conditions or not? Germany would much rather not be doing this, their population is not that happy that they're seeing their money being used to bailout other countries.

This condition is universally agreed as stupid but the idea of Cyprus coming up with some, just some, not even half, of the money isn't. Nor is the idea that countries receiving bailouts need to curtail their spending.