Cypriot bank deposits hit in €10bn bailout

[Logik]

Your money is as save in banks as ever, keep calm and do not panic.

LOL    there should be a meme of the former iraqi information minister saying this.

[Herodes]

Your money is as save in banks as ever, keep calm and do not panic.

LOL    there should be a meme of the former iraqi information minister saying this.

Logik, awesome - don't we all feel warm, fuzzy and nice when reading/viewing that ?

[caveden]

If I was MtGox, I'd be seriously considering some advertising on Cyprus national television by now. Explaining to people how "Bitcoin users are not affected" by such taxation, and also saying that this has already been happening stealthily for years due to euro inflation.

[BTC Books]

If I was MtGox, I'd be seriously considering some advertising on Cyprus national television by now. Explaining to people how "Bitcoin users are not affected" by such taxation, and also saying that this has already been happening stealthily for years due to euro inflation.

I'm not sure how practical that would be.

I mean, if you fall into the camp that believes there's no such thing as bad publicity... then sure.  But it strikes me as the best way I can think of to get the EZ politicians and bankers to unleash their EuroFuzz minions on anything and everything associated with bitcoin.  It would make everything so inconvenient.

I'm not so sure we're ready for that.

OTOH, keeping a bit underground - or at least not massively in the faces of the powers that be - has worked out pretty well, so far.

[Killdozer]

I don't see a lot of difference in doing this compared to make bailouts from taxpayers money. Actually, this is probably better for the balance: considering that the rich a generally good at hiding from taxes, a bailout from taxpayer money hits the poor more than the rich.
But a bailout from the bank accounts hit's those that have more money (ie, rich) more, which is more fair. I doubt that an average person on cyprus had a lot of money saved in their bank accounts, and thus not suffer much from what has happened.
As indicated before, it seems that a lot of people have even used cypriotic banks to hide the funds from taxes in their own countries, in which case what happened seems only better, since only the rich have suffered. A low-paid person in EU, even if he/she would like to escape taxes simply will not find it economically viable to open an offshore cyprus account.
I don't have nothing against the rich, but if a drastic measure has to be done, it's better for them to pay for it than for an average person, which is moreso the case if a bailout is financed by taxpayers.

[Vladimir]

Actually, this is probably better for the balance: considering that the rich a generally good at hiding from taxes, a bailout from taxpayer money hits the poor more than the rich.

Murderers are usually good in hiding from cops. So every time there is a murder let's just execute every 10th person in the locality.

Every complex problem has a simple (but incorrect) solution.

[Killdozer]

Murderers are usually good in hiding from cops. So every time there is a murder let's just execute every 10th person in the locality.

This comparison is just stupid. What do you think happens in your metaphor when they take bailouts from taxpayers money instead of deposits? It's like executing every 10th person in the whole world instead... It's making the poor suffering from mistakes of the rich...
This discussion is not about whether to bailout the banks, it's about the way in which it is done.

[cypherdoc]

Murderers are usually good in hiding from cops. So every time there is a murder let's just execute every 10th person in the locality.

This comparison is just stupid. What do you think happens in your metaphor when they take bailouts from taxpayers money instead of deposits? It's like executing every 10th person in the whole world instead... It's making the poor suffering from mistakes of the rich...
This discussion is not about whether to bailout the banks, it's about the way in which it is done.

i think there's a problem with your line of logic.  you're saying that it's ok for the gov't to break the law and violate citizens rights as long as it doesn't affect you.

today it might be the rich and you'll be ok with it.  tomorrow it'll be you.

[Killdozer]

I am not ok with the concept of bailouts at all. My argument is about which evil is least.

[fm1234]

Holy shit, you know your statist intervention is a bad idea when Paul Krugman thinks it's a bad idea.   I try to stay out of politics, but couldn't resist looking up PK's blog to see (what I anticipated to be) his verbose and circular defence of this action, how it was perfectly reasonable when seen in the proper light and possibly something the US should be considering.   I stand corrected!


Frank

[cypherdoc]

something tells me there's going to be hell to pay for f*cking around with those Russian oligarchs.

[Littleshop]

something tells me there's going to be hell to pay for f*cking around with those Russian oligarchs.

Really.  And if not, they are going to take out everything they have there.  That will do wonders for the banking in that country. 

[cypherdoc]

something tells me there's going to be hell to pay for f*cking around with those Russian oligarchs.

Really.  And if not, they are going to take out everything they have there.  That will do wonders for the banking in that country. 

when do the warships arrive?

http://www.zerohedge.com/news/2013-03-17/russia-sending-permanent-warship-fleet-mediterranean-russian-naval-base-cyprus-comin

[klee]

Lowering the German flag at the German embassy at Nikosia:
http://www.youtube.com/watch?feature=player_embedded&v=6Sgax5EgKf4#!

"Thieves get out of Cyprus" is what they say..

[BTC Books]

something tells me there's going to be hell to pay for f*cking around with those Russian oligarchs.

Really.  And if not, they are going to take out everything they have there.  That will do wonders for the banking in that country. 

when do the warships arrive?

http://www.zerohedge.com/news/2013-03-17/russia-sending-permanent-warship-fleet-mediterranean-russian-naval-base-cyprus-comin

Soon, one would think.  Cypriot/Russian relations have been pretty good for a long time - this banking clusterfuck will have quite an impact on that.  I'd expect some interesting developments soonish:  backpedaling, blustering, Turk-baiting, etc.

The saving grace is probably the huge islamic population in Russia.

I sure hope Putin didn't have any major personal stash in Cyprus.

[cypherdoc]

something tells me there's going to be hell to pay for f*cking around with those Russian oligarchs.

Really.  And if not, they are going to take out everything they have there.  That will do wonders for the banking in that country. 

when do the warships arrive?

http://www.zerohedge.com/news/2013-03-17/russia-sending-permanent-warship-fleet-mediterranean-russian-naval-base-cyprus-comin

Soon, one would think.  Cypriot/Russian relations have been pretty good for a long time - this banking clusterfuck will have quite an impact on that.  I'd expect some interesting developments soonish:  backpedaling, blustering, Turk-baiting, etc.

The saving grace is probably the huge islamic population in Russia.

I sure hope Putin didn't have any major personal stash in Cyprus.

i think the Russians can hurt them in so many ways.

here come the hacks.

[marcus_of_augustus]

something tells me there's going to be hell to pay for f*cking around with those Russian oligarchs.

Really.  And if not, they are going to take out everything they have there.  That will do wonders for the banking in that country.  

when do the warships arrive?

http://www.zerohedge.com/news/2013-03-17/russia-sending-permanent-warship-fleet-mediterranean-russian-naval-base-cyprus-comin

Soon, one would think.  Cypriot/Russian relations have been pretty good for a long time - this banking clusterfuck will have quite an impact on that.  I'd expect some interesting developments soonish:  backpedaling, blustering, Turk-baiting, etc.

The saving grace is probably the huge islamic population in Russia.

I sure hope Putin didn't have any major personal stash in Cyprus.

i think the Russians can hurt them in so many ways.

here come the hacks.

Yes, would be quite poetic to see the whole EU Commission, Troika, IMF, etc and attendant parasites locked out of their bank accounts for days on end ... how's your net security Barroso? van Rompuy? Lagarde?, are you feeling lucky messing with the hard-asses monies?

Edit: "send a thief to catch a thief", russian mafia and llyod blankfein "doing God's work" springs to mind

[benjamindees]

Your money is as save in banks as ever, keep calm and do not panic.

LOL    there should be a meme of the former iraqi information minister saying this.

[cypherdoc]

Cyprus is gonna pay for this:

[Vladimir]

Cypriot MPs flatly reject bank deposit levy with 36 against, 19 abstentions and not a single vote in favour

tl;dr Cypriots to EU: "Fuck You!"