Here in the U.S. the Democrat party calls that "revenue" :1orglaugh:1orglaugh:1orglaugh

Over here we have the highest corporate taxes in the world. And they want to raise them even more.

I too, call it theft. But fiscal liberals call it an unfair portion of "the wealth" that needs to be taken from the bad and evil corporations.

finance ministers forced Cyprus' savers to pay up to 10 percent of their deposits to raise almost 6 billion euros. Almost half of its depositors are believed to be non-resident Russians. [EDIT: the other half is adult sites]

Ahhhh you want the EU to pay for it?!? Now that IS a 'commie' solution.

Americans didn't want banks bailouts, well this is what happens when banks go bust depositors lose their money.

This loan is to prop up the banking industry, most of Cyprus debt comes from doing so.

This is no different than a company giving a chunk of it's assets as guarantee for a loan that keeps them operating.

And I siad that where exactly? The Cypriots will pay it all out one way or another, this situation didn't just develop in the past 10 minutes, they (including the mighty EU economists) had I would say adequate time to come up with a different solution. And no matter what that solution is, the Cypriots would have carried the burden and that's the way it is supposed to be, cuts in their income, bigger taxes, etc. .... but keep on spinning it.

Not to mention the clear message this is sending to all non-EU investors. Dear investors, welcome to the EU, please feel free to deposit your money in our banks.

PS We reserve the right to skim 10%, 20%, or 99% of these deposits, but not to worry, we will come up with some ridiculous justification

The Cyprus Bank Bailout Could Be A Disastrous Precedent: They're Reneging On Government Deposit Insurance

http://www.forbes.com/sites/timworst...sit-insurance/

http://www.fairloanrate.com/wp-conte...laundering.jpg

The Manwin connection:

Sounds like Manwin's tax haven is about to get pulled out from under their feet of clay.

:stoned

ADG

You are still contradicting yourself and STILL wanting a 'commie' solution. Private companies are bankrupt but you want budget cuts, tax hikes,etc.


"Cyprus' banking industry ballooned to nearly eight times the country's gross domestic product at the height of the boom. In December, it was still more than seven times Cyprus' €17.5 billion GDP."

"Cyprus' banks held a lot of Greek debt and suffered significant losses when they took a write-down of those bonds as part of the Greek bailout. Much of Cyprus' bailout money will be used to recapitalize Cypriot banks to prevent them from collapsing. And with the banking system so large, the government wouldn't have been able to bail it out even in a healthy economy."


AGAIN the banks are bankrupt, either they use the only asset of value they have (deposits) to get a loan or they go under.

iceland didn't bail out their banks

Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong

A funny thing happened on the way to economic Armageddon: Iceland’s very desperation made conventional behavior impossible, freeing the nation to break the rules. Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver.


http://www.washingtonsblog.com/2012/...-it-wrong.html

You get lubed up before they shaft you...

This was 12 inches up the wrong hole with no warning and no KY.

I feel your pain but the reality is the private sector lost all your money and then some...

i thought this tidbit interesting:

And Iceland’s prosecution of white collar fraud played a big part in its recovery:

[The U.S. and Europe have thwarted white collar fraud investigations ... let alone prosecutions.] On the other hand, Iceland has prosecuted the fraudster bank heads and their former prime minister, and their economy is recovering nicely … because trust is being restored in the financial system.

http://query.nytimes.com/gst/fullpag...63&ref=iceland

http://www.icenews.is/2011/01/20/mor...kers-arrested/

Ex-Prime Minister of Iceland Convicted on Charge Related to Financial Crisis
http://dealbook.nytimes.com/2012/04/...ancial-crisis/

Wow this is eye opening ,thank you for this.

http://i.imgur.com/0JuWy4a.jpg

http://i.imgur.com/jnAeBby.jpg

:stoned
MechanicVirus

No kidding. It could be a very interesting week.

If I were in Italy, Spain or Portugal I would be thinking very hard about where my money is right now and on the guarantee of the governments there to insure deposits.

These countries have assets and sources of revenue.

Cyprus is a country of 1,000,000 with a banking industry billions in debt.




______________

i would surely be pissed as well if someone decided to take 10% of my money

but taking my tax money to save banks so that others can keep their black money is no solution either

The fucking EU is a left wing cancer that will implode in the not too distant future.

I am wondering if Manwin is still in Cyprus....I know they are in the process of moving to Dublin....was this completed in time?

Smug suites you....

Sort of interesting that the banks went down because they trusted that the EU would make good on Greek bonds. Oops! And now there is all of that offshore money that we can ding into so that the Greek bailout just continues to pay dividends.

Quit bailing everyone out. Dumb fucking decisions deserve to end in pain. If a country can't run itself then let it go under. The same with a bank.

Hellenic bank just announced of 10% cut for business accounts.

Im still buying banner ad spaces though!

ICQ me.

Put money in Norway (is out of EU and no government debt) or Switzerland (classic).

Great, there goes my Cyprus "corporate vacation". Thanks.

You do realize if they did same as iceland all those adult companies would lose 100% money and affiliates and others related to to them as well.

no shit ? ........ Some of my Russian friends wont be too happy, nor some others who have accounts there :2 cents:

Paypal now issues a 1099-k on 20k and/or 200 transactions and above.

no, how would i realize that based on how iceland handled their banking crisis?

are you saying those economists are wrong?

or suggesting the rest of the world should not do it the right way because some adult companies would get impacted?

I dont suggesting anything,just stated how copying their action would affect our industry.Beside i dont think there is any universal receipt to fix things since economy of each country is different,Island is not realy good example since it have only 300k residents.
But when it comes to receipe for banks,i would simply restrict banks to doing only account service things(bank account maintance and fees related to it)and not allow any investment/loan activities.
That way financial institution cant go out of bussiness unless you go full retard like Malick did.

i never said it is :)

i don't have any cash in cypus banks so this doesn't impact me, but for an american, i'd choose to try the iceland method over how we handled it.

I dont have either,but this would affect you too unless you dont have absolutely any bussiness connections with companies having account there.Also,i dont consider Island idea bad,it is actualy good to shutdown banks instead saving them but people money should be preserved.

Just another example of how corrupt governments are.

http://sphotos-b.xx.fbcdn.net/hphoto...67933627_n.jpg

Until next week you discover some program does not pay you as an affiliate because lost money in Cyprus.

there goes the Cypruss reputation... Nobody will ever open company in there if he knows that their government can simply take/steal the percent of the money you have in there without any reason or warning...

so you're saying an entire country+ should sacrifice because i might lose some money next week?

i have to agree on this.

Why instead of stealing the money they would have "loaned" those 9.9% with a promise to pay back in few or more years?

I would have been less damaging because now nobody would trust their banks. If they promised to pay it back the damage would be smaller and they would have a chance to restore their image and trust.

Is this legit?

About a third of the companies I do business with pay me from accounts in Cypress. Next payout dates may be depressing.

Is showing up at a Cyprus bank with a shotgun to withdraw your money any more illegal than what the gov't is doing to the depositors?

/sarcasm

What a shitty situation over there. Definitely something to watch as the week progresses.

BULLSHIT !!!!! Your deposits should be "Sacred" and not to be tampered with over some governments inability to control finances. A lot of cases, specially for the small depositors, this is already after tax money, now they are getting fucked over.:2 cents:

Pretty scary messing with the Russians and their money. Cypriots are tough but wonder if any of their politicians are going to disappear after this

Everybody going to pull out funds, when bank opens, and banks will be fucked,here comes another wave like we had in 2009

I was born in USSR. I have seen currencies come and go.

The most of the money is illegal.

This should have been done decades past.

i read the majority consists of cyprus citizens/residents, so the money in their accounts is illegal?

This is how the media will make it appear.

Most of the citizens have less than 1,000 (one thousand) in their bank accounts and 90% have less than 5,000 (five thousands)

This is about cleaning the corruption. Decades ago Cyprus was where arms merchants, Afghanistan drug smugglers and Turkish sex slave traders deposited their money. Much of this still happens but today we can put up also russian child pornographers, Internet pirate sites and stock market speculators looking to hide their money.

Do not believe what you read in the press and believe even less what you read on the Internet. Some very rich people do not want their dirty connections exposed so they are using their influence to win the support of the public opinion. And regardless of the site you read, the Internet is part of the United States Media Control Complex. This complex will use any trick it can to make Europe look like a failing socialist hell hole.

This is just the start and there will be many things to come.

Im' receiving emails from programs, ad networks, partners etc., with their new bank account where to pay (including recommendation in red color: **DO NOT SEND IN OLD CYPRUS BANK ACCT!**).