What is the poster suggesting? EC should've stayed out and let the banks go bankrupt?
Oh I know, they should've just covered all the tax haven banks losses.
“My bank account's got robbed by European Commission. Over 700k is lost.”
21–30 of 174 posts
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#22It appears this is a current/chequing/checking account rather than the savings/deposit accounts that were originally reported to be subject to the special tax and which pay the ridiculous levels of interest (10%+).
The impact on local business is already being felt, both consumption & payment of supplies & salaries (and soon tax remittance), and imports will suffer significantly in the coming days and weeks too. Exports may well be paid for and the funds remain outside of Cyprus, further creating problems for the economy, as it goes almost all-cash and tax is evaded too. Credit card balances can not be paid off for now either.
It will be interesting to see how Russian mobsters (and various shades of business people) react to having millions/billions taken from them. I'd not want to be a Cypriot politician or banker having to say no to these guys.
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#23>I'm not Russian oligarch, but just European medium size IT business I fail to see the difference, honestly. The OP, by running a business within a society where many services essential to that business are provided by the government and paid for by the citizens and businesses within that society, profited directly from other people's taxes - but refused to contribute. I feel about as bad for him as I do for any of t…
I'm not sure why, but natermer's past several posts are all dead.
He wrote:
> The people running the government, which uses the taxes to secure loans that they have no intention on paying back, in order to prop up a failing economy that is failing because of the rules and regulations that are setup to maximize the illigit profit for said people running government.. those are the real gangsters.
> Most large state governments amount to little more then just legalized mafias. Ran by political and family dynasties serving the purposes of whoever is capable of providing them the most money and power.
> IMHO, paying as little taxes as possible is a moral imperative.
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#24[deleted]
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#25Yes, blame Angela Merkel and not the bank executives at your bank that loaded up on Greek debt while Greece was careening towards insolvency. I appreciate the PR nightmare here for the E.C. People are going to be madder at the E.C. for wiping out depositors at this unviable bank than they would have if the E.C. just let the whole Cypriot banking sector collapse and let everyone lose their money. See: http://online.ws…
Blaming evil banks and profligate creditors while tightening the money supply wasn't a particularly fruitful thing to do the last time there was a global economic crisis, and a whole lot of modern macro was about not repeating that mistake.
Then the world goes around and repeats the same offenses, and the public once again buys the easy, moralistic stories. Bleh.
The fact of the matter is that the Eurozone is a bad idea, a lot of economists said it was a bad idea, and now they're seeing their predictions come true. For each European financial disaster it's easy to blame some convenient cause, but eventually you have to ask: what is it about the Eurozone that is so good at precipitating financial crises? As banks collapsed and massive financial contagion in America was uncovered, did anyone in 2007-08 (besides a small number of monetary-inclined economists) think the very Euro would be threatened again, and again, and again, as America lurched along in limp but definite recovery?
To paraphrase Bill Clinton: it's the money, stupid. The Eurozone is structured to suck the money out of peripheral economies in times of crisis, which then seize up like an engine starved of oil. The best banking system in the world cannot survive if all its money disappears. Cyprus does not have the best banking system in the world, so I guess they're worse off.
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#26Your bank account's WHAT got robbed?
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#27Comment #7 in that thread says it all: “So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic.”
The OP seems to imply later in the thread that the company is based in Cyprus:
"I've already sold a part of my bitcoins to cover emergency needs. But I don't plan to recover my business in Cyprus. Instead, I'm moving to another country outside EU."
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#28Comment #7 in that thread says it all: “So you trusted a small tax haven island with your money. The plan failed. Your next step: trusting even smaller tax haven island with your money. Pure logic.”
Yeah...funny thing is blaming the EU. The banks were lending out the money on what turned out to be bad assets, not sure there's any cure for that where deposits don't get wrecked. Iceland before, Cyprus now, not sure what they think will happen to Carribean banks in the long run. Bitcoin might be an ok solution for people who don't care about earning interest, but if you still want the interest you have to deal with…
even funnier thing is thinking that these haircuts are gonna do much…
the template according to troika is to do more of the same :D
granted the only future i see in bitcoins is in actual business transactions and not earnings interests,which with typical fiat are subject to the whims of ZIRP and central m̶a̶n̶i̶p̶u̶l̶a̶t̶i̶o̶n̶ planning :D (which [number of business transactions with bitcoins for goods or services] has gone up these couple of years if you look beyond the hype)
and the fact that it would be pretty hard for .gov reallocate funds in a .dat :P
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#29It's your fault for using such a bad bank. Just use paypal instead.
/s
Re: “My bank account's got robbed by European Commission. Over 700k is lost.”
#30One possible upshot of this is that maybe people will actually start paying attention to how their home banks are capitalized. What's their reserve ratio? What are their major investments? Have those investments been rated by independent agencies? Schemes like the FDIC (which, as mentioned in a previous comment, can change the rules at any time) only serve to dumb us down and encourage bad behavior; firstly by lullin…
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