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Eurozone Country Pushes Back Vote on Shock Bank Deposit Tax…For 1 Day
A cut-out image of Cypriot President Nicos Anastasiades decorates a DJ stand as part of carnival celebrations in Nicosia on March 16, 2013. President Anastasiades tried to appease Cypriots angry at having to pay up from their bank deposits for part of an EU bailout deal which his government signed to rescue the island’s banks. (Getty Images)
NICOSIA, Cyprus (AP) — An official says Cyprus’ parliament had postponed the debate and vote on the controversial levy on all bank deposits that the country’s creditors demanded in exchange for (EURO)10 billion ($13 billion) in rescue money.
Parliamentary official Antonis Koutalianos said the vote that was scheduled for Sunday afternoon has been pushed back to Monday, but the exact hour of the vote has yet to be fixed.
The decision to impose the one-time levy of 6.75 percent on all deposits under (EURO)100,000 and 9.9 percent over that amount, has triggered scorn from Cypriot politicians who condemned it as unfair, bringing in doubt its approval in parliament.
It marks the first time that the 17 eurozone countries and the IMF have dipped into people’s savings to finance a bailout.
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Comments (57)
oicu814me2
Posted on March 17, 2013 at 1:18pmThis is going to be bad. There is no way to put this cat back in the bag. The fall of Eurozone has now went into over drive. Just the talking about taxing deposits in Cyprus will cause a run on the banks everywhere in the Eurozone.
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OlefromMN
Posted on March 17, 2013 at 12:39pmFrom another article…
“Well, all Euro-area countries were supposed to follow the Stability and Growth Pact (SGP), which amongst other things imposed a limit on of fiscal deficits of 3% and of government debt to GDP of 60%. ”
Too bad Obama doesn’t like that part of the Euro Socialist state. We were at 72% debt/GDP in 2012 and have been running 50% deficits since he took office.
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PIGSWILLNEVERFLY
Posted on March 17, 2013 at 12:25pmCongress De-Fund the HHS NOW. DeFund Obamacare NOW. The big fing deal…is still being written. AS is the criminal Dodd Frank legislation. Both must be repealed and re-instate Glass-Steagall act.
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OlefromMN
Posted on March 17, 2013 at 11:48am“The decision to impose the one-time levy …”
If anyone is dumb enough to believe this will be a one time anything, they deserve to go broke. There will be this time, then continued reckless spending, and another time and more reckless spending… It will never end until there are deep cuts in government provided “services” and “benefits”.
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Stoic one
Posted on March 17, 2013 at 11:56amBut it is one time…..one time for each and every deposit, after the first one on what is already there.
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zgomer
Posted on March 17, 2013 at 11:45amLOL! who cares!
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asybot12
Posted on March 17, 2013 at 12:52pmsoon coming in your neighborhood.
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woodyee
Posted on March 17, 2013 at 11:44amOBamaphone! Κρατήστε Obama στον Πρόεδρο, ξέρετε; Μας έδωσε ένα τηλέφωνο – πρόκειται να κάνει περισσότερων!
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oicu814me2
Posted on March 17, 2013 at 1:13pmI was just fixin to say the samething.
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MDECKER
Posted on March 17, 2013 at 2:30pmYou are just, whistling Dixie!
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Bombgod1
Posted on March 17, 2013 at 11:27amReap what you sow.. Cyprus voted for it, now let it burn.
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fixer
Posted on March 17, 2013 at 11:44amComing to a country near you!
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Bloodywomble
Posted on March 17, 2013 at 11:24amPushed vote back 1 day but irregardless banks still forced to withold the kings ransom of
6 or 9% amount in peoples accounts. Run on the banks then trip home for pitch folks and
and implements.
How happy the politicians must be the sheeple have no guns…..
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Joss
Posted on March 17, 2013 at 11:30amThey’d best hope the Russians being looted in this deal are benevolent. I don’t assume they will be if they are offshoring this money.
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OlefromMN
Posted on March 17, 2013 at 11:21amThe run on the banks will commence the split second they open for business. We are witnessing history in the making and the fall of the Eurozone.
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SamIamTwo
Posted on March 17, 2013 at 11:16amWonder what the ripple effect will be over in the US…
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RANGER1965
Posted on March 17, 2013 at 11:12amYou bought the entire European Union ticket. Your leaders told you that you could have 2 months of paid vacation, free medical care, free transportation, a guaranteed wage, and Very early retirement. Just give us over 65% of your money in taxes.
And the people of Greece said……YES!
They also said YES! to anyone, especially Muslims who wanted to immigrate to Greece, and enjoy the bounty that was Socialism.
Now the crows have come home to roost. The rest of the European Union thinks that as a people you’re lazy and worthless, and anchor around their necks. Do you realize how bad you must be when France thinks you’re lazy?
Now that the pain which your leaders created is here, you want to vote…NO!
Guess what? The laws of finance is not a respector of you or your vote. Unbelievable pain is coming.
And this same pain is coming for us. It can’t be reasoned with, and it can’t be voted away, and the people of America are about to find out what kind of “Savior” they elected.
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SamIamTwo
Posted on March 17, 2013 at 11:26amIt will be raining cats and dogs sooner rather than later.
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TexVet61
Posted on March 17, 2013 at 1:33pmI too see it coming, the funny thing is now when you buy gold or silver they want to know your name address and phone number. sorry to the person living at the address I gave them, hope your name isn’t Jason, Lol
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hi
Posted on March 17, 2013 at 10:56amHey are getting what they voted for but were too stupid At the time to realize it. Just like Obama voters!
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geeman
Posted on March 17, 2013 at 2:03pmHi,HI You are so right, unfortunatly, obamatrons will blame it all on G.W. And repubs. Spending is only a problem for these dummys when a rebublican is president.
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balrog25
Posted on March 17, 2013 at 10:53amIt’s like watching a train wrech in slow motion. It hurts just watching it, and you wince just knowing how much pain is coming. The laws of physics and finance are pretty solid, and action and reaction can’t be cheated. To a loving God, I say thank you. You are the goal, not this crazy world.
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shammo
Posted on March 17, 2013 at 10:45amProgressives(Democrats) consider it their money lent to you. In the USA the government per the 16th Amendment can tax you at a 100% rate. We gave up our freedom by allowing this travesty.
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Outlaw_Josey_Wales
Posted on March 17, 2013 at 10:41amKind of like, calling an armed robber a ‘unlicensed tax collector’.
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goldstox
Posted on March 17, 2013 at 10:28amif there is a euro panic, they’ll run to the dollar – until no one will extend more credit to the u.s. ie. china , then the u.s. bonds will sell off, and the dollar will collapse. then we’ll start to see how bad / strange / evil our citizens can start to behave … hurro Katrina on a national scale – dont go into the dome !
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term limits for congress
Posted on March 17, 2013 at 10:18ambarry will go after our 401k’s
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crusaderx9
Posted on March 17, 2013 at 4:20pmwillie sutton: ”because that’s where the money is”
US citizens will be targeted for the rest of their wealth as the country sinks deeper into the financial abyss.
$17 trillion is an unfathomable deep hole that will take a long financial journey to climb out of, BUT it should be quite obvious that the US government has no intention of paying that back. Which means that the dollar will become meaningless as the government simply creates more of it, while stripping the remaining wealth from its citizens and leaving them no significant opportunity in an over-legislated / over-regulated private sector, and then government will simply overwhelm the vulnerable citizen who will at that point be reliant on government to provide subsistence.
The US will become Detroit — a progressive paradise.
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Popp40
Posted on March 17, 2013 at 9:59amThis is an honest question and don’t think I’m giving up the fight for conservatism. But seriously, how are we are we to stop this from coming to America? I am out talking to everyone, even strangers on the street but so many of them blindly follow Obama and the liberal/progressives. I have better luck talking to my dog at least she looks like she understands me, whereas, the majority of people I talk to just look at me like a zombie with drool coming out of their mouth. I don’t want to believe most of the country is stupid but from what I have seen….it is.
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13th Imam
Posted on March 17, 2013 at 10:24amDo like the Kennedy’s, Kerry’s, Pelosi’s, Reid’s do. Hide you money. You know, the patriot DEMOCRATS.
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Hotconchick
Posted on March 17, 2013 at 12:43pmWe can’t stop this from coming to Amerika, it’s already here. Prepare yourself and your family the best you can. We are in for a collapse of major proportions and there will be nowhere to run as it’s a global issue.
We’re done…the American experiment is over.
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Sargeking
Posted on March 17, 2013 at 9:37amThe part of the story that really stinks like Cypriot Bay is the banks freezing people’s accounts to rake in the dole. Sounds like the mandatory insurance premiums from Obamacare. Cypriot can’t stand apart and pay the big 13 billion dollar Euro zone bailout and Obamacare doesn’t have any legs unless people are FORCED to buy insurance they don’t want or need. Socialist Europe never worked. Why do the Progressives believe it will work in America?
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cliKKer
Posted on March 17, 2013 at 9:21amUmmm if you get a 6.5 return rate on KEEPING your money home in a mattress… and then the bank gives you a 1 day reprieve from it.
Um…. anyone say RUN ON THE BANK….
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widowofanAirForcevet
Posted on March 17, 2013 at 10:23pmInvesting in food is the best bet. With the rate of inflation all the long term storage of food I did three years ago has made me a nice little profit of at least 10 percent. I just wish I owned an oil well.
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momrules
Posted on March 17, 2013 at 9:15amI thought this was an interesting article about the economic depression in some European countries.
http://theeconomiccollapseblog.com/archives/17-signs-that-a-full-blown-economic-depression-is-raging-in-southern-europe-is-the-u-s-next
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patriotsofworkingamerica
Posted on March 17, 2013 at 9:14amAnd soon to be appearing on a bank statement near you. As goes Europe so goes the U.S.
Time for about 2million of U.S. citizens to have a little picnic on Capital Hill.
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barber2
Posted on March 17, 2013 at 9:28amAgree. How can anyone endorse the Obama madness which is nothing more than Europe II – and THAT is working out swell !? Socialism / Far Left stuff has never worked .
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Snowleopard {gallery of cat folks}
Posted on March 17, 2013 at 9:08amSo how long until Obama has this done here in the states – via regulation, fees, indirect taxation and the like?
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CatB
Posted on March 17, 2013 at 11:14am@SNOW —that is what he is doing through ObamaTAX no care … more and more taxes are being revealed (written) remember “we have to pass the bill to know what is in it” the bill was only a means to write the regulations i.e. taxes …. they just keep on coming … so far over 20000 pages!
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gyro
Posted on March 17, 2013 at 9:08amThis is a big story Blaze thanks for keeping on it
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Caniac Steve
Posted on March 17, 2013 at 9:14amit’s funny isn’t it ? here msnbc,cnbc and etc..never had a word on this at all ..not one..
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Sargeking
Posted on March 17, 2013 at 9:41amCANIAC: I must take umbrage with it being “funny” that this story is ignored by the lamebrain, mainstream media. It’s tragic and it’s all by design. If you only want to be spoon fed the news, read AP & Reuters. For that matter FOX is neither “fair” nor “balanced” these days. Their network was infiltrated by Lib editors and they are reeling Conservative viewpoints in like Godzilla in Tokyo.
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Sargeking
Posted on March 17, 2013 at 9:07amThe Obama Regime is a lot more cagey. They employ the VAT (Value Added Tax) on everything we use; food, fuel, and food. They can’t get away with openly calling it Cap and Trade. The VAT springs from the snake pit of getting prepared for horrific usury insurance premiums for Obamacare. In effect, “someone left the door open and the wrong dogs came home”!
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