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It’s Tuesday: Here’s What’s Happening With the Cyprus Tax Plan

Mar. 19, 2013 11:55am Becket Adams

Heres Where Things Stand With the Cypriot Haircut

Cyprus President Nicos Anastasiades. (Yiannis Kourtoglou/AFP via Getty Images).

Members of Cyprus’ parliament are still haggling over last-minute amendments to a deal that would seize private deposits to help fund a $13 billion bailout package.

President Nicos Anastasiades has voiced support for a plan that would start the depositor levy at €20K, meaning anyone below that amount would be spared the one-off tax.

“A new draft bill discussed in Parliament’s finance committee proposed to spare all deposits below €20,000 ($25,900). Those between €20,000 and €100,000 ($129,290) would still have a 6.75 percent charge imposed, and those above €100,000 would have to give up 9.9 percent of their deposits, in line with the original plan put forward over the weekend,” the Associated Press reports.

For his part, Panicos Demetriades, the country’s central bank governor, suggested that no levy be imposed on accounts with less than €100,000 — the amount that is insured by the country’s government.

“The credibility of, and trust in the banking sector depends on this,” said Demetriades, adding that he believes at least 10 percent of deposits will be yanked the moment Cypriot banks re-open.

Although both of these proposals would surely quiet some of the backlash against the bailout deal, many in the country’s parliament are unhappy with the depositors tax on principal (either that or they’re terrified of what may happen should they try to confiscate money from Russian oligarchs).

Also, is appears that the proposed amendments haven’t been cleared with EU officials in Brussels. From the Wall Street Journal:

European officials in Brussels were surprised by Nicosia’s unilateral move. In a conference call Monday night, euro-zone finance ministers were given “no heads-up” on the new rate, a European official said. “They are playing poker.” A second official confirmed that ministers and other European officials involved in the bailout talks hadn’t been informed about the new tax plan by Nicosia.

The problem with the amendments, and this is probably why Cyprus didn’t run them by their EU creditors, is that they fall about €300 million short of the amount first agreed on in the original bailout deal.

Some have suggested that Cyprus will try to make up the difference by levying a tax as high as 15.6 percent on big-time depositors (i.e. the Russians). Problem is, Russian banks and businesses account for almost half of all Cypriot deposits. So if the 15.6 rate goes into effect, prepare for a) extremely unhappy Russians and b) massive capital flight.

As of this writing, nothing has been voted on yet. It looks like the final vote on the bailout deal will be moved until later on Tuesday (or even possibly Wednesday). Also, in case you forgot, all of Cyprus’ banks are still closed for its extended banking holiday.

Stocks have traded mostly higher despite the news coming out of Cyprus:

Meanwhile, the Germans are not at all happy with the developments in Cyprus [via Zero Hedge]:

Senior German Official - No Idea When Or If Cypriot Parliament Will Vote On Proposed Bailout Programme
Senior German Official - Situation In Cyprus Is Bad, Reasons For This Lie In Cyprus
Senior German Official - With No Programme, Liquidity To Cypriot Banks Is In Danger And They Cannot Open

And apparently the Cyprus finance minister has had enough:

CYPRUS FINANCE MINISTER SUBMITS RESIGNATION – SOURCES
MARKET NEWS CITES SOURCES ON CYPRUS FINANCE MINISTER

UPDATE: There are now conflicting reports that President Nicos Anastasiades has refused the finance minister’s resignation. And now there are reports that the finance minister claims he never tried to resign.

Stay tuned. We will continue to bring you updates as they happen.

–

Follow Becket Adams (@BecketAdams) on Twitter

Featured image Associated Press. This post has been updated.

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Comments (44)

hoosierblue
Posted on March 20, 2013 at 3:29pm
“The credibility of, and trust in the banking sector depends on this,” said Demetriades, adding that he believes at least 10 percent of deposits will be yanked the moment Cypriot banks re-open. —————————————————————————————————–
What kind of credibility and trust are people going to have in a banking system that steals 7% to 10% of their money ??????????????????????????????????????

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Anadara
Posted on March 20, 2013 at 1:15pm
Socialism only works using other people’s money. When everyone becomes equally poor and miserable then that crap collapses.

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timola
Posted on March 20, 2013 at 10:15am
I hear if you rob a bank in Cyprus, they immediately take 10% before you leave. :)

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CulperGang
Posted on March 19, 2013 at 6:25pm
https://www.youtube.com/watch?v=WMaXIJKOEI8&playnext=1&list=PL9CE674FC0AAE8E7D&feature=results_main

The video explains the Bank bailouts. In short when they make investments that lose out on profits they just reach into tax revenues thatYOUR POLITICIANS allow……..and give them your money tomake up those so called loses. BANK ARE STEALING THE WEALTH OFTHENATIONS…..
The Federal Reserve(Rothchilds/Morgan) destroying America with the help of ALL the elected officials.
They should all be locked up for life. Take ALL their assest under RICO put it back into the treasury.
Federal Reserve = private individual aka bankers/brokers = parasites on taxpayers.

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- kenboo1
  Posted on March 19, 2013 at 7:51pm
  its only fair!!! http://www.repeal17.net the Senate needs to be controlled
  
  Report this comment
AboveMyPayGrade
Posted on March 19, 2013 at 2:24pm
JOHNPAULKUCHTAJR, you asked me if I’ve joined Oath Keepers.

I might be misinformed as to what its eligibility requirements are, but since I’ve never served in the military (my DAD has, but I’m a lifelong civilian) and have also never been in law-enforcement or fire service, I didn’t realize that someone like myself would be eligible for membership in Oath Keepers.

But even if I’m not a formal MEMBER, I can promise you that I am well aware of this organization: I’ve disseminated numerous copies of the Oath Keepers’ manifesto Orders We Will Not Obey to people I know.

And I am in FULL agreement with its tenets, and if God forbid the day ever comes when the citizenry of this country has to take up arms in earnest to stop the attempt of the government to impose a tyrannical dictatorship upon us, rest assured that I would consider it an HONOR to offer my help to the Oath Keepers and to whatever OTHER groups would be spearheading the resistance to such a move by the feds, and in WHATEVER capacity the leadership of the resistance would deem my assistance most useful, even if it is being kept away from any actual combat altogether and instead being the lowliest mess cook or tending the wounds of those who have fallen in the fight or helping in the area of supply or any OTHER of the myriad ancillary functions that ANY fighting force needs to keep going apart from pure combat roles. I’m not vain: I’ll deem it an honor to help in ANY way my help is judged useful.

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Sargeking
Posted on March 19, 2013 at 2:15pm
Even a blind Liberal socialist can smell the fall of the Euro into Cypriot Bay. The entire Euro zone will soon follow suit. The Euro was a bad experiment gone terribly wrong. England retained their Pound and they sure are happy. Their Cheshire cat is smiling from ear to ear! Watch how fast the game plays out when Germany dumps the Euro and returns to their old Mark? For you folks from Rio Lindo still playing the American Stock Market, “Oh well is a deep subject”! LOL!

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progressiveslayer
Posted on March 19, 2013 at 1:56pm
Socialism is all fun and games with other peoples money,then the day of reckoning comes upon you and you finally see what a lie it is. It’s going to happen here as well because this prog government doesn’t think taxpayers have any rights,especially when it comes to our own money. It’ll be a cold day in hell if this prog government thinks it’s going to confiscate money and guns from people who know their constitutional rights,you can try and I’m sure you will but you won’t succeed.

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- Cavallo
  Posted on March 19, 2013 at 2:08pm
  Here, it might also be done electronically. Like seizing all the 401ks plans, because “the government must ensure they are properly run”, or some other hogwash. They’ll use it just like they did with Social Security in which they use the new funds in the general fund, and slip IOUs into the 401k plans instead. All the while banning raiding of 401ks or making it tax prohibitive to do so. To placate you, the clarion cry will be, “Your money isn’t /going/ anywhere! You’re paranoid!” all the while paying out to retirees on credit. My guess.. it will be done right after a market crash… that they caused, and is coming soon.. just as soon as the Fed stops printing.
  
  Report this comment
DebateMe
Posted on March 19, 2013 at 1:29pm
The president of Cyprus, just 3 weeks ago, adamantly claimed that a tax on bank deposits was not going to ever even be a topic of discussion and that such an action was the dumbest thing he’d ever heard.

This is a global trial balloon. The citizens of Cyprus are in the petri dish. I sure hope that people there react based on principal and not based on whether or not the resulting policy effects them or not. If the people of Cyprus give in to any amount being taxed, this policy will be coming to an EU country near you very soon, and then to the U.S.

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HI_Don
Posted on March 19, 2013 at 1:24pm
Since I’m not a lawyer, I have to ask. If this happened in the U.S., could each of us sue the banks for allowing the government access to our accounts and account information? I know this isn’t a story on the U.S. so our law does not apply and we can’t say what they can or can not do. But if Obama decides he needs even more “fairness” and tried to “tax” our savings/holdings, does the Gov have the ability to know what we have in savings and use the banks to “collect their share” as they see fit? And even if we think it is unconstitutional and prohibited by our laws, really what stops them? Would the banks refuse to cooperate, do they even have the power to refuse or would the Gov simply charge them and force the bank to collect from their customers to recoup?

I predict no matter what the outcome or final level/rate decided in Cyprus, there will be a run on the banks with everyone moving their holdings from the banks to the mattress. Because we all know this won’t be enough. It will negatively impact their economy, and this bailout won’t last. They will be coming back to do it again and next time the limit will be lower and the rate will be higher. Politicians seek to be the ruling class and they are not happy until they either own or control every last cent – even in our country. The road to serfdom. Remember, Obama loves the European socialist models and loves to duplicate them.

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- Cavallo
  Posted on March 19, 2013 at 1:51pm
  It would likely have to be done quickly, like they did with ObamaCare, and done over a weekend. They’d pass emergency legislation. They wouldn’t be able to do via executive order. No one would be able to read the bill before it went to the president’s desk. In the legislation there might be a provision to prevent a run on the banks, in which one could not remove X percentage of money over X period of time. This prevents a run, as well as gives them time to take funds in the form of an emergency tax. It would be constitutional because it would have to be passed as a tax by the legislature. How many would be willing to go to war over it? I am not sure.
  
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- OniKaze
  Posted on March 19, 2013 at 2:07pm
  The short answer to your question is simply: Yes…
  
  They CAN do this to us over here (and will, when they feel the time is right) and there will be no-one that will do ANYTHING about it..
  
  I have repeatedly said this: Our Government no longer cares about the people who fund it. They prove time and time again that OUR best interests are not in their thoughts, and they care little about any opposition to their deeds (they only care about their agenda). Any resistance will be either ignored, or if too big to ignore will be discredited and annihilated. For as long as I can remember, our politicians have been beyond the reach of any of the repercussions of their actions, and as long as that remains the case, NOTHING will get better, and our rights will be taken away faster and faster until things reach a breaking point.
  
  If we don’t hold politicians responsible for their actions, their actions will NEVER change (why would they?)! The problem is NOT that our politicians lie to us, and pass un-constitutional legislation, the REAL problem, is that the American people let them get away with it time and time again, and never make an example out of anyone responsible.
  
  Report this comment
- CulperGang
  Posted on March 19, 2013 at 6:28pm
  America does not have aJudicial System that works on behalf of justice and definitely NOT for the indiviudal or masses. Suing a waste of energy. The MORAL ROT of bankers have to beREMOVED period. Federal Reserve bankers HAVE TO BE LOCKED UP. They are criminals period.
  
  Report this comment
- UnreconstructedLibertarian
  Posted on March 19, 2013 at 9:00pm
  Are we absolutely sure that some provision of this nature wasn’t actually in the Obamacare Bill?
  
  Remember, it was upheld by the Supreme Court as a “tax”. Prelude maybe?
  
  I haven’t read it – I mistakenly thought it would be repealed by now.
  
  Report this comment
woodyee
Posted on March 19, 2013 at 1:17pm
If Gaybama should suggest doing the same here, we must demand that he first recall Obamacare; then recall all stimulus, TARP, and QE dollars; then, restore workfare and reduce unemployment benefits to their original tenure; reduce the tax rate to pre-Obama levels; open up the coastal oil fields and cease all attacks on Constitutional Rights; withdraw ALL support for Muslim countries, and in particular those with links or ties to Al-Qaeda, and destroy wherever possible, all munitions and military equipment we’ve shipped to same; recall ALL Obamaphones, and end all such gobblement taxpayer-funded giveaways.

Then, when that’s all done and the issue of taxing our savings comes up again, we can all tell him to go talk to his master in H3!!…

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- HI_Don
  Posted on March 19, 2013 at 2:36pm
  Good luck demanding Obama do anything, for that matter good luck demanding Obama NOT do something. Congress has let him do what ever he wants and fails to hold him accountable or stop him from doing what he shouldn’t. And where is the public outcry or media storm? Crickets……..
  
  It would take several millions of people assembled in Washington preventing all congressmen from leaving the building and insisting on completed legislation to right the wrongs and make law to abolish all these entitlements, cap salaries and compensation of politicians, term limits, flat tax, disbanding the IRS/ Dept. of Ed., Eric Holder and the other cronies thrown out, more oversight and accountability etc. So many people that no law enforcement agency had the capacity to remove the crowd. (nothing said or intended on violence here, it would have to be a peaceful protest or it would simply result in a blood bath without effect) A one time huge shift in our governing direction. Nothing short of the next legitimate Tea Party (not the group, the resistance). Sooner or later we the people either do something, or they will continue to move us into the prison of serfdom until we can’t. We either tolerate the “ruling class” or we dethrone them.
  
  Report this comment
- freedoc
  Posted on March 19, 2013 at 3:01pm
  Yep. You have it right. Nothing sort of insurrection will alter Obamacommie’s direction, or stop the Elite Political Class.
  
  Report this comment
PIGSWILLNEVERFLY
Posted on March 19, 2013 at 1:05pm
Germany wants to crack down on Russian money laundering in Cypress. Blow back from Russia…cut off oil and gas to Germany.

http://www.cnbc.com/id/100566854

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Godsgopher
Posted on March 19, 2013 at 12:57pm
I think an estimated 10% withdrawal is extremely optimistic. I do suspect most of the Russians will yank all of their capital within the coming week, if that capital makes up 50% of the countries deposits its the end of their economy.

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- Popp40
  Posted on March 19, 2013 at 1:15pm
  Either that or Russia invades Cyprus and all of its natural resources. Be ready the actual physical fighting of WWIII is about to start.
  
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Sheepdog69
Posted on March 19, 2013 at 12:53pm
There are millions of Americans who own guns, which, to me, means something completely different than being “armed”. Being armed implies a willingness, and ability to use a weapon. I think a VAST majority of Americans would simply cower and give up their weapons if confronted by armed troops. It is a sad state of affairs.

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AUsername
Posted on March 19, 2013 at 12:52pm
Bank Run WorldWide! come on people get your money out before they steal it and put in a local bank or credit union you trust.

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barber2
Posted on March 19, 2013 at 12:50pm
Ah, the eternal wisdom: Don’t spend more than you earn. Neither a borrower nor a lender be. Take care of your pennies and your dollars will take care of themselves ! Our crazed -changed New Radicals would are always so repulsed by tradition and the past, have much to learn : much of it be looking back and at the timeless wisdom there rather than their obsession with all the is new and that marching ” Forward” baloney ! ” Forward was one of the old Marx / Lenin slogans and we see in history how swell their economic ideas worked !? The USSR proved what a winner that Marxism was. The mess in Europe today shows what a winner Socialism is. And those Discrimination Card Laws to give loans to ” poor minorities” here showed that a winner the ACORN Democrats’ laws and regulations always are ! Housing collapse. Banks collapse. Economic chaos. The Left has no sense of economic smarts.

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rickroland
Posted on March 19, 2013 at 12:49pm
This isn’t a “tax”, it is outright theft! You pay your taxes, you save money after that in the bank, it’s *your* money. And then, because the government is in dire straights, due to it’s own mis-management and blunders, they then concoct this absolutely criminal scheme to just take money from individual citizens. This is 100% absolutely criminal.

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ArmedAndReallyPissed
Posted on March 19, 2013 at 12:45pm
Cyprus Banks have closed for a “2 day Holiday” meaning 2 more days that the Citizens can’t touch their own money. All of these accounts are Federal Insured, just as they are here. Big Friggin Deal.
I’m sure the Fuhrer OweBama is on the Phone right now getting all the juicy details on how Cyprus is stealing their own peoples money.
Cyprus bank Cleaning : coming soon to an Amerikan Bank and 401K account near you.

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- Cavallo
  Posted on March 19, 2013 at 1:34pm
  My wonder is if the accounts are frozen? I am assuming the way they are doing it is that the transaction isn’t actually debited until the bank officially reopens, at which point the “tax” would go into effect first before the owner can close the account and transfer the funds to an entity that will be less likely to steal it.
  
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308btsp
Posted on March 19, 2013 at 12:43pm
Now that black rifle, cases of ammo, pressure canner, dehydrator, garden, shelf stable food, silver does not look so dumb, now does it? You may want to consider sharpening up your “country skills”.

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Ghandi was a Republican
Posted on March 19, 2013 at 12:34pm
I kinda hope they do it. Just to sound the alarm. Obama would love to do the same thing, but for different reasons. Anything that sucks the life out of the private sector and the tax base of localized (non-centralized) Government is “making progress” for the central planners. obama would like nothing better than to see community Government fold up and Washington come to the rescue. “I’m from the Federal Government and I’m here to help” (fundamental change).

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woodyee
Posted on March 19, 2013 at 12:30pm
“adding that he believes at least 10 percent of deposits will be yanked the moment Cypriot banks re-open.”

“AT LEAST” is an understatement…a GROSS understatement.

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- HumbleMan
  Posted on March 19, 2013 at 8:16pm
  I’d be surprised is 10% remains.
  
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common cents
Posted on March 19, 2013 at 12:27pm
Many in the US still remember the confiscation of accounts and safe deposit boxes during the depression, after the depression, the US Government had to “insure” accounts just to get people to start putting their money in the banks again.
I have never forgotten what my dad and grand dad told me, I don’t keep much money in the bank and never will. I suggest anyone who has a significant amount of money in any bank or stocks, remove it ASAP and invest it in something “tangible” anything tangible, because the US government is already stealing our money every day with the printing of Billions of US dollars every month.
I really wish people would understand that the price of gas, goods and groceries has NOT gone up, it’s actually the value of the dollar has gone down and it takes more dollars to buy things.
There is a big difference.

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- Stoic one
  Posted on March 19, 2013 at 12:42pm
  Agreed.. that is the accurate way to look at this mess.
  
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- ArmedAndReallyPissed
  Posted on March 19, 2013 at 12:54pm
  I mostly agree. But where i am prices are going up. Way up. I know the Vlue of the Dollar is dropping daily. Big time. But prices are rising AND many companies are doing the old swich-a-roo game. The prices stay the same but the size of the product we buy gets smaller. Many people don’t even notice the smaller size package because they are concentrating on the price so much. It’s all a Shell Game.
  On the other points, i know people who are taking all they are allowed by Law out of the 401K account because they are worried about losing it to the Theives at the Wallstreet Casino and by the Master Thief Obozo. I have done the same and will probably do so again soon.
  One day soon our Economy here will totally collapse and the Dollar will be good only for wiping ones Ass.
  
  Report this comment
- Godsgopher
  Posted on March 19, 2013 at 12:55pm
  Unfortunately you are making a very valid point. I had not realized until recently that much of the price increases i’m seeing on every day goods is on account of the decreasing buying value of the US dollar.
  
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NickyLouse
Posted on March 19, 2013 at 12:19pm
Pure theft.

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thibx
Posted on March 19, 2013 at 12:18pm
oboma would do it here in a heartbeat so he could waste the money. he would also take control of businesses. we need people who will stand on the constuition in goverenment right down to local government and school board. i hate these sob’s who are destroying this country and these so called preachers in the pulpit who do not stand for God’s word but make up their own or are to scared of the irs to say anything. bunch of idiots.

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ZAP
Posted on March 19, 2013 at 12:17pm
Russian mafia should attack Cypriot parliament

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johnpaulkuchtajr
Posted on March 19, 2013 at 12:04pm
Beck called it last night when he linked the global push to disarm Americans with this bold move by the Cypriot government.

They take your weapons first and then they cn take anything you have.

Thanks, but I won’t live like a cow.

“Remember Benghazi and ALL the Traitors!”

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- Vilgax
  Posted on March 19, 2013 at 12:12pm
  Totally correct.
  
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- AboveMyPayGrade
  Posted on March 19, 2013 at 12:16pm
  “Thanks, but I won’t live like a cow.”
  
  There are TENS OF MILLIONS of armed Americans throughout this nation who share that determination.
  
  So those who are intent on forcibly disarming us better first decide which among them are willing to buy the farm in the attempt to do so.
  
  And my bet is that after the first few DO buy the farm in attempting to disarm us, the vast majority of their surviving colleages will be seriously considering an immediate career change.
  
  Report this comment
- taxpro4u03
  Posted on March 19, 2013 at 12:23pm
  Interesting the ‘market’ is artificially ‘stable’ as well — – It’s only the idea of ‘money.’ Debt ‘swaps.’ -
  
  Report this comment
- kapnkd
  Posted on March 19, 2013 at 12:30pm
  I too – WILL die a FREE person! …Not one bit afraid to stand up for my Constitutional Rights and Freedoms fought for by our forefathers.
  
  Report this comment
- johnpaulkuchtajr
  Posted on March 19, 2013 at 1:30pm
  Hey Abovemypaygrade,
  
  Thanks for the comments. I hope that you’ve joined Oathkeepers?
  
  I’m a grandfather, lived a great life, have a tremendous family; but, I’m not going to hesitate to give all to punish confiscation patrols with a 40% casualty rate. If Obammie and old “Fast and Furious” Holder think that we’re going to roll over and hand this grand experiment over to a cadre of pencil-necked Commies, they may just have to lead some of those patrols themselves. Come to think of it, NYC’s Mayor Mike Bloomberg needs a piece of that action too! Come on down, Bloomberg, and take away my giant cola.
  
  “Remember Benghazi and ALL the Traitors!”
  
  Report this comment

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