Article

2013-03-20 Europe

Cyprus parliament rejects controversial bank tax

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Posted by Fred 2013-03-20 00:00|| || Front Page|| [1 views ] Top

#1 Update
Cyprus warned over parliament's bailout rejection
Germany's finance minister has warned Cyprus that its crisis-stricken banks may never be able to reopen if it rejects the terms of a bailout.

Wolfgang Schaeuble said major Cypriot banks were "insolvent if there are no emergency funds".

He was speaking after the Cypriot parliament rejected an international bailout deal that would have imposed a one-off tax on bank deposits.

Frantic talks are under way to try to agree an alternative plan.

Posted by tipper 2013-03-20 01:55|| 2013-03-20 01:55|| Front Page Top

#2 Fear notteth, good Citizens, for now comeths NEW ZEALAND whom desires to adopt a similar "CYPRUS PLAN"!

Kiwi-land repor wants to label it "Open/Public Bank Resolution".

Posted by JosephMendiola 2013-03-20 02:27|| 2013-03-20 02:27|| Front Page Top

#3 Infowars: Millions of Chase Bank customers were affected by an unfortunately timed glitch which resulted in their checking and savings accounts showing a zero balance for several hours yesterday,
At least they think it was a glitch.

Posted by Anguper Hupomosing9418 2013-03-20 06:33|| 2013-03-20 06:33|| Front Page Top

#4 Update
Cyprus seeks Russian bailout aid, EU threatens cutoff
Cyprus pleaded for a new loan from Russia on Wednesday to avert a financial meltdown, but won no immediate relief after the island's parliament rejected the terms of a European bailout, raising the risk of default and a bank crash.

Finance Minister Michael Sarris said in Moscow he had reached no deal with his Russian counterpart Anton Siluanov, but talks would continue.

Russia's finance ministry said Nicosia had sought a further 5 billion euros on top of a five-year extension and lower interest on an existing 2.5 billion euro loan.

Cyprus has to seek Moscow's help after the euro zone's plan for a 10 billion euro bailout was cast into disarray on Tuesday when the island's parliament rebuffed EU demands for a levy on bank deposits to raise 5.8 billion euros.

Moscow has its own interests in ensuring the survival of Cypriot banks, which have served as an offshore financial haven for Russian businesses and individuals.

The European Central Bank's chief negotiator on Cyprus, Joerg Asmussen, said the ECB would have to pull the plug on Cypriot banks unless the country took a bailout quickly.

"We can provide emergency liquidity only to solvent banks and... the solvency of Cypriot banks cannot be assumed if an aid program is not agreed on soon, which would allow for a quick recapitalization of the banking sector," Asmussen told German weekly Die Zeit in an interview conducted on Tuesday evening.

Austrian Chancellor Werner Faymann said he could not rule out Cyprus leaving the euro zone, although he hoped its leaders would find a solution for it to stay.

Posted by tipper 2013-03-20 08:10|| 2013-03-20 08:10|| Front Page Top

#5 I recommend a small fee on all financial transactions. Dirty, carbon based payments might be a bit larger simply as a measure to assist in the development of clean energy. No one making under $ 250,000. per year will be unaffected.

Also to be considered might be a financial storage and insurance fee. For instance, depositors with accounts less than $ 250,000. would pay a monthly fee for backing services, accounting, checks, safety deposit box, paper, [non-viewable CIA internets] statements, etc. Since banks no longer pay interest on deposits, seems only fair that we pay them. Well, somebody needs to be paying, right?

Anyone note the lack of comment or condemnation from Washington ?

[sarc off - except for last ques]

Posted by Besoeker 2013-03-20 08:33|| 2013-03-20 08:33|| Front Page Top

#6 B, Washington has been using the stealth method for years now by printing a butt load of currency creations, without any backing in value or productivity, basically reducing personal income by a heck of a lot more than what the EUcrats wanted to take from the bank holdings.

Posted by Procopius2k 2013-03-20 10:09|| 2013-03-20 10:09|| Front Page Top

#7 Well in the liberal sphere of thinking, no bad idea ever dies, the Dems are probably thinking this is a grand idea just what the economic needs is for the Obamacrats to confiscate all private property. (Which by the way is about 2.5 TRILLION Less than our debt burden).

Posted by Bill Clinton 2013-03-20 10:41|| 2013-03-20 10:41|| Front Page Top

#8 Cyprus banks shut until Tuesday amid scramble for Plan B

Posted by tipper 2013-03-20 13:44|| 2013-03-20 13:44|| Front Page Top

#9 It's not a bank tax, it's a depositor tax.

Just leave the euro and print the depositors money.

Posted by Bright Pebbles 2013-03-20 13:46|| 2013-03-20 13:46|| Front Page Top

#10 "Something about a horse's head, it was pretty garbled..."

Posted by Muggsy Mussolini1226 2013-03-20 15:07|| 2013-03-20 15:07|| Front Page Top

#11

Dems are probably thinking this is a grand idea just what the economic needs is for the Obamacrats to confiscate all private property

Nothing new. Every other year they hold hearings over how to seize retirement accounts.

Posted by Rob Crawford 2013-03-20 15:10|| 2013-03-20 15:10|| Front Page Top

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