[RealJustme]

In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece.

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cashpoints, most of which were depleted within hours. Electronic transfers were stopped.

The originally proposed levies on deposits are 9.9 percent for those exceeding 100,000 euros and 6.7 percent on anything below that.

According to a draft copy of legislation, failing to pay up would be a criminal offence liable to three years in jail or a 50,000 euro fine.

"I'm furious," said Chris Drake, a former Middle East correspondent for the BBC who lives in Cyprus. "There were plenty of opportunities to take our money out; we didn't because we were promised it was a red line which would not be crossed. Now they've frozen my bank account until they determine how much of my money the government is going to take. Since they can't raise taxes any higher for their wealth distribution plan, they're simply taking the money from our savings, retirment funds and bank accounts."

[elklindo69]

Justme...

If you had any rudimentary understanding of how the eurozone works, there is a unified currency between the member nations which does not allow any of it's members to issue debt. Nor could they debase the currency. Unless they split from the Euro and issue their own currency. And from what I understand, for what it's worth, the depositors will receive bank shares that will be collateralized using revenues from the future sale of their natural gas reserves.

And as a reminder, the 5th amendment has an eminent domain clause which allows for the government to take private assets for government use, with fair compensation, for what that's worth. Now do you want to argue that the framers of the constitution are "socialists?"

:lol:

[Leroy]

Justme...

If you had any rudimentary understanding of how the eurozone works, there is a unified currency between the member nations which does not allow any of it's members to issue debt. Nor could they debase the currency. Unless they split from the Euro and issue their own currency. And from what I understand, for what it's worth, the depositors will receive bank shares that will be collateralized using revenues from the future sale of their natural gas reserves.

And as a reminder, the 5th amendment has an eminent domain clause which allows for the government to take private assets for government use, with fair compensation, for what that's worth. Now do you want to argue that the framers of the constitution are "socialists?"

:lol:

Let's watch and see how the citizens, after having their hard earned money taken from them, get back the value of what was taken. Yea, bet it doesn't happen.

[elklindo69]

It's a moot point. There is a bank run in Cyprus. Banks only exist because the depositors have faith that they will receive their money back. So if all the money is withdrawn, then the banks don't exist. Who knows how it will turn out?

[RealJustme]

Looks like Putin and other rich socialists have so much of their private millions stashed there, Russia is actually talking of bailing them out so they don't have to take any money from Putin's private accounts.