Cyprus Haircut

[NishC300 1,865]

Cyprus is the first country to deduct money from people's savings.

Discuss below:

[NishC300 1,865]

My teacher was on the news(Euronews) The Middlesborough fan teacher(Video starts with him [31s])

[bushman 2,043]

Why should anyone be outrage over it ?

Plenty of rich people are hiding their money there.

Recently, Russian crooks were complaining about it too.

Cyprus is home to billions of roubles worth of deposits that has evaded international money laundering regulations.

[manpe 10,857]

Hmm, how is it possible to deduct money from savings? How do you define "savings"? If I keep money in a cookie jar, will the police come and take a % out of it?

[bushman 2,043]

Hmm, how is it possible to deduct money from savings? How do you define "savings"? If I keep money in a cookie jar, will the police come and take a % out of it?

May I ? Money are deposited in the Cyprus banks. Plenty of dubious background. Many countries are complaining about it.

Currently, Cyprus needs to borrow from EU. Therefore, part of the deal is tax people´s savings in those banks.

[NishC300 1,865]

Hmm, how is it possible to deduct money from savings? How do you define "savings"? If I keep money in a cookie jar, will the police come and take a % out of it?

Well bcoz the crisis in Cyprus is terrible Cyprus rather than giving interest for keeping money in one's saving account is deducting a certain percentage of money from that savings account (based on how much money there is)

u can read about it on: www.cyprus-mail.com

or even on the BBC or any news.

[NishC300 1,865]

Why should anyone be outrage over it ?

Plenty of rich people are hiding their money there.

Recently, Russian crooks were complaining about it too.

Cyprus is home to billions of roubles worth of deposits that has evaded international money laundering regulations.

Man that was my teacher on the Euronews not some rich millionaire for him it is quite a lot. Cyprus is allied with Russia and Russia gave Cyprus a tremendous loan on a very very low interest rate.

[bushman 2,043]

Man that was my teacher on the Euronews not some rich millionaire for him it is quite a lot. Cyprus is allied with Russia and Russia gave Cyprus a tremendous loan on a very very low interest rate.

For the little guy, it´s not fair, I feel.

However, there are plenty of big fish who stored their money in Cyprus.

As for Russian loans. Cyprus stored plenty of money for many Russian businesses & never asked about the source.

Currently, EU sees a chance to get their hands on it.

Deposits below 100 thou are hit with just a 3 % tax. People like your ex-teacher why did he deposit his money in Cyprus, then ?

[NishC300 1,865]

For the little guy, it´s not fair, I feel.

However, there are plenty of big fish who stored their money in Cyprus.

As for Russian loans. Cyprus stored plenty of money for many Russian businesses & never asked about the source.

Currently, EU sees a chance to get their hands on it.

Deposits below 100 thou are hit with just a 3 % tax. People like your ex-teacher why did he deposit his money in Cyprus, then ?

Not ex teacher current teacher. He works here in my school.

Yea Cypriots like Russia. They currently h8 Germany since Germany is opposed to giving Cyprus loans.

The whole reason Cyprus got stuck in this crisis was bcoz of the Greeks. Cypriots absolutely LOVE the Greeks (u'll find more Greece flags than Cyprus flags here), but the point is they don't blame the Greeks for the crisis they just keep criticising the Germans for being reluctant to give them bailout.

Their banks gave bailout to Greece and Greece didn't return it so their banks went bankrupt. The Bank of Cyprus (a normal bank here) is almost at the point of bankruptcy so is the Laiki bank. Cyprus has got loans more than their GDP. Some ppl r saying u won't even see any growth for 22 yrs. The problems here r only getting worse.

[NishC300 1,865]

@bushman, The British forces in Cyprus were sent their salaries by the British government by cash rather than depositing them in the bank.

Apparently the Cyprus could go bankrupt since the parliament voted against the haircut today. If they don't pass this bill then the Eurozone won't give them money... so where will they get the money from since the Troika won't give them any.

[NishC300 1,865]

btw my teacher was the guy from 31 seconds

[Yeboii 1,844]

Welcome to your world hahaha.. no one is free

[NishC300 1,865]

The point is how could Cyprus reject this bill without having any other alternatives

[bushman 2,043]

The point is how could Cyprus reject this bill without having any other alternatives

Well, since Russians have between 12-35 billions there, no one even know how much, tomorrow Cyprus minister is flying to Russia to restructure their loan. Russians are not dumb enough to allow some dimwit from Brussels to tax their billions.

By the way, Cyprus is so entwined with Russia, some say it´s like another republic of Russia.

[manpe 10,857]

Another country going to shit thanks to corporatocratic greed, sad.

[TorontoChelsea 4,064]

I think it's a great idea as long as their is a minimum tax-free amount. Cyprus is a tax haven for all sorts. What I'd really like to see is a global tax treaty that makes these sorts of off-shore accounts impossible. It won't happen but it'd get billions in taxes for a number of countries.

[NishC300 1,865]

Well, since Russians have between 12-35 billions there, no one even know how much, tomorrow Cyprus minister is flying to Russia to restructure their loan. Russians are not dumb enough to allow some dimwit from Brussels to tax their billions.

By the way, Cyprus is so entwined with Russia, some say it´s like another republic of Russia.

wtf ru serious? Cyprus loves Greece! U will find more Greek flags in Cyprus then u'll find Cyprus flags.

[NishC300 1,865]

I think it's a great idea as long as their is a minimum tax-free amount. Cyprus is a tax haven for all sorts. What I'd really like to see is a global tax treaty that makes these sorts of off-shore accounts impossible. It won't happen but it'd get billions in taxes for a number of countries.

Another country going to shit thanks to corporatocratic greed, sad.

Cyprus could be finished in a few months guyz. The banks r all closed. This law wasn't passed. Cyprus won't get bailout from anyone since to the rest of the EU it's pretty unimportant. Cyprus loves Greece and this law applies on everyone in Cyprus (except Greeks) so Cypriots would have had to give their share but no the Greeks.

Cyprus' decision to join the EU is backfiring. The banks here will be finished in a few months. The opening of the banks is being delayed every week. People r withdrawing cash every single day and when the banks open (god knows when) ppl will just take all their money.

Cyprus might run out of Euros so it could fall out of the Eurozone and it would go back the Cypriot Pounds.

Every Cypriot's nightmares has become reality.This country is pretty much finished. They refused to accept the Troika's condition without really having a Plan B. Cyprus' only hope is that Russia saves it.