Will Spain copy Cyprus and rob our savings?

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16 Mar 2013 2:20 PM by camposol Star rating in Camposol. 1406 posts Send private message

It's disturbing that Savers in Cyprus banks will have great chunks of money "stolen" from their savings to help with the bailout. Let's hope Spain doesn't latch on to it!





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16 Mar 2013 2:27 PM by johnzx Star rating in Spain. 5242 posts Send private message

 

Surely,  it is not the Cypriot Government but the EU which is imposing the tax

 

 


This message was last edited by johnzx on 16/03/2013.



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16 Mar 2013 2:34 PM by camposol Star rating in Camposol. 1406 posts Send private message

But did the EU tell the Cypriot government to rob savings or did the govenment just think it was a quick and easy way of getting the money. It all seemed very underhand, doing at the weekend when banks were closed!





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16 Mar 2013 4:00 PM by lobin Star rating. 256 posts Send private message

 According the papers, the tax was an imposition by the German government under the argument that there are big Russian mafia deposits in Cyprus banks and the EU taxpayers should not be made to pay for 100% of the bailout and the Russians be able to keep all their money.  The German Finance Minister said that was the only way the government would be able to get the German Parliament to accept the bailout.

The Government of Cyprus very reluctantly had to accept this as they are aware that the tax will hurt the local economy very badly. The alternative, that is no EU bailout, seemed worse to them.

I must say that hard though this is on depositors, the German argument has a logic to it.





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16 Mar 2013 6:09 PM by LiJohn Star rating. 6 posts Send private message

When the banks in Spain open on Wednesday I think there will be queue of worried people withdrawing their life savings, just in case Spain needs a bailout ( or when) and follows in the steps of Cyprus.



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16 Mar 2013 6:23 PM by CY_Troups Star rating. 3 posts Send private message

Get ready free EU people. We knew it and we have seen it. NOW they should all listen US. BANG BANG BANG-ers, we are marching. Troika, we are marching. Germans, we are marching.. and we will bring you down.  Free Spanish people you still have time. Free EU people we should all march together.





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16 Mar 2013 7:27 PM by rod Star rating in Uk and Spain. 468 posts Send private message

Personally not looking forward to Monday when worried clients call our office

It is I feel going to force Spain to do the same

Gibraltar is going to be very busy Monday morning


 


This message was last edited by rod on 16/03/2013.



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16 Mar 2013 7:31 PM by ojosazul88 Star rating. 171 posts Send private message

I'm sure some Spanish politicians are thinking why they hadn't thought of this and its a wonderful idea of raising money!, More reason not to keep too much savings in a Spanish bank.
Yes, Cyprus is basically bankrupt but their behavior is like some banana republic or a Latin american dictatorship from the 1970s. Funny how recently, someone wrote on this forum how Spain was so corrupt etc etc that they were heading to Cyprus to seek their utopia!, irony,



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16 Mar 2013 8:16 PM by 66d35 Star rating. 243 posts Send private message

This is - quite simply - legalised theft. Absoutely outrageous and unnacceptable. This is people's life savings, life insurance settlements and house sale proceeds. It has already been taxed. Now, they are helping themselves to more of it, in a completely sneaky and underhanded fashion. Dispicable behaviour by the politicians and bankers. The "Russian Mafia" thing is just a smokescreen, that is perfectly obvioius.

It occured to me that we can now see some logic behind the recent demands to disclose all fogeign bank accounts... to recover small amounts of tax, it barely makes sense at all. However, if they are planning on sequestrating assets, it does make sense.

I think you would have to be insane after what has just happened to comply with those demands.

 

 

 

 





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16 Mar 2013 8:46 PM by gnik Star rating in calahonda. 28 posts Send private message

It's only a matter of time before Spain does the same, I shall ensure my Spanish bank account has only the bare minimum to pay my household expenses.

Gibraltar looks even more attractive now.

 





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16 Mar 2013 8:47 PM by andyintorre Star rating in Costa Blanca. 104 posts Send private message

 maybe this wil lead to massive withdrawal of peoples savings in a number of countries in the euro area, some say this would be called a " Run on the Banks"... Nice one EU!! 





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16 Mar 2013 8:52 PM by 66d35 Star rating. 243 posts Send private message

Be aware that the recent demands to disclose details of any foreign accounts you may have potentially opens up a  fast-track pathway for them to "tax" you on those the same way. I'm afraid any money in any account could be vulnerable and similarly raided. The fact is, that all they would have to do is draw up some new law that all residents must pay 10% on all their assets worldwide, and you would be totally screwed. Banks have just lost all credibility as safe places to keep your money. I can see gold prices going crazy after this insanity.

 





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16 Mar 2013 9:20 PM by gnik Star rating in calahonda. 28 posts Send private message

This so called wealth tax, will become normal in a few years in Europe. Norway has had a wealth tax for many years at 0.75% of your total wealth which is based on value of  car, bank accounts and property.

Doesn't sound much 0.75% but it hits the asset rich cash poor very hard.





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16 Mar 2013 10:10 PM by ojosazul88 Star rating. 171 posts Send private message

Interesting article on Sky news about this, basically saying the Cypriots have turned their country into an offshore tax haven for dirty Russian money and the Germans are making them pay the price for that now. So those here in Spain need not worry......no Russian mafia money deposited in Spain!!!!!



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17 Mar 2013 4:06 AM by Mungry Star rating. 329 posts Send private message

This is History in the making

the day the Eurozone banking collapse started



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i coldnt stay away from you miserable whining whingers for some reason




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17 Mar 2013 9:03 AM by CY_Troups Star rating. 3 posts Send private message

Get ready free EU people. We knew it and we have seen it. NOW they should all listen US. BANG BANG BANG-ers bankers, we are marching. Troika, we are marching. Germans, we are marching.. and we are unstoppable. ALL eu governments voted to steal peoples money.





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17 Mar 2013 9:21 AM by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
The decision as to whether to do this is postponed till Monday.

It APPEARS to be a one-off due to Cyprus' very high dependency on banking (80% of GDP) and therefore not replicable elsewhere ..... Though clearly a worry.

http://www.itv.com/news/story/2013-03-16/cyprus-secures-bailout-package/



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17 Mar 2013 9:29 AM by Rossetti Star rating in Oxford and Zurich. 124 posts Send private message

And members of EoS want to reister their world wide earnings and assets with the Spanish Government?

Rossetti





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17 Mar 2013 9:31 AM by tamaraessex Star rating in Colmenar, Malaga. 508 posts Send private message

tamaraessex´s avatar
I don't think anybody WANTS to, it's just that it's the law for residents.

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17 Mar 2013 9:34 AM by thelooney Star rating in UK. 116 posts Send private message

thelooney´s avatar

 It seems to me that the only safe haven is now to invest in presious metals.  The bankers have done their best to devalue them and scare people off but you should all use this as an opportunity to buy low.


Take a page from the chinese and Korean books - they are buying tons of the stuff while it's relatively cheap before I suspect they dump the dollar making gold even more valuable.

Once other governments see that this robbery has gone past quietly they will do the same - especially med countries so expect a run on the banks as people become more suspicious.  This is not a time to bury our heads in the sand.





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