Will Spain copy Cyprus and rob our savings?

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!

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!

 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.

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.

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 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.

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.

 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!! 

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.

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.

This is History in the making

the day the Eurozone banking collapse started

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.

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

Rossetti

 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.