Banksters Piss off the World, Episode VII: Raging Cypriots

[marmar]

from Der Spiegel:


Anger in Cyprus: 'They Can't Just Penalize Us Because of the Banks!'
By Nicolai Kwasniewski in Nicosia


Changes are coming to the bailout package for Cyprus, but people in the country are furious nonetheless. A forced levy on savings accounts in the country has enraged depositors and brought protesters onto the streets. Germany is the focus of their anger.

Cypriots are furious. For the first time in the euro crisis, common depositors are being asked to contribute to a bank bailout package. And they are unwilling to give in without a fight. The mood in the capital city of Nicosia is dominated by anger and disbelief -- and Monday's announcement that changes to the original aid package will be forthcoming have done little to minimize the wrath. Indeed, on Tuesday morning, there were growing indications that the Cypriot parliament would refuse to rubber stamp the bailout plan.

In Café d'Avila, several young Cypriots were gathered on Monday evening drinking beer, smoking water pipes and talking about the forced levy on savings accounts held with Cypriot banks. Not surprisingly, everyone is opposed. The one-time tax, complains Alecos, a 28-year-old teacher, is "undemocratic." He himself doesn't have much in his bank account, but it is the principle he finds disturbing. "Ordinary people have to pay, but they have nothing to do with the bank insolvencies."

Marina, who works in advertising, agrees, noting that it doesn't matter how large the levy ends up being. "The troika can't simply decide to take something away from citizens," she says, referring to the European Central Bank, the European Commission and the International Monetary Fund. She says that seizing money from simple savers cannot be the first step, whether they have €10,000 in their accounts or €100,000. ...................(more)

The complete piece is at: http://www.spiegel.de/international/europe/anger-in-cyprus-over-euro-crisis-bank-levy-plan-a-889724.html

[xchrom]

1. du rec. nt

[hack89]

2. Someone has to pay

perhaps only foreign accounts should be taxed - it would piss off all the Russians using Cyprus to evade taxes but it would raise a good bit of change.

[nebenaube]

5. Let the bank pay... it's their mess. n/t

[hack89]

6. The resulting run on banks will cost depositors more than the levy

there is not enough cash on hand to cover all those deposits - the banks pissed away all that money on bad loans.

So after the banks collapse, it's citizens will be destitute and Cyprus will still need a bailout .

[LeftishBrit]

3. k&r

[reformist2]

4. General bailouts should be funded through taxes that affect everyone.

What they are proposing is so selective and arbitrary it's incredible, even for these banksters.

[hack89]

7. Taxes on Cypriots?

or other EU countries as well?

I agree that Cypriots need to pay something.

[reformist2]

9. I don't know enough to say, but I can say that going after just depositors seems like theft.

If you're going to tax assets, you need to tax all assets - stocks, bonds, real estate, etc. - not just cash.

[99Forever]

8. Do the 1%ers behind this shit share...

.. the massive profits they reap with us when the times are good?

Why the fuck should the general public pay for the risks taken by the rich? EVER?