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CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

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CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by Tony Bennett on 19.03.13 10:11

---------- Begin forwarded message ----------
Date: Tue, 19 Mar 2013 09:34:43 +0000
From: Peter Mullen <peter77mullen@gmail.com>

Subject: Peter's blog

*Blog 194*

I’ve just phoned the police to tell them that a robber has stolen over £8000 from me. I have every hope that they’ll catch the thief and I’ll get my money back, but it’s going to be difficult because the cash was stolen electronically by trickery directly from my bank account.

Actually, I made that up. But these things are a parable of what is happening to people in Cyprus. The International Money Fraud masquerading as the International Monetary Fund) together with the EU has forced this outrage on the government of Cyprus to pay for a proposed financial bailout.

Evan Davis – “he’s an economist, you know” – on the *Toady *programme calls this practice of institutional theft “a haircut,” and he knows what he’s talking about. But, whatever rash of trendy jargon you use to describe what is being perpetrated in Cyprus, it amounts to bare-faced robbery. This confiscation of assets is also referred to as a “one-off.” But of course it’s a dry run, a practice to see the reaction it provokes with a view to future exactions on larger countries in the EU.

Cyprus today. Portugal, Spain and Italy tomorrow, perhaps.

Oh and by the way, Cypriots with 100,000 euros (£87,000) in the bank are being described as “wealthy.” What £87,000 wealthy? It’s not even a haircut to the likes of Evan Davis – not even a light trim – but it could well be the life savings of the ordinary family.

If anyone reserved any doubts as to the malevolent totalitarian intentions of the EU, this example of bureaucratic criminality in Cyprus removes them all. I love Europe, and by Europe I mean the blessed civilisation which gave us Greek philosophy, Roman law and a cradle for Christianity. I love Europe for its art, music and literature. I love Europe particularly for its great tradition of self-criticism in the form of satirical writing: for Aristophanes, Horace, Swift, Kraus, Waugh and Orwell. Many of our accomplished satirists have set out the requirements for the successful dictatorship.

The EU fulfils these requirements down to the last detail.

First, the dictator must control the people’s resources through enforced taxation and regulation.

Done.

Next through the establishment of an elite of bureaucrats whose edicts cannot be gainsaid.

Done.

Then there must be invented imaginary crimes such as “racism” and the refusal of compulsory “diversity.”

Done.

Next the people must be brainwashed to believe that Big Brother has only their interests at heart and this is achieved by the invention of fatuous schedules which might go under such names as “health and safety.”

Done.

It helps the regime if it can establish vast and incompetent organisations pretending to provide for the national health and persuade the people that Big Brother cares for them all from the cradle to the grave.

Done.

Naturally the educational system must be thoroughly dumbed down in order to prevent any criticism.

Done.

Of course, any ancient religion observed by the people must be persecuted for its “primitive,” “unscientific” and “unprogressive” character.

Done.

All former taboos and mortal sins must be redefined and promoted as “lifestyle choices.” Bread and circuses, or other fatuous bribes and entertainments must be universally provided.

Done.

The press must be "regulated".

Done.

Finally, to ensure the dictator’s total control, there must be invented The Great Lie or the Satanic Myth or the Terrible Fear: some utterly preposterous claim that the people are in ever-present danger of extinction by a ubiquitous existential threat: global warming will do nicely.

Done.

http://www.churchnewspaper.com/?p=32115

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by aquila on 19.03.13 10:28

Fantastic blog.

It's time to leave the EU. No waiting 5 years for a referendum. The time to ask UK citizens if they want to remain a member of the EU is NOW.

As for what is going on in Cyprus wouldn't it be delicious if everyone with savings accounts in banks across Europe withdrew their savings for just ONE day in protest. It would certainly send a clear and peaceful message to the banks and Eurocrats whose actions are nothing short of criminal.

Just my opinion.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by jd on 21.03.13 18:29

In Nigel Farage’s first TV appearance since the Cypriot wealth tax was announced, the Englishman pulls no punches. In all his years and all his experience of the desperation of the European Union’s leadership “never did [he] think they would resort to stealing money from people’s savings accounts.” The simple fact is that they know they cannot let any country leave, no matter how small, for “once one country goes, the whole deck of cards will come tumbling down.”

There is now “clear irreconcilable differences” between the North and the South of Europe and now that they have done this in one country, “they are quite capable of doing it in Italy, Spain and anywhere.” The message that sends to people is ”get your money out while you can.” As far as his British constituents, he strongly recommends George Osborne (UK Chancellor) urge ex-pats to remove all their money and do monthly transfers from home. “Do Not Invest In The Euro-Zone,” he concludes,“you have to be mad to do so– as it is now run by people who do not respect democracy, the rule of law, or the basic principles upon which Western civilization is based.”

They are propping up a Eurozone that, in the end, will collapse in disastrous failure and they are prepared to do anything to do so.”

http://www.secretsofthefed.com/nigel-farage-message-to-europeans-get-your-money-out-while-you-can/

Comment:
Saw a blog post this morning from someone who lives in Cyprus. He made a good point. They never intended on taxing people's bank accounts. They knew it would never pass the MPs. That was just a ploy they used as an excuse to close the banks. Now they have 100% of the people's money. They're holding the deposits hostage


New Zealand considers Cyprus-style banking failure solution

New Zealand depositors could face a Cyprus-style tax on their bank accounts, as the government is planning to impose a similar strategy on its banks warns the country's Green Party.

New Zealand is facing a similar bank failure to Cyprus, is likely to adopt open bank resolution (OBR), which will see small depositors lose part their savings in favour of a big bank bailout, Green Party co-leader Russel Norman said. The country’s Finance Minister Bill English supports the open bank resolution.

"Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand," said Norman, adding that the Reserve Bank is in the "final stages" of implementing an OBR system.

New Zealand banks’ depositors will have their savings cut by a certain percentage needed to keep their bank afloat.

The Green Party however has major doubts, that OBR tactics is appropriate here. Norman underlined, that few depositors can reasonably evaluate the reliability of their bank. “Not even sophisticated investors like Merrill Lynch saw the global financial crisis coming,” he added.

Norman believes that OBR policy is too radical saying few OECD countries use it, preferring deposit insurance schemes.

"A deposit insurance scheme is a much simpler, well-tested alternative to open bank resolution. It rewards safe banks with lower premiums and limits the cost to taxpayers of a bank failure… [They] protect people's deposits up to a maximum ranging from $100,000 to $250,000," he said.

Cyprus announced last week that it plans to impose a 10 per cent tax on bank accounts as part of a 10 billion euro bailout by the European Union. The news caused panic across the island as people rushed to cash machines to withdraw their savings. The Cypriot parliament will vote on the deposit levy on Tuesday.

http://rt.com/business/new-zealand-cyprus-style-banking-failure-solution-477/

Comments:
australia just passed a law too.....they are coming after dormant accounts after 3 years

Bailouts for the rich bankers while the poor get welfare cuts


Dormant accounts to fund 'big society' bank
David Cameron's 'big society' bank will give funds to charity and voluntary groups using the estimated £60m lying dormant in English bank accounts

David Cameron has announced that his vision for a 'big society' bank will be funded through a £60m raid on the money lying dormant in English bank and building society accounts. He plans to use funds to enable charities, social enterprises and voluntary groups to take over the running of public services.

"The big society bank will be established using every penny of dormant bank and building society account money," Cameron said. "These unclaimed assets, alongside the private sector investment that we will leverage, will mean that the big society bank will – over time – make available hundreds of millions of pounds of new finance to some of our most dynamic social organisations."

http://www.guardian.co.uk/money/2010/jul/19/dormant-accounts-fund-big-society-bank

Cyprus = testing ground?

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by jd on 22.03.13 0:53

Nigel Farage - Get your money out while you can



Russian Leader Warns, “Get All Money Out Of Western Banks Now!”

A Ministry of Foreign Affairs (MFA) “urgent bulletin” being sent to Embassies around the world today is advising both Russian citizens and companies to begin divesting their assets from Western banking and financial institutions “immediately” as Kremlin fears grow that both the European Union and United States are preparing for the largest theft of private wealth in modern history.
According to this “urgent bulletin,” this warning is being made at the behest of Prime Minister Medvedev who earlier today warned against the Western banking systems actions against EU Member Cyprus by stating:

“All possible mistakes that could be made have been made by them, the measure that was proposed is of a confiscation nature, and unprecedented in its character. I can’t compare it with anything but … decisions made by Soviet authorities … when they didn’t think much about the savings of their population. But we are living in the 21st century, under market economic conditions. Everybody has been insisting that ownership rights should be respected.”

Medvedev’s statements echo those of President Putin who, likewise, warned about the EU’s unprecedented private asset grab in Cyprus calling it “unjust, unprofessional, and dangerous.”
In our 17 March report “Europe Recoils In Shock After Bankster Raid, US Warned Is Next” we noted how Russian entities have €23-31 billion ($30-$40) in cross-border loans to Cypriot companies tied to Moscow, and €9 billion ($12 billion) on deposit with Cypriot banks [as compared to the €127 billion ($166 billion) being kept in similar circumstances by 60 of the United States largest corporations in offshore accounts to avoid paying American taxes] which are in danger of being confiscated by EU banisters.............

http://www.eutimes.net/2013/03/russian-leader-warns-get-all-money-out-of-western-banks-now/

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by plebgate on 22.03.13 8:51

In/out vote NOW.

That's all this coalition do is put off things until tomorrow (never). Cameron promised a vote on EU membership before the last election, he promised a British Bill of Rights and how many other broken promises?

Broken promises for a broken GB.

The only thing that isn't broken is MPs bank accounts, cos mine certainly is.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by aquila on 22.03.13 9:03

This may be slightly off topic.

When I completed my final tax return in Greece my accountant told me that the rules had changed. That didn't shock me, rules seem to change everyday in Greece since the bailout. I was told that every expat would have to prove an income of 12,000 euros per annum and regardless of which country collected the tax on that income, the money would have to be deposited in Greece - statements from banks outside Greece would not be acceptable. How long before other broken European countries dictate where expats must deposit their money? It might only be 12,000 euros in Greece (and the rule could well have changed already) but it's still a way of dictating expats prop up failing economies.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by PeterMac on 22.03.13 9:36

There was an interesting article the other day in which it was calculated that the combination of pay freezes, inflation, printing money (quantitative easing !) holding down pensions and so on, has cost the average Brit about the same amount, but by stealth.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by aquila on 22.03.13 10:19

@PeterMac wrote:There was an interesting article the other day in which it was calculated that the combination of pay freezes, inflation, printing money (quantitative easing !) holding down pensions and so on, has cost the average Brit about the same amount, but by stealth.

Do you have a link for that PeterMac? It sounds really interesting.

I don't know what happens in Spain, but in a short space of time in Greece VAT rocketed to 23% on general things and 13% on food and pharma stuff!!! Road tax on my car doubled. The cost of everything (particularly food) escalated. Petrol became more expensive than UK. Diesel for the heating system over doubled. Electricity and water costs increased. Car insurance increased. Public transport costs increased. House prices plummetted. The aforementioned little lot cost more than 12,000 euros per annum to a resident property owning expat. To then be told that a minimum amount of money must be placed into a Greek bank is insulting at best.

The majority of UK expats are positive economic migrants. I wasn't aware that Greek law required every Greek person to prove 12,000 euros income and demonstrate proof with bank statements.

This move in Cyprus is testing the waters for daylight robbery imo.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by plebgate on 22.03.13 11:18

The news coming live from Cyprus this morning shows people with banners saying Help Us Russia. Save us.

So Russians help the good people of Cyprus, allow them to keep their savings untouched, but get the rights to the rich oil supplies in exchange.

If I lived in Cyprus I would not be begging the Russians to help me.

Bearing in mind the tax on savings was announced overnight (late night meetings? heard that before somewhere) it makes me very wary.


Don't know what the answer is but I wouldn't want the Russians or any other Nation getting access to the oil which could make the people of Cyprus very rich in the future.

Comment from another blog - EUSSR.



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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by plebgate on 22.03.13 11:23

Snipped from TBs original post:

"
Naturally the educational system must be thoroughly dumbed down in order to prevent any criticism.

Done. "



Exactly.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by aquila on 22.03.13 11:29

@plebgate wrote:The news coming live from Cyprus this morning shows people with banners saying Help Us Russia. Save us.

So Russians help the good people of Cyprus, allow them to keep their savings untouched, but get the rights to the rich oil supplies in exchange.

If I lived in Cyprus I would not be begging the Russians to help me.

Bearing in mind the tax on savings was announced overnight (late night meetings? heard that before somewhere) it makes me very wary.


Don't know what the answer is but I wouldn't want the Russians or any other Nation getting access to the oil which could make the people of Cyprus very rich in the future.

Comment from another blog - EUSSR.



Russia has its own resources, why would it need oil rights in Cyprus? Did anyone know that Cyprus is rich in oil before this week? If so, how come the EU haven't bothered to secure such riches. Russian money has flooded southern Europe (and UK for that matter - no-one in UK seemed to delve too deeply when a certain football club was purchased). What 'new money' Russians need is a place to launder money and manipulate economies.

Just my little opinion.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by PeterMac on 22.03.13 11:31

http://blogs.telegraph.co.uk/finance/ianmcowie/100023428/cyprus-banks-euro-tax-bail-out-is-a-small-scale-smash-and-grab-compared-to-britains-slow-motion-bank-robbery/
Cyprus banks euro tax bail-out is a small-scale smash-and-grab compared to Britain’s slow-motion bank robbery

The Bank of England has frozen interest rates at 0.5pc since early 2009
Outrage about the Cyprus banks euro tax bail-out should not be allowed to obscure the fact that millions of savers in British banks have already lost much more of the real value or purchasing power of their money to prop up financial institutions closer to home.
Savers in British banks and building societies have been stealthily robbed of more than £43bn of the real value of their savings since the Bank of England froze interest rates at 0.5pc four years ago. That's the total shrinkage of bank and building society depositors' purchasing power caused by inflation exceeding frozen interest rates, according to calculations by the pressure group Save Our Savers, following similar calculations by Yorkshire Building Society that the average saver has lost £2,500 in real terms since the credit crisis began.
Both figures have got much bigger than they were a couple of years ago, as inflation has continued to run ahead of interest paid on deposits. Pensioners have suffered even more because higher than average proportions of their fixed incomes are spent on food and fuel. They are the largely silent victims of the Bank of England's policy of running negative real interest rates.
But this slow-motion bank robbery is more difficult to describe than the short, sharp, smash-and-grab in Cyprus. So, despite the best efforts of this column to blow the whistle, more attention will be given to smaller losses for fewer people in Cyprus than millions of savers and pensioners who have lost much more in British banks and retirement funds.
Suggested levies of 6.75 per cent of all deposits up to €100,000 (£86,500) and 9.9 per cent for larger deposits caused many savers in Cyprus to withdraw their money from banks over the weekend. More than 50,000 Britons are thought to have bank accounts in Cyprus, including about 3,000 members of the Armed Forces serving in the country. George Osborne, the Chancellor, has offered to compensate them if they are hit. Cypriot banks operating in this country are not affected.
With commendable understatement, Mr Osborne told the BBC’s Andrew Marr Show: "It’s a difficult situation for people who live in Cyprus. For people serving in our military and our government out in Cyprus, we are going to compensate anyone affected by this bank tax – people who are doing their duty for our country in Cyprus will be protected from this Cypriot bank tax."
Elsewhere, Government sources stressed that deposits held in the London branches of Bank of Cyprus UK and Laiki Bank would not be subject to the new levy. Treasury sources said that “deposits in UK subsidiaries and branches [of Cypriot banks] aren’t affected” by the crisis.
If only small savers with Britain’s high street banks and building societies could say the same. Nor are they the only victims to pay a high price for quantitative easing and QE’s aim of protecting over-stretched banks and borrowers at the expense of savers.
Unfortunately, in a vicious seesaw effect, extra demand for gilts created by QE has pushed up the price of bonds, pushing down their yield or the income pensioners can obtain with their savings. Laith Khalaf of wealth managers Hargreaves Lansdown reckons annuity yields have fallen by about a fifth during the last four years.
So savers of all descriptions are paying a high price for the Bank of England’s strategy of maintaining negative real interest rates. Sadly for the millions of victims of this slow-motion bank robbery in Britain, it remains too complex to explain on the front page or in TV bulletins and so much more coverage will be given to a relatively small scale smash and grab with fewer victims in Cyprus.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by plebgate on 22.03.13 11:38

Aquilla
As you very often say - follow the money
EUSSR I like that quote.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by aquila on 22.03.13 11:56

@PeterMac,

Thanks for the link to the article in DT. I have no comment on it. I need to digest it first.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by Tony Bennett on 24.03.13 8:21

CYPRUS KNOCK-ON EFFECTS: WE COULD ALL END UP BEING SUNK:

by Bill Jamieson, Editor of 'The Scotsman' today

JY_Distribution@yahoogroups.com



http://www.scotsman.com/news/bill-jamieson-could-cyprus-happen-here-it-already-has-1-2854567

Bill Jamieson: Could Cyprus happen here? It already has

Bill Jamieson

Published on Sunday 24 March 2013 00:00


SMALL events in faraway places can reverberate a long way. No sooner had the acrimonious war of
words over George Osborne’s Budget got under way last week (Stimulants v Austerityites, Round Ten)
than coverage gave way to the unfolding financial crisis in Cyprus.

Small though its economy may be, there is a truly ominous feel to events. Not for the first time in
Europe, it is the little things in history that can set in motion the grinding wheels of fate.

To raise ¤5.8 billion (£4.9bn) to meet the terms of an international financial bailout, the Cypriot
government pondered a dramatic solution: a raid of up to 9.9 per cent on the bank and savings
deposits of its citizens.

The island erupted in fury. Parliament dropped the plan and has now been desperately seeking
alternative funding before the country’s banks re-open this week.

The European Central Bank says it won’t budge on its conditions for a bail-out. Germany insists on a
Cypriot hara-kiri. Russia has muscled in – and looks to have pulled out. Eurozone officials and
finance ministers look on aghast as the clock ticks down on a bank run in the coming week that would
ignite civil unrest, plunge the Eurozone back into crisis and threaten to trigger a financial panic
across Europe’s most indebted countries. The question trembles on a million lips: after Cyprus, who
next?

So far, financial markets have been calm in the face of the awesome possibility of contagion. It may
be that after three years of monetary stimulus markets have been numbed by the continuous drip of
central bank methadone and lost their ability to price risk correctly. Or it could be a conviction
that despite the limitations of the ECB mandate, its president Mario “whatever it takes” Draghi will
agree an accommodation.

But the problem with this is the precedent it sets and the implication that, however big (or small)
the problem is, rules will always be broken and monetary policy eased. It comes at a colossal cost
to the credibility of the ECB and the euro.

When a country is swamped in debt and stuck in recession, the unthinkable starts to happen. So it
has proved in this case. Moves by Cyprus to entice Russia into extending or increasing its existing
loan – a dangerous foray into geo-political power politics – collapsed at the end of last week as
Russia withdrew.

With the country now at the mercy of its threatening creditors, queues have been forming at ATM
machines across Nicosia, businesses won’t accept credit cards or cheques and the country is running
out of cash.

Cypriot president Nikos Anastasiades has been locked in desperate talks with representatives of the
bailout “troika” – the European Commission, the ECB and the IMF.

All this can be traced back to the ultimate flaw in the euro project – the attempt to ram together
17 disparate economies, political systems and cultures in a single currency experiment. For the past
three years it has been almost continuously dogged by sovereign debt scares, market swoons,
emergency meetings, crisis summits and ever larger bail-out packages.

“We’re not in the Eurozone so we don’t have to worry much” is the first comforting reaction here in
the UK. But with the Eurozone already stuck in recession, unemployment rates reaching into double
figures and debt-laden Spain, Italy and Greece looking on with foreboding, hopes for an export-led
recovery here are set to prove forlorn.

“It couldn’t happen here” is another comforting assumption. But government debt as a percentage of
GDP is already heading for 85 per cent of GDP on the government’s own measure. And a slow motion
bank raid is already in progress.

Savers have been stealthily robbed of £43bn of the real value of their savings since the Bank of
England froze interest rates at 0.5 per cent. Such is the malign effect of officially sanctioned
inflation on bank and building society depositors’ purchasing power. And there could be worse to
come with the incoming Bank governor, Mark Carney, being given a more flexible remit on inflation
targeting and monetary stimulus.

Anyone not apprehensive about the outlook for inflation and its consequences needs a serious reality
check.

Inflation is no less a threat to our savings than a Cyprus-style full-on seizure. The crucial
difference, of course, is that one is being undertaken by stealth. The other sought to proceed
through a parliamentary decree and in the full glare of publicity. Result: uproar.

It is against this baleful background that the war of attrition continues over economic policy here.
Barely had Chancellor George Osborne sat down after delivering the Budget than he was assailed for
failing to stimulate the economy by enough to get business investing and tax revenues flowing.

The core of the “more stimulus” case is that, while government borrowing and the budget deficit
would increase in the short run, it would enhance government revenues and lead to an eventual fall
in borrowing as the economy recovered.

But this argument is blind to the unprecedented amount of stimulus that has already been undertaken.
Between 2009-10 and 2012-13, government borrowing has totalled £565bn or 37 per cent of GDP.

Add in quantitative easing and the total rises to more than 60 per cent of GDP. Says Tim Morgan,
global head of research at Tullett Prebon, “the problem, then, is not that government hasn’t tried
Keynesian stimulus, but that it has been tried by the bucket-load – and hasn’t worked”.

And the “more stimulus” call is blind to risk. On the Maastricht Treaty basis used by our European
comparators, public debt already stands at 91 per cent of GDP, and even the government expects it to
push through 100 per cent in the coming three years. And if you add government, household and
business debt together, aggregate indebtedness is more than 500 per cent of GDP.

There’s no urgency about paying off this debt, but as Tim Morgan reminds us, servicing it is the
critical issue. Government debt interest payments are already set to rise from £47bn to £71bn over
the coming five years, but a rise of just one per cent in interest rates would add £12bn to this
figure.

A rise in interest rates forcing up government borrowing costs would, he points out, either drive
the deficit upwards or other spending down. “Higher rates would hit house prices hard, creating huge
banking losses, and the slump in mortgage-payers’ disposable incomes would not only have a gravely
damaging impact on GDP but could also create another wave of bank losses in commercial property.”

And we need no reminding that the government’s own balance sheet is in no fit state to cope with
such an outturn. Gradually, the full galling extent of the debt problem we face is sinking in. We’re
not Cyprus, of course. But let’s not pretend we do not face a truly historic problem that could yet
sink us.

Twitter: @Bill_Jamieson

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by Tony Bennett on 24.03.13 8:33

The 'Express' take on Cyprus...
From JY Distribution
To JY_Distribution@yahoogroups.com

http://www.express.co.uk/news/uk/386559/Get-all-your-money-out-of-Europe-now?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+daily-express-news-showbiz+%28Daily+Express+%3A%3A+News+%2F+Showbiz+Feed%29


Get all your money out of Europe now

BRITISH expats living across Europe were warned last night to take their money out of foreign banks in the wake of the Cyprus financial crisis.

By: Marco Giannangeli and Tracey Boles

Published: Sun, March 24, 2013


Nigel-Farage-has-warned-that-savings-in-countries-that-use-the-euro-are-no-longer-safe Nigel Farage
has warned that savings in countries that use the euro are no longer safe

Ukip leader Nigel Farage told the party’s spring conference that savings held in countries where the
euro is the currency are no longer safe.

His warning came as Cyprus last night gave in to EU and International Monetary Fund demands for a 20
per cent levy on deposits over 100,000 euros at the Bank of Cyprus and a four per cent levy on
deposits of the same amount at other banks.

Yesterday Mr Farage said: “The appalling events in Cyprus over the course of the past week have
surpassed even my direst of predictions.

“Even I didn’t think that they would stoop to stealing money from people’s bank accounts. I find
that astonishing.

“There are 750,000 British people who own properties, or who live, many of them in retirement down
in Spain.

“Our message to expats now that the EU has crossed this line, must be: Get your money out of there
while you’ve still got a chance.”

He also urged Chancellor George Osborne to make it clear that Britain would never seize money in
this way in the hope it can benefit from a huge flight of money out of the eurozone.

His stark “get your money out” warning came as Cyprus raced to qualify for a vital international
bailout to avoid a potential bankruptcy that would engulf 12,000 British expat pensioners from
midnight tomorrow. The tiny island nation needs to raise 5.8billion euro (£4.95billion) to secure a
10billion euro European rescue that would help it to stay in the currency.

The tax would apply to any Briton with a Cypriot bank account including the 3,000 British servicemen
and women. An estimated 25,000 Britons live on Cyprus.

CyprusCypriot MPs are faced with difficult decisions over the bailout

The appalling events in Cyprus over the course of the past week have surpassed even my direst of
predictions.

Ukip leader Nigel Farage

The European Central Bank had said that, after tomorrow, it would pull the plug on further financial
assistance for Cyprus’s troubled banks unless a deal was in place. This left the island’s 56 MPs
with an unenviable choice, to impose strict curbs on the movement of money and to put the country’s
largest banks into receivership or face exit from the euro and a dramatic economic crash.

Earlier yesterday it looked as if Cyprus may have to impose a larger levy on deposits, up to 25 per
cent.

The tax has fuelled fears of a run on Cypriot banks if they reopen on Tuesday.

Its banks have been closed for more than a week since the levy was proposed, triggering widespread
outrage in Cyprus.

The British Government has frozen £1.2million in state pension payments due to 12,000 Britons living
in Cyprus to prevent it being grabbed in a bailout deal.

However, British banks face a £1.3billion exposure to a wholesale collapse of the banking system in
Cyprus.

The country is still a major trading partner for the UK.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by tigger on 24.03.13 8:36

@aquila wrote:
@plebgate wrote:The news coming live from Cyprus this morning shows people with banners saying Help Us Russia. Save us.

So Russians help the good people of Cyprus, allow them to keep their savings untouched, but get the rights to the rich oil supplies in exchange.

If I lived in Cyprus I would not be begging the Russians to help me.

Bearing in mind the tax on savings was announced overnight (late night meetings? heard that before somewhere) it makes me very wary.


Don't know what the answer is but I wouldn't want the Russians or any other Nation getting access to the oil which could make the people of Cyprus very rich in the future.

Comment from another blog - EUSSR.



Russia has its own resources, why would it need oil rights in Cyprus? Did anyone know that Cyprus is rich in oil before this week? If so, how come the EU haven't bothered to secure such riches. Russian money has flooded southern Europe (and UK for that matter - no-one in UK seemed to delve too deeply when a certain football club was purchased). What 'new money' Russians need is a place to launder money and manipulate economies.

Just my little opinion.

Considering the position of Cyprus I'd think that Russia would be quite happy to get a base there - starting in the time-honoured way with a trade mission of course.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by Tony Bennett on 24.03.13 8:38


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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by jd on 25.03.13 1:01

http://www.guardian.co.uk/business/2013/mar/24/eurozone-crisis-cyprus-bailout-eurogroup-meeting

12.15am GMT....So, on the basis of what is filtering through tonight, it's good news for smaller deposit holders in Cyprus, or at least anyone with less than €100,000.

It looks like they won't be subject to a levy. Large deposit holders appear to be looking at a 40% hit however, according to the BBC's Christian Fraser.

Effectively, it's a return to the deal that Germany and the IMF were advocating last week.

40%...Ouch....

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by jd on 26.03.13 0:57

Now savings could be raided across Eurozone: Finance chief warns more EU taxpayers could be targeted as Cyprus rescue set to become first of many

* Savers with more than £85,000 will lose up to 40 per cent of their money

Savers in the eurozone could see their bank accounts raided in the struggle to shore up the single currency, a senior EU official warned last night

The Cyprus rescue package – under which bank customers will have a chunk of their cash seized to bail out troubled lenders – could become a template for dealing with other creaking banking systems, Jeroen Dijsselbloem suggested.

The remarks from the head of the eurozone’s finance ministers contradicted days of assurances that the Cyprus bank deposit raid was a ‘one off’.

The suggestion that savers in other eurozone countries – potentially in Greece, Spain, Portugal, Italy and even France – could be hit with a similar levy triggered a big slump in banking shares.

http://www.dailymail.co.uk/news/article-2298973/Now-savings-raided-Eurozone-Finance-chief-warns-EU-taxpayers-targeted-Cyprus-rescue-set-many.html

Here we go......


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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by jd on 27.03.13 23:35


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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by MikeyB on 28.03.13 7:03

What do all those hand signals mean?

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by Guest on 28.03.13 10:34

All I know is that if Sarkozy would do that in Italy, he would be pinched on the nose straight away, as this gesture there means "cornuto" ...

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by plebgate on 28.03.13 12:31

There's only one hand gesture a lot of us would like to give that lot I and it is the V sign.
Probably spent hours with a "coach" telling them how to make us all believe that they are trustworthy and we can believe what they have to say.

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Re: CYPRUS - Taking 10% of savings is daylight robbery by sinister organisations like the IMF and the EU

Post by jd on 01.04.13 3:32

I hope this is an Aprils Fool....80%!!

Britain 'isn't safe from fallout over the Cyprus crisis' MPs warn problems may spread as expats told they may lose up to 80% of savings over £85k
The island's largest savers face losing 80% of their deposits over £85,000

The Cyprus financial crisis could infect banks across Europe including Britain, MPs warned last night, as the full horror of the raid on expats bank accounts was laid bare.
Savers in the island’s largest banks face 80 per cent of their deposits over £85,000 being wiped out, far more than anticipated, under the conditions of the EU bailout of their stricken economy.
Residents of the island, and expats hoping for a quiet life in the sunshine, have spoken of losing their businesses and life savings under the rescue deal they have dubbed ‘daylight robbery’.

http://www.dailymail.co.uk/news/article-2302074/Britain-isnt-safe-fallout-Cyprus-crisis-MPs-warn-problems-spread-expats-told-lose-80-savings-85k.html

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