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Cyprus bail-out means losing 80-100% of savings to bank confiscation
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  • Simple thing: bitcoin can't be controled, you don't pay taxes with it, it isn't something Governments would ever want. If it gets to be important, it will quickly be declared ilegal, with bitcoins there would be no social services. Which also makes me think about the ongoing privitization of those, and how private companies debt is becoming social debt. Oh well.

    Back to Cyprus and the UE: Europe's playing a dangerous game, sometimes crossing the line, then going back. Don't know where the heck we are going towards to, but I can tell we're pretty much fucked up in Spain. Things should have been way easier: banks shouldn't have been rescued, there was plenty of money with investors to pay "ground people's" money (sorry but I don't know financial terms in English). But you know whose money can be taken away, and whose can't be. What's funny about what the UE chose to do with Cyprus is that the money they want to take, isn't even theirs, but russians.

    Sometimes, I can't even believe why there hasn't been a revolution in Greece or Spain, where corruption is over the charts to add to unbelievable policies imposed from the Troika. We are way too polite today, too many pacifists shall I say, 'cause a few hundred heads should have already been cut off for playing with uneducated families money. Instead, 500.000 families have already lost their homes. Yei! Welcome to the New World - that's what I said to my recently born niece. It will be much worse for her, that at least we can anticipate.

    Vitaliy, are you following Spain's politics and economical movements? It's real comedy, anybody would have a lot of fun reading Spains news. Such a fucking shame from such an amazing and beautiful country. Stupid too, I'm not a patriotic guy.

    Cyprus just looks like the new guinea pig. Let's see what comes next. All I can see is a global financial war going through, it doesn't make noise or instant casualties, but it's much much more beneficial for the elites, and a lot worse for those who see themselves degraded, living in the street, headfucked. As for myself, I'd prefer a gun and "play" the game just like in the last century or any other before.

    For real, if I have to think any time in history where there was so much shit going around, and so much headfucking done by elites and politicians, I have to go back to the Middle Age. At least then, it was straight forward, not bullshit lies over and over again. Once again, my spaniard (thus ignorant?) point of view.

  • Their parliament rejected this bill.

  • the problem in Europe is the shit € - different economies can not have a common currency - the euro is Europe and shoot - stupid politicians have failed - as always - but elsewhere it's not better - the United States and other print money, print money, print money, and that's bullshit - of capitalism is going to the dogs - is being destroyed by greedy banks

  • So now that Cyprus has rejected the terms of the bail out, life will get very interesting. Will all of the Cyprus banks now go bankrupt due to their exposure to Greek bonds, and lead to big collapse? Either way, as soon as the banks open on Thursday you will see massive capital flight, and transition to disorderly bankruptcy, unless a special "rescue" package can be put together that creates confidence. It's all a trick to prop up a failing system.

  • the problem in Europe is the shit € - different economies can not have a common currency

    It is false assumption. Different economies having same currency have huge advantages. Issue in EU areas is not in currency area. It is in energy and manufacturing areas.

  • In a way had an ex boss sold company like many to Warners went to Cyprus with payout - personally he pissed off tax here ..not pumped back into the UK, bit chuckling that he and the russian etc tax exiles who ditched to cyprus this weekend literally got robbed as they robbed - kismet? hate to see anyone suffering but this crazy retribution has put the shits up a load of previously non payers and I love it :)

  • Hard to ratify as Im paying 10s of thousands of pounds tax in the uk happily but lots of our "partners" pay fook all - not bitter just paying a LOT of tax covering a lot of needs

  • Now Bitcoins are making the news in BBC.... some Canadian is offering to sell his house for the equivalent of Bitcoins.

    http://www.bbc.co.uk/news/technology-21863593

  • @Vitaliy_Kisilev You said "Bitcoin is criminal induced thing. It is not serious thing at all. But sounds modern."

    Is this based on particular knowledge about the history of Bitcoin or how it is administered? Or just a suspicion because it is totally cyber-based?

  • Is this based on particular knowledge about the history of Bitcoin or how it is administered? Or just a suspicion because it is totally cyber-based?

    It is based on it's usage and criminal or half criminal trading places :-)

  • I am genuinely interested in specific examples and information.

  • @cp_from_oz

    If you are not permanently banned on google make some research on usage in drug selling, stories of bitcoin exchange sites, malware and botnets selling, etc.

  • @Vitaliy_Kiselev Bitcoin is untraceable, so makes it useful for criminals to use in online transactions. But the same thing applies to cash, except only IRL. In fact, most drug deals are done with cash -- probably less than 0.01% use Bitcoin (e.g. via Silk Road).

  • Latest rumor: Cyprus will take 25% from accounts of the wealthy (i.e., Russians with more than 100,000 Euros). I'm sure Putin and his buddies will be so pleased.... :-)

    http://worldnews.nbcnews.com/_news/2013/03/23/17428178-cyprus-now-looks-to-take-25-percent-from-bank-accounts-of-wealthy

  • Europe with the Mediterranean countries is an aberration and a mistake - one should repent, Germany should withdraw and seek an alliance with the Brics countries: Russia, China, India, Brazil, etc. The euro is bad for the whole of Europe. . . and the greedy banks gamble away the future of the youth in Europe

  • @Butt

    If you ask me, all mentioned countries are abberation and mistake.

  • Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.

    Via:http://www.reuters.com/article/2013/03/30/us-cyprus-parliament-idUSBRE92G03I20130330

    In Laiki bank all owners of 100k or more will loose 80% and remaining 20% may be, probably will be paid back after 7 years. But they are not sure.

    Good progress. With such speed I expect May announcment that citizens must work as slaves for next 80 years and they must say big thanks that Germany agreed to only 80 years.

  • Reuters also suggests that most of the well-connected Russian millionaires already got their money out of the banks because the branches in London were still open and doing large transfers for an appropriate fee. So things are going to get messy when they realize only the smaller depositors are remaining to take the haircut, and the rest of the money has already gone to Latvia or Iceland or wherever capital flies these days...

  • I guess the only way for Germany to not be blamed for every financial problem abroad, regardless of its origin, would be to isolate itself like North Korea does.

    The Greek gouvernment blatantly lied and falsified official financial statements towards the EU like true criminals, up until the day their catastrophic economic situation, over-spending and huge pile of debt could no longer be hidden.

    The Cyprus gouvernment happily allowed the local banks to gamble with (partially less than legally aquired) foreign money like high rollers in a casino, and once a fortune was lost there, the gouvernment bought into the falling banks with money from their tax payers.

    Germany played no role at all in the disasterous decisions causing those events. But now that some failed gouvernments approach the EU and IWF like aggressive beggars for billions of Euro, it's so convenient for those gouvernments to blame foreign countries like Germany for all of the consequences.

    BTW: Germany is not at all the only country in Europe that practiced at least a little discipline with regards to "not over-spending", countries like Finland or Denmark are just as unwilling as Germany is to let their tax-payers finance the absurdities of some other countries.

  • Goldman Sachs helped Greece cook their books and then made money out of it...

    http://www.bbc.co.uk/news/world-europe-17108367

  • My present understanding is that it is not only gradient test (will it do to just rob all their money? ) but also stupid attempt to increase consumption. Force you to get money out of the bank.

  • Btw, good charts:

    image

  • Germany played no role at all in the disasterous decisions causing those events.

    So the German banks that lent heavily, and irresponsibly, to economies like Spain and Portugal (and Greece? and Ireland?) are to be protected from their own greed and stupidity by demanding that the citizens of those now impoverished countries embrace drastic reductions in their standard of living, in order to pay off odious private debts -- to those same German banks?

    If ordinary people are supposed to pay for the sins of their big banks, why shouldn't German consumers shoulder that burden as well?

  • The banks are crap(shit) and the Euro is shit - that's the problem - and the dreamer in politics - and the fraudsters in Greece, Cyprus, Italy, Spain, Portugal, etc. - lie in the sun and let the slaves work and earn money