IMF forced savings cut

[kingsolomon]

Cyprus banks were forced to reduce savings on bank accounts by up to 10%

Cypriots stunned by forced savings cuts | Reuters

Its the first time that an EU member state is forced to take brute measures of that magnitude.

Who's next?

 

[productionhead]

 

[mx=headroom]

 

[jryan54]

inb4 all the people that bought cyprus offshore IBC packages start complaining

 

[Unarmed Gunman]

Who's next?

 

[mattseh]

If it's in a bank, it's not really yours, it seems.

 

[Kiopa_Matt]

They should do that in the US. Take 10% out of everyone's bank accounts overnight, while people are sleeping.

Would be fun to watch the response the government gets.

inb4 lukep and, "see, told ya... Bitcoins!"

 

[Andrey]

They should do that in the US. Take 10% out of everyone's bank accounts overnight, while people are sleeping.

Would be fun to watch the response the government gets.

inb4 lukep and, "see, told ya... Bitcoins!"

Most won't notice, since they only got cc debt, no savings.

 

[20figures]

They should do that in the US. Take 10% out of everyone's bank accounts overnight, while people are sleeping.

Would be fun to watch the response the government gets.

inb4 lukep and, "see, told ya... Bitcoins!"

You mean like April 5, 1933?

 

[hehejo]

Whoever came up with that idea is better not showing his face in public anytime soon...

 

[lukep]

Like Andrey hinted; it's a totally different game today.

Just for fun, here's a complete list of everything that would change if all american banks suddenly stole 10% of our holdings at Obomba's say so:

1.




They've stolen so much from us already in so many ways, that another 10% is not going to change anything at all. Enjoy your "Freedom" bros.

 

[slate]

inb4 lukep and, "see, told ya... Bitcoins!"

Makes me think of buying physical gold and bitcoins.

 

[charlesmartel]

Another lesson from this: Don't store anything valuable in a bank safe deposit box.

 

[Andrew Scherer]

wow this is fucking insane

 

[Moxie]

[ame=http://www.youtube.com/watch?v=68zccrskOqQ]Bruce Cockburn Live . Call It Democracy - YouTube[/ame]

 

[dmnEPC]

Only racists will complain about this. This wasn't those people's money to begin with

 

[slate]

inb4 all the people that bought cyprus offshore IBC packages start complaining

I've read that it only impacts residents (which is dumb IMO, non-residents are going to fear and close their accounts, without any benefit for the country).

 

[20figures]

Only racists will complain about this. This wasn't those people's money to begin with

Clearly this is another case of prejudiced against the harmless hardworking bankers, and at it's core anyone opposed to these measures must be a blood sucking bigoted racist.

ADL is releasing a statement on this atrocity later in the hour.

In other news, Hero of Mankind Ben Bernanke is honored for his heroic efforts by accepting the Nobel peace price.

 

[mont7071]

I've read that it only impacts residents (which is dumb IMO, non-residents are going to fear and close their accounts, without any benefit for the country).

you read wrong, it hits everyone from Russian oligarchs stashing their loot there to 96-year old retired Cypriot teachers that have saved their whole lives.


This has more potential impact on our industry than most realize. Most of the free trial/continuity offers out there that a lot of peeps here promote, can't get domestic MIDs for these industries anymore, (it's too high risk for most domestic banks), they use offshore ones for processing and batch clearing. Anybody wanna guess what foreign country is one of the Top 3 where merchant accounts are being boarded for skin/nutra Merchants in the last two years?

Even if the merchant never went to Cyprus, never opened a bank account in Cyprus, and couldn't even find it on a map, if their merchant account is boarded over there, and the funds clear even temporarily through a local bank (as almost all the aggregators do), guess what just happened to their cashflow, especially if the MID provider panics and decides to temporarily freeze daily deposits even briefly...

good luck bros.....

 

[GiJoe]

now you know...