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View Diary: Bank Run in Cyprus, Will it Spread to Southern Europe? (322 comments)

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  •  Taking the meager means of the poor... (1+ / 0-)
    Recommended by:
    ozsea1

    ...isn't a Republican/conservative position?

    And here I thought I was the noob here...

    Adequate health care should be a LEGAL RIGHT in the U.S without begging or bankruptcy. Until it is, we should not dare call our society civilized.

    by Love Me Slender on Sun Mar 17, 2013 at 12:15:55 PM PDT

    [ Parent ]

    •  you don´t believe (0+ / 0-)

      that people who have moved their money to Cyprus to evade taxes at home are "poor" in any usual sense of the word, do you?

      Think before you talk.

      •  Try READING before you write... (3+ / 0-)
        Recommended by:
        BradyB, nchristine, Cliss

        We're talking about the people of Cyprus here, not the wealthy of this country looking for a tax safe haven. This theft will take place at the expense of the working poor, not the wealthy.

        Doc2 is arguing that everyone needs to pay a penalty to solve this problem. I am arguing against starving the working poor by stealing their money. If you can't follow the conversation instead of injecting your own irrelevant commentary, it would probably be best if you kept from poking your nose into the discussion.

        Adequate health care should be a LEGAL RIGHT in the U.S without begging or bankruptcy. Until it is, we should not dare call our society civilized.

        by Love Me Slender on Sun Mar 17, 2013 at 02:41:23 PM PDT

        [ Parent ]

      •  Just to be sure, you did see the 6.75% levy... (1+ / 0-)
        Recommended by:
        BradyB

        ...on working class accounts, did you not?

        I guess those working stiffs just need to "pay their fair share".

        Adequate health care should be a LEGAL RIGHT in the U.S without begging or bankruptcy. Until it is, we should not dare call our society civilized.

        by Love Me Slender on Sun Mar 17, 2013 at 02:47:26 PM PDT

        [ Parent ]

        •  So I take it (1+ / 0-)
          Recommended by:
          shrike

          that when a guaranteed level is exempt from the cut (I have seen today proposals ranging from 25000 to 100000 Euros as offcut) that you are fine with it?

          The money of the cypriote common folks is a very small part of the deposits. (And British pensionados don´t count there, neither as "common cypriotes" nor as "poor"). Part of being poor is that you dont have large sums of money in banks.

          Why should a German "working stiff" pay through their tax money for people that evaded taxation to Cyprus?

          •  What the hell does that matter? (0+ / 0-)

            That "small" amount of stolen money means food for a poor family. Your collateral damage argument is repulsive...and regressive.

            Adequate health care should be a LEGAL RIGHT in the U.S without begging or bankruptcy. Until it is, we should not dare call our society civilized.

            by Love Me Slender on Sun Mar 17, 2013 at 03:39:05 PM PDT

            [ Parent ]

      •  Who it affects (1+ / 0-)
        Recommended by:
        marsanges

        Native Cypriots with allegedly insured deposits under a hundred thousand Euros lose 6.75% of their life savings.

        Freedom isn't free. Patriots pay taxes.

        by Dogs are fuzzy on Sun Mar 17, 2013 at 04:34:31 PM PDT

        [ Parent ]

        •  Not quite (1+ / 0-)
          Recommended by:
          Jeffersonian Democrat

          Three details tend to be overlooked in this mess:

          (1) the insurance system insures the money in the bank at the time of the actual bank collapse. This collapse hasnt happened yet. It is seen coming however - therefore the government enacts a property tax on every deposit - which it has the authority to do - to help stave off the actual bank collapse.

          Yes that is a technicality, but even so it is incorrect to see this as invalidation of the deposit insurance.

          (2)
          The 6,75% arent completely gone, they are converted into equity. Someone who actually lives in the island has the hope to wait out the crisis and sell that equity later - for whatever it is then worth. Thats quite the risk for sure; but it isnt gone. (It would be a kind of grim joke if people now use this "equity" as a safety to take credits on).

          (3)
          If the bailout didnt go through, and the banks collapsed, with ensuing state bankruptcy (but full european legal guarantee of the insured amounts), people would be FAR harder hit. And especially those people living in-country. Capital parkers who inreality live in say St Petersburg might hate losing the capital but could get on with their lives. People who have only a cypriotic state pension to live off (and therefore have no 100K in the bank anyways!) can be far happier with the bailout than with its absence!  

          That all said, I dont like the absence of a lower limit. I would have found it far better to have 100K as a lower limit in this tax just because of the similarity to the guarantee insurance sum and the obvious relative innocence of the smallest depositors. I also have - for now - the expectation that some limit of that kind will still be inverted (this deal has to pass national parliaments after all).

          And, whether I like it or not, I am going to pay ... I´m European. It´s my taxes that are going to be used for this.

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