Cyprus have done a 'Betfair'

40% if they save too much?

Are there punishing loyalty with an extortionate charge of up to 60%  ??

It's a pretty sick thing to do really. It's just theft.

The clever way to do it is just print loads of money and keep interest rates below the resultant inflation, you get the same effect without people noticing

They have the Euro as their currency, i.e. they can't print more money.

I suppose that's it isn't it. Still, it seems morally wrong? It might be acceptable if e.g. it was a forced gilt buy or something along those lines and 10% of everyones account went to buying these gilts that they could sell in 10-15 years once things had "recovered".

to present a FORCED gilt (a.k.a. trash) buy as an alternative idea here shows how stupid this central banking / money printing game has become

I'm not saying it's the right thing to do :) I would not find it amusing if I lived in that country :)

Though I detest the PC, at least we had the option of walking away and this not being charged in the future.  These poor sods are being charged without any choice.  Scandalous!

http://news.sky.com/story/1065618/cyprus-savings-raid-crosses-financial-rubicon
The country has an enormous banking system, worth several times more than its economic output.

Around half of all those deposits (estimates vary) are owned by Russians, many of whom allegedly use the country as a tax haven from their own domestic charges.

Another hefty chunk of the bank deposits are owned by Britons - although UK deposits in UK branches and subsidiaries won't be affected.

This one-off levy will at least recoup some of the cash needed for the bailout from these depositors rather than the Cypriot taxpayer.

Still, the little, forward thinking man yet again gets caught in the net.  Horrible.  Really brings home the importance of "diverisification"!!!

*diversification

I'd rather have a guilt that might not do well than nothing I suppose. As long as it doesn't give The Red Eds any ideas for new vote buying funds...

g*ilt. I went and corrected my spelling on that to WRONG after having spelled it correctly 1 post earlier, must need more coffee..

I wouldn`t call someone with any real $$ deposited in a Cypriot Bank in 2013 "forward thinking". Since about the time that NASHWAN`s mate took over the joint has been a shower of sh!t crawling ever further up Russia`s a$$ in a desperate battle to keep the show on the road.

It is, nevertheless, a disgraceful act that should be condemned.

when I said "forward thinking" I meant the people who actively save a percentage of their income each month in order to provide for their pension/family etc.  The real citizens of Cyprus...  It seems those whose get themselves into lots of debt end up scot free...take for example in the UK, those who have live on benefits their whole life end up having their care paid for by the state etc etc.  Those who have worked hard all there life and saved (sensible forward-thinkers) end up losing. Having to sell their houses to pay care fees etc...

It's an unfair world... 

We are fortunate here (UK - with our own currency) that at least with the "stealth" reductions at least we have the opportunity to avoid if we have the nous i.e., moving our money to a safe country via FX etc

"Those who have worked hard all there life and saved (sensible forward-thinkers) end up losing. Having to sell their houses to pay care fees etc..."

This is something that annoys me, you could have two brothers in identical jobs, one spends his money on drinking smoking and fast cars, the other saves and builds up a home and saves for a pension. Get to old age, means tested, the saver ends up being penalised for it, you wonder "why bother".

There's a parable in there I'm sure, if only Jesus had been a pensions advisor he'd have told it better

Getafix its virtually impossible to move more than a few grand out of this country now, the "authorities" make you account for every penny even though in theory its none of there business. . . You go to prison if you try to wllk your own money out of the country, money currency smuggling has become a real industry. . .

what's "this country", Cyprus?

It used to be like that in Britain, it was only when they lifted the small amounts you could take abroad the foreign holiday tourist industry began, something for which the residents of Magalouf and Faliraki must be eternally grateful

Mar 16, 2013 -- 10:16PM, Just Checking wrote:

"Those who have worked hard all there life and saved (sensible forward-thinkers) end up losing. Having to sell their houses to pay care fees etc..."This is something that annoys me, you could have two brothers in identical jobs, one spends his money on drinking smoking and fast cars, the other saves and builds up a home and saves for a pension. Get to old age, means tested, the saver ends up being penalised for it, you wonder "why bother".There's a parable in there I'm sure, if only Jesus had been a pensions advisor he'd have told it better

spot on! whether by stealth inflation or by taxation on decree honest hard workers money are taken for a ride by the well connected debt ridden elites