10%... 40%... Now An 80% Confiscation Scheme?
The news coming out of Cyprus only gets worse.
It was bad enough that the political class even promoted the idea of STEALING depositors’ savings. But now we’re finding out that they lied time and again about how much they’d take.
Initially the plan in Cyprus was the following:
Simply TAKING 6.75% of ALL savings accounts up to the official insurance limit of €100,000
A 9.9% levy (THEFT) on all deposits above the official insurance limit of €100,000.
The idea was put to a vote by the Cyprus Government, which rejected it. However, the facts remain that this idea WAS suggested. In fact, the original proposal from Germany and IMF was even more dramatic:
Cyprus state broadcaster CyBC reported on Saturday that German Finance Minister actually entered the Eurogroup meeting on Friday proposing a 40 percent haircut on Cypriot bank accounts. Sarris stated on Saturday that this had also been the proposal of the International Monetary Fund.
Sarris stated in Brussels that in view of the threat from the European Central Bank for banks in Cyprus to shut down and chaos to ensue, the increase in interest taxation and the haircut to bank accounts became necessary. “A disorderly default, that was a genuine possibility, has been averted,” he said.
Please reread that first paragraph: Germany and the IMF wanted to take 40% of all depositors’ accounts. Imagine nearly half of your savings being simply TAKEN one day to bail out a bank. That’s what Germany and the IMF proposed.
And we now find out that it could be far worse than even that:
Cyprus's finance minister said Tuesday that large deposit holders at Cyprus Popular Bank PCL (CPB.CP), the island's second biggest lender, could face losses of as much as 80% on their deposits as the government moves to wind down its operations.
Speaking in a television interview with state broadcaster RIC, Michalis Sarris indicated that it could also take years before those depositors see any of their money returned.
"Realistically, very little will be returned," Mr. Sarris said.
So… first it’s 10% on savings about €100,000… then we find out actually 40% was proposed… and NOW they reveal that realistically it could be as much as 80%.
As a quick aside, anyone who believes this could never happen in the US should consider that John Corzine stole over $1 billion worth of client funds during MF Global’s collapse in the US. Corzine is not in jail and in fact remains one of the most connected financial elites in the US. Indeed, NO ONE went to jail for MF Global’s theft.
There can be little doubt that European elites took note of the MF Global case and believed a similar idea could be foisted upon the European public during extreme times of Crisis. The only difference between MF Global and Cyprus is that in the former case the funds that were stolen were invested in commodity futures and other securities whereas in Cyprus they were savings.
Investors take note: a major development is at hand. As bankrupt nations and banks continue to spiral downward there will be more and more desperate attempts to plug the holes in their balance sheets by any means necessary. And it will be a LOT more than they claim,
The idea of confiscating savings is now on the table. And under an extreme enough crisis, this idea could indeed be implemented: the proposal will likely be “you, the people of this nation can choose…we can take 7% of your savings and your bank remains afloat or you lose everything.” Be prepared for this.
Buchheit On Cyprus: "The Situation Is Spiralling Down", And Why A Second Bailout May Be Needed
When the world's leading expert on Sovereign debt restructurings believes that the endgame for Cyprus might be another round of restructuring, adding that "I'm not sure this is over," it is important to listen. With the calmness in Cyprus today more reflective of paralysis than confidence, Lee Buchheit senses that the parameters of how much money will be needed to recapitalize the banks have changed. He tells Bloomberg TV's Lee Pacchia in this brief clip, "the situation is spiraling down... they'll need more money because the economy is worse, tax collections less, deposits will flow out when they can flow out." As for which European nation will be next in need of assistance with its sovereign debt burdens? Buchheit agrees with us that while many are looking to Slovenia, he sees real economic and political problems in both Italy and Spain remaining especially since the EU "have certainly changed the rules of the game."
Who is next in the cross-hairs of the smash and grab eco fascist criminals?
Slovenia faces contagion from Cyprus as banking crisis deepens:
Slovenia’s borrowing costs have rocketed over recent days as it grapples with a festering financial crisis, becoming the first victim of contagion from Cyprus.
What's it all about?
A Bilderberg objective is total domination of the Med using the Pentagon and NATO, bottling Russia in the Black Sea. Syria and Lebanon are the last resistance to that. Cyprus is of strategic significance being a safe (no suicide bomber in sight) and easily defended island. Cyprus is not a NATO member and has resisted pressure to join. Cyprus is of hydrocarbon significance due to its claim to the fields of gas (likely oil too) between it and Israel, Turkey, Lebanon and Syria. The Israeli regime is a destructive pig for resources and territory, demonstrated with its high-handed behaviour over Gazan coastal waters and its disputing Lebanon's sea border, its involvement in the destruction of Syria and desire for the same fate for Iran. Hellenic Cyprus wants to feed its gas through Greece to rescue the nation from bankster pillage, Turkey wants it to go via Turkey. How to solve the problem in bankster, Israel, NATO and Turkey's favour? Apart from destroying Syria and Lebanon...
Read Penny's discourse for the nitty gritty -
Cyprus, Israel,Turkey, Syria: NATO and global resource diversion/control
The bloated EC parasite has sucked wealth from nations just by existing and growing exponentially, the fraud riddled banking system practices fractional reserve banking enabled by the fraudulent debt currency system. This means banks create currency from fresh air (eq. to printing) by multiplying their reserves unregulated except by morals (hah!) and what they can get away with. RBS collapsed when it went past 100% "leveraged" to fund its gambling.
The IMF has a crash and grab policy in force, see IMF riots http://www.guardian.co.uk/business/2001/apr/29/business.mbas
Why? The present situation in Cyprus was created for political and strategic reasons ahead of financial, as Penny explained. The overarching reason was given by ecofascist megalomaniacs - Rhodes believed 200 years - and many (managed, preplanned) wars would be necessary as The Pilgrims were to be (verbatim), "a secret society gradually absorbing the wealth of the world." http://www.bibliotecapleyades.net/sociopolitica/sociopol_pilgrimsociety04.htm
With the target -
"[The aim of the international bankers was] nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences."
- Professor Carroll Quigley, 'Tragedy & Hope', p. 324 https://wikispooks.com/ISGP/organisations/Pilgrims_Society02.htm
And to that end we have bankster regimes against the people. Cameron, Hollande, Harper and Obama's regimes being prime examples of ecofascist fifth columnists.
Russia Is Next In Line To Restrict Cash Transactions