EU Orders Cyprus to Sieze Money in Savings Accounts

[SB Shock]

EU orders Cyprus government to confisciate 9.9% of the money in the saving accounts of those with $100,000 euros and 6.7% of below $100,000 if the want a $10 Billion Euro bailout. This results in a panic in Cyprus and ATM's drained. Cyprus government is considerding changing the % to 12.6%/3%.

http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317

[SubGod22]

Gotta love Europe

[RoyalShock]

What's "yours" is only what the government allows you to have. Exactly the way the left in the Unites States sees it.

[SB Shock]

What's "yours" is only what the government allows you to have. Exactly the way the left in the Unites States sees it.

Yip, and in the past there have been some who eye what people have in 401k as a possible new revenue source.

[_kai_]

They must not take history lessons in the EU. First thing to happen in a situation like this is people run to banks to withdraw their money, and then the banks default, economy spins into a plummet. Good job EU!

[WuDrWu]

Yip, and in the past there have been some who eye what people have in 401k as a possible new revenue source.

Anyone that thinks that Roth IRAs are protected tax shelters forever are foolhardy. Soon the government will tell you that money isn't yours as well.

[SubGod22]

Cyprus rejects bill that EU wants.

[rrshock]

Yip, and in the past there have been some who eye what people have in 401k as a possible new revenue source.

i.e. Nancy Pelosi.

[rrshock]

What's "yours" is only what the government allows you to have. Exactly the way the left in the Unites States sees it.

I can see a run on mason jars one day here in the US.

[60Shock]

I hope this bombs out. We certainly do not want the precedent set or our upstanding, spendthrift government will soon be salvating to do the same here.

[rrshock]

I hope this bombs out. We certainly do not want the precedent set or our upstanding, spendthrift government will soon be salvating to do the same here.

I'm afraid they will regardless. Thus the reason for a run on Mason Jars.

[SB Shock]

I'm afraid they will regardless. Thus the reason for a run on Mason Jars.

The moved forward with a new plan the supposebly uninsured funds in accounted with 100,000 euro will have up to 40% confiscated. What is really crazy is the Eurozone Chiefs said saving accounts in Spain, Italy and any other european country will be raided if need be to preserve the Euro. Money in mason jars might not even be safe.

[Kung Wu]

Here's the flow chart:

Start with [Cyprus].

Take 10%

Did they pull out a bunch of guns?

If yes, stop. If no, try 40%.

Still no guns?

If yes, stop. If no, repeat with [next European country].