Page 1 of 2
#1


So, basically, if you have any money sitting in Cyprus, you're gonna get taxed on monday.

If you have over 100,000 you'll be taxed 10%, if you have any less, you'll be taxed 6.5%.

They are physically going to go to your bank account, take the money, and keep it. Just like that.

"Oh, but it's just Cyprus. Who gives a shit?"

Well, you know, Spain, Greece, Italy, they might be tempted to do the same. Do y'all smell another crisis coming up?
#2
That's why I don't use banks

I burn my money and hide the ashes away in the hopes one day someone builds an 'unburning gun'

on that day... I'll be rich!
http://www.youtube.com/watch?v=JfUM5xHUY4M
It's over simplified, So what!

Quote by eGraham
I'm going to be on top of what is called a knob
Quote by theguitarist
Big ones can be fun in some ways but generally, they are a pain in the ass.
Quote by Wolfinator-x
I don't know what is going on in this thread or why I have an erection.
#3
well maybe I should just go to the bank and say "oi! Where's my muney?" and then they'll be like "here's your muney... MINUS the percent" and I'll be like "PERCENT? I didn't sign no contract for percentage, pffrrttt" and then they'll be like "ah, I'm so sorry here's your percentage" and I'll walk out all proud and famey and... with my shoe laces neatly tied n all that shit

**** CAPITALISM, eat more Burger King
Quote by Ulalume
I had a friend who was held at gunpoint as a cashier. The robber told him to give him all the money in the register and what not. Apparently my friend then replied, "Would you like a slurpee with that?"
#6
The Dutch forced them to.
Quote by Carmel
I can't believe you are whoring yourself out like that.

ಠ_ಠ
#7
Really don't get the fuss over this, tbh. I might have made the brackets/rates a bit more progressive, but...
#8
Quote by Sir-Shredalot
Banks own this ****ing place.

Didnt you get the memo?

so what ended up happening with your gf?
Quote by SlackerBabbath
My ideal woman would be a grossly overweight woman who would happy go jogging, come home all sweaty and let me put my dick under her armpit while she shuffles a pack of cards.

Stay classy, pit.
#10
Banks are in control of the money?



Tell me more.
...Stapling helium to penguins since 1949.
#11
Quote by metaldud536
You could have posted a working link instead of making me copy and paste.


I could have. But I like to see you suffer.
#12
Quote by gabcd86
Really don't get the fuss over this, tbh. I might have made the brackets/rates a bit more progressive, but...

I'm no economist but how is taking away people's money, that they've worked hard to save up, fair?
FALKIRK

We'll win something someday

Quote by Minkaro
Falkirk is the home of runners up.

Check out my Tunes
#13
Quote by Random88
I'm no economist but how is taking away people's money, that they've worked hard to save up, fair?

Economists don't make judgements about things being "fair", nor do they make policies, both things are done by politicians. People should stop blaming Economists when it's the Politicians than screw everything up.
Quote by Carmel
I can't believe you are whoring yourself out like that.

ಠ_ಠ
#14
Quote by Neo Evil11
Economists don't make judgements about things being "fair", nor do they make policies, but things are done by politicians. People should stop blaming Economists when it's the Politicians than screw everything up.

Fair enough - I was more referring to when that guy said he 'didn't see a problem', I think the problem seems fairly obvious.
FALKIRK

We'll win something someday

Quote by Minkaro
Falkirk is the home of runners up.

Check out my Tunes
#15
Quote by Random88
Fair enough - I was more referring to when that guy said he 'didn't see a problem', I think the problem seems fairly obvious.

I think the problem is that everyone will move their money out of cyprus. I think taxing people is a value judgement and that is being done by which party you vote for. If you vote for a left party, they will tax rich people more and redistribute it. If most people vote for that, than that's what the majority wants. It's not something that is inherently wrong or good.
Quote by Carmel
I can't believe you are whoring yourself out like that.

ಠ_ಠ
#17
Quote by CoreysMonster
So what's stopping people from just withdrawing all the money from their accounts?

One answer would be: not much, for some people and they will relocate their money.
For other people: search frictions, imperfect information etc.
Quote by Carmel
I can't believe you are whoring yourself out like that.

ಠ_ಠ
#18
I'd assume anybody with 100k in a bank would always be in the know of exactly what's happening to it. Since this seems to be targeting the rich, I foresee that the rich will pull out their money faster than someone touching a hot pan, and the people with not so much money will be the only ones taxed.
#19
Quote by CoreysMonster
I'd assume anybody with 100k in a bank would always be in the know of exactly what's happening to it. Since this seems to be targeting the rich, I foresee that the rich will pull out their money faster than someone touching a hot pan, and the people with not so much money will be the only ones taxed.

Exactly.
Quote by Carmel
I can't believe you are whoring yourself out like that.

ಠ_ಠ
#20
The news says British people will lose out because they decided to open up a bank account in Cyprus ( as you do ) and British people working for the UK in Cyprus will loose money they earned working for Britain, because Cyprus are going to take it.

I feel less sorry for the people not in Cyprus with accounts in Cyprus; I'm like
'Why bother?' But -- It's their money, they can do whatever the Hell they want with it.
Last edited by treborillusion at Mar 17, 2013,
#21
Quote by Neo Evil11
The Dutch forced them to.

Just because the leader of the eurogroup is a dutchman doesn't me we're the ones to blame. He didn't make this decision on his own.
You who build these altars now

To sacrifice these children
You must not do it anymore
#23
Quote by the bartender
Just because the leader of the eurogroup is a dutchman doesn't me we're the ones to blame. He didn't make this decision on his own.

True, true. Cyprus still blames us, so I think our representatives proposed it and Germany said yes.
Quote by Carmel
I can't believe you are whoring yourself out like that.

ಠ_ಠ
#24
Wow, why do countries end up doing things like this? In the end, they never get as much money as they thought they would. Plus, they look the spoiled brat child at the party afterwards.
#25
How the hell do you physically get to a bank account?
Father of ilikepirates And icesk8erqueen8
every man on here who tries to touch them will get his dick chopped off.

E-married to Shyne <3



Officialy has OddOneOut as e-sexslave
#26
Quote by crazysam23_Atax
Wow, why do countries end up doing things like this? In the end, they never get as much money as they thought they would. Plus, they look the spoiled brat child at the party afterwards.


It'll cause panic. The rich people (lots of Russians there) who have money stashed away in Cyprus will be taking the money out, and the average joes will end up having to pay the taxes. Hence the rich leave, and the middle class gets shafted again.
#27
Quote by CoreysMonster
So what's stopping people from just withdrawing all the money from their accounts?

....Isn't that pretty much exactly how financial crises happen?
My band, Escher
My progressive rock project, Mosaic

Quote by Lappo
clearly, the goal is to convert every thread into a discussion about BTBAM

BTBAM IS ALWAYS RELEVANT
#28
I foresee this ending badly
Quote by beadhangingOne
What happened to Snake?

Snake?

Snake?

SNAAAAAAAAAAAAAAAAAAAAAAAAAAKE?!


Quote by TunerAddict
you can take my mouse and keyboard from my cold, slightly orange from cheetos, dead fingers


Quote by Baby Joel
Isis is amazing
#29
It's super drastic, but there simply isn't any other way to save their financial sector.
You who build these altars now

To sacrifice these children
You must not do it anymore
#32
Quote by Philip_pepper
It'll cause panic. The rich people (lots of Russians there) who have money stashed away in Cyprus will be taking the money out, and the average joes will end up having to pay the taxes. Hence the rich leave, and the middle class gets shafted again.

Well, exactly. I mean, they think they're going to get all this money from the rich people, but the reality is that all the rich people'll just be like, "All right, take all my money out of Cyprus".

So, then the middle class entrepreneurs will end up having to foot the bill, and most of them can't really afford it anyway.

Since they won't get as much cash as they though they would, they'll probably tax the rest of the middle class later, in a lame attempt to drum up more funds.


Ideas like this are ALWAYS bad.
#33
Quote by crazysam23_Atax
Well, exactly. I mean, they think they're going to get all this money from the rich people, but the reality is that all the rich people'll just be like, "All right, take all my money out of Cyprus".

So, then the middle class entrepreneurs will end up having to foot the bill, and most of them can't really afford it anyway.

Since they won't get as much cash as they though they would, they'll probably tax the rest of the middle class later, in a lame attempt to drum up more funds.


Ideas like this are ALWAYS bad.


And I bet you they'll still need money from the EU after they've realized it wasn't enough to tax everyone.

Also, apparently it's not possible to electronically transfer money anymore until this is over.
#34
Quote by Philip_pepper
And I bet you they'll still need money from the EU after they've realized it wasn't enough to tax everyone.



Also, apparently it's not possible to electronically transfer money anymore until this is over.

Wow, now...that is going to create a panic. Of course, most of the rich people probably already removed their months ago, when they heard this was going into effect.
#35
Quote by CoreysMonster
So what's stopping people from just withdrawing all the money from their accounts?


Money won't be able to leave the accounts over the weekend and Monday is a bank holiday in Cyprus, so the tax will be collected before people have a chance to move it.

At the end of the day, there is no ethical problem with depositors being "bailed in", aside from the precedent it sets. If a Cypriot bank and the Cypriot governments finances blow up, then the depositors should share in some of the pain (especially if they are wealthy russians sheltering money offshore) with the taxpayers of the nations bailing them out. However, this could create a lot of worry in Italian, Spanish, etc. depositors, who may decide that if there is a risk of their governments needing a bailout, it would be better for them to take their money out. This would be very bad for the banks balance sheets, and make it much harder for them to lend (let alone what the possible implications would be if a full-scale run on a large bank were to start). For this reasons it has been very poorly thought out, especially as Cyprus is such a small economy that the EU would have been able to bail Cyprus out for the full amount.

EDIT: To those mentioning that people who knew about this would have withdrawn money ages ago, this was a very surprise announcement, nobody had seriously considered that the bailout for Cyprus would take this form. Depositors taking a hit was floated, but it was not thought it would extend so widely or even come into being at all.
Quote by Rockstar12345
One does not simply walk onto a Chav's lawn
Last edited by Mechanixx at Mar 17, 2013,
#36
Quote by Mechanixx
Money won't be able to leave the accounts over the weekend and Monday is a bank holiday in Cyprus, so the tax will be collected before people have a chance to move it.

At the end of the day, there is no ethical problem with depositors being "bailed in", aside from the precedent it sets. If a Cypriot bank and the Cypriot governments finances blow up, then the depositors should share in some of the pain (especially if they are wealthy russians sheltering money offshore) with the taxpayers of the nations bailing them out. However, this could create a lot of worry in Italian, Spanish, etc. depositors, who may decide that if there is a risk of their governments needing a bailout, it would be better for them to take their money out. This would be very bad for the banks balance sheets, and make it much harder for them to lend (let alone what the possible implications would be if a full-scale run on a large bank were to start). For this reasons it has been very poorly thought out, especially as Cyprus is such a small economy that the EU would have been able to bail Cyprus out for the full amount.

EDIT: To those mentioning that people who knew about this would have withdrawn money ages ago, this was a very surprise announcement, nobody had seriously considered that the bailout for Cyprus would take this form. Depositors taking a hit was floated, but it was not thought it would extend so widely or even come into being at all.


Exactly.

If I had money in Spain, I know where I'd be putting it.
#37
Quote by Mechanixx
k were to start). For this reasons it has been very poorly thought out, especially as Cyprus is such a small economy that the EU would have been able to bail Cyprus out for the full amount.

EDIT: To those mentioning that people who knew about this would have withdrawn money ages ago, this was a very surprise announcement, nobody had seriously considered that the bailout for Cyprus would take this form. Depositors taking a hit was floated, but it was not thought it would extend so widely or even come into being at all.


I agree with your argument before it, but I think the problem was that Cyprus needed a bail out from the EU that was larger than the Cyprus GDP. Even though it could have been done easily, it is a massive moral hazard there. The EU can't go around and bail out every country. They said to Cyprus: bitch, you go to do this and this first and then we will give it. That is the only way we get a long run stable equilibrium.

I don't know why the hell this particular way has been chosen though.
Quote by Carmel
I can't believe you are whoring yourself out like that.

ಠ_ಠ
#38

...modes and scales are still useless.


Quote by PhoenixGRM
Hey guys could you spare a minute to Vote for my band. Go to the site Search our band Listana with CTRL+F for quick and vote Thank you .
Quote by sam b
Voted for Patron Çıldırdı.

Thanks
Quote by PhoenixGRM
But our Band is Listana
#39
Quote by Neo Evil11
I agree with your argument before it, but I think the problem was that Cyprus needed a bail out from the EU that was larger than the Cyprus GDP. Even though it could have been done easily, it is a massive moral hazard there. The EU can't go around and bail out every country. They said to Cyprus: bitch, you go to do this and this first and then we will give it. That is the only way we get a long run stable equilibrium.

I don't know why the hell this particular way has been chosen though.


Agreed
Quote by Rockstar12345
One does not simply walk onto a Chav's lawn
#40
The levy is being forced by the eurozone, ecb and IMF as a condition for a bailout. There's a freeze on all transfers on all Cypriot banks, most atms are empty and the banks don't open until Tuesday. The levy is indiscriminate and is taking from everyone to pay for the mistakes of banks and governments.
Page 1 of 2