"There is danger from all men. The only maxim of a free government ought to be to trust no man living with
power to endanger the public liberty." - - - - John Adams

Monday, March 18, 2013

Socialist Cyprus to confiscate 10% of bank deposits

"We are socialists, we are enemies of today's capitalistic economic system for the exploitation of the economically weak, with its unfair salaries, with its unseemly evaluation of a human being according to wealth and property instead of responsibility and performance, and we are all determined to destroy this system under all conditions."
--Adolf Hitler

Communism on the March
The Socialist / Fascist / Communist European Union wants Cyprus to confiscate and re-distribute the wealth for "fairness" and to prop up the international bankers
  • European Leftists are running out of money.  Now they are coming for your private savings account.  Soon it will be private property.
  • Coming soon to the United States.

In a radical departure from previous aid packages, euro zone finance ministers want Cyprus to confiscate 10% of the money in their people's bank accounts and in return the Euro bankers will loan the nation another 10 billion euros ($13 Billion).

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points, most of which were depleted within hours. Electronic transfers were stopped.

The originally proposed levy on deposits is 9.9 percent for those accounts exceeding 100,000 euros and 6.7 percent on anything below that reports Reuters News.

The Cypriot government on Sunday discussed with lenders the possibility of changing the levy to 3.0 percent for deposits below 100,000 euros, and to 12.5 percent for above that sum, a source close to the consultations told Reuters on condition of anonymity.

The source said the discussions had the "blessing" of a troika of lenders from the European Commission, the IMF and the European Central Bank.

In Brussels, a spokesman for Olli Rehn, the European commissioner in charge of economic affairs, said discussions were still under way in Cyprus.

"If the Cypriot leaders agree on a more progressive scale for the one-off levy, in view of making it fairer for smaller savers and provided this would have the same financial impact, the Commission would be ready to recommend that the Eurogroup endorse such an agreement," the spokesman said.

The move to take a percentage of deposits, which could raise almost 6 billion euros.

ATMs drained as bailout tax triggers run on bank deposits.
Anxious depositors drained cash from ATMs in Cyprus on Saturday, hours after European officials in Brussels required that part of a new €10 billion ($12.6 billion) bailout must be paid for directly from the bank accounts of savers.
Read more: www.theage.com.au

Bolshevik Terror and Tyranny in Russia
The fruits of Socialism  -  death and poverty.

Communist Party of Cyprus


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