Cyprus to do a one time tax on savings accounts to avoid bankruptcy

[Spata]

http://www.bbc.co.uk/news/business-21797888

For the first time in a eurozone bailout, bank depositors are facing alevy on their savings. ... The deal also involves a levy on bank deposits intended to ensure investors contribute to the bailout, the BBC's Andrew Walker in Brussels reports.

People with less than 100,000 euros in Cypriot bank accounts will have to pay aone-time tax of 6.75%, while those with more will have to pay 9.9%. It is expected to raise 5.8bn euros in additional revenue.

A European Central Bank (ECB) official said the Cypriot authorities had already started to take action toensure that the levy can be collected. Otherwise, there would be a likelihood of massive withdrawals to avoid it, our correspondent adds.

Lol. 'one time'


The democrats are probably envisioning that here.

 

[tRidiot]

Wow... so that money was obviously already taxed before... so this is really just confiscation, right?

Give it time... <sigh>.

 

[Peace_Maker]

This is the biggest reason I am scared of 401k's and IRA's. When SS collapses the money is going to have to come from somewhere.

 

[DPI]

It's been in the works for a while here. It has altered my investing strategy. I contribute the max matching amount in my 401k, the rest goes elsewhere.
Just search yahoo. The last flair up was at the end of 2012...

 

[tiasman]

Several prominent progressives in the U.S. have openly discussed the idea of retirement account confiscation to fund universal pensions in the U.S. Argentina did this as well a few years back.

 

[Biggsly]

Nothing to fear here.
[video=youtube_share;eHlRY3kHhBk]http://youtu.be/eHlRY3kHhBk[/video]

 

[Davs2601]

Ouch. The cypriot pound is almost 2 to 1 for usd

 

[GUN DOG]

When I was there in 1991 the cypriat pound was 3.5 to 1 usd. Cars had a 100% tax if I recall, except for buisnesses like taxi's , buses etc. All the taxi's were mercedes. after hours they became their private cars. We rented a car little 3cylinder of some sort right hand drive what a hoot. Gas was arould 1Lb per liter if I remember, I know it worked out to over 10$ a gallon. It was a good time none the less, but a long time ago. Met alot of nice people off the beaten path. They were taxed heavy then I canonly imagen it now.

 

[Davs2601]

I was there in 2003. It was a wonderful place with great food

 

[SoonerATC]

Wow... so that money was obviously already taxed before... so this is really just confiscation, right?

<sigh>.

That's pretty much what I was thinking.

I NEED to find some land...that's about the only sure-fire investment there is nowadays.