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How It Feels To Have Your Life Savings Stolen In Cyprus

How it feels to lose 40% of your savings.

"It is theft when the government has access to your bank account and takes whatever amount they want.  That's money that we earned, that we saved, that we worked hard for."

Good interview with British expat beginning at 40 seconds.  And this report was filed March 19 when the tax on accounts over 100K was expected to be 15%.  The new tax on deposits over 100k is 40%.



Chairman And CEO Of The Bank Of Cyprus Both Sacked


"No Bank Account ANYWHERE In The Eurozone Is Safe"



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Reader Comments (2)

It should be noted that the money in the depositors' accounts was ALREADY taxed before being saved. This levy should NEVER be referred to as a "tax." A tax is money collected by a government for public services. The money taken from these accounts will not be going toward public services. I would also ask why the ECB accepted the Greek bonds during the restructuring of Greece, and certified them during that acceptance, when they KNEW they were trash? It's a financial crime to certify something as valuable that you know to be rubbish.
Mar 27, 2013 at 4:23 PM | Unregistered Commentermayalibre
"Theft"? The guy made a bad investment in the bank. In many countries the government, or an insurance fund, guarantees some amount of a deposit, but if you put more than that in a bank, it is, plain and simple, an unsecured loan to the bank. And if the bank goes insolvent - just as if any other corporation in which you invested money goes insolvent - you risk losing any amount over the insurance limit.

Where is the "theft"? You mean, the government refusing to tax me to pay you for money you lost on your bad investment, is stealing from you? Where does this completely asinine logic come from? I guess the world is full of idiots, and they all get to vote ....
Mar 28, 2013 at 3:08 AM | Unregistered CommenterCalDre

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