ST Alpha - "Taxing deposits is a dick move. But given how much of that is foreign funds and the propensity to not pay your taxes in that region..." (Reading a Post)

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In response to "Need to go the bank in Cyprus? Sorry, they are closed until at least Thursday now. -- (link)" by ty97

Taxing deposits is a dick move. But given how much of that is foreign funds and the propensity to not pay your taxes in that region...

Posted by Mop (190 lbs) (aka rburriel) Mar 18 '13, 13:47

...it might be the only way.

Responses:

well i don't see why thats a dick move the alternative would have bees as equally bad for all - DaneDukeNuuk Mar 18, 14:09 4
- There are a multitude of alternatives that could have been used, not least the ECB continuing to provide emergency liquidity assistance since it was - Loyola Mar 18, 14:19 3
  - well problem is when you join the ECB you give away the ability to devaluate and noone ever considdered the alternatives - DaneDukeNuuk Mar 18, 14:23 2
    - One of the largest problems afflicting the EU is the so called northern core countries moralising to the rest of Europe what's best for their - Loyola Mar 18, 14:33 1
      - thats one the other is trying to rewrite the rulebook of economics without any general idear - DaneDukeNuuk Mar 18, 16:26
I agree with your first sentence. -- nm - Loyola Mar 18, 13:58
One other point is that no one would lend to Cypriot banks so there are no debtholders to take a haircut. - spamlet Mar 18, 13:51 5
- so what is to stop the Russians from taking their deposits and going elsewhere with them after the levies? -- nm - Epiphany Mar 18, 14:00 4
  - They'll have to find another country in the EU that would look the other way. - spamlet Mar 18, 14:02 3
    - so the Russians might just say " eh, 9.9% is fair" and continue on as normal? -- nm - Epiphany Mar 18, 14:17 2
      - It depends on their situation. That they could move the money freely in the EU is a huge benefit. - spamlet Mar 18, 14:43
      - LOL i doubt it and i'm sure if they find somewhere where they can earn 0.2% more they'll move the money - DaneDukeNuuk Mar 18, 14:20

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Taxing deposits is a dick move. But given how much of that is foreign funds and the propensity to not pay your taxes in that region...

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