Cyprus rejects savings seizure | Bangkok Post: breakingnews

Cyprus rejects savings seizure

Published: 20 Mar 2013 at 05.01
Online news:

NICOSIA - Angry MPs on Tuesday unanimously rejected a divisive levy on bank accounts as part of a bailout aimed at saving Cyprus from bankruptcy, decrying as "blackmail" the EU-IMF deal that now lies in tatters.

Speaker Yiannakis Omirou said 36 MPs voted against the bill, 19 abstained and none were in favour, prompting an explosion of joy outside the parliament among thousands of protesters who were demanding the house spurn the onerous measures.President Nicos Anastasiades' office said he "fully respects" the decision and that he had a "constructive" phone conversation with his Russian counterpart Vladimir Putin, amid reports Cyprus was seeking alternative financing.Under the bailout deal reached at the weekend, the troika of the European Union, European Central Bank and International Monetary Fund were to provide Cyprus with 10 billion euros ($13 billion) on condition the island raises another 5.8 billion euros.It called for a levy of up to 9.9 percent to be slapped on all Cyprus bank deposits, an unprecedented move that triggered outrage among savers and raised fears other financially crippled EU states like Italy and...

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yik
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Discussion 6 : 20 Mar 2013 at 12.366
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"... because it's clear that Europe is not the solution ..." at least, that seems to be understood by now.
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spiceman
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Discussion 5 : 20 Mar 2013 at 08.305
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Finally, for the freeloaders, it's time to pay up! Thailand, beware!
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faranginkorat
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Discussion 4 : 20 Mar 2013 at 07.074
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The proposal to confiscate bank deposits was one of the stupidest things I have ever seen.
The banks have a problem now, but nothing compared to the problems that will be caused by withdrawls.
If I were in Spain, I would be standing in line at an ATM machine.
If I were in Italy, I would be going to the bank tomorrow morning.
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bkk-farang
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Discussion 3 : 20 Mar 2013 at 07.043
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Let the bankers pay for the damage they do to this world, people who simply want to save money (even the Russians) are not to blame for their bad decisions.
P.S.: And I really like to see the pictures when the people run to their banks and deduct all their money.
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faranginkorat
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Discussion 2 : 20 Mar 2013 at 07.022
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Greece was in trouble because government employees could retire at full pay at 52 after (not) working 4 day workweeks, as an example.
Nobody asks who will pay for such things, same as 15,000 THB per ton rice and 50 year infrastructure loans.
Cypress is in trouble, in part, because their banks lost money on Greek bonds.
In a fair world, the retirees in Greece would be asked to bailout the banks in Cypress, but we don't live in a fair world.
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phetpeter
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Discussion 1 : 20 Mar 2013 at 06.451
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The only real answer to all the countries debt crisis, is to cancel all debts to each other. and start again by reducing prices and taxes. This would be better than trying to find money to pay each other from people and places that have no money.
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