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Old 03-16-2013, 11:07 AM   #51
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Its the scariest thing that has happened yet - Its theft - It can not be justified.
Here in the U.S. the Democrat party calls that "revenue"

Over here we have the highest corporate taxes in the world. And they want to raise them even more.

I too, call it theft. But fiscal liberals call it an unfair portion of "the wealth" that needs to be taken from the bad and evil corporations.
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Old 03-16-2013, 11:12 AM   #52
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finance ministers forced Cyprus' savers to pay up to 10 percent of their deposits to raise almost 6 billion euros. Almost half of its depositors are believed to be non-resident Russians. [EDIT: the other half is adult sites]
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Old 03-16-2013, 11:16 AM   #53
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The bailout came in the form of a hefty loan. Skimming the deposits - there is zero justification for that, this is something that they do in Latin America, shouldn't be happening in the EU
Ahhhh you want the EU to pay for it?!? Now that IS a 'commie' solution.

Americans didn't want banks bailouts, well this is what happens when banks go bust depositors lose their money.

This loan is to prop up the banking industry, most of Cyprus debt comes from doing so.

This is no different than a company giving a chunk of it's assets as guarantee for a loan that keeps them operating.
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Old 03-16-2013, 11:26 AM   #54
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Ahhhh you want the EU to pay for it?!?
And I siad that where exactly? The Cypriots will pay it all out one way or another, this situation didn't just develop in the past 10 minutes, they (including the mighty EU economists) had I would say adequate time to come up with a different solution. And no matter what that solution is, the Cypriots would have carried the burden and that's the way it is supposed to be, cuts in their income, bigger taxes, etc. .... but keep on spinning it.
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Old 03-16-2013, 11:31 AM   #55
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Not to mention the clear message this is sending to all non-EU investors. Dear investors, welcome to the EU, please feel free to deposit your money in our banks.

PS We reserve the right to skim 10%, 20%, or 99% of these deposits, but not to worry, we will come up with some ridiculous justification
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Old 03-16-2013, 11:35 AM   #56
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The Cyprus Bank Bailout Could Be A Disastrous Precedent: They're Reneging On Government Deposit Insurance

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There?s nothing particularly bad about making depositors carry some of the load of a bank failure. Indeed, it has something to recommend it: if it happens occasionally then people will take more care over where they put their money and what the banks do with it.

However, there?s a very great difference between allowing depositors without government insurance to take losses and actually reneging on the previously promised government insurance. And it?s that second that they?re actually doing here. Here?s the description of the Cypriot government deposit insurance scheme:


Participation in the DPS is compulsory for all banks authorised by the Central Bank of Cyprus, i.e. banks incorporated in the Republic of Cyprus, including their branches in other countries, and the Cyprus branches of foreign banks, incorporated outside the Republic of Cyprus or the Member-States of the European Union. The DPS does not cover deposits of branches of banks established in European Union Member States. These deposits are covered by the corresponding deposit protection scheme established in the country of incorporation.

The DPS is activated in the event a decision is reached that a member bank is unable to repay its deposits, or as a result of a Court?s order for the winding-up of a member bank. Where a bank is unable to pay its deposits, the relevant decision is adopted by the Central Bank of Cyprus or, where a member bank is incorporated in a country outside the Republic of Cyprus, by the competent supervisory authority of the country of incorporation.

The maximum level of compensation, per depositor, per bank, is ?100.000.

Note that last number. Under the system until yesterday all depositors in Cypriot banks were insured up to the value of ?100,000 with any one bank.

Today that solemn and governmental promise has been shown to be false.
http://www.forbes.com/sites/timworst...sit-insurance/
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Old 03-16-2013, 11:36 AM   #57
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Russian citizens are estimated to have at least 20 billion euros ($26.15 billion) in deposits in Cyprus, some of that, critics have said, from organized crime amid speculation the country is being used as a money-laundering haven, which made some EU officials wary of assisting.
Quote:
To appease its creditors, Cyprus has already accepted an independent audit of its banks, which hold billions in Russian deposits, to soothe concerns voiced by Germany, France and others that they launder dirty Russian money.
Quote:
The credit ratings agency Moody?s has already downgraded Cyprus to junk because the threat of the country defaulting is becoming real.
The Manwin connection:

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Welt am Sonntag is reporting that "as early as Monday" German bank Commerzbank may sever its relationship with Manwin managing partner Fabian Thylmann, who remains in custody in Germany after being extradited from Belgium following his arrest earlier this month on suspicion of tax evasion.

According to The Local, which offers German news in English, "Customers of German amateur pornography portal MyDirtyHobby, one of Thylmann's various s ex portals, have for some time paid fees into an account held with the Hamburg branch of Commerzbank, according to the report.

"The state prosecutor in Cologne is currently looking into who actually runs the amateur porn site," the article continued. "Thylmann claims a Cypriot subsidiary is responsible, but evidence has emerged suggesting Hamburg company Manwin Germany is behind it."
Sounds like Manwin's tax haven is about to get pulled out from under their feet of clay.



ADG
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Old 03-16-2013, 11:37 AM   #58
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And I siad that where exactly? The Cypriots will pay it all out one way or another, this situation didn't just develop in the past 10 minutes, they (including the mighty EU economists) had I would say adequate time to come up with a different solution. And no matter what that solution is, the Cypriots would have carried the burden and that's the way it is supposed to be, cuts in their income, bigger taxes, etc. .... but keep on spinning it.

You are still contradicting yourself and STILL wanting a 'commie' solution. Private companies are bankrupt but you want budget cuts, tax hikes,etc.


"Cyprus' banking industry ballooned to nearly eight times the country's gross domestic product at the height of the boom. In December, it was still more than seven times Cyprus' €17.5 billion GDP."

"Cyprus' banks held a lot of Greek debt and suffered significant losses when they took a write-down of those bonds as part of the Greek bailout. Much of Cyprus' bailout money will be used to recapitalize Cypriot banks to prevent them from collapsing. And with the banking system so large, the government wouldn't have been able to bail it out even in a healthy economy."


AGAIN the banks are bankrupt, either they use the only asset of value they have (deposits) to get a loan or they go under.
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Old 03-16-2013, 11:41 AM   #59
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iceland didn't bail out their banks

Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong

A funny thing happened on the way to economic Armageddon: Iceland’s very desperation made conventional behavior impossible, freeing the nation to break the rules. Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver.


http://www.washingtonsblog.com/2012/...-it-wrong.html
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Old 03-16-2013, 11:45 AM   #60
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Here in the U.S. the Democrat party calls that "revenue"

Over here we have the highest corporate taxes in the world. And they want to raise them even more.

I too, call it theft. But fiscal liberals call it an unfair portion of "the wealth" that needs to be taken from the bad and evil corporations.
You get lubed up before they shaft you...

This was 12 inches up the wrong hole with no warning and no KY.
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Old 03-16-2013, 11:49 AM   #61
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You get lubed up before they shaft you...

This was 12 inches up the wrong hole with no warning and no KY.
I feel your pain but the reality is the private sector lost all your money and then some...
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Old 03-16-2013, 11:54 AM   #62
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i thought this tidbit interesting:

And Iceland’s prosecution of white collar fraud played a big part in its recovery:

[The U.S. and Europe have thwarted white collar fraud investigations ... let alone prosecutions.] On the other hand, Iceland has prosecuted the fraudster bank heads and their former prime minister, and their economy is recovering nicely … because trust is being restored in the financial system.

http://query.nytimes.com/gst/fullpag...63&ref=iceland

http://www.icenews.is/2011/01/20/mor...kers-arrested/

Ex-Prime Minister of Iceland Convicted on Charge Related to Financial Crisis
http://dealbook.nytimes.com/2012/04/...ancial-crisis/
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Old 03-16-2013, 12:09 PM   #63
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The Manwin connection:



Sounds like Manwin's tax haven is about to get pulled out from under their feet of clay.



ADG
Wow this is eye opening ,thank you for this.






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Old 03-16-2013, 12:13 PM   #64
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Not to mention the clear message this is sending to all non-EU investors. Dear investors, welcome to the EU, please feel free to deposit your money in our banks.

PS We reserve the right to skim 10%, 20%, or 99% of these deposits, but not to worry, we will come up with some ridiculous justification
No kidding. It could be a very interesting week.

If I were in Italy, Spain or Portugal I would be thinking very hard about where my money is right now and on the guarantee of the governments there to insure deposits.
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Old 03-16-2013, 12:29 PM   #65
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No kidding. It could be a very interesting week.

If I were in Italy, Spain or Portugal I would be thinking very hard about where my money is right now and on the guarantee of the governments there to insure deposits.
These countries have assets and sources of revenue.

Cyprus is a country of 1,000,000 with a banking industry billions in debt.




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Last edited by Slappin Fish; 03-16-2013 at 12:38 PM..
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Old 03-16-2013, 12:54 PM   #66
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that's ok, but what about regular people who live in cyprus.. they should take away the 6.xx/10% from foreign business accounts or something like that.. I would be pretty much pissed if they would take away my personal money.
i would surely be pissed as well if someone decided to take 10% of my money

but taking my tax money to save banks so that others can keep their black money is no solution either
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Old 03-16-2013, 01:26 PM   #67
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Old 03-16-2013, 01:36 PM   #68
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The fucking EU is a left wing cancer that will implode in the not too distant future.
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Old 03-16-2013, 01:53 PM   #69
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I am wondering if Manwin is still in Cyprus....I know they are in the process of moving to Dublin....was this completed in time?
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Old 03-16-2013, 02:00 PM   #70
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I am wondering if Manwin is still in Cyprus....I know they are in the process of moving to Dublin....was this completed in time?
Smug suites you....
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Old 03-16-2013, 02:02 PM   #71
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Sort of interesting that the banks went down because they trusted that the EU would make good on Greek bonds. Oops! And now there is all of that offshore money that we can ding into so that the Greek bailout just continues to pay dividends.

Quit bailing everyone out. Dumb fucking decisions deserve to end in pain. If a country can't run itself then let it go under. The same with a bank.
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Old 03-16-2013, 02:13 PM   #72
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Hellenic bank just announced of 10% cut for business accounts.

Im still buying banner ad spaces though!

ICQ me.
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Old 03-17-2013, 10:54 AM   #73
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No kidding. It could be a very interesting week.

If I were in Italy, Spain or Portugal I would be thinking very hard about where my money is right now and on the guarantee of the governments there to insure deposits.
Put money in Norway (is out of EU and no government debt) or Switzerland (classic).
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Old 03-17-2013, 12:36 PM   #74
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Great, there goes my Cyprus "corporate vacation". Thanks.
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Old 03-17-2013, 02:28 PM   #75
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iceland didn't bail out their banks

Top Economists: Iceland Did It Right ? And Everyone Else Is Doing It Wrong

A funny thing happened on the way to economic Armageddon: Iceland?s very desperation made conventional behavior impossible, freeing the nation to break the rules. Where everyone else bailed out the bankers and made the public pay the price, Iceland let the banks go bust and actually expanded its social safety net. Where everyone else was fixated on trying to placate international investors, Iceland imposed temporary controls on the movement of capital to give itself room to maneuver.


http://www.washingtonsblog.com/2012/...-it-wrong.html
You do realize if they did same as iceland all those adult companies would lose 100% money and affiliates and others related to to them as well.
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Old 03-17-2013, 03:03 PM   #76
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when i understand it correctly, the Russian government now demands information about Russian individuals/companies that have accounts in Cyprus in exchange for not demanding a loan of ?2,5 billion being repaid on time...
no shit ? ........ Some of my Russian friends wont be too happy, nor some others who have accounts there
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Old 03-17-2013, 03:07 PM   #77
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My Paypal account - You think I am joking....
Paypal now issues a 1099-k on 20k and/or 200 transactions and above.
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Old 03-17-2013, 03:14 PM   #78
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You do realize if they did same as iceland all those adult companies would lose 100% money and affiliates and others related to to them as well.
no, how would i realize that based on how iceland handled their banking crisis?
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Old 03-17-2013, 03:16 PM   #79
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You do realize if they did same as iceland all those adult companies would lose 100% money and affiliates and others related to to them as well.
are you saying those economists are wrong?

or suggesting the rest of the world should not do it the right way because some adult companies would get impacted?

Last edited by dyna mo; 03-17-2013 at 03:18 PM..
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Old 03-17-2013, 03:36 PM   #80
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are you saying those economists are wrong?

or suggesting the rest of the world should not do it the right way because some adult companies would get impacted?
I dont suggesting anything,just stated how copying their action would affect our industry.Beside i dont think there is any universal receipt to fix things since economy of each country is different,Island is not realy good example since it have only 300k residents.
But when it comes to receipe for banks,i would simply restrict banks to doing only account service things(bank account maintance and fees related to it)and not allow any investment/loan activities.
That way financial institution cant go out of bussiness unless you go full retard like Malick did.
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Old 03-17-2013, 03:37 PM   #81
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but taking my tax money to save banks so that others can keep their black money is no solution either
i never said it is
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Old 03-17-2013, 03:44 PM   #82
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I dont suggesting anything,just stated how copying their action would affect our industry.Beside i dont think there is any universal receipt to fix things since economy of each country is different,Island is not realy good example since it have only 300k residents.
But when it comes to receipe for banks,i would simply restrict banks to doing only account service things(bank account maintance and fees related to it)and not allow any investment/loan activities.
That way financial institution cant go out of bussiness unless you go full retard like Malick did.
i don't have any cash in cypus banks so this doesn't impact me, but for an american, i'd choose to try the iceland method over how we handled it.
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Old 03-17-2013, 03:50 PM   #83
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i don't have any cash in cypus banks so this doesn't impact me, but for an american, i'd choose to try the iceland method over how we handled it.
I dont have either,but this would affect you too unless you dont have absolutely any bussiness connections with companies having account there.Also,i dont consider Island idea bad,it is actualy good to shutdown banks instead saving them but people money should be preserved.

Last edited by Klen; 03-17-2013 at 03:52 PM..
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Old 03-17-2013, 05:09 PM   #84
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Just another example of how corrupt governments are.

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Old 03-17-2013, 05:30 PM   #85
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i don't have any cash in cypus banks so this doesn't impact me.
Until next week you discover some program does not pay you as an affiliate because lost money in Cyprus.
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Old 03-17-2013, 05:42 PM   #86
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there goes the Cypruss reputation... Nobody will ever open company in there if he knows that their government can simply take/steal the percent of the money you have in there without any reason or warning...
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Old 03-17-2013, 06:04 PM   #87
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Until next week you discover some program does not pay you as an affiliate because lost money in Cyprus.
so you're saying an entire country+ should sacrifice because i might lose some money next week?
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Old 03-17-2013, 06:17 PM   #88
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Just another example of how corrupt governments are.

i have to agree on this.
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Old 03-17-2013, 06:23 PM   #89
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AGAIN the banks are bankrupt, either they use the only asset of value they have (deposits) to get a loan or they go under.
Why instead of stealing the money they would have "loaned" those 9.9% with a promise to pay back in few or more years?

I would have been less damaging because now nobody would trust their banks. If they promised to pay it back the damage would be smaller and they would have a chance to restore their image and trust.
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Old 03-17-2013, 06:40 PM   #90
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Is this legit?
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Old 03-17-2013, 06:49 PM   #91
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About a third of the companies I do business with pay me from accounts in Cypress. Next payout dates may be depressing.
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Old 03-17-2013, 06:55 PM   #92
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Is showing up at a Cyprus bank with a shotgun to withdraw your money any more illegal than what the gov't is doing to the depositors?

/sarcasm

What a shitty situation over there. Definitely something to watch as the week progresses.
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Old 03-17-2013, 08:24 PM   #93
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so you're saying an entire country+ should sacrifice because i might lose some money next week?
BULLSHIT !!!!! Your deposits should be "Sacred" and not to be tampered with over some governments inability to control finances. A lot of cases, specially for the small depositors, this is already after tax money, now they are getting fucked over.
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Old 03-17-2013, 09:14 PM   #94
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Pretty scary messing with the Russians and their money. Cypriots are tough but wonder if any of their politicians are going to disappear after this
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Old 03-17-2013, 10:21 PM   #95
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Everybody going to pull out funds, when bank opens, and banks will be fucked,here comes another wave like we had in 2009
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Old 03-18-2013, 07:07 AM   #96
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BULLSHIT !!!!! Your deposits should be "Sacred" and not to be tampered with over some governments inability to control finances.
I was born in USSR. I have seen currencies come and go.
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Old 03-18-2013, 07:12 AM   #97
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The most of the money is illegal.

This should have been done decades past.
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Old 03-18-2013, 07:17 AM   #98
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The most of the money is illegal.

This should have been done decades past.
i read the majority consists of cyprus citizens/residents, so the money in their accounts is illegal?
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Old 03-18-2013, 08:10 AM   #99
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i read the majority consists of cyprus citizens/residents, so the money in their accounts is illegal?
This is how the media will make it appear.

Most of the citizens have less than 1,000 (one thousand) in their bank accounts and 90% have less than 5,000 (five thousands)

This is about cleaning the corruption. Decades ago Cyprus was where arms merchants, Afghanistan drug smugglers and Turkish sex slave traders deposited their money. Much of this still happens but today we can put up also russian child pornographers, Internet pirate sites and stock market speculators looking to hide their money.

Do not believe what you read in the press and believe even less what you read on the Internet. Some very rich people do not want their dirty connections exposed so they are using their influence to win the support of the public opinion. And regardless of the site you read, the Internet is part of the United States Media Control Complex. This complex will use any trick it can to make Europe look like a failing socialist hell hole.

This is just the start and there will be many things to come.
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Old 03-18-2013, 08:48 AM   #100
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About a third of the companies I do business with pay me from accounts in Cypress. Next payout dates may be depressing.
Im' receiving emails from programs, ad networks, partners etc., with their new bank account where to pay (including recommendation in red color: **DO NOT SEND IN OLD CYPRUS BANK ACCT!**).
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