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Rob MacLennan said:
Russians who have been dodging their part of The State's tax burden, by getting their money out of the country. How much of that money is tied to illegal activities? When a country profits from that sort of thing, it's eventually going to come back and bite it in the butt.
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I sure don't feel sorry the Russian thug money that's got tangled up in this. (And I don't think Russian billionaires made their money by hard work. Poor Russian people have never had good govt.)

It's just weird on many counts. The banks fall overthemselves to attract funny money. Then the banks blow their brains out by investing in Greek bonds. Then the same geniuses think, for the bailout, "OK. So we'll screw around with Russian mob money and our own citizen's savings."

I hope Cyprus has beaches and sand, because their financial services industry is toast - nobody is going to deposit money in any of their banks for a long time.
 
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The issue is not about whether the money was from illegal activities, but more of a test case to see how the people react to this type of theft. Cyprus represents only 0.02% of the Euro zone economy. There is all kinds of illegal money in the US as we just witnessed HSBC for drug money laundering. Kerry is back in Afghanistan to patch up relations there 2 days after Afghani authorities seized tonnage of drugs. Kerry comes out and says that the media was blowing out of proportion the state of the relationship and that everything is fine. The Vatican is also dealing in black money buy I can assure you that bank won’t be giving its clients a haircut. Past presidents have millions on deposit there. The private Carlisle bank won’t be giving their clients a haircut either. They have clients like the Queen and George Bush’s money, even Saddam had his money there. It’s a private bank by invitation only. The uber rich have a safe haven for their money. Italy looks next in line for a haircut, then Portugal, Ireland and UK. They are some of the highest leveraged banks. They have opened Pandora’s Box with this Cyprus theft. Euro zone is now looking at capital controls to stave off bank runs. As of budget day Canada now requires banks to provide information to the CRA for any wires greater than $10k. People will be looking for a safe harbour to park their money. Canada has yet to develop the policy on the thresh hold amounts and US has reduced the insurable amount to $100k from $250k. The $100k includes the total sum of all accounts that person has in his name regardless what banks. So you can’t spread the risk amongst several institutions. You can’t say that all they were after was black money.
 
CruisnGrrl said:
Coming to Canada
http://www.prisonplanet.com/cyprus-...-the-new-2013-canadian-government-budget.html
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In following quote guy says that 'bail-in debt' is grabbing depositor money:

"So if the banks take extreme risks with their money and lose, “certain bank liabilities” (i.e. deposits) will rapidly be converted into “regulatory capital” and the banks will be saved."

That is NOT what the Canadian govt. is saying; bondholders suffer in case of bail-in, not depositors

e.g in http://www.bankofcanada.ca/wp-content/uploads/2011/12/fsr-1210-dsouza.pdf

2nd page top left "With bail-in debt, this contractual mechanism is
extended beyond the regulatory capital base to senior debt
securities of the issuing bank."

Depositors are still sacred in Canada.

Never say never of course, but if you're looking for evidence of a 'plan' there isn't one.
 
As i understand, that is whats being done in Cyprus as well. They arent just taking your money and walking away, noooo, they are converting that money to bonds and bank shares, forcefully. They dont need your acceptance anymore, you WILL become a shareholder of that bank.

The fact that the shares are worthless is secondary.

johnp said:
In following quote guy says that 'bail-in debt' is grabbing depositor money:

"So if the banks take extreme risks with their money and lose, “certain bank liabilities” (i.e. deposits) will rapidly be converted into “regulatory capital” and the banks will be saved."

That is NOT what the Canadian govt. is saying; bondholders suffer in case of bail-in, not depositors

e.g in http://www.bankofcanada.ca/wp-content/uploads/2011/12/fsr-1210-dsouza.pdf

2nd page top left "With bail-in debt, this contractual mechanism is
extended beyond the regulatory capital base to senior debt
securities of the issuing bank."

Depositors are still sacred in Canada.

Never say never of course, but if you're looking for evidence of a 'plan' there isn't one.
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^ Cyprus is going after the depositors, i.e. people like you and me who have bank accounts.

The Canadian govt. is talking about bad things happening to people who own bank bonds, i.e. not going after depositors.

Both deposits and bonds are 'liabilities' of the bank, (in that the banks owe money to both depositors and bondholders); this is what tinfoil hat guy is glomming onto and pretending that Canada is also targeting depositors.
 
If the govt. was planning to tap depositors, they would never broadcast it. Even dumb*** Cyprus didn't do that. So you're never going to see that written as a possibility.

You don't grab depositors' money because it's too nutty. What happens to Cyprus now - now that they're back in the stone age?
 
I dont take that bill as coming out and blatantly saying it. For one its buried in hundreds of pages. Two, its worded very vague on purpose. It can be interpreted in diff ways and thats what governments love. They will never condone theft, but like i said earlier. Saying that only shareholders will be liable is a moot point when the bank forcefully MAKES the depositors into shareholders.

This will happen as the entire world comes to the realization that everyone is running out of $$ from decades of spending like there is no tomorrow.

johnp said:
If the govt. was planning to tap depositors, they would never broadcast it. Even dumb*** Cyprus didn't do that. So you're never going to see that written as a possibility.

You don't grab depositors' money because it's too nutty. What happens to Cyprus now - now that they're back in the stone age?
Click to expand...
 
johnp said:
In following quote guy says that 'bail-in debt' is grabbing depositor money:

"So if the banks take extreme risks with their money and lose, “certain bank liabilities” (i.e. deposits) will rapidly be converted into “regulatory capital” and the banks will be saved."

That is NOT what the Canadian govt. is saying; bondholders suffer in case of bail-in, not depositors

e.g in http://www.bankofcanada.ca/wp-content/uploads/2011/12/fsr-1210-dsouza.pdf

2nd page top left "With bail-in debt, this contractual mechanism is
extended beyond the regulatory capital base to senior debt
securities of the issuing bank."

Depositors are still sacred in Canada.

Never say never of course, but if you're looking for evidence of a 'plan' there isn't one.
Click to expand...

That document is several years old. Nowhere in the 2013 federal budget action plan does it go into further detail beyond stating that bank will be able to turn some liabilities into capital. I don't think its prudent to dismiss it, or to assume that they mean specifically bonds and shareholders. They're being vague purposefully.

Cyprus is indeed a test bed, and you can bet the rest of the world is watching closely on how it plays out.
 
There are many more business casualties in Cyprus as businesses cannot withdraw enough money for payroll and others such as farmers needing to purchase feed stock. A limit of 300 euros per day is allowed. Not just mafia money. Sad story in an Auzzie paper. I went to sleep Friday as a rich man. I woke up a poor man ''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.'' John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery. He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings. He planned to spend it on his grandchildren - some of whom live in Cyprus - putting them through university and setting them up. There would be medical bills; he has a heart condition. The interest was paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a boat. He wanted to leave any big purchases a few years, to be sure this was where he would spend his retirement. There was no hurry. But now it is all gone. ''If I made the decision to stay, I was going to build a house,'' John says. ''Unfortunately I didn't make the decision yet.


In case you are unfamiliar with bank parlance, deposits are not "assets" they are "liabilities". A plan that would turn "certain bank liabilities" into regulatory capital is a plan to confiscate deposits.
 
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imkruzen said:
There are many more business casualties in Cyprus as businesses cannot withdraw enough money for payroll and others such as farmers needing to purchase feed stock. A limit of 300 euros per day is allowed. Not just mafia money. Sad story in an Auzzie paper. I went to sleep Friday as a rich man. I woke up a poor man ''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.'' John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery. He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings. He planned to spend it on his grandchildren - some of whom live in Cyprus - putting them through university and setting them up. There would be medical bills; he has a heart condition. The interest was paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a boat. He wanted to leave any big purchases a few years, to be sure this was where he would spend his retirement. There was no hurry. But now it is all gone. ''If I made the decision to stay, I was going to build a house,'' John says. ''Unfortunately I didn't make the decision yet.


In case you are unfamiliar with bank parlance, deposits are not "assets" they are "liabilities". A plan that would turn "certain bank liabilities" into regulatory capital is a plan to confiscate deposits.
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Looks good on him. I can't stand people like that. They (in his case $1M) make their fortunes in (what he refers to, as a 'safe') countries, and retire elsewhere & take their loot with them.
Much like Ruski (and other foreign) hockey (or any sport) players. Mother ****ers make $10M / yr, and as soon as a knee blows out, away they go - taking gobs of Cdn & US cash out of said country.
I have ZERO pity for him & his like.
 
A company owned by in-laws of Cypriot President Nicos Anastasiades wired €21 million from Laiki Bank to London days before the Eurogroup’s crisis-triggering levy proposal, claims a Cypriot newspaper. The president demands an investigation.
During two days, 12 and 13 of March, the company A.Loutsios & Sons Ltd., co-owned by Loutsios John, the husband of Nikos Anastasiadis’ daughter, Elsa, took five promissory notes worth €21 million from Laiki Bank. The money was then transferred to London, reported Cypriot newspaper Haravgi, affiliated to the communist-rooted AKEL party.

The withdrawal was fulfilled just three days before the Eurogroup meeting when euro finance ministers agreed a 10 billion euro ($13 billion) bailout for Cyprus.

The company, however, has firmly denied the reports.
 
Gary said:
Looks good on him. I can't stand people like that. They (in his case $1M) make their fortunes in (what he refers to, as a 'safe') countries, and retire elsewhere & take their loot with them.
Much like Ruski (and other foreign) hockey (or any sport) players. Mother ****ers make $10M / yr, and as soon as a knee blows out, away they go - taking gobs of Cdn & US cash out of said country.
I have ZERO pity for him & his like.
Click to expand...

John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery. He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia.
 
imkruzen said:
John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery. He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia.
Click to expand...

Crikey.
 
"as soon as a knee blows out, away they go - taking gobs of Cdn & US cash out of said country."

If you ever decide to leave the country, you can be a good patriot and leave your cash with me. I'll spend it here on your behalf to boost the economy and everyone like you will be thankful.
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