"Levy on Cyprus Depositors is Inevitable" - Eurogroup Chief
UPDATE 1-Levy on Cyprus depositors is inevitable -Eurogroup chief
By Robin Emmott
BRUSSELS, March 21 (Reuters) - Russia is not going to come to Cyprus's rescue with new loans and any bailout of the Mediterranean island will have to involve some kind of levy on depositors, the man leading the euro zone's efforts to reach a deal said on Thursday.
["will have to"... sounds mandatory.]
Cyprus has faced the prospect of bankruptcy since Tuesday when its parliament voted unanimously against a levy on bank deposits to raise almost 6 billion euros ($7.5 billion) demanded by the euro zone, in addition to a 10 billion euro rescue.
[The EU allowed Cyprus to amass 'too much debt', and now won't help them unless they rob private bank accounts.]
Jeroen Dijsselbloem, who chairs meetings of euro zone finance ministers, said the deal offered early on Saturday was not dead and that there were few alternatives for Cyprus.
[the deal isn't dead because it "will have to" happen.]
"It's probably inevitable there will be some kind of levy in the final package that we will agree upon," Dijsselbloem told the European Parliament.
["probably" "inevitable"...? sounds a lot like plain old "inevitable"... and it's "probably" the reason Cypriot bank accounts are currently Frozen, since money can't be stolen if it's not in the bank. Besides, how can a levy which "will have to" happen still be a "probability"?]
"The levy I can strongly defend, because it is a direct way to ask a contribution of the deposits of the banking sector in Cyprus, which is inevitable if you want to a build a package which doesn't bring more loans and more debt to Cyprus," he said.
[I just want to point out that this 'direct way to ask a contribution' is inevitable in order to get the EU's backing.. so, in other words, it's just plain mandatory theft.]
Warning that the problems in Cyprus pose a systemic risk to the euro zone, he said he hoped Cyprus could agree a fairer balance between depositors in their contribution to helping the country out of its difficulties.
"The vast amount of deposits in Cyprus are not really savers, they are investors," Dijsselbloem said.
[That must make it OK to steal, right? ]
At the centre of the furore is a proposal that puts the levy on both savers with under 100,000 euros on deposit as well as those over that level. Since there is in theory insurance on deposits up to 100,000 euros, the plan would hit small savers.
Dijsselbloem said he and his euro zone peers had urged Nicosia to avoid hitting accounts below 100,000 euros and to instead increase the levy on big accounts.
"The Eurogroup thinks it's very important that we should have a fair burden share, and that means a larger contribution from large depositors than, of course, from small depositors."
["a fair burden share"... so, what's good for Cyprus is good for all EU countries.. and what's good for the EU is good for the UN..
And, what's good for the UN is good for the NWO, and what's good for the NWO is good for the Antichrist, and what's good for the Antichrist is good for the Devil...
And, what's good for the Devil, is bad for Believers.. It all makes perfect sense, right? ]
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AdminPermalink Reply by Sinclair on -
Europe Is Getting Smoked This Morning: Cyprus Central Bank Fires Bank of Cyprus Chief Kipri!!! Italian Industrial Orders Come In Horrible;Confidence Sinks; Uninsured Laiki Depositors Could Face 80% Haircut; SPAIN -1,70%; Euro Under 1.28 For First Time Since November
Read more at http://investmentwatchblog.com/europe-is-getting-smoked-this-mornin...
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