In response to:

Private Bank Account Raids Spread to Italy, Spain

liberty not license Wrote: Mar 26, 2013 11:55 AM
So Nina Easton said last night on Hannity that it is ok to take the depositors' money, because really it is the money of Russian oligarchs. Soooo..now depending on who the depositor is determines if he or she is "worthy" enough to get his or her OWN MONEY BACK????
rmt5 in MA Wrote: Mar 26, 2013 12:15 PM
In fairness to Easton, she made a reasonable point that it is the people involved who are paying for this rather than outsiders providing a bailout. Unfair things happen either way but why should Cyprus' failings be subsidized by other countries?
liberty not license Wrote: Mar 26, 2013 12:51 PM
I disagree. Was it the depositors who made the bank fail? Maybe I am missing something here, but when I put my money in the bank, that seems to help the bank, not make it fail.

And apparently, Cyprus's failings are being subsidized by Russian depositors' money. Why are the people responsible for the failures not the ones paying? I would assume those to be those who made bad loans or bad policy.
liberty not license Wrote: Mar 26, 2013 1:12 PM
Furthermore, if it is the case that the depositors are culpable for Cyprus' failings, then why was the original plan, which had every depositor affected, modified to only affect "some?" By Easton's reasoning, all depositors should pay since all are culpable, not just those with bigger deposits.

But that is anathema to redistributists/socialists. Hence, now only a certain segment of society must pay. Evil.
rmt5 in MA Wrote: Mar 26, 2013 1:16 PM
I agree with all that. But, Easton sees it as a Cyprus problem that Cyprus must resolve and whatever fallout occurs is on THEM. I can't fault that sentiment.
liberty not license Wrote: Mar 26, 2013 1:28 PM
I hear you. But if you remember, she started out saying it was the Russian oligarchs who were going to be "hit." I don't believe they are Cypriots, are they? It was what I perceived her rather cavalier attitude towards those deposits that irritated me. She seemed to me to be saying, "Oh well, the rich Russians will pay. Cest la vie." There are likely no good answers, but raiding 40% of a deposit just because it is above a certain level, and being defended by Easton, to me was rather breathtaking.
rmt5 in MA Wrote: Mar 26, 2013 1:41 PM
I'm appalled by that too. And there must be citizens (not just the oligarchs) there who will have their life savings raided. I mentioned Easton's other comment to point out that she wasn't TOTALLY off the wall.
liberty not license Wrote: Mar 26, 2013 1:46 PM
So true. It is a strong possibility that there are Cypriots with deposits at that level, which likely represent a lifetime of work and sacrifice. And, by Cyprus's membership in the EU, the responsibility is no longer "just Cyprus's" I would think. Isn't that the whole point of belonging to the EU in the first place?
rmt5 in MA Wrote: Mar 26, 2013 1:59 PM
I don't know. Seems like socialists make up stuff as they go along. They don't specialize in absolutes.

Despite the small country of Cyprus receiving a bailout from Russia to prevent an economic collapse and bankruptcy, many with deposits in the banking system will see as much as 40 percent in losses. Before the bailout, the Cyprus government suggested confiscating private bank savings to solve the short term problem. Some have argued the confiscation of personal funds can only happen in tiny countries like Cyprus and of course couldn't happen anywhere else however, it looks like Italy and Spain are getting ready to raid private bank accounts in an attempt to offset decades of poor economic decisions.

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