The Day The ATMs Stopped Working

I warned about this starting in 2008. Now it’s happened. In Cyprus.

Cyprus Bank Deposits to Be Taxed in $13 Billion Bailout

The tax on deposits, as well as hurting wealthy Russians with money in Cypriot banks, will also sting ordinary citizens. Some ATMs in the country ran out of cash, Erotokritos Chlorakiotis, general manager of the Cooperative Central Bank, told state-run CYBC.

Funds to pay the levy were frozen in accounts immediately, ECB Executive Board Member Joerg Asmussen said. The levy will be assessed before Cypriot banks reopen on March 19 after a March 18 national holiday. Sarris said electronic transfers will also be limited until then.

Boldfaced emphasis added by me.

Let’s cut to the damn chase: That’s not a tax. That’s a confiscation of the hard-earned money of working people to restore the losses of the idle betting classes (what are laughably called “investors” — but who aren’t).

We’re in the fifth year of this slow-motion collapse. And it’s not over yet.


The madness of the bailout in Cyprus


Filed under Collapse, Pottersville

2 responses to “The Day The ATMs Stopped Working

  1. Well, remember, Cyprus was manhandled into buying Greek bonds to bail Greece out, but those went south (predictably) and finally Germany said, “Um, you’re on your own, kids. Go get an apartment and a job and see how YOU like being an adult.”

    So now Cyprus has to prop up its owndamnself AND Greece.

    And to think! Wealthy Russians parked their cash there to avoid this bullshit.

    Never fear! Deposit levies coming to an American bank near you. Soon. “And this is why we buy silver and gold, children.” (Yes, I said this to my tax deductions.)

    • mikecane

      >>>Cyprus was manhandled into buying Greek bonds to bail Greece out

      They don’t get any sympathy from me.

      “If X told you to jump off a bridge, would you?”

      Come on. This shit is Mom 101. And these aren’t KIDS.

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