Folks, Strangely enough, tiny Cyprus seems to be sending the correct message to all those who send their money abroad so as to escape taxes. The message is: "Pay your taxes at home and let the local economy benefit from your deposits or let the tax haven banks decide what to do with your money." Mervyn1650 --------------------------------------------------------------------------------------
The Bank of Cyprus, the island’s largest bank said it has converted 37.5% of deposits exceeding 100,000 euros into a Class A share, with an additional 22.5% held as a buffer for possible conversion in the future. Anther 30% will be temporarily frozen and held as a deposit. So the amount of money that has been taken from the Cyprus depositors is an all practicality almost their entire accounts. Major depositors funds have now been taken in grand style. Depositors everywhere are now defined as lenders to the banks. Today is a day of financial infamy. History will see this event as serious as the flushing of Lehman Brothers.... The flushing of Cyprus was done to steal massive funds from depositors. The major percentage of their funds taken were replaced by worthless stock in a bankrupt bank. Up to now everything in Cyprus was speculation as no definitive action had taken place. Now it has. Are you a depositor in your bank? Then know you are now lending your money to that bank with virtually no return. So the bank earns big money and you get none of it, but assume all of the risk. If the bank goes broke because of their criminal activities, you lose your money. From Jim Sinclair 28th April 2013
