Could This Be Coming To A Bank Near You?

[anotheoldgit]

http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied-Cyprus-savers-learn-10billion-euro-bailout-agreement-includes-levy-bank-accounts.html

Could other EU countries follow this idea ?

[netibiza]

We ex-pats in Spain are having out British savings taxed by Spain even though we have paid tax in Britain. There will be nothing left for our old age and then what, the governments will have to support us, ridiculous.

[factor-fiction]

Do you mean your interest is being taxed, netibiza, because the same thing happens in the UK, although maybe the rates are different. I'm pretty sure there isn't a levy on savings in Spain along the lines of that announced for Cyprus

[factor-fiction]

Or do you mean your interest is taxed in UK and then taxed again in Spain- i.e. double taxation of interest (triple taxation if you allow for the fact that savings usually come from income that's already been taxed)?

[Sqad]

netty...why are you paying British tax?

If you are resident in Spain, then ALL interest wherever it is will be taxed by Spain.

[Sqad]

FF ...Sorry...doubled posting.

[factor-fiction]

No problem sqad- I do it all the time. You are based over there I think so your input is more valuable than mine here

[youngmafbog]

Anyone arguing that this is nothing to do with Cyprus' membership of the EU is deluded.

Whilst it is also true that the Cypriot government has not been the most prudent their hands are also tied by membership.

The Euro and its implementation is very flawed and has to change to work, but that would probably hit the Germans so is unlikely to happen. To think that two Economies such as Germany and Cyprus and co exist is lunacy.

but then Europhiles would argue black is white if it furthered their cause.

[AB Editor]

This is the point where the EU has crossed the line of fair play for me.

[emmie]

crossed the line and running as fast as possible, away from decency and common sense.

[LazyGun]

Regardless of whom you think was the culprit in Cyprus's woes, making it a pre-condition of any bailout loan that they raid individual savings accounts is an extremely draconian measure, and very undemocratic too.

(Although this measure has not actually been introduced as yet, has it? It has been proposed but not presented for a vote)

And it has been a pretty appalling way of handling the whole business - effectively denying your population access to ready cash for several days over a busy weekend whilst you make your mind up what to do....

[emmie]

they are voting on it today i believe? and this won't just affect Cypriots, but all the ex pat British...

[emmie]

and they won't be in the frame to get any help from our government, that would only apply apparently to service personnel and British government employees

[BayBoy1]

The UK con party say they can not interfere with the huge bonuses , that bankers are paid, although if what is happening in Cyprus, spread to the UK,they would find a way of taking the money out of our bank accounts..

[emmie]

i dare them to try, there would large scale riots, and make the last ones look like a childrens tea party.

[LazyGun]

http://www.bbc.co.uk/news/world-europe-21842966

[emmie]

was just watching that x