4 ms·
Cypress is attractive, except for the fact they are the first nation to have "tried" a "bail-in" of sorts where the gov't pillages the bank accounts of its citi
by d33lio 6y ago
Cypress is attractive, except for the fact they are the first nation to have "tried" a "bail-in" of sorts where the gov't pillages the bank accounts of its citizens for monetary relief in 2013.
I have a relatively scant understanding of the recent Dodd Frank legislation in the U.S. that has outlined how this could happen in the U.S. - fortunately it outlines that only non FDIC insured assets can be seized by banks.
https://www.forbes.com/sites/nathanlewis/2013/05/03/the-cyprus-bank-bail-in-is-another-crony-bankster-scam/?sh=3411623f2685 https://www.forbes.com/sites/nathanlewis/2013/05/03/the-cypr...
- simonebrunozzi 6y agoAnd then the Russians (with money in Cyprus) called Putin and Cyprus changed course.
- d33lio 6y agoInteresting. Either HN is controlled by russian money or there are people who support bail-ins on HN? (re: my parent comment was downvoted?)
- doubleunplussed 6y agoFunny. Other countries have inflated away their debt, which is essentially the same thing as just taking a certain fraction of everyone's money. Printing money to pay debts would also have the same effect (since it would cause inflation). The only reason Cyprus would have to resort to taking its citizens' money is because these options aren't available to it, since it doesn't control it's own currency. You'd never see the US do the same because there's no need - a country that controls its own currency should always be able to pay its debts.
- thefounder 6y ago>> a country that controls its own currency should always be able to pay its debts. That only if it borrows in its own currency which may not work on small countries, big loans or weak currencies because the lenders want a safe currency(i.e eur, usd).
- deleted 6y ago[deleted]