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The original bailout plan, announced last Saturday, would have raised €5.8bn by skimming nearly 7% off all bank deposits of less than €100,000, and 9.9
by kruhft 14y ago
The original bailout plan, announced last Saturday, would
have raised €5.8bn by skimming nearly 7% off all bank
deposits of less than €100,000, and 9.9% of bigger bank
accounts.
Source: http://www.guardian.co.uk/world/2013/mar/22/cyprus-savings-tax-russia-back http://www.guardian.co.uk/world/2013/mar/22/cyprus-savings-t...
Tell that to those in Cyprus how well the official system is doing at storing their value.
Edit: I'm sure you would call those people 'currency hoarders' since storing money in the bank means it's not flowing in the economy.
- danielweber 14y agostoring money in the bank means it's not flowing in the economy Money in the bank is flowing through the economy, since the bank has lent it out to others. You can have issues with partial-reserve banking, or not. But keeping a bunch of dollars or Euros in the bank is not hoarding them. They are active in the economy.
- kruhft 14y agoThat edit was meant to be a joke based on the type of typical, echo chamber, limited knowledge response the s/he gave. And since the repeal of Glass-Steagall who knows where the money in bank deposits goes.