What to Keep in Mind about the Tax on Cyprus Bank Deposits

This is strictly a hit on bank depositors and not the type of default that would be advocated by free market types, who would like to see an entire cleansing of the corrupt, manipulated system that works for the banksters and hardly anyone else.

It's an entire crony bankster program. Those who lent money to Cyprus’s banks by buying their debt rather than by depositing money at the banks, will suffer no losses at all. Those who lent money to the insolvent Cypriot government, will be paid off at 100 cents on the euro. In other words, the banksters are protected. Only depositors with banks will suffer losses in this International Monetary Fund engineered plan. It's as blatant example of who the IMF really works for.

This is not the liquidation of a bad system. It is an attempt to protect the crony system and the banksters who are part of it. It is a tax on the "little people" who keep their funds in the form of deposits, rather than bonds, who will suffer financial loss.

UPDATE:

 The UK is going to compensate troops and government workers stationed in Cyprus, for any money lost by the tax.

Got that? The UK government is going to bailout those Brits connected to the UK government who have money taxed away as a result of the Cyprus government bailout. This means the average Brit is going to see tax money going to the bailout of the bailout. Note well: No one is coming to the rescue of the Brit taxpayer or the average Cyprus depositor. But, if you are somehow involved with government, either by holding Cyprus bonds or working for the UK, you are protected.

(ht Travis Holte)

UPDATE 2

A protest outside the Cyprus Parliament is scheduled tomorrow at 15:30, "against the destructive proposals Troika - haircut, privatization etc".

UPDATE 3


From Ekathimerini:

Leftist AKEL, social democratic EDEK and the Ecologists, as well as the European Party, that had sided with Anastasiades in the presidential runoff three weeks ago have expressed their intention to vote against the bill, which would mean there will be not be enough votes for the government's side.