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Post by mh on Mar 18, 2013 6:06:51 GMT 1
As we all know, Cyprus government introduced a one off chance to convert savings into the ownership of the Cyprian banks. And all under the EU legal framework. Some call it tax, but it is not. Some call it seizing, I do not agree ....
As Croatia does not have significant deposits from abroad, but significant property investment, it would be interesting model to follow and bulletproof Croatians and Croatian state from any economic shock in future. In any case, worthwhile implementing.
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Post by crojoe on Mar 18, 2013 11:29:34 GMT 1
As we all know, Cyprus government introduced a one off chance to convert savings into the ownership of the Cyprian banks. And all under the EU legal framework. Some call it tax, but it is not. Some call it seizing, I do not agree .... As Croatia does not have significant deposits from abroad, but significant property investment, it would be interesting model to follow and bulletproof Croatians and Croatian state from any economic shock in future. In any case, worthwhile implementing. What is happening in Cyprus amounts to theft by government (local and EU). I say this, as for anyone that lives and works in Cyprus, this is a tax on their savings. Apart from certain foreign billionaires stashing their ill gotten fortunes in what they deemed a "safe haven" (tax free), the common person with a savings account has already paid tax on their income (even if it is only 10%) and that money in the bank is their life's savings. So, in essence what the government (EU) are trying to do is rip the people off to pay for the mistakes of their banks and their governments. I honestly feel this is a test tube experiment to see what the locals will do and how the rest of the EU will respond. Most of the EU population won't care as it didn't happen to them, but if this scheme gets rolled out to other EU countries then we will most likely see uprising. I'd love to see the EU try this scheme in a place like France. It's all down to bad investments. |
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Post by prkbrk on Mar 18, 2013 11:36:50 GMT 1
As we all know, Cyprus government introduced a one off chance to convert savings into the ownership of the Cyprian banks. And all under the EU legal framework. Some call it tax, but it is not. Some call it seizing, I do not agree .... As Croatia does not have significant deposits from abroad, but significant property investment, it would be interesting model to follow and bulletproof Croatians and Croatian state from any economic shock in future. In any case, worthwhile implementing. What is happening in Cyprus amounts to theft by government (local and EU). I say this, as for anyone that lives and works in Cyprus, this is a tax on their savings. Apart from certain foreign billionaires stashing their ill gotten fortunes in what they deemed a "safe haven" (tax free), the common person with a savings account has already paid tax on their income (even if it is only 10%) and that money in the bank is their life's savings. So, in essence what the government (EU) are trying to do is rip the people off to pay for the mistakes of their banks and their governments. I honestly feel this is a test tube experiment to see what the locals will do and how the rest of the EU will respond. Most of the EU population won't care as it didn't happen to them, but if this scheme gets rolled out to other EU countries then we will most likely see uprising. I'd love to see the EU try this scheme in a place like France. It's all down to bad investments. If they tried to do it in the UK, it would be interesting to see what the Arab investors would do with their various accounts! Given that the rates of interest in most of EU are minimal to zero then to actually have the nerve to say 'oh we are going to ask that you pay 7% or whatever on you savings/investments' would without doubt cause civil unrest. I think the EU are actually trying a 'Maggie tactic' here by imposing this on a small country- bit like the poll tax that was first introduced in Scotland. I think it might be wise for any EU folk who have money in Croatian banks right now to assess pre- July if they should only be keeping a bare minimum of their investments locally..oh well back to the days of 'under the matress', 'in the biscuit tin', etc  |
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Post by crojoe on Mar 18, 2013 11:42:38 GMT 1
What is happening in Cyprus amounts to theft by government (local and EU). I say this, as for anyone that lives and works in Cyprus, this is a tax on their savings. Apart from certain foreign billionaires stashing their ill gotten fortunes in what they deemed a "safe haven" (tax free), the common person with a savings account has already paid tax on their income (even if it is only 10%) and that money in the bank is their life's savings. So, in essence what the government (EU) are trying to do is rip the people off to pay for the mistakes of their banks and their governments. I honestly feel this is a test tube experiment to see what the locals will do and how the rest of the EU will respond. Most of the EU population won't care as it didn't happen to them, but if this scheme gets rolled out to other EU countries then we will most likely see uprising. I'd love to see the EU try this scheme in a place like France. It's all down to bad investments. If they tried to do it in the UK, it would be interesting to see what the Arab investors would do with their various accounts! Given that the rates of interest in most of EU are minimal to zero then to actually have the nerve to say 'oh we are going to ask that you pay 7% or whatever on you savings/investments' would without doubt cause civil unrest. I think the EU are actually trying a 'Maggie tactic' here by imposing this on a small country- bit like the poll tax that was first introduced in Scotland. I think it might be wise for any EU folk who have money in Croatian banks right now to assess pre- July if they should only be keeping a bare minimum of their investments locally..oh well back to the days of 'under the matress', 'in the biscuit tin', etc The business to capitalize on now is home safes. Just make sure it's gold you save as soon (if not already) paper money won't be worth the paper it is printed on. One guy I spoke to years back who lived through the great depression and wars said one should buy alcohol like rum, Jack Daniels etc. as this turns to gold for bartering and selling when paper money crashes. I now wonder if today will become a national holiday in Cyprus, another "bank holiday"? |
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Post by prkbrk on Mar 18, 2013 11:51:12 GMT 1
If they tried to do it in the UK, it would be interesting to see what the Arab investors would do with their various accounts! Given that the rates of interest in most of EU are minimal to zero then to actually have the nerve to say 'oh we are going to ask that you pay 7% or whatever on you savings/investments' would without doubt cause civil unrest. I think the EU are actually trying a 'Maggie tactic' here by imposing this on a small country- bit like the poll tax that was first introduced in Scotland. I think it might be wise for any EU folk who have money in Croatian banks right now to assess pre- July if they should only be keeping a bare minimum of their investments locally..oh well back to the days of 'under the matress', 'in the biscuit tin', etc The business to capitalize on now is home safes. Just make sure it's gold you save as soon (if not already) paper money won't be worth the paper it is printed on. One guy I spoke to years back who lived through the great depression and wars said one should buy alcohol like rum, Jack Daniels etc. as this turns to gold for bartering and selling when paper money crashes. I now wonder if today will become a national holiday in Cyprus, another "bank holiday"? It actually is a 'bank holiday' today in Cyprus  |
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Post by mh on Mar 18, 2013 12:49:01 GMT 1
Croatian government should quickly follow with its own initiative and apply 5% conversion of all real estate assetts into the shares in Croatian shipyards it is desperatelly trying to sell. That would be a real deal for all current problems.
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Post by gmh on Mar 18, 2013 14:42:30 GMT 1
Tell you what MH, why don't you be the first to give up 10% of your hard earned savings to fix someone else's mistakes/thefts .
I was discussing this matter with my brother this morning and the first thing that entered my head was to take my savings out of the bank. I believe a lot of people might be thinking the same thing.
They should have only gone after those who are obviously stashing away there illegal millions.
I'd be pretty pissed off if I'd saved 10 000 euro and had to give 1000 up for the sake of greedy bankers and corrupt politicians.
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Post by mh on Mar 18, 2013 21:51:41 GMT 1
Every hardworking and freedom loving Croat will be delighted to help Croatia as long as he knows that foreign investors are suffering as well.
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Post by quest on Mar 18, 2013 23:39:17 GMT 1
You got to be an idiot thinking you can improve the living standard of the population without being nice & friendly to both foreign and domestic investors alike.
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Post by crojoe on Mar 18, 2013 23:54:47 GMT 1
Unfortunately, 4.5 million Croats living abroad couldn't care less about being friendly and nice to Croatia, otherwise they would all be on a plane coming home (some of them even running away so they would not have to die for country). The truth is they have found a better life abroad.
Right now, there are many more Croats waiting for unrestricted work abroad in the EU come July and thereafter. I think Croats living in Croatia have seen the true nature of the governmental beast, the corruption, the flawed banking system and the many lip service with no action. Taxation by the Croatian government is one of the highest in Europe while salaries are low for European standards.
In Truth, come July 1st, the EU foreign invasion is happening without a shot fired. What was once Croatia sovereignty will be no more, it's people will be told what they can and can't do by Brussels and all the nationalistic tenancies will be a thing of the past. Welcome to the "New World"!
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Post by gmh on Mar 18, 2013 23:57:15 GMT 1
Every hardworking and freedom loving Croat will be delighted to help Croatia as long as he knows that foreign investors are suffering as well. I'm 99% sure that all the Croats I know would disagree with you. Croats already got robbed this last year with a 22% increase for natural gas and 20% increase for electricity, so I think you are deluded in your statement. |
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Post by mh on Mar 19, 2013 0:53:28 GMT 1
Every hardworking and freedom loving Croat will be delighted to help Croatia as long as he knows that foreign investors are suffering as well. I'm 99% sure that all the Croats I know would disagree with you. Croats already got robbed this last year with a 22% increase for natural gas and 20% increase for electricity, so I think you are deluded in your statement. Correct. Spot on, gmh. That is why any new austerity should be a shared effort between all of us. Foreign investors are entitled to rewards from their investment in Croatia, but not at the expense of brave Croatian people. Let foreigners pay their fair share! Residents are paying expensive electricity, let non- residents pay 5% of the value of their property to the shipyard investment fund! |
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Post by justapixel on Mar 19, 2013 11:02:59 GMT 1
Right now, there are many more Croats waiting for unrestricted work abroad in the EU come July and thereafter. Yes, come July... July 2020.  Most EU countries will use their right to restrict foreign workers from Croatia for 7 more years, which means that we will still have brain drain (work was always easy to find abroad if you're educated), but all the poor unqualified souls without work will remain rotting in Croatia. IMO that's pretty unfair (as are most things related to Croatian EU access), because I don't think EU job market would be hit hard by few hundred thousand extra workers, while Croatia would have benefited immensely. Essentially, all the good stuff that other countries enjoyed when accessing EU was snatched from Croatia. . |
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Post by mh on Mar 19, 2013 12:39:53 GMT 1
I am afraid none of you really understands what is going on with Cyprus.
The case shows it is OK to carry expropriation or nationalisation with a pretext of collapse of economy or in this particular case state bankruptcy. I never thought the bankruptcy is the end of the world and in case if the sovereign states it was not unusual in the past. Examples? Germany, Spain, South America ...
Croats should hurry up and cease the unique opportunity!!!
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Post by crojoe on Mar 19, 2013 15:16:01 GMT 1
I am afraid none of you really understands what is going on with Cyprus. The case shows it is OK to carry expropriation or nationalisation with a pretext of collapse of economy or in this particular case state bankruptcy. I never thought the bankruptcy is the end of the world and in case if the sovereign states it was not unusual in the past. Examples? Germany, Spain, South America ... Croats should hurry up and cease the unique opportunity!!! So true, I don't understand it all as I don't live there. I just follow what the actual people living there have to say on TV about the situation, as they know best. They are the ones working and living there 24/7, they are the ones paying taxes and they are the ones who say they are getting screwed! Seems the only ones who think it's a great idea are the politicians (since they agreed to the proposal in Brussels). |
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Most EU countries will use their right to restrict foreign workers from Croatia for 7 more years, which means that we will still have brain drain (work was always easy to find abroad if you're educated), but all the poor unqualified souls without work will remain rotting in Croatia.