Financial Meltdown in Cyprus

[Flying Fokker]

Bank deposits being taxed to the hilt.

Could the European banking system be heading for meltdown? People are likely to withdraw all of their funds from banks if any levy is put on their savings.

 

[dutchman]

It could happen here too if the government runs out of tax revenue in the next few months. Pension fund holders and savers have already proved they're an easy target for government smash and grab raids. After all, they're not the kind of people who take to the streets and throw petrol bombs in protest.

 

[Flying Fokker]

It could happen here too if the government runs out of tax revenue in the next few months. Pension fund holders and savers have already proved they're an easy target for government smash and grab raids. After all, they're not the kind of people who take to the streets and throw petrol bombs in protest.

You in the Netherlands.

 

[dutchman]

You in the Netherlands.

Nope, Spon End.

The UK government has repeatedly raided pension funds for cash so it wouldn't surprise me if they go after savers next as well.

 

[Disorganised1]

Gordon Brown destroyed the pension funds - except of course the civil service and I'm sure they can't put a levy on bank savings in this country because its against the law. However they could and will put a levy on profits for banks, which means cuts in interest rates, which is indirectly pretty much the same thing.