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Originally Posted by DWB
1) Cyprus is a real country with real banks. Not everyone who has an account there is evading taxes. That is a very short sighted view. Some countries just don't have stable / safe banking so it makes sense to put your money where it is stable. People who conduct business on an international level have very valid reasons for banking there, and it's legal.
2) You're totally missing the larger picture, which is banks are stealing people's money and they are having "bank holidays" which means people can not access their money. The banks are no longer secure and the insurance that your money is safe just went out the window. Currently it is four days. Next time it may be 10. Next time they may just close up shop and you lose. Now you see what game the bank is playing, do you want to take that risk? Faith in the entire system is being put on the line right now because something like this may not stop with Cyprus. Maybe next time it's Italy or Spain, and eventually your country. Chances are it will be if this goes without a hitch.
This is like your FDIC insured bank in the USA skimming 10% off the top and closing up shop for a few days so you can't get your money. You would flip-fucking-out, especially if you needed the money. You would lose faith in that bank and probably the entire banking system if all the banks did the same thing. Well, that is what is happening now. It has nothing to do with people taking risks with banks and getting what they deserve because of it. There are many legitimate reasons to have a bank account and business there, which is something most Americans / Canadians don't understand because they do not usually think on an international level. Thus the USA has been left behind in just about ever sector except war and debt, left with a distorted view on how the world really works.
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What does having money in a cyprus bank have to do with anything with being on an international level? Last time I checked you can use a bank account in any country to send money to any other country. if I am missing something, please fill me in. Why can't these people from unstable countries use a bank in germany or the UK?
Everyone knows why people set up accounts in cyprus. Yeah. Im sure all the adult companies set up there just want to have money in some international bank? What makes cyrpus an 'international' bank more so than any other bank? I don't agree with what they did at all but for example if someone had 100k in an american bank and 100k in a cyprus bank fpr five years, after the 10% they still would be better off in cyprus just because of the high interest rate.
i don't see it happening anywhere else because spain and italy, etc don't have the same banking laws that cyprus does. who is putting their money in spain and italy to avoid taxes? you say there are many reasons for using cyprus, i just don't see if. can you point me to a list of legitimate reasons perhaps?