tag:blogger.com,1999:blog-1086764876629036045.post6668829545327377830..comments2023-10-06T06:29:02.689-04:00Comments on A Bright Cape: Destroying a country with no shots firedSkyhttp://www.blogger.com/profile/10723733406348223879noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-1086764876629036045.post-32469954203577419132013-03-19T09:55:53.864-04:002013-03-19T09:55:53.864-04:00Justifying it by pointing out the mob money doesn&...Justifying it by pointing out the mob money doesn't really work. If that is the justification then this solution is the equivalent of putting everyone in the nation in prison for a month because they can't figure out who deserves to go there for years.<br /><br />I think the mere fact that this is being seriously considered is going to be very damaging.Humbabellahttps://www.blogger.com/profile/16113648850586073091noreply@blogger.comtag:blogger.com,1999:blog-1086764876629036045.post-45804254517249005082013-03-19T08:26:57.124-04:002013-03-19T08:26:57.124-04:00Sure, there is mob money there. Is taxing the mob...Sure, there is mob money there. Is taxing the mob for 10% of their Cyprus money actually doing anything relevant? Is demolishing the financial system of the country by causing runs on all the banks acceptable losses for irritating some mobsters? I say no.<br /><br />Now, if they had demanded some kind of legislation to prevent mob money being stored there or perhaps some kind of leverage for enforcement against the mob, sure. This solution was a disaster though.<br /><br />The problem with doing it instantly is that it would be even more terrifying for other EU nations. It would solve the run on the banks in Cyprus in the short term and probably create even more (totally justified!) fear elsewhere. The EU cannot afford to have confidence in the banks drop even further. The cost of that is just too high.Skyhttps://www.blogger.com/profile/10723733406348223879noreply@blogger.comtag:blogger.com,1999:blog-1086764876629036045.post-56719604875864772522013-03-19T01:21:02.889-04:002013-03-19T01:21:02.889-04:00What's typically missing from the articles on ...What's typically missing from the articles on the subject is why the EU demanded that. Cyprus is a money haven, there's a lot of dirty Russian mob money there that is the real target. The accounts of the locals are collateral damage.<br /><br />They should have closed the loophole on withdrawals by having those taxed immediately, up until the one time balance tax hit.Anonymousnoreply@blogger.com