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For Cyprus, The Pain Is Only Just Starting
If the suffering, yet docile, Cypriot serfs thought deposit confiscation would be the end of their problems under the European feudal system, they are about to be shocked. Because as part of their banking sector bailout, the country is set to get a "loan" from the Troika, a loan which comes with a Memorandum of Understanding, aka a "blueprint for austerity", with dictates terms for government revenue increases and spending cuts (of the variety that nearly caused America's leader to blow a gasket when he was describing the untold devastation that would result if the rate of acceleration in US budget spending dared to be slowed down even by a tiny bit). Today, a draft of the revised Cypriot MOU being prepared by the head of the IMF mission to the island nation, Delia Velculescu, leaked and can be found in its 24 page entirety here. However, for the benefit of our Cypriot readers, here is the important part: the listing of the anticipated austerity tsunami coming, not to mention healthcare system, "pension reform" changes and other proposals the ECB and the IMF are imposing on Cyprus as part of their generosity to keep the recently insolvent country as a well-behaving serf in the Eurozone.
Key highlights:
- Freeze public sector pensions
- Increase the statutory retirement age by 2 years for the various categories of employees
- Reduce preferential treatment of specific groups of employees, like members of the army and police force, in the occupational pension plans, in particular concerning the contribution to the lump-sum benefits;
- Reduce certain benefits and privileges for state officials and senior government officials, in particular by
suspending the right to travel first/business class by state officials,
senior government officials and employees with the exception of
transatlantic travel. - Increase excise duties on energy, i.e., on oil products, by increasing tax rate on motor fuels (petrol and gasoil) by EUR 0.07
- Increase the standard VAT rate from 17% to 18%.
- Introduce a tax of 20% on gains distributed to winners of betting by the National Lottery for winnings of EUR 5,000 or more
- Increase fees for public services by at least 17% of the current values
- Increase excise duties on tobacco products, in particular on fine-cut smoking tobacco, from EUR 60/kg to EUR 150/kg. Increase excise duties on cigarettes by EUR 0.20/per packet of 20 cigarettes.
- Introduce a permanent contribution of 3% on pensionable earnings to Widows and Orphans Fund by state officials who are entitled to a pension and gratuity. Introduce a contribution of 6.8% on pensionable earnings by officials, who are entitled to a pension and gratuity but are not covered by the government's pension scheme or any other similar plan;
- Actuarially reducing pension entitlements from the General Social Insurance Scheme by 0.5% per month for retirements earlier than the statutory retirement age at the latest from January 2013, in line with the planned increase in the minimum age for entitlement to an unreduced pension to reach 65 (by 6 months per year), between 2013 and 2016;
- Ensure a reduction of seasonal hourly paid employees by 992 from 1806 in 2012 to 814.
- Implement a four-year plan as prepared by the Public Administration and Personnel Department aimed at the abolition of at least 1880 permanent posts over the period 2013-2016.
- Ensure additional revenues from property taxation of at least 70 million by updating the 1980 prices through application of the CPI index for the period 1980 to 2012
- Increase the statutory corporate income tax rate to 12.5%; Increase the tax rate on interest and dividend income to 30%.
- Increase the bank levy on deposits raised by banks and credit institutions in Cyprus from 0.11% to 0.15% with 25/60 of the revenue earmarked for a special account for a Financial Stability Fund
- Undertake a reform of the tax system for motor vehicles, based on environmentally-friendly principles, with a view to raising additional revenues, through the annual road tax, the registration fee and excise duties, including motor fuel duties.
- Ensure a reduction in total outlays for social transfers by at least EUR 113 million through: (a) the abolition of a number of redundant and overlapping schemes such as the mothers allowance, other family allowances and educational allowances; and (b) the abolition of supplementary allowances under public assistance, the abolition of the special grant and the streamlining of the Easter allowance for pensioners.
- Ensure a reduction of at least EUR 29 million in the total outlays of allowances for employees in the public and broader public sector by i) taxing pensionable allowances provided to senior government officials and employees (secretarial services, representation, and hospitality allowances) in the public and broader public sector ii) reducing the allowances provided to broader public sector employees and reducing all other allowances of broader public sector employees, government officials and hourly paid employees by 15%; and iii) reducing the daily overseas subsistence allowance for business trips by 15%. Ensure a further reduction the subsistence allowance of the current allowance when lunch/dinner is offered by 50% (20% - 45% of overseas subsistence allowance instead of 40% - 90% currently paid).
And last but not least:
- Increase excise duties on beer by 25% from EUR 4.78 per hl to EUR 6.00 per hl per degree of pure alcohol of final product. Increase excise duties on ethyl alcohol from EUR 598.01 to EUR 956.82 per hl of pure alcohol.
So the stronger the booze, and the faster it gets one drunk, the more expensive is will be.
In brief: for the Cypriot serfs the pain is just starting.
Troika Draft MOU source
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Things like this make me want to buy more silver.
Hell, Barry got more horror stories than that out of the sequester. God save the Easter Egg Hunt!
I'm glad they are only going after "redundant and overlapping" welfare payments. /sarc.
Government will be the last thing anyone cuts.
If by "silver" you mean "ammunition", then yes, I agree.
This is the template. This is the "wish list"
And, if anybody believes the words written on paper, they are crazy.
This "contract" will be rewritten, arbitrarily, and not in the Cypriot's interest. Whenever the Troika decides it feels like it.
There is no contract.
No man is an island,
Entire of itself.
Each is a piece of the continent,
A part of the main.
If a clod be washed away by the sea,
Europe is the less.
As well as if a promontory were.
As well as if a manor of thine own
Or of thine friend's were.
Each man's death diminishes me,
For I am involved in mankind.
Therefore, send not to know
For whom the bell tolls,
It tolls for thee.
-John Donne
If you want a vision of the future of Cyprus, imagine a german boot stamping on a cypriot face....for ever.
Don't worry you poor CYPRIOTS... It'll all be over soon...
~~~
We're fucking JEWS ~ MASTERS OF THE UNIVERSE... [HATED by most]...
Your suffering will be short lived... SOON ~ We take over your little pathetic island [CLOSE TO OUR TERRITORIAL pathetic litttle homeland ~ which we STOLE by treaty]....
~~~
If you have any questions ~ please contact the CITY OF LONDON & THE PENTAGON...
OK, we get it. You wear a burkha and a nazi armband.
Now FOAD.
Go figure: All these measures have long been imposed in the Netherlands and believe it or not, the sheeple never complained. S never HTF. What's happening in Cyprus now, are everyday facts in Germany, The Netherlands and Scandinavia.
21% VAT, €5.80 for a pack of 19 Luckies, €1.75 for a litre of regular.
My point? The Cypriots will get used to this enslavement and will join the Dutch and Germans in singing Kumbaya, huddled around a campfire of Euro bills.
Mexican guy with a restaurant in town. He has a cash machine in the entrance and only takes cash. FYI!
And I bet you he owns the ATM and makes another 4.5% per transaction!
I'd hoped for more from my northern cousins. I guess that Tuetonic spark is gone. May their chains rest lightly....
True Story, (working) Germans are paying through the nose to keep their Welfare state going and most are unhappy about it (yet dont loudly complain nor even try to vote against it), the human is an irreparable condition
Troika: "We have altered the deal. Pray we do not alter it further."
The Iceland solution is better than that list! I really hope the parliament comes to the correct decision and tells the EU to Stuff it!
I was ok with it until the beer tax came up
Time for Cypriots to grow their own weed and tobacco.
My thoughts exactly! "Hello!" to bootlegging.
please tell me where you are buying ammo at decent prices.........
and if by "silver" you mean bourbon and vodka, then yes, I agree.
"Government will be the last thing anyone cuts" .....but it will be cut
(See Greece,) and Stockton Californication. Public Sector serfs will be slaughtered just like in Greece, see the game plan is keep the pedal to the metal in every country until each one, one after the other goes off the cliff. Americans will be sitting in their chairs eating their buttered popcorn thinking "those poor bastards" as the grim reaper slides in behind them. Even to the very last one they will be saying, "at least my pension is safe"
Troika needs to visit ca il mi nj md fl ny ect
Who, in their right mind, cuts themselves?
this is a trick question.
I think most of the demands a reasonable. They are aimed at slashing gov expenditures and shrinking its size. I would only like to see also mandatory death sentences for bankers found guilty - of anything.
How is this course different than the crushing of Germany after the Armistice? Thank God Bernanke and those running the ECB are smarter than we mortals or we'd be SOL.
Because Cyprus can't print Euros.
and it doesn't follow cyprus killing five million people, albeit largely soldiers.
@ Van Halen:
Things like this make me want to buy a machine gun.
the world that has been enslaved, by dishonest money, and international bankers, pain has just begun.
Shadow banking? More like shadow government itself.
25% INCREASE IN BEER?????WTF?
THIS IS OVER THE LINE!! PEOPLE NEED TO HANG!
It is regrettable to see how European countries are falling. One after another, are entering crisis. Their governments bankrupt and banks fail. Unemployment rises and consumption falls. The rights disappear. And obligations increase. The people get depressed and start looking for the culprits. The government ... bankers ... investors. It's worth the search? No. It is better to take the medicine. Despite its bad taste, it is better to take it quickly.
They're gonna need a bigger boat... to get everyone the fuck off that island.
They're gonna need a bigger boat... to get all them euros the fuck off that island.
fixed it ... shall we partner on a fast cigarette boat?
Long pirate enterprises.
Pirates did't loot their hangouts-
The best part for me is the Cypriots still haven't hanged anyone.
That means they still don't understand what's happening...
Yes, all them little boats running arms into Lebanon and Syria nearby, can detour for a little Cyprus money-running action
One thing Greeks and Cypriots both understand, is how to run a little boat discreetly
And I wonder if the Cypriot plan is to just pretend to play along, while continuing to withdraw all their euros, maybe even till everyone with € 100,000 gets it all ... at € 300 max per day that will take 334 days
Tho all of the euro-zone is liable to blow up well before then
gobblygook! balderdash! bullshit baffling blunderbuss's of doom! http://www.youtube.com/watch?v=ljSuROOUxg8
"OK folks...Let's calmly load the boats...Woman and children first...." "oh wait"! "Bankers and Politicians first!"
So the stronger the booze, and the faster it gets one drunk, the more expensive is will be.
Fortunately hemp grows pretty well in Cyprus.
And the black market is tax free.
*blows a lazy smoke ring from the vape*
Not just in Cyprus...just saying
federal reserve system
not federal
has no reserves
and the system.
to enslave a free nation to debt and capture all assets
through boom and bust cycles it creates with debt created
out of thin air.
the system has been working perfectly for 98 years,
and it is still working perfectly.
And how many chumps will feed the beast on the 15th?
Not Me.
me either, i checked out around 2004, i decided why work to pay taxes when i can completely avoid it?
why not aid the destruction of the system of evil, im thinking of applying for an ebc card and applying for social security.
Can I buy some rope? I have...uh...something I need to hang!
Do they have high rises ? Gravity is a bitch ! So is concrete in an ocean !
Cement is one of their main industries. And there are plenty of citrus trees to hang bankers from. If they ever set foot on the island.
Hmmm. Cement, you say? Do they build shoes with it?
I thought slavery was abolished??
It is.
And the Second Amendment says you can stroll down Fifth Avenue NYC with a Glock holstered on your belt.
The law is one thing; the reality is quite different.
Ah the middle class, the modern day house slave.
That would be the press, who's job it is to convince the field niggers that the alternatives are worse, and to make an example of those who don't tow the line.
The slave quarters got cable tv and central air, but since the jails do too that's not really saying much.
Jones Plantation:
http://www.youtube.com/watch?v=vb8Rj5xkDPk
We are free because we have a "choice".
Thanks for posting this link.
That is the great element of a democracy...Debt slaves choose slavery with a signed contract. Or you can fight the slave owners and die as a terrorist Or if you can not kill, suicide.
Hell, suicide started Arab spring so maybe Europe's turn. I can envision the future now, Obama provides the French opposition support against the tyrant Hollande....such a comedy.
What will be really funny, Putin providing support to the Obama opposition. The world is upside down!
That is the great element of a democracy...Debt slaves choose slavery with a signed contract. Or you can fight the slave owners and die as a terrorist Or if you can not kill, suicide.
Hell, suicide started Arab spring so maybe Europe's turn. I can envision the future now, Obama provides the French opposition support against the tyrant Hollande....such a comedy.
What will be really funny, Putin providing support to the Obama opposition. The world is upside down!
Well, those are enormous burdens. but heck, it looks better than California.
Savers vs takers. he pain in Cyprus is a good preview of what the next few years will look like everywhere else. What we are seeing in Cyprus and Spain is unnerving for many people – especially savers. The government, the Banks and supra-national organizations are creating new policies that say they can take your savings http://tinyurl.com/d9d74qf
Message is clear: DON"T SAVE (unless it is under your mattress).
The sooner a critical mass figures this out, the soonner this farce comes to an end
It is obvious that the Troika and its minions want serfs. They want people in pain so they have control. None of this "solution" makes sense. I hope they get medieval.
Please Cyprus, please, just tell them to f**k off, things wouldn't be worse outside the Euro.
DavidC
Unless the ECB, the IMF, the FED, and associated cabal of bankers are ended we are all their serfs.
Slave ships, chains, whips, slave auctions, plantations, clubs; who needs them? Modern slave masters have the gavel and ledger.
Evanescence - Everybody's Fool
http://www.youtube.com/watch?v=jhC1pI76Rqo (3:35)
Sometimes,
I find another world inside my mind.
When I realize the crazy things we do.
It makes me feel ashamed to be alive.
It makes me want to run away and hide.
Its all about the money,
its all about the dum dum duh dee dum dum.
I don't think its funny.
To see us fade away.
Its all about the money,
its all about the dum dum duh dee dum dum.
and I think we got it all wrong anyway.
http://www.youtube.com/watch?v=YcXMhwF4EtQ
FUCK YOU BERNANKE!
AND JAMIE AND LLOYD TOO!
The same kind of realization now by the Bankers and Central Govts can only be compared to the words uttered out of the Titanic's ship designer/engineer when he was called to evaluate the gash in the hull with 6 leaking compartments. With all the hoopla about the Titanic being unsinkable, it must have stunned the ship's officers when asked how much time did the Titanic have before it sank when he answered: "two hours...maybe three."
Central California has its own little Cyprus
Is there a Cypriot charity that takes Bitcoin? Maybe the money would actually get to the people who need it.
You may down-arrow away.
I was going to suggest one of my Instawallet addresses. But I am currently getting this message from them:
https://instawallet.org/
Down for MaintenanceWe have detected a security breach. Services are temporarily suspended until we have thoroughly investigated the situation. We will resume services as soon as possible.
Please do not send funds to your address for the time being.
Stay tuned for further updates, thank you for your understanding.
My first comment on Zero Hedge AHEM:
DDDDDAAAAAMMMMMMM!
Very succinct analysis. I look forward to junking you.
It's a tough crowd here, Beef....
OK beef, now fight someone. Pick someone out. I'm not that smart, so I might be a good match.
Bad boys.You guys gonna junk a newbie right off the bat? Suppose he just forgets all this and goes back to CNN and American Idol? What if he takes Kramer's financial advice because you dissed him?Could you sleep at night? Geezz.. now go back to your room.
Sorry... DARWINISM... you know...
He's gotta be broke in right or he won't be worth anything -- Fight Club ya know.
Yea, but can't you be ..gentle?
:)
No. :-[}
Come on, dude — your first comment and you spell "damn" incorrectly? We all make spelling errors, but you gotta swear with precision, unless it's "bitchez."
"Feel free to misspell anything but the cuss words." —Mrs. Day, my kindergarten teacher*
* not really
LOL. this is why i love this place...
I never liked that beefman guy.
So the troika has, in one masterful stroke, wiped out the savings of the frugal and prudent, imposed draconian capital controls (thereby eliminating any means or avenue of escape for productive individuals to other countries, the way said individuals fled Greece) and sentenced the (now ensnared) population to generations of debt slavery. Because you don't want your most productive slaves fleeing the plantation. Well played, EU. Well played.
And don't forget liquidated the bank accounts of many businesses, thus ensuring bankruptcy and rising unemployment.
not as well played as the folks who got out "just prior" apparently. "the people that run the place"? really? "who's in charge now then?"
When the bankers yell "MOAR" everybody pays.
Whence comes this "moar" allusion?
coming very soon to a country where you live...
I was just thinking that about half of those have quietly and one by one already been implemented in Spain.
A very selected half, officials still obviously fly first class and splurge on dinners, while school lunches have been cut.
Hm. Not much left to demand, but I'm sure they'll get creative.
It's already a reality for me,
The Cypriots are about to learn how fckn enraging it is to hear Ministers just saying "we have to do this, it's in the MoU"
Over, and over, and over again,
I love the 20% tax on lottery! They should have just added more numbers, thereby reducing probability of winning, rather than mess around with a tax...
thought that was
a liberty tax...
That's called the cost difference between a First World country and a Third World country.
The Cyprus banks already provide all the excitement of a lottery. You deposit your money and if you are very lucky, you might be able to withdraw it again some day.
wow...went through the first 14 pages...capping pensions at 50% of final salary, selling off electricty and ports, lots of stuff on property taxes (presumably in addition to city taxes)...cyprus will need an army of several hundred thousand peopel to set this infrastructure up in the time scales written here, and, probably, around 50,000 to maintain it.
so this is the bedding down of a european standard civil service
no way a low tax domiciled country can afford this
income taxes will have to go up to 50% to afford this european life style..company taxes? well, if these aren't increased (denying the tax haven status) people will just have to form companies to avoid income tax...pretty much like hedge fund managers do in delaware (by forming partnerships) and in the caribbean.
loved this bit from page 15
Labour market reforms can mitigate the impact of the crisis on employment, limit the occurrence of long-term and youth unemployment, facilitate occupational mobility and contribute to improving the future resilience of the Cypriot economy in the face of adverse economic shocks.
just like in spain where there is 50% unemployment amongst the under 30's and 30% overall...same with greece ..and just wait..italy and france too
for the 100th time ad nauseum... Read Shock Doctrine.... These countries including USAA will be asset stripped via privatization... after fuckiking the employees and reducing any legacy costs to workers which would impact the bottom line for the saviors. The prices paid on newly privatized industries will be criminal, but what isn't these days?
Too bad the sheeple will just take it and ask for more......and coming soon to Amerika
but government will have to be reduced because it is not sustainable. It will happen via austerity or collapse...both suck
When you are in a downward spiral can you see the bottom?
Next up, again, SPAIN.
Dear Cypriots,
You have a choice, kill the EUR dead and start the collapse of the EU. How? Well you can vote your selfs out or you can do this: use Euro's to buy silver, not coins, just small ingots Create a barter society revolving around silver as the currency. In other words boycott the EUR and covert to another currency (silver), this can be seen with the bitcoin spikes. But the a-wipes will shut that down that 'net-cash' avenue eventually.
Your other choice is to buy up USDs like Argentina and China have been doing on black markets.
Choice is yours, be a slaves or be free.
was spartacus a cypriot or a thracian? there is precedence
Thracian.
the rest of the stuff is understandable from a fiscal persepctive...increase taxes, reduce spending and hope the blueprint works...
i wonder how many of the 2 milion tourists will return...there are plenty of places around the med that are competing, let alone florida, the canary islands, the caribbean, plus more "stay at homers".
if these drop by half...well..ack
If Cypriots made a serious move toward PMs as the means of exchange they would quickly be found to be financing terrorism.
As long as they play along they are just "a tax haven for oligarchs". If they move to PMs they'll get a near instantaneous bump up to "terrorist financiers".
They have a f*cking awesome history. They were the first to create currency along with the Romans using silver. Classical coins out of the middle east were all silver. all they have to do is tap the silver, it's everywhere anyway. Dump that ECB and NY FED controlled EUR into hell, the hedge funds will do the rest.
No one should be a slave.
Shame that Russia and China won't listen to that advice, since that's the entire basis of their economy and policy.
Both countries in the next few years will close up again, iron curtain etc. Especially China, a polluted, corrupt sh*thole. Once the citizens start their revolts. Russia could go all revolution at any-point.
JUST SAY NO.
(not that it worked in the 80's either, but it's worth a try...)
I think this could really be a solution, I think people need to start some sort of civil disobedience...
They should also read Discourse on Voluntary Servitude by Etienne de La Boétie regarding that matter...
It would be interesting to see the change tracking properties and dates of this leaked MoU document. I bet the original draft version has date stamps of pre-March 2013..
So who gets the money from the Trioka loan? The same miscreants who "lost it" in the first place?
That's the punchline.
Meet the new boss, same as the old boss.
RUN while you still can.
and to think... this declaration, this mou, was written in 2012! a`maze' ing
Banksters: We can legally raid all your accounts because according to Eric Holder we are above the law,
Who will sign the Troika's "Terms of Surrender" agreement?
All of those provisions would need to be enacted into law. And there was not a single vote in the Cypriot legislature for the Troika's last proposal.
She's much too good-looking to be "head of IMF mission to Cyprus"...
https://www.google.com/search?hl=en&site=imghp&tbm=isch&source=hp&biw=1366&bih=643&q=delia+velculescu&oq=delia+velculescu&gs_l=img.12..0l2j0i24l5.1064.13611.0.14931.20.10.3.7.0.0.85.582.10.10.0...0.0...1ac.1.8.img.76fhoRfJ37A
Sounds like a plan to use in Stockton.
'' Banks never allowed me a loan, how could I be in debt!?'' (sarc)
Slightly OT but pretty good:
http://www.youtube.com/watch?v=M-PMiiygV04
Is their anything here that must be voted on by Parliment?
If not, then its game over
Section 3.10 of "Immovable Property Tax Reform"
a further study on the scope of consolidating the collection and administration of the municipal recurrent property tax and sewage tax........ Sewage Tax !................ I Shit You Not !! .How are their politicians and lawmakers are even breathing Cypriot air right now, is beyond me.
It's called gun control.
a european technocrat
http://academic.research.microsoft.com/Detail?entitytype=2&searchtype=2&id=4407152
one for the times: http://academic.research.microsoft.com/Publication/38953378/intergenerational-habits-fiscal-policy-and-welfare
and to quote:
(1) When individuals are finitely lived and have habits which they pass on to their descendants, the dynamic response of a small open economy to shocks exhibits sluggishness in consumption in the short run and may display damped cycles in the long run. (2) With habits, optimal fiscal policy takes the form of a social insurance scheme, allowing present and unborn cohorts to share in the consequences of macroeconomic shocks. In contrast, in an economy devoid of habits, the optimal fiscal response to a permanent shock is a one time abrupt adjustment, whereby the present generations bear the entire burden of the shock. (3) If habits exist but policy is conducted as though habits did not exist, the welfare losses for society can be substantial.
so...a communist...there ya go,..i think she may be roumanian..probably cheaper to hire, but she knows costs will be substanital, bad habits are, well, bad and everyone has them...i think she just abolished national cultures!
ponders whether the US has "habits"
Energy
4.6. The authorities will:
? ensure, without delay, that the Third Energy Package has been completely transposed and fully implemented and notify the European Commission that the necessary legislation has been transposed; indicate the date of delivery of the first commercial supply of natural gas under a long-term supply contract, thereby ending Cyprus' derogation of an isolated energy network and initiating the application of the emergent market derogation; and indicate the intended duration of the latter derogation;
...
Anyone out there able to translate this legalese: "...thereby ending Cyprus' derogation of an isolated energy network and initiating the application of the emergent market derogation..." This seems like EU legislating Cyprus' natgas market?
Replace governments with open source software.
Cyprus is a Petri dish and the Troika is the mad scientist. This is an experiment - if it works it will be rolled out EU-wide. And beyond.
VAT increase from 17-18% is not unreasonable. We already pay 20% in the UK. They should have increased it to 25% and kept booze fixed, you cant financially terrorise a population and deprive them of booze too, thats just cruel.
Enough of the stupidity. We pay 20% so 18% is fair. Seriously, wake the fuck up
OK I was being sarky. I will pop the pointy hat on and sit in the corner.
"...the pain is just starting."
All this is just a look ahead of what is in store for the rest of the world. Europe will fall as planned by the banksters first, then America. All this preliminary hokey tokey theater is to see how the masses react. So far, no reaction from the subtle serfs. No arms, no fight. Just roll over and die after you give up all your life savings. Easy, especially considering all the fiat is going to be worthless anyways according to voices like Mr. Jim Roberts here in this video.
Jim Rogers All Fiat Currency Will Be Worthless:http://xrepublic.tv/node/2756
Lot a whispering going on in Cyprus in dark corners.
When is the curfew
....
Narry a shot was fired.
Notice there is no mention of banking reform.
I thought this was a common currency monetary union?
And the under 100k thought they were going to get away scott free.
Wouldn't it be better to just walk?
You can't tax people with no income.
Cutting their government sector, cutting government largesse, and cutting government expense accounts are all wonderful things. VAT tax and property tax increases ? Seems like the Troika bloodsuckers are looking for their vig whether you have income, or not.
They can try. I think it's called a poll tax. They might have a bit of trouble passing it though.
Did they raise the excise tax on rubbing alchohol?
The pain in Cyprus will become almost like Dante's Inferno. The fall off in economic activity will not bring in the revenues expected. Taxes will then be raised even more. Activity as a result will fall fuerther. Then another round of useless tax increases and so on and so forth until total collapse.
If in any doubt about this, Greece is the perfect example where successive rounds of austerity and tax increases still cannot breathe life into a dying corpse.
Live by the tax haven status, die by the tax haven status.
My God. Are the people of Cyprus going to accept this. What a travesty. Heil Hitler!!!
Get the hell out of this Cypriots. Spit on the Euro. What is wrong with you people? Are you zombies that bow and obey to your corrupt, insane Masters? Beyond words.
If I was cynical, I would say this bailout package was designed to crater the economy so that they have to fire sale gov't run industries and utilities to the oligarchs. Soon the cratering, then the privatization meme...
The 'privatization meme' is already in place on page 9:
2.6. The authorities will initiate a privatisation plan to help improve economic efficiency through enhanced competition and encouragement of capital inflows, and to restore debt sustainability:
Moonshine Making 101
http://www.youtube.com/watch?v=P-nGbAf81Zs