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Ukraine Goes Cyprus 2.0, To Tax Deposits Over 100,000 Hryvnia (To Appease IMF?)

Tyler Durden's picture


It would appear the IMF's dirty little fingerprints are all over this latest piece of legislation in Ukraine. The Ukraine Finance Ministry is proposing to take a very-similar-to-Cyprus approach to bailing in its despositors:


This would appear a measure designed to stabilize the budget for potential IMF negotiations and fits perfectly with what the IMF has consistently hinted as the next steps for many nations.


This is further to the news last week that a 25% deposit "tax" was being considered...

Via Tax News,

Ukraine's parliament is to consider draft laws which would ban foreign-currency bank deposits and introduce a 25% tax on interest on deposits in banks and other financial institutions in circumstances where the interest received is more than 5% above the rate set by the National Bank of Ukraine.


The proposed amendments to banking and tax legislation were put forward by Yevhen Sihal, who is a member of the country's ruling Party of Regions. In an explanatory note submitted with the drafts, he argued that the higher tax rate will encourage consumer spending, reduce the cost of business loans, and provide extra funding for the country's Pension Fund. Sihal also explained that his tax proposal is based on the experience of the Russian Federation.


Sihal's proposals have united the National Bank of Ukraine (NBU) and the country's Communist Party in opposition. The NBU was quoted as saying that it was concerned about the politicization of economic issues, and that its policy was to increase the deposit base in line with international practice, while Communist leader Petro Symonenko suggested that the owners of large deposits will simply move their funds abroad to avoid the tax.

We assume, just as with Cyprus, that the big money has already left the building leaving small businesses and the average joe to foot the IMF-demanding bill (for the good of the country) to get their bailout funds.


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Thu, 03/20/2014 - 13:28 | 4573246 Al Capowned
Al Capowned's picture

Got Bitcoin?

Thu, 03/20/2014 - 13:30 | 4573255 fonestar
fonestar's picture

Just keep your "money" in dollars and banks you pathetic sheep.

Thu, 03/20/2014 - 13:34 | 4573276 john39
john39's picture

a hearty welcome to zato puppet status...

Thu, 03/20/2014 - 13:37 | 4573297 Billy Sol Estes
Billy Sol Estes's picture

Bitcoin is easy to trade when there is no electricity.

Just whip out a sticky note and write, "IOU 1 man" on it and it is good to go.

Thu, 03/20/2014 - 13:38 | 4573304 wallstreetapost...
wallstreetaposteriori's picture


Thu, 03/20/2014 - 13:40 | 4573309 wallstreetapost...
wallstreetaposteriori's picture

More bank bail-ins......   When are people gonna learn this type of shit isn't bullish. 

Thu, 03/20/2014 - 13:41 | 4573322 quintago
quintago's picture

You can't make this shit up. The rest of Ukraine is going to want to join Russia after hearing this news.

Thu, 03/20/2014 - 13:46 | 4573362 BlackChicken
BlackChicken's picture

That's the reason for the war games; keep the sheep in line and have boots on the ground and lots of weapons in case they want freedom too.

What a disaster. Does anyone on the EU/US side ever think of the next move before making the first?

Thu, 03/20/2014 - 13:48 | 4573385 Dr. Richard Head
Dr. Richard Head's picture

So when will the financial media hint that since the US supports this government in Ukraine and now Ukraine bailing in their banks with depositors that perhaps this bailin policy is endorsed by he US government?  I won't hold my breath.


That could never happen here? /s

Thu, 03/20/2014 - 15:25 | 4573915 Latina Lover
Latina Lover's picture

The Raping of the Ukraine by the IMF  has just begun.

Thu, 03/20/2014 - 17:47 | 4574511 Tabarnaque
Tabarnaque's picture

Look at Ukraine rush back to Russia at eh terms of the IMF will be way to bitter. I give them one year to have their own counter revolution in Kiev.

Thu, 03/20/2014 - 13:41 | 4573326 quintago
quintago's picture

You can't make this shit up. The rest of Ukraine is going to want to join Russia after hearing this news.

Thu, 03/20/2014 - 13:46 | 4573363 semperfi
semperfi's picture

exactly Putin's plan - which is why he is just sitting back and waiting - won't take long - Putin 3  ObamaNazis 0

Thu, 03/20/2014 - 14:45 | 4573692 SWRichmond
SWRichmond's picture

Welcome to the EU!  We congratulate you on your membership!

Give us your money.

Thu, 03/20/2014 - 14:05 | 4573495 Crash Overide
Crash Overide's picture

So wait, the people have to pay for the bailouts?

Thu, 03/20/2014 - 22:14 | 4575380 TheReplacement
TheReplacement's picture

Didn't they freely vote for Yankabitch before they threw him out?  Whatever debt he ran up belongs to the people - they voted for it.

At least that seems to be the view of the Putin fanboys.  They spout how Yankabitch was elected and there was a coup and yadda yadda...  If everything was so great then how come such an already poor country has taken on such a huge debt and has nothing to show for it?

Thu, 03/20/2014 - 13:43 | 4573334 BaBaBouy
BaBaBouy's picture

100K Hyvernias, Whats That Worth, $89. ???

Thu, 03/20/2014 - 13:49 | 4573392 Dr. Richard Head
Dr. Richard Head's picture

A hyvernia sound like a medical condition involving the vulva (aka US politicians).

Thu, 03/20/2014 - 22:16 | 4575390 TheReplacement
TheReplacement's picture

Svedish hyvernia (hernia) ya.


Svedish HyVernia (Hi Vern, ya).

Thu, 03/20/2014 - 14:12 | 4573520 Ayreos
Ayreos's picture


Thu, 03/20/2014 - 13:42 | 4573331 tmosley
tmosley's picture

Bitcoin isn't for trading when there is no electricity, and if the place where you are has no electricity, you don't want to buy things there anyways.  It is for getting around capital controls.

You leave the area that doesn't have electricity and find your bitcoins waiting for you, no matter where you go.

Thu, 03/20/2014 - 14:58 | 4573754 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

Got EMP?

Thu, 03/20/2014 - 22:18 | 4575397 TheReplacement
TheReplacement's picture

We have a bogo event going on for EMPs and shoes right now!

Thu, 03/20/2014 - 13:59 | 4573455 Bunga Bunga
Bunga Bunga's picture

Right, just trade paper wallets.

Thu, 03/20/2014 - 13:55 | 4573426 Blazed
Thu, 03/20/2014 - 14:59 | 4573763 roadhazard
roadhazard's picture = lmao

Thu, 03/20/2014 - 14:14 | 4573277 Deathrips
Deathrips's picture

Ukraine and EU, E U and TPTB ..... so happy together!

Bahhh ha haaa ha ha doobidy dooobiaaaaa laaa la la!

So how is the WEATHER?



Thu, 03/20/2014 - 13:44 | 4573348 frenzic
frenzic's picture

Because the "value" of bitcoin only declined 3,46% in the last 24h.

Thu, 03/20/2014 - 13:46 | 4573367 fonestar
fonestar's picture

Yes, it's doomed!!!

Thu, 03/20/2014 - 14:00 | 4573458 Bunga Bunga
Bunga Bunga's picture

See, it's the END! Bitcoin is dead, done, finished.

Thu, 03/20/2014 - 14:28 | 4573584 frenzic
frenzic's picture

I should have said that the fall from 1095 in december to todays 590 is pretty fucking awesome stuff and that BTC is a great store of value because of it. No doom here. Now move along, nothing to see here.

Thu, 03/20/2014 - 17:48 | 4574515 frenzic
frenzic's picture

sure enough crickets and a downvote. predictable as always

Thu, 03/20/2014 - 14:45 | 4573679 TPTB_r_TBTF
TPTB_r_TBTF's picture

just because its anonymous founder abandoned it, does not mean it's doomed!

Thu, 03/20/2014 - 13:49 | 4573387 semperfi
semperfi's picture

you should have kept your silver - anything that you cannot hold in YOUR hand will soon vanish

Thu, 03/20/2014 - 14:00 | 4573463 Bunga Bunga
Bunga Bunga's picture

I can hold a fart in my hand.

Thu, 03/20/2014 - 14:07 | 4573503 crash commando
crash commando's picture

Long oil, gold, bitcoin.  Short farts.

Thu, 03/20/2014 - 15:02 | 4573775 ThirdWorldDude
ThirdWorldDude's picture

Need a lighter?

Thu, 03/20/2014 - 13:30 | 4573258 BlackChicken
BlackChicken's picture

Got something in your hands like gold/silver?

Oh yeah, forgot to add Die Bankers Die...!

Thu, 03/20/2014 - 13:44 | 4573350 Carl Popper
Carl Popper's picture

It is very hard to tax what cannot be found

Gold, bitchez

Thu, 03/20/2014 - 13:54 | 4573422 AmericasCicero
AmericasCicero's picture

Gold, guns, and grain.


Why grain?  I use it to make beer.  And beer doesnt start with a "g"

Thu, 03/20/2014 - 22:22 | 4575409 TheReplacement
TheReplacement's picture

Grain alcohol might be better.  You can use it for cooking, cleaning, fuel, and drinking.  Besides, if you ever need to have a self destruct mechanism, an exploding still can help (so don't keep it in the house...)

Thu, 03/20/2014 - 14:42 | 4573675 BlindMonkey
BlindMonkey's picture

Now I lay me down to sleep. Die fucking bunker die. I pray my soul to keep. Die banker die. You know the rest. Sing along if you want.

Thu, 03/20/2014 - 15:11 | 4573822 BlackChicken
BlackChicken's picture

Catchy tune, the kind that you just can't stop humming all day long ;-)

Fri, 03/21/2014 - 06:55 | 4576102 Harrison
Harrison's picture

Dark and lonely on the summer night.
Kill my landlord, kill my landlord.
Watchdog barking - Do he bite?
Kill my landlord, kill my landlord.
Slip in his window,
Break his neck!
Then his house
I start to wreck!
Got no reason --
What the heck!
Kill my landlord, kill my landlord.
C-I-L-L ...
My land - lord ...

Thu, 03/20/2014 - 13:31 | 4573260 Soul Glow
Soul Glow's picture

Gold, silver.

Thu, 03/20/2014 - 13:31 | 4573264 Renewable Life
Renewable Life's picture

Putin just wants you too pay your fucking gas bills, the EU wants everything in their pockets!

If your money is in a bank, it's not your fucking money, sorry people!

Thu, 03/20/2014 - 13:41 | 4573324 McMolotov
McMolotov's picture

"It's all part of the plan." —the Joker

On a sidenote, when Ukrainians inevitably start fleeing the country, they shouldn't try to carry anything too heavy or they may get a Hryvnia.

Thu, 03/20/2014 - 13:36 | 4573287 Stoploss
Stoploss's picture

Prepare for the flood of Russian re patriots..



Thu, 03/20/2014 - 13:40 | 4573317 ThirdWorldDude
ThirdWorldDude's picture

More like prepare for the counter-coup.

Thu, 03/20/2014 - 13:57 | 4573446 Freddie
Freddie's picture

They better get the billionaire oligarchs and Blackwater boys.

Thu, 03/20/2014 - 13:37 | 4573298 XAU XAG
XAU XAG's picture

when are peeps going to wake up


Your fiat money is going to get stollen!

If every person got thier would be "how much"

Of course not every one can have thier 5oz cause the CB's and the smart ones are already ahead of the game

Thu, 03/20/2014 - 13:44 | 4573342 hungarianboy
hungarianboy's picture

Oooopppssss. Looks like the Ukranians got fucked over now. Waiting for bankruns and for some sort of uprising and demand that the rest would like to join Russia. Tick-Tock Tick-Tock waiting waiting till it all starts.

Thu, 03/20/2014 - 15:21 | 4573887 ...out of space
...out of space's picture

did someone notice for how much they cut threshold for bail in. from ciprus 100,000 € to 100,000 UAH or 10,000 $ or 7,000 €


Thu, 03/20/2014 - 16:45 | 4574313 scam_MERS
scam_MERS's picture

I have several friends and relatives in Ukraine, none of them keep any money in the bank. This won't affect them (at least, not directly). They learned their lesson when the USSR collapsed, they lost all their saving then. Most of them have long memories, and actually laugh when I ask about their "bank account". Money, for the most part, is kept at home, in the form of dollars or euros. It has been this way for many years now. Secondly, very few people would have that sum of money (100K UAH) in a bank, or anywhere else. People live largely from payday to payday. Note, I speak of the average Ukrainian on the street, not the richer 1% or so. In reality, this bail-in will affect very few, and the ones that it does affect, well, you can't fix stupid.

Thu, 03/20/2014 - 13:28 | 4573251 Greenskeeper_Carl
Greenskeeper_Carl's picture

Here you go Ukrainian "uprising" you wanted to be debt serfs to the IMF and EU, ask and you shall receive.

Thu, 03/20/2014 - 13:36 | 4573296 john39
john39's picture

I suspect that Ukranians will never be given the opportunity to vote on their future as the Crimeans were...   instead they get mercenary snipers and color revolution thugs to make their decision for them.

Thu, 03/20/2014 - 14:15 | 4573530 BlackChicken
BlackChicken's picture

Well, they allegedly wanted to join the EU, now they get what they wanted good and hard.

Thu, 03/20/2014 - 16:41 | 4574299 Isotope
Isotope's picture

For some perspective, this is about 9,667 dollars, or 7,015 Euros. So we can see that they are really going after the truly wealthy.

Thu, 03/20/2014 - 13:29 | 4573253 glaucon was right
glaucon was right's picture

Why do we have goverments after all?


Oh, to steal my money, I got it. So much fun.

Thu, 03/20/2014 - 13:38 | 4573306 BlackChicken
BlackChicken's picture

"Why do we have goverments after all?"

Because all the ass-hats we hated in school formed a club to seek their revenge on us, by screwing up everything we make and do.

Thu, 03/20/2014 - 14:05 | 4573493 NotApplicable
NotApplicable's picture

Because governments are nothing but THE most organized form of crime.

Thu, 03/20/2014 - 18:37 | 4574678 css1971
css1971's picture

Why this is difficult for people I don't know. Europeans especially should know better.

Where do our governments come from? Monarchies (mostly).

What is a Monarch? He is the baddest fucker in the country. He defeated all his enemies and made the rest kneel and swear an oath of fealty.

How did he do this? Kind words? No, he killed them, with swords and guns.


So what is government? Government is the control of a country or state and alll it's people by the few, through force of arms. Don't believe me? Try not paying your taxes and then refusing to submit when they come for you.

Thu, 03/20/2014 - 13:29 | 4573254 Soul Glow
Soul Glow's picture

Down goes the little guy!

Thu, 03/20/2014 - 13:31 | 4573262 i_call_you_my_base
i_call_you_my_base's picture

Well, that makes the Crimeans look like they made a good decision.

Thu, 03/20/2014 - 13:34 | 4573278 Renewable Life
Renewable Life's picture

You think!!!!

This will also push the E. Ukrainians to join there brothers from Crimea very soon, which will ignite a hot war, I wonder who wants that to happen???

Hint, not Putin!

Thu, 03/20/2014 - 14:20 | 4573560 NotApplicable
NotApplicable's picture

I'm thinking a sporadically warm proxy war.

Thu, 03/20/2014 - 13:31 | 4573263 KickIce
KickIce's picture

That should chase them to side with Russia.

Thu, 03/20/2014 - 14:21 | 4573562 NotApplicable
NotApplicable's picture

We'll see what the snipers think of that.

Thu, 03/20/2014 - 13:33 | 4573271 dcj98gst
dcj98gst's picture

Just default.  It would be so much easier.

Thu, 03/20/2014 - 13:34 | 4573274 swmnguy
swmnguy's picture

100,000 UAH = 9,675.86 USD, FWIW.

Thu, 03/20/2014 - 13:34 | 4573275 adonisdemilo
adonisdemilo's picture

Hi Ukraine !

Is this the "hope and change "you were hoping for ?

The change part is where that's all you will have left when the IMF have "helped " you, maybe a few small coins each.

Have a look at Greece if you want to know what they have planned for you.


Thu, 03/20/2014 - 13:42 | 4573332 SDShack
SDShack's picture

Just like the USSA, Hope & Change was nothing but Hoax & Chains.

Thu, 03/20/2014 - 13:34 | 4573280 shanearthur
shanearthur's picture

Fuck the dEbt Usurpers!

Thu, 03/20/2014 - 13:36 | 4573292 IridiumRebel
IridiumRebel's picture

Welcome to the EU!!!!!

Thu, 03/20/2014 - 14:22 | 4573566 NotApplicable
NotApplicable's picture

For your protection, please deposit all assets in the bin as you pass through security.


Thu, 03/20/2014 - 13:36 | 4573295 Seize Mars
Seize Mars's picture

Nothing if not predictable.
To any sentient being out there reading this: do you really think they aren't going to do this in America or Europe?
Seriously? How much warning do you need?

Thu, 03/20/2014 - 13:39 | 4573311 XAU XAG
XAU XAG's picture

@Seize Mars

spot on +1000

Thu, 03/20/2014 - 14:04 | 4573491 noless
noless's picture

This whole lengthy preamble was just needed to determine where everyone would get placed in the new order.

Thu, 03/20/2014 - 13:38 | 4573302 madbraz
madbraz's picture

At this rate, soon we will all be begging to join Russia...

Thu, 03/20/2014 - 13:39 | 4573310 smacker
smacker's picture

Lagarde should be strapped down on her sunbed and left there to become toast.

Thu, 03/20/2014 - 14:25 | 4573585 machineh
machineh's picture

She'd end up looking like a Grateful Dead cover.

Thu, 03/20/2014 - 14:54 | 4573731 BlindMonkey
BlindMonkey's picture

She does now. What are you talking about?

Thu, 03/20/2014 - 13:41 | 4573323 Kaiser Sousa
Kaiser Sousa's picture

S&P just downgraded Russia to BBB 1 above junk...


Thu, 03/20/2014 - 14:35 | 4573636 Carl Popper
Carl Popper's picture

Yeah. What he said.

Thu, 03/20/2014 - 14:58 | 4573752 Rory_Breaker
Rory_Breaker's picture


Thu, 03/20/2014 - 14:54 | 4573732 SmallerGovNow2
SmallerGovNow2's picture

Bought and paid for by the USSA...

Thu, 03/20/2014 - 13:43 | 4573340 Clowns on Acid
Clowns on Acid's picture


Sihal has been pushing this since 2005.

Sihal is the Chicken King of Ukraine = worth $500MM. Just part of the cabal of neo Bolsheviks that were exited in Russia.

Thu, 03/20/2014 - 15:20 | 4573879 kashey
kashey's picture

all this just means Swan in Jewish Idish language.

Thu, 03/20/2014 - 13:44 | 4573344 Tracerfan
Tracerfan's picture

Russia offers freedom.  EU/IMF offer slavery.

Thu, 03/20/2014 - 14:08 | 4573505 Gavrikon
Gavrikon's picture

Which is why I am moving there.

Thu, 03/20/2014 - 14:56 | 4573738 BlindMonkey
BlindMonkey's picture

Save me a spot at the expat bar bro.

Thu, 03/20/2014 - 13:45 | 4573351 semperfi
semperfi's picture

why anyone still trusts a bank with their money, especially a large sum, is a mystery

Thu, 03/20/2014 - 13:45 | 4573354 yogibear
yogibear's picture

Russia can step in and nullify the ECB and US Fed. 

Russsia is doing what the American people should have done, get rid of the bankster money changers.

Thu, 03/20/2014 - 13:47 | 4573374 Cannon Fodder
Cannon Fodder's picture

Not trying to be /sarc here, trying to learn.

But in situations like this, people like to say gold and silver are a safe haven. Sure, right now if you live in Ukraine, you gold and silver are appreciating vs your local currency (UAH?)

But what if you live in the US and your assets are in Dollars. What if the powers that be are able to keep gold and silver suppressed in terms of dollars? What good would gold and silver be if they never go to $5,000/$50? What if they never appreciate in terms of dollars to reflect reality? Is that a possible scenario?

Thu, 03/20/2014 - 13:54 | 4573417 Loucleve
Loucleve's picture

your absolutely correct CF.  FDR confiscated all private gold holdings back in the earlies, so precedent has been set.

Jack Rickards "Currency Wars" is an excellent history.  he even nailed the situation in Ukraine..........way back in 2010, when he wrote it.

its hard to fight city hall when they make up the rules as they go along.  but know this - china has been buying all the gold they can get their hands on.  and both china and russia would like to see the end of king dollar.

Thu, 03/20/2014 - 14:37 | 4573645 Carl Popper
Carl Popper's picture

Gold is insurance.

Buy as much insurance as you think you need. Then hope it never pays out.

Thu, 03/20/2014 - 14:58 | 4573759 BlindMonkey
BlindMonkey's picture


The lights go off and bitcoin is a promise in the ether that may or may not come back, you can put a shiny gold coin in front of someone and buy what you want.

Thu, 03/20/2014 - 14:00 | 4573456 Quinvarius
Quinvarius's picture

They successfully suppress nothing.  The paper price is the price to hedge by selling a paper contract.  They are idiots buying the top in the paper gold hedging market by shorting paper gold.  Typical banker financial activity.  Meanwhile the real gold they were obligated to store is slipping out of their vaults into smarter pockets.

Thu, 03/20/2014 - 14:11 | 4573501 Fíréan
Fíréan's picture

in reply @ cannon folder.

If the USD$ were to fold or greatly depreciate the holders of gold could exchange* their gold for currencies which had not depreciated, or at least their saved gold would be valued at a rate exchangable against the non depreciated currencies. ( *assuming local laws at the time allow in said hypothetical situation).

When/if a new currency replaces the depreciated/defunct dollar and would then be valued against other world currencies and/or gold  you would have retained the vaue of your holdings, the gold, whereas holders of dollars, in this situation, would only have the rate of their old $ against new $.

Thu, 03/20/2014 - 14:16 | 4573536 adonisdemilo
adonisdemilo's picture

@Cannon Fodder,

They can only set the price because they still have some physical (at least they say they have ).

When the Comex is out of physical they will NOT have a say in the price.

Thu, 03/20/2014 - 13:51 | 4573382 Jack Burton
Jack Burton's picture

RT just showed video of Ukrainians attacking a vodka factory. Apparently shareholders and Midan Criminals teamed up to try and capture the stock of vodka. Police arrived but did nothing. No word yet on who holds the vodka inventory on site. Seriously, could anyone make this shit up? Midan fighters stole 50 grain trucks and say they will use them for their self defense forces. Midan fighters robbed a Kiev bank, were arrested, and then ordered set free by the Kiev rulers! God, this is like an old Lonney Tunes cartoon. You wonder why Crimea voted to exit this fucking insane shit hole, bankrupt failed state. IMF is ordering pensions and pay slashed and industry and farm land sold to western bankers. Midan fighters, you are some smart fucks, I'll give you that. Crimea will see all it's debt paid by Russia, they will be debt free, also pensions and pay will rise to Russian Federation standards, doubling many people's incomes. No wonder the western baker's whores in Washington are going nuts. Give the old folks a raise! That is a war crime to our banker class of leeches.

Thu, 03/20/2014 - 13:57 | 4573442 Quinvarius
Quinvarius's picture

Vodka is money during economic collpase.

Thu, 03/20/2014 - 14:23 | 4573574 Ban KKiller
Ban KKiller's picture

There is a group of preppers somewhere who are saying "I told you, vodka, dude!" Those folks are fine and will ride out the next 90 days, no big problems, thank you. 

Prepare in the US? What for? Everything, including natural disasters, are under control of the FED. No, really. 

Thu, 03/20/2014 - 13:52 | 4573405 whatthecurtains
whatthecurtains's picture

In Ukraine you don't withdrawal from banks, banks withdrawal from you.

F that I'd open up a Crimean bank account and get my free Putin Toaster.  Works better than an Obama phone.

Thu, 03/20/2014 - 13:53 | 4573412 Debugas
Debugas's picture

100000 hryvna is just aprox $10000


Thu, 03/20/2014 - 13:55 | 4573414 Quinvarius
Quinvarius's picture

And the looting of Ukraine by the Western bankers continues.  What a GD joke.  Bankers paying for revolutions so they can loot.  What is the ROI on this process?

When Rome was collapsing, people gladly left to join the "barbarians" because of this kind of corruption, oppression, taxing, and looting.  Even the thugs in Ukraine must realize they have been had by now.

Thu, 03/20/2014 - 13:55 | 4573427 ziggy59
ziggy59's picture

Monty Python is jealous of this comedy

Thu, 03/20/2014 - 13:57 | 4573443 ross81
ross81's picture

I think Ukrainians should hold a nice little torchlight parade through the streets of Kiev in honour of their new Nazi/IMF freedom & wealth-bringers. Don't forget to bring your balaclavas and swastikas! 

Thu, 03/20/2014 - 13:58 | 4573450 Gavrikon
Gavrikon's picture

You fucked up.  You trusted us.

Thu, 03/20/2014 - 13:59 | 4573454 1stepcloser
1stepcloser's picture

Those Snippers just got robbed yo!

Thu, 03/20/2014 - 14:00 | 4573461 ziggy59
ziggy59's picture

Average salary take home is 360$ a month..

Thu, 03/20/2014 - 14:02 | 4573481 NaiLib
NaiLib's picture

LaGarde the Kleptokrat is coming for you!

Thu, 03/20/2014 - 14:14 | 4573526 Fíréan
Fíréan's picture

How will this fair in the coming May elections in Ukraine ?

Thu, 03/20/2014 - 14:26 | 4573588 Farside
Farside's picture

something I don't understand...

A tax is a compulsory contribution to state revenue.

A deposit is an IOU to the depositor, by the bank.

So does this mean that IOU's, currently held by the depositor are transferred to the state? If this is so, then does the bank then swap these IOUs with other IOUs issued by the state's central bank (in the form of currency)???

It seems to me that nothing has changed except the paper on which the IOU was written...

Thu, 03/20/2014 - 14:32 | 4573618 Road Hazard
Road Hazard's picture

It's sad and funny. Alphabet agencies oust the democratically elected leader, install a banking insider/stooge as the new president, all the Ukrainian gold is looted by said alphabet agencies and banking insider/stooge and then it's announced that anyone with roughly $10,000 USD in their bank account is going to take a hair cut so their hard earned money can be given to a small group of un-elected people. Nice.

Let this be a lesson to other countries that are about to experience "freedom" via the USA/EU. If you country has protesters in your capital and there's talk of a coup in the air, DRAIN YOUR BANK ACCOUNT IMMEDIATELY!

As others have stated..... if you Ukrainians want a glimpse of your future, look no further than Cyprus and Greece. Welcome to serfdom, suckers.

I can't help but think that Putin, along with everyone else in the Kremlin, is laughing hysterically over all this.


Thu, 03/20/2014 - 14:37 | 4573647 shanearthur
shanearthur's picture

Truly I tell you, if you have no soul and do not care, not only can you do what was done to the Cyprus tree, but also you can say to Ukraine, ‘Go, throw yourself into the debt sea,’ and it will be done. If you thieve, you will receive whatever you ask for in gold.

Perhaps I'm remembering Matthew 21 incorrectly.

Thu, 03/20/2014 - 14:41 | 4573666 Carl Popper
Carl Popper's picture

Your fiat are belong to us.

I said it first this time!

Thu, 03/20/2014 - 14:51 | 4573722 Itchy and Scratchy
Itchy and Scratchy's picture

Stealing innocent people's money is the only thing that the liberal activists are really really good at!

Thu, 03/20/2014 - 15:00 | 4573768 QQQBall
QQQBall's picture

So the US gives billions to Ukraine as aid... which is promptly sent to Putin.... then the Ukrainian bank accounts are looted.... right! Next up, the IMF imposes austerity and privatizes gov't entities and infrastructure. To summarize, the oligarchs win and the sheeple take it squarely in the ass - again! 

Thu, 03/20/2014 - 15:58 | 4573963 gallistic
gallistic's picture

"On the economic side, Mr. President, we highly appreciate the support of the United States and the decision to guarantee $1 billion loan for the Ukrainian economy.  You know that we resumed talks with the IMF.  We do understand that these are tough reforms, but these reforms are needed for the Ukrainian state.  And we are back on track in terms of delivering real reforms in my country. 

As I already informed you, probably in the nearest future, next week or in 10 days, Ukraine is to sign a political part of  -- association agreement with the European Union, and we want to be very clear that Ukraine is and will be a part of the Western world, and our Russian partners have to realize that we are ready to make a new type or to craft a new type of our relationship where Ukraine is a part of the European Union, but Ukraine is a good friend and partner of Russia.

So much will depend on whether Russia wants to have this talk and whether Russia wants to have Ukraine as a partner or as a subordinate.  As I already indicated, we will never surrender and we will do everything in order to preserve peace, stability, and independence of my country And we appreciate your personal support, the support of your government, support of the American people to the Ukrainian people.

-Arseniy "Arsenic" Yatsenyuk
Washington D.C. 12 Mar 2014


Let us run through the checklist shall we?


Hand-picked by US? ....check

Reliable and subservient stooge? ...check

Unelected? ...check

illegitimate? ...check

Technocrat? ...check

Right-wing reactionary? ...check

Jewish? ...check

Bankster? (er, Central Bank trained "economist") ... check

Pro IMF? ...check

Willing to let IMF loot the country? ...check

Abolish Russian language? ...check

Anti-Russian across the board? ...check

Unconditionally Pro-EU? ...check

Willing to make Ukraine a EU client state? ...check

Pro-NATO? ...check

Willing to fuck Ukrainians over in general? ...check


I will speculate that the objectives are probably threefold-

1 IMF "reforms" implemented (wealth extraction in place)

2 EU "integration" groundwork implemented (client state in place)

3 Anti-Russian "policies" implemented (NATO integration in place)


Any fool can see why the US is pounding the table about the "legitimacy" of this government.

Any fool can see why the decisions of this minority, illegitimate, unrepresentative putschist faction in power must apply to the whole of Ukraine. Hence, the US' deep concern for the "territorial integrity" of Ukraine.

This program must be implemented before any democratically-elected government that might actually represent (even a little bit) the genuine interests of the populace has any chance to analyze the situation and make any decisions. There will be no national conversation/consultation.

Their decisions must apply to the whole of Ukraine before the Ukrainian citizenry has a say in it!

The "reforms" must be a fait accompli by binding treaties before any election or new government nonsense. Then the "international community" can hold the sword over any subsequent government's head.

Mission Accomplished!

What could possibly go wrong when the people realize what happened and the roto-rooter treatment begins?

Thu, 03/20/2014 - 16:03 | 4574134 Duke Dog
Duke Dog's picture

Just remember Bershire/Buffet - if I'm not mistaken from what I read 5 years ago (nothing now), Berkshire has $tens of Billion in put options written on specifically the S&P with the bulk expiriing in 2015.

Now you know where his famous expression "Weapons of Mass Financial Destruction" came from, why he is a fucking Whore, and why the S&P has to be Bought at all Cost.

I do wish Tyler would look into that scam correlation/causation.

Thu, 03/20/2014 - 17:42 | 4574488 caimen garou
caimen garou's picture

assume the position ukrainians kiss your money goodbye unless you have a matress safe!

Fri, 03/21/2014 - 00:54 | 4575773 RichardParker
RichardParker's picture

"Yevhen Sihal, who is a member of the country's ruling Party of Regions. In an explanatory note submitted with the drafts, he argued that the higher tax rate will encourage consumer spending..."

How does a higher tax rate encourage consumer spending?  Am I missing something here?  LOL



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