Europe

What to Keep in Mind about the Tax on Cyprus Bank Deposits

"Those who lent money to Cyprus’s banks by buying their debt rather than by depositing money at the banks, will suffer no losses at all. Those who lent money to the insolvent Cypriot government, will be paid off at 100 cents on the euro. In other words, the banksters are protected. Only depositors with banks will suffer losses in this International Monetary Fund engineered plan. It's as blatant example of who the IMF really works for. This is not the liquidation of a bad system. It is an attempt to protect the crony system and the banksters who are part of it. It is a tax on the 'little people' who keep their funds in the form of deposits, rather than bonds." Continue reading →

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U.S., French tax laws cause concern for expats of Switzerland

"The Swiss government signed the controversial Fatca deal with the US last month. Parliament is due to discuss it later this year and political parties on the right and left have already announced they will reject it. Fatca obliges foreign banks to report offshore accounts held by US tax payers, including expats. The law is part of a policy by the US authorities to crack down on tax dodgers. France has announced it wants to revise a 1953 accord in a bid to recover inheritance tax from its citizens living in Switzerland and force Swiss who own property in France to be taxed there. The Swiss Abroad community as well as the cantons strongly oppose the amendments." Continue reading →

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IMF Goes Directly After Bank Depositor Money In Cyprus Bailout Plan

"The IMF today took an unprecedented step to grab bank depositor money. In a new plan to bailout the government of Cyprus, under the watchful eye of the IMF, depositors in Cypriot banks will be hit with a one-time tax on their savings, as part of a €10 billion ($12.96 billion) bailout. In a deal, announced early Saturday, accounts with more than €100,000 will be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation. Cypriot Finance Minister Michalis Sarris said the Cypriot Parliament would adopt the taxes over the weekend and the money would be extracted from accounts before banks take up business Tuesday." Continue reading →

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Euro woes not over, says crisis-wary Bundesbank

"A wary German central bank said on Tuesday it had set aside billions more euros against what it deems risky European Central Bank moves, and criticized France directly for "floundering" in its reform drives. Presenting Bundesbank 2012 results, Jens Weidmann, the bank's chief, said the euro zone crisis, which has eased as a result of ECB funding promises, was not over. Weidmann, a member of the ECB's Governing Council, opposed the bank's yet-to-be-used bond-buy plan agreed last September and believeseuro zone governments must shape up their economies to exit the crisis rather than looking to the ECB for help." Continue reading →

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150,000 Greek Public Sector Job Cuts Pending As Greece Launches Another Grexit “Plan B” Movement

"Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing. Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets a 2.8 billion-euro ($3.6 billion) aid installment due this month. More than a week of talks on that has so far failed to clinch an agreement." Continue reading →

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Nigel Farage: Eurozone completely incompatible with nation-state democracy

"There has been a major political event since we last met and no one has mentioned it. Italy had an election. And 55% of the electorate voted for Eurosceptic political parties, indeed Mr Grillo's movement managed to get 26%. It is quite tough in European politics these days to tell who the comedians are. And what is absolutely clear is that Eurozone membership is completely incompatible with nation-state democracy. You can do what you like to take away the powers of national parliaments but people will go on voting, and there is a trend developing right across Europe; the Eurosceptic parties are going to get stronger and stronger." Continue reading →

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More Entrepreneurs Say “Au Revoir”, Escape France’s Confiscatory Tax Regime

"New evidence of top French executives leaving the country has emerged as President Francois Hollande battles a stalling economy and tumbling approval ratings. Two senior executives at Moet Hennessy, the champagne and cognac arm of the LVMH luxury group, are moving to London from Paris and the head of Dassault Systemes, the software arm of Dassault Aviation, said some senior managers of his company had left and he was considering following suit. …The news follows Mr Arnault’s own application for Belgian citizenship, leaked last September, which poured fuel on a fiery debate in France about entrepreneurship, patriotism and high taxes." Continue reading →

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Popularity of French President Francois Hollande in Steep Decline

"Since taking office 10 months ago, Hollande has experienced the fastest drop in popularity ever seen in French presidential politics. In June of last year, those who said they had confidence in him numbered between 51 and 63 percent, depending on the polling institute. That number is now 30 to 37 percent, nearing the lowest approval rating of any French president on record: Nicolas Sarkozy in May 2011, at 20 percent. Hollande is struggling to find convicing counterarguments as unemployment has risen to 11 percent, economic data looks more dismal by the week, industrial output is taking a nosedive and a recovery is nowhere to be seen." Continue reading →

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New anti-euro party forms in Germany

"A new party in favour of returning to the Deutsche Mark is taking shape in Germany, hoping to attract voters disillusioned by the political establishment. The new 'Alternative for Germany' party is hoping to capitalise on a growing resentment about the euro-crisis and what Germans perceive as costly bailouts for profligate southern countries. Backed by Hans-Olaf Henkel, a prominent eurosceptic and former head of the German Industry Federation (BDI), the new party is expected to have its official launch on 14 April in Berlin. A survey published Monday by TNS-Emnid showed that 26 percent of Germans would consider backing a party that campaigns for getting rid of the euro." Continue reading →

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Greece’s Futile Austerity

"The Greek situation is beyond wretched. Top earners are being pursued by helicopters and spied on by satellites over non-payment of taxes; there are regular riots in the streets and, as in Argentina a decade ago, middle-class people have been reduced in some cases to picking through garbage bins to survive. The suffering has been needless. The result is not going to be of benefit to anyone except perhaps some of Europe's largest banks, and they are getting plenty of help already. There is little money in Greece but there is plenty of anger. And Prime Minister Samaras, taking note of it, announces there will be no further austerity measures." Continue reading →

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