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A comment on “My bank account's got robbed by European Commission. Over 700k is lost.”. Parent comment

Re:“My bank account's got robbed by European Commission. Ove... by NiekvdMaas on Friday March 29, 2013 @02:12AM (#5459504)
It's true that the majority of these accounts are from foreign people, but that doesn't mean there is anything illegal with putting your money on a Cyprus bank account. Please note that Cyprus is part of the EU for a long time, and this way of tax avoiding (not evasion) is completely legal.
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Re:“My bank account's got robbed by European Commission. Ove... by JumpCrisscross on Friday March 29, 2013 @02:47AM (#5459587)
As of December 2012 62% of deposits in Cyprus were by domestic residents. Removing the €5,3 billion in non-Cypriot euro-deposits and we find about 31% of the mostly Russian and British deposits [1]. The political problem were the foreign deposits. The financial problem were 2011 foreign deposits at 82% of GDP, total deposits 2011 nearly 3x GDP, and bank assets 5-7x GDP.

[1] http://www.centralbank.gov.cy/media/xls/2nd_MFS_January_2013...

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Re:“My bank account's got robbed by European Commission. Ove... by _b8r0 on Friday March 29, 2013 @03:11AM (#5459637)
A lot of the British deposits were made by the UK MOD in order to pay staff at the two British airbases in Cyprus. Understandably, many of these staff had deposits in local banks.
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Re:“My bank account's got robbed by European Commission. Ove... by jlarocco on Friday March 29, 2013 @02:20AM (#5459530)
Oops, I updated my post. Meant to say avoidance instead of evasion.

Being legal doesn't change my sentiment.

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Re:“My bank account's got robbed by European Commission. Ove... by rayiner on Friday March 29, 2013 @02:18AM (#5459521)
It's not any less technically legal for the E.C.B. to levy those bank accounts.
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