Cypriot bail out

Looks like they may reduce the lower theft to 3%

http://www.telegraph.co.uk/finance/debt-crisis-live/9936737/Cyprus-bailout-live.html

Even so, now that the principle has been established, who in a shaky eurozone economy will trust the banks again? They really don’t realise what they’ve done…

Yes but you have the choice to move your money!, this is just theft.

If my bank went bust I’d be quite relieved to get to keep 90% of my money.

Even so, now that the principle has been established, who in a shaky eurozone economy will trust the banks again? They really don’t realise what they’ve done…

Yup agreed, who wants to save now!

But wouldn’t you rather have the original amount protected by the original deposit protection scheme?

Apparently Russian energy giant Gazprom has offered Cyprus an alternative to the Troika bailout in exchange for exploration rights for natural gas in the island, according to reports in the Greek media.

But wouldn’t you rather have the original amount protected by the original deposit protection scheme?

It’s not just the bank going bust it’s the country, so assuming there was one who is going to honour it?

Cyprus has gas?

Its quite a quaint idea to refer to the deposits made by Vladimir Putins friends as ‘savings’. Bless ’em. They’ve been putting a little bit of their hard-earned wages to one side, every week. Maybe doing without life’s little luxuries, so as to save for a rainy day? 😆

Looks like the Cypriot government have cancelled the bail-out vote this afternoon, and the banks are to remain closed.

No doubt as the result of the large men, with conspicuous bulges in their jackets, who just arrived on the flight from Moscow to ‘have a word’

cypriot mate reckons its punishment from the EU for laundering russian money, allegedly more than 50% of banks money is russian

Cyprus has gas?

yes its offshore only snag is their close friends the Turks say its theirs……

This is a joke.

The euro needs to go….idealistic nonsense with no basis in sound financial reality.

Banks should’ve been allowed to fail a few years back….short term pain for a much more healthy long term banking sector.
The term ‘too big to fail’ and government handouts have given those in finance carte blanche to carry on as though the crisis never happened.

Raiding saving accounts is a low move, with the revenue the EU takes each year it is scandalous that they have to do this….but then the EU’s finances are a joke so i shouldnt be surprised.

They could have started something terrible here…imagine if people move the bulk of their wealth out of EU banks?

and the banks are to remain closed.

Oh great well that’ll help the people who need to buy things to live then Jeez

xcgb – Member

“Cyprus has gas?”

yes its offshore only snag is their close friends the Turks say its theirs……

What could possibly go wrong?

Looks as if the vote has been put back until Tuesday.

What could possibly go wrong?

Alex Salmond claiming they’re both wrong, and its all his? 😀

It’s quite interesting- someone pointed out that the foundation of modern banking was partly based on the desire to keep your money out of government’s hands… Charles 1st’s raid on the private bullion in the Tower spurred investors to keep their money elsewhere, first in goldsmiths which then evolved into banks. I wonder where this might lead us now… Even if they pull back from it now the fact that it was ever on the table will get people thinking.

5thElefant – Member

If my bank went bust I’d be quite relieved to get to keep 90% of my money.

And if someone else’s bank went bust?

I’d be amazed if we don’t see bank runs across other parts of the Eurozone as a result of this. I can’t see them stopping, but even if they did just that fact they’ve considered it would have me running for the exits if I had money in Cyprus, Greece, Italy, Spain, Portugal…….

Still, at least they’re being open in their theft rather than Merv and Osborne printing to oblivion and killing us all with inflation.

Today is a public holiday in Cyprus so presumably the banks would have been closed anyway.

Wow id Binners and THM are saying the EU is in trouble and criticising the EUro then it must serious 😛

TBH a bunck of tax avoiders [ its a tax haven] and a bunch of russians moneyy launderers are out of pocket – why are you all so concerned about this – we are still talking about folk with £88K savings
Why help these?
Aprt of capitalism is the reward for risk and part of it is th eprice of failure.
You all moaned when we paid to bale them out now we all moan when we dont do it fully and ask them to help [ granted it should also involve the shareholders]
Bit like cars we want green taxes we dont want to pay more for our fule and we want quieter roads but we dont want to be the ones not driving

Its no wonder the politicians are idiots ; their masters are

Even if this theft is cancelled there is now the ongoing question, when or where next will this stunt be tried? And how many times if multiple bailouts are ‘needed’?

It’s the typical EU shooting themselves in the foot and undoing all their efforts thus far.

I wonder if my savings would have gone down more if there was a one off tax on them at 7% or the years of below inflation interests rates that we have.

Our government is doing the same but slower. Inflation reduces the debt burden but is still paid for by savers.

+1

This is way too simplistic – it’s just a few Russian oligarchs – it’s lots of perfectly legitimate Russian companies and investors into Russia who had structured investment via Cyprus to avoid double taxation and have investor protection, and legitimate corporate and middle class account holders who had kept their money in EU domiciled accounts instead of Russian ones to avoid exactly these shenanigans by the Russian government.

Please tell me this is sarcasm?

Today is a public holiday in Cyprus so presumably the banks would have been closed anyway.

Yes which explains the timing, but they are talking about closing them until friday

Wow id Binners and THM are saying the EU is in trouble and criticising the EUro then it must serious

Yip. Sometimes its hard just being the lone voice trying to speak out against the widely held consensus that its all going just great!! 🙄

You don’t think that this crisis in Cyprus is going to have any kind of domino-effect throughout Southern Europe then? No…. of course not…. according to the Euro enthusiasts in Brussels, the whole Euro crisis was done and dusted and taken care of last year, wasn’t it? I think there was you, and 3 other people who believed that

You should try being the forum doommonger Binners!

It’s a dirty job but someone has to do it.

C”mon JY play the ball not the men – no room for ad Homs in the STW inn (lovely mixed metaphors). I know defending the indefensible is hard (that’s why I love it) but lets stick to the facts in front of us. 😉 Not only is this more European nonsense, they compound it yet again by trying to hide fact behind technical jargonise. Remind us/me, these people are working for, or representing who, exactly?

JY – are you not getting that feeling of Deja vu? The technocrats in Brussels pouring billion after billion of other peoples money into a huge black hole, so they can kick the can down the road for another month or two? Before the next crisis? The one that looks remarkably like the last one… and the one before that… and the one before that… and the one before that… and the one before that… and the one before that…

All so that none of them have to face up to the uncomfortable reality that the currency/political project they created is, and always was, completely unworkable

Binners not doing this again just take it as joke or dont but really is rather like deabting this with farage tbh 😉

Wow neither of you mentioned the IMF just the Euro – who would have thunk that etc

Its is pointless to debate the Euro with you two – it is irrelavent what is happening you will say it is doomed to failure- of course currently its not good but where it tbh.

All is say is if they are willing to back it enough and pay the political and economic cost it will survive. Whether they will and whether that is good or bad is another issue

Oh yes…. I forgot… Anyone who thinks the Euro is/was a ridiculous idea from the beginning is a little Englaner/closet racist/Mail Reader/whatever…..

But each time the can is kicked it becomes heavier, travels less far, and does more damage to the foot that kicks it.

They gave us Pole Tax and now we are to receive Bedroom Tax

What’s a Pole Tax (other than something UKIP would like to introduce)?

They gave us Pole Tax and now we are to receive Bedroom Tax

What’s a Pole Tax (other than something UKIP would like to introduce)?

Ask Peter Stringfellow, it nearly put him out of business.

I forgot… Anyone who thinks the Euro is/was a ridiculous idea from the beginning is a little Englaner/closet racist/Mail Reader/whatever…..

Prety sure we can all feel the love and high regard you and THM have for the Euro project 😕

Leaves thread to the closets racists and loons [ CMD quote – i know neither of you are this at all]

Let’s keep to the subject on Cyprus and its wider implications for the euro.

😉

Anyone who thinks the Euro is/was a ridiculous idea from the beginning is a little Englaner/closet racist/Mail Reader/whatever…..

That’s because it’s not a ridiculous idea, and if they’d stuck to France/Germany/Benelux it would be much more viable than it is now. What’s causing problems is the bending of the rules for political gain to admit countries (eg. Greece) who should never have been allowed to enter monetary union. The undervaluing of the Deutschmark when exchange rates were fixed in the run in to the Euro doesn’t help, of course.

Andy

http://rt.com/business/cyprus-deposit-tax-markets-427/

The rate on troubled eurozone nations’ bonds is rising. More pain and more problems to come…

…while German two year yields go back (briefly) below 0%. It’s an odd day when UK gilts are considered a safe haven too!