EU Stealing Your Savings
17 March 2013, 10:33 PM
#32
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Actually if they do not agree, to the terms, there won't be a run on Cypriot banks on Tuesday.
They will not exist anymore. Their doors will never even open.
I paraphrased the Cypriot President there by the way.
Here is his statement, don't worry it's short, but it IS interesting.
http://www.moi.gov.cy/moi/pio/pio.ns...5?Opendocument
They will not exist anymore. Their doors will never even open.
I paraphrased the Cypriot President there by the way.
Here is his statement, don't worry it's short, but it IS interesting.
http://www.moi.gov.cy/moi/pio/pio.ns...5?Opendocument
17 March 2013, 11:07 PM
#33
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Actually if they do not agree, to the terms, there won't be a run on Cypriot banks on Tuesday.
They will not exist anymore. Their doors will never even open.
I paraphrased the Cypriot President there by the way.
Here is his statement, don't worry it's short, but it IS interesting.
http://www.moi.gov.cy/moi/pio/pio.ns...5?Opendocument
They will not exist anymore. Their doors will never even open.
I paraphrased the Cypriot President there by the way.
Here is his statement, don't worry it's short, but it IS interesting.
http://www.moi.gov.cy/moi/pio/pio.ns...5?Opendocument
3. A proportionate amount corresponding to the deposits of thousands of depositors for deposits over 100.000 Euro, would be led to a vicious cycle of asset liquidation, and these depositors would suffer losses of over 60%.
As a result of the above, the service sector would be led to a complete collapse with a possible exit from the euro.
18 March 2013, 12:39 AM
#34
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N.Farage is going to be in his element .
Many people mock him, I say He's the only one talking sense and will have the last laugh when its too late.!
UK needs a referendum now.
Many people mock him, I say He's the only one talking sense and will have the last laugh when its too late.!
UK needs a referendum now.
18 March 2013, 12:45 AM
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Farage & UKIP, Grillo and 5 Star in Italy, will certainly be watching with interest. I personally feel that it is Italy that holds the key to the whole thing. Cyprus is small enough for the Germans/EU to push around. Italy on the other and is a much bigger beast.
18 March 2013, 02:11 AM
#38
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I'm with ScoobyWon't on this, if it goes that far, the Spanish will eventually do as they're told, the Italians are going to be the ones to pull the whole thing down around Merkels ears 
I'm still undecided about whether it will be a bad thing
I'm still undecided about whether it will be a bad thing
18 March 2013, 10:56 AM
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But the situation here is much more complex and would take too long to explain in a news programme or front page of a newspaper.
Cyprus also offers a handy distraction from the Budget etc. A good time to bury bad news...?
18 March 2013, 12:55 PM
#42
I don't follow your logic there. It's not Cyrpus and Spain nicking money, it was seventeen Eurozone finance ministers who had locked themselves in a room and decided that every Cypriot depositor will see part of their money seized.
http://blogs.telegraph.co.uk/finance...ical-dynamite/
http://blogs.telegraph.co.uk/finance...ical-dynamite/
So THEIR banks must have continued to do what the others were doing, KNOWING that if it went wrong, there would be a bailout?
If so, it's fraud, pure and simple.
18 March 2013, 01:35 PM
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18 March 2013, 01:39 PM
#45
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So now the Cypriot banks are staying closed Tuesday as well because of an inevitable run on the banks there, what part of that was not predictable ? The EU would have known the potential fall out from this but let it happen anyway, its like they wanted to crush the Cypriot banks and economy. To what end though ? I know they got pissed off at the sheer volume of cash Cyprus had but I fail to see any positive from this solution.
18 March 2013, 01:55 PM
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Even if it did then the politicians would ignore its outcome if it didn't suit their agenda much like the findings of the Leveson Inquiry!
18 March 2013, 02:00 PM
#49
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But what's the difference in effect between:
1. Savings get haircut of 10%.
2. Income tax and VAT go up by 5% each.
3. Your currency depreciates so anythingyou want to buy from Germany or Japan or the USA goes up in price by 10%.
At the end of the day your spending power is affected in a similar way. But the haircut gives instant relief to the economy.
1. Savings get haircut of 10%.
2. Income tax and VAT go up by 5% each.
3. Your currency depreciates so anythingyou want to buy from Germany or Japan or the USA goes up in price by 10%.
At the end of the day your spending power is affected in a similar way. But the haircut gives instant relief to the economy.
18 March 2013, 02:04 PM
#50
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Never is a very long time
Plus of course we have already had a referendum
18 March 2013, 02:12 PM
#51
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18 March 2013, 02:20 PM
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The whole thing is a shambles
I think it is bonkers to punish savers, it just encourages the kind of behaviour that got us all into this mess in the first place
18 March 2013, 02:23 PM
#53
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But what's the difference in effect between:
1. Savings get haircut of 10%.
2. Income tax and VAT go up by 5% each.
3. Your currency depreciates so anythingyou want to buy from Germany or Japan or the USA goes up in price by 10%.
At the end of the day your spending power is affected in a similar way. But the haircut gives instant relief to the economy.
1. Savings get haircut of 10%.
2. Income tax and VAT go up by 5% each.
3. Your currency depreciates so anythingyou want to buy from Germany or Japan or the USA goes up in price by 10%.
At the end of the day your spending power is affected in a similar way. But the haircut gives instant relief to the economy.
18 March 2013, 02:52 PM
#54
Actually if they do not agree, to the terms, there won't be a run on Cypriot banks on Tuesday.
They will not exist anymore. Their doors will never even open.
I paraphrased the Cypriot President there by the way.
Here is his statement, don't worry it's short, but it IS interesting.
http://www.moi.gov.cy/moi/pio/pio.ns...5?Opendocument
They will not exist anymore. Their doors will never even open.
I paraphrased the Cypriot President there by the way.
Here is his statement, don't worry it's short, but it IS interesting.
http://www.moi.gov.cy/moi/pio/pio.ns...5?Opendocument
Originally I was incensed by this, however. After reading this, I think I understand the situation a little clearer.
Regardless of what's happened in the past the solution has to be based on the here and now. And certainly the current option is the better one for Cyprus.
Of course we can still speculate if a better option could have been negotiated, and if this could have been prevented had action been taken sooner. Also the ramifications of this action has set a pesidence that any government in Europe could do this to your savings. Certainly I won't be looking at banks to protect my savings in future.
Although in fairness, this has already happened to UK savers already a long time ago. When savers suffered a big hit with private pensions in 2006. That cost us £100 billion, which given inflation is alot more in today's money. Shrewed move to try and save our economy? Or just desperate and haphazard scrambling for cash in light of economic meltdown?
18 March 2013, 06:41 PM
#55
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Originally Posted by Daniel Hannan
What is the alternative? Cyprus, and the other afflicted states, should be allowed to default, decouple and devalue.
Imagine that every Cyprus beach resort suddenly became 40 per cent cheaper. Would that influence your holiday choice? Now imagine every business making a similar calculation when sourcing supplies.
The least bad option for a country in Cyprus’s condition is to price its way into the market and export its way back to growth. But that would mean giving up on the dream of a European federal state.
Imagine that every Cyprus beach resort suddenly became 40 per cent cheaper. Would that influence your holiday choice? Now imagine every business making a similar calculation when sourcing supplies.
The least bad option for a country in Cyprus’s condition is to price its way into the market and export its way back to growth. But that would mean giving up on the dream of a European federal state.
18 March 2013, 11:59 PM
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19 March 2013, 12:04 AM
#57
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The whole thing is set up to strip us of our identity,make us all equal 
I wonder whether the Bulgarians are as good at stripping out our wiring as the romainains
I wonder whether the Bulgarians are as good at stripping out our wiring as the romainains
19 March 2013, 01:11 AM
#58
Not sure what all this fuss is about.
UK goverment's already done this over here, e.g.:
- £66Bn cash bailout into RBS and Llyods alone. That's £2,300 from each of the 29million taxpayers in the UK. It's taken in instalments instead of a 'one-off' hit.
- Gordon Brown's tax 'raid' on pension schemes, estimated £5Bn p.a.
- Etc..
Same thing really except over here it's the taxpayer/pension saver who's taking the hit while in Cyprus it's depositors.
They'll live.
And has any of you any better ideas as to how you raise 6Bn Euro at short notice in a tax haven?
UK goverment's already done this over here, e.g.:
- £66Bn cash bailout into RBS and Llyods alone. That's £2,300 from each of the 29million taxpayers in the UK. It's taken in instalments instead of a 'one-off' hit.
- Gordon Brown's tax 'raid' on pension schemes, estimated £5Bn p.a.
- Etc..
Same thing really except over here it's the taxpayer/pension saver who's taking the hit while in Cyprus it's depositors.
They'll live.
And has any of you any better ideas as to how you raise 6Bn Euro at short notice in a tax haven?
