EU Stealing Your Savings
#123
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#125
Do you have sources for that ? I find it very hard to believe that a few property deals that went sour managed to have such an impact and I don't recall seeing any news on a Spanish style property crash in Cyprus. As far as I was aware the problem was largely due to poor choices they made lending money to Greece.
#126
Our economy is also not a bed of roses at the moment, so there is some risk involved, hence losing the AAA rating.
Cheap imports is great for the consumer, but cheap exports is good for manufacturing, and they employ people.
It's a bit of a simplistic overview.
#129
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Do you have sources for that ? I find it very hard to believe that a few property deals that went sour managed to have such an impact and I don't recall seeing any news on a Spanish style property crash in Cyprus. As far as I was aware the problem was largely due to poor choices they made lending money to Greece.
We used to sell 5-8 properties per year on Cyprus East coast up til the crash. Knew almost all the decent developers in the region, virtually all have gone bust. Tons of empty apartments, villas standing empty. Been a great buyers market for 3 years.
I have Euro accounts with 2 Cypriots banks and used to get their deposit rate offers with my statement. I'm off out there in 3 weeks but not sure what currency we'll be using.
#130
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Right now, even though the markets think Eurozone prospects are poor it thinks the UK's are worst because they see us as inextricably linked to the EU as well as having our own issues in addition.
Our govt is happy with the devaluation (c.25%) as it prices our exports cheaper.
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#134
Totally agree. It's currently a bit broken, on a lot of levels, not just economic, but it should be fixed not abandoned.
#135
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How many times does humankind have to prove to itself that you cannot make disparate tribes of people all behave in the same way, at the same time, before they give up and realise that instinctively, it just ain't gonna happen?
This Cypriot farce is moving the markets every time there's a new headline. Herd mentality for a country worth 0.2% of the EU. Utter madness.
This Cypriot farce is moving the markets every time there's a new headline. Herd mentality for a country worth 0.2% of the EU. Utter madness.
#136
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How many times does humankind have to prove to itself that you cannot make disparate tribes of people all behave in the same way, at the same time, before they give up and realise that instinctively, it just ain't gonna happen?
This Cypriot farce is moving the markets every time there's a new headline. Herd mentality for a country worth 0.2% of the EU. Utter madness.
This Cypriot farce is moving the markets every time there's a new headline. Herd mentality for a country worth 0.2% of the EU. Utter madness.
#137
#138
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I did think that the Ruskies would do a deal on gas rights as they had Cyprus over a barrel (forgive the pun) on pricing and it would have given them a foothold in Europe. dl
#139
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tell that to the American taxpayer who bailed out failed industries (banking, insurance, motor) to the tune trillions and trillions of dollars.
not what they signed up for as americans -- hence the tea party
capitalism may well work at the "quantum" level, but you would struggle to argue it works at the "newtonian" level
if america was a company it would be declared insolvent and wound up
#141
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For those of you who like a flutter:
Cyprus is odds-on favourite with bookmakers William Hill to be the first country to leave the euro. Having been a 20/1 shot to do so a week ago, Cyprus is now 1/2 favourite
#142
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What did Cypriot banks do with all the offshore funds they received? Bad loans presumably but anyone know who to? Was there a property bubble and did some money end up in Greece?
dl
dl
#144
We do property and finance and we talk to the banks.
We used to sell 5-8 properties per year on Cyprus East coast up til the crash. Knew almost all the decent developers in the region, virtually all have gone bust. Tons of empty apartments, villas standing empty. Been a great buyers market for 3 years.
I have Euro accounts with 2 Cypriots banks and used to get their deposit rate offers with my statement. I'm off out there in 3 weeks but not sure what currency we'll be using.
We used to sell 5-8 properties per year on Cyprus East coast up til the crash. Knew almost all the decent developers in the region, virtually all have gone bust. Tons of empty apartments, villas standing empty. Been a great buyers market for 3 years.
I have Euro accounts with 2 Cypriots banks and used to get their deposit rate offers with my statement. I'm off out there in 3 weeks but not sure what currency we'll be using.
#145
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I am simply amazed that someone could hold that view with all evidence to the contrary that is available. Anti-democratic, bank account stealing, you voted the wrong way, vote again, ever closer union totalitarianism is what you are supporting. Shame on you
#146
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However, I think it's about time to give that economics degree back if you have one. Anyone got a shredder handy?
#148
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They are INSOLVENT ie. they don't have the cash to meet their immediate commitments.
They've lent LONG and foolishly (e.g. 25 year loans, Greek loans) and borrowed SHORT and expensively (1 and 2 year cash bonds at 4.5%+ when NatWest are paying 0.10% on deposits) and they've not retained sufficent reserves. And because they're considered risky they've had to pay high interbank rates to borrow from other banks. Eventually other banks decided they're not worth the risk at any interest rate.
The bailout monies are cashflow injections to allow them to service their commitments and give them time to liquidate some of their assets in a 'fire sale'. Trouble is everyone knows their desperate for cash so won't pay full price.
And few, if any bank can survive this sort of loss of trust.
#149
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I know, it must be really difficult with your narrowness of vision to see that not everyone follows the backward-looking, little-Englander, anti-EU herd mentality.
Wales has been in 'union' since 1536. 'Sppose that makes all Welshmen English here in 'totalitarian Britain!
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Time for some pro-EU agitprop.
Last edited by SouthWalesSam; 25 March 2013 at 01:40 PM.