EU Stealing Your Savings
#181
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And now they want us all to pay as well....
http://www.telegraph.co.uk/news/worl...-increase.html
Where will it stop? Answer: It won't, the UK can only be protected by voting us out of the EU in a referendum or voting UKIP into power
http://www.telegraph.co.uk/news/worl...-increase.html
Where will it stop? Answer: It won't, the UK can only be protected by voting us out of the EU in a referendum or voting UKIP into power
#183
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It won't make the depositors in Cyprus spend. Some face up to 80% losses, plus the capital controls such as credit card use abroad limited to €5,000 (£4,200) a month would stop them spending massively outside of Cyprus.
Still, Cyprus could still really punish Germany's Bundesbank according to this article:
http://www.telegraph.co.uk/finance/c...is-benign.html
Originally Posted by Credit Suisse
We wonder how such capital controls could eventually be lifted with no obvious cure of the underlying problem
http://www.telegraph.co.uk/finance/c...is-benign.html
#187
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iTrader: (1)
There was nothing simple about arranging the closure and orderly bailout of Northern Rock, HBoS, RBS/Natwest, (Lloyds), Icelandic, Irish, Greek, Italian, Spanish… banks and avoiding a run on a nation's banking system.
It looked easy because the UK taxpayer and Eurozone taxpayer just paid up and no depositor lost a single penny.
The difference is that this time taxpayers refuse to carry the can on their own and bondholders (secured creditors) and depositors (unsecured creditors) have to bear a share of the cost of the banks' collapse.
This is the shape of things to come for future bank failures.
At least it’s better than when BCCI failed!
It looked easy because the UK taxpayer and Eurozone taxpayer just paid up and no depositor lost a single penny.
The difference is that this time taxpayers refuse to carry the can on their own and bondholders (secured creditors) and depositors (unsecured creditors) have to bear a share of the cost of the banks' collapse.
This is the shape of things to come for future bank failures.
At least it’s better than when BCCI failed!
#188
Scooby Regular
Iceland had already used this model
Effectively telling creditors in their failed banks to "swing for it" (against the advice of the IMF world bank etc)
The UK taxpayer picking up part of the bill
Intact whilst "free market" economies of the US and the UK were socialising loses in the banks, a sort of "free market" socialism to the tune of trillions (in fact an implicit unlimited amount)
A markedly less free market economy/society I.e. Iceland took the free market approach and let them fail, and prosecuted the perpetrators to boot
They are experiencing growths rate we won't see for a generation
Effectively telling creditors in their failed banks to "swing for it" (against the advice of the IMF world bank etc)
The UK taxpayer picking up part of the bill
Intact whilst "free market" economies of the US and the UK were socialising loses in the banks, a sort of "free market" socialism to the tune of trillions (in fact an implicit unlimited amount)
A markedly less free market economy/society I.e. Iceland took the free market approach and let them fail, and prosecuted the perpetrators to boot
They are experiencing growths rate we won't see for a generation
Last edited by hodgy0_2; 28 March 2013 at 12:49 PM.
#189
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The 'Cyprus model' includes EU bailout money that means that Cypriots depositors in the failed banks get the 100k deposit protection (£85k here) they're entitled too.
Iceland, as you say, left the UK and Holland to pick up the whole bill in their own countries when two of their banks failed. We're in dispute with them for a bill of around 4Bn Euro. Let's hope that with their super growth they'll get round to paying it soon!
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Capitalism is alive and well and living in.... "Cuba allows citizens to buy and sell property", Raul Castro, Nov 2011
#190
Scooby Regular
No, not the same model.
The 'Cyprus model' includes EU bailout money that means that Cypriots depositors in the failed banks get the 100k deposit protection (£85k here) they're entitled too.
Iceland, as you say, left the UK and Holland to pick up the whole bill in their own countries when two of their banks failed. We're in dispute with them for a bill of around 4Bn Euro. Let's hope that with their super growth they'll get round to paying it soon!
__________________________________________________ ______________________________________
Capitalism is alive and well and living in.... "Cuba allows citizens to buy and sell property", Raul Castro, Nov 2011
The 'Cyprus model' includes EU bailout money that means that Cypriots depositors in the failed banks get the 100k deposit protection (£85k here) they're entitled too.
Iceland, as you say, left the UK and Holland to pick up the whole bill in their own countries when two of their banks failed. We're in dispute with them for a bill of around 4Bn Euro. Let's hope that with their super growth they'll get round to paying it soon!
__________________________________________________ ______________________________________
Capitalism is alive and well and living in.... "Cuba allows citizens to buy and sell property", Raul Castro, Nov 2011
Yes, obviously not exactly the same - Iceland are not in the EU
But you take my point, letting creditors take the (some) pain
And personally I hope Iceland win, even speaking as tax payer who has in effect subsidised several very very wealthy friends who had a lot of money invested in Iceland, and have been fully reimbursed by you and me
#191
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Any financial loss is terrible, but this is why I regard this huffing, puffing, ranting and wailing for those poor Cypriot depositors with over Euro 100k in cash as little more than rank hypocrisy.
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“… and then I saw a headline; ‘Chavez slaps on immigration controls as millions of USA citizens pour into People’s Republic of Venezuela’, ... And then I woke up.”, Hodgy0_2, Feb 2013
#192
Scooby Regular
unless I am going loopy doopy
#194
Scooby Regular
Aha, yes
Well I am not sure I have gone quite that far, in fact I have said on many occasions that the really interesting thing about the last 4 or 5 years is how comprehensively the "banking class" (and I use that term loosely) have driven the narrative and won the argument
But as Marx said a "good capitalist will sell you the rope, by which you hang him"
Well I am not sure I have gone quite that far, in fact I have said on many occasions that the really interesting thing about the last 4 or 5 years is how comprehensively the "banking class" (and I use that term loosely) have driven the narrative and won the argument
But as Marx said a "good capitalist will sell you the rope, by which you hang him"
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