EU Stealing Your Savings
#1
EU Stealing Your Savings
http://www.bbc.co.uk/news/world-europe-21814325
So to Scoobynetters with money abroad, will you be waiting outside the bank door for when they open?
So to Scoobynetters with money abroad, will you be waiting outside the bank door for when they open?
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#8
Shamelessly stolen from another forum, but this blog from the head of Saxobank makes for good reading.
http://www.tradingfloor.com/posts/cy...ger-1728597128
http://www.tradingfloor.com/posts/cy...ger-1728597128
#11
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Maybe Telboy can comment on this, but isn't doing something like this likely to seriously further undermine any confidence that there is left for anyone to invest in the Eurozone? If they can do it to Cyrpus they can do it anywhere. It is unprecedented!
This seems to me like a really stupid thing to do for the bigger longer term picture, but maybe I just don't get it.
This seems to me like a really stupid thing to do for the bigger longer term picture, but maybe I just don't get it.
#12
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See, what I'm not understanding here, is that the banking problem hit in 2008/9?
And yet these are asking for a bailout YEARS later?
So what's the game there?
If they knew about problems, how come they continued to rack them up?
This looks more like fraud to me...."Hey, look guys, free money, let's have some...."
And yet these are asking for a bailout YEARS later?
So what's the game there?
If they knew about problems, how come they continued to rack them up?
This looks more like fraud to me...."Hey, look guys, free money, let's have some...."
#13
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The EU says there will not be a run on the banks in Spain, Italy or Portugal.
I therefore predict a run on the banks in Spain, Italy or Portugal and probably Beppe Grillo calling for a return to the Lira.
I therefore predict a run on the banks in Spain, Italy or Portugal and probably Beppe Grillo calling for a return to the Lira.
#14
This is unbelievable, its a backwards way of the EU getting hold of some Russian money but for Cyprus this is a disaster, the cash in their banks will evaporate overnight. There is billions or euros worth of foreign money in Bank of Cyrpus and all of it will be leaving Tuesday morning. Switzerland is about to have a gold rush. I know the EU is pissed at Cyprus for letting money laundering happen in its banks but they just f*cked the country IMO.
Potentially they just harmed the banks in every struggling EU economy as well.
Potentially they just harmed the banks in every struggling EU economy as well.
#16
I cannot help but think that there must have been a better way to manage the situation. I wonder if there is a contingency plan in place to deal with the inevitable run on the bank on Tuesday.
#17
Maybe Telboy can comment on this, but isn't doing something like this likely to seriously further undermine any confidence that there is left for anyone to invest in the Eurozone? If they can do it to Cyrpus they can do it anywhere. It is unprecedented!
This seems to me like a really stupid thing to do for the bigger longer term picture, but maybe I just don't get it.
This seems to me like a really stupid thing to do for the bigger longer term picture, but maybe I just don't get it.
#19
I'm surprised it's taken this long for Cyprus to be in such a mess.
Spent many holidays/ work out there - is a massive cash economy, and little taxes being paid.
7 years ago we very nearly bought a plot of land at high cost, to build on in the future.
Thank **** I decided to buy a depreciating car instead
Spent many holidays/ work out there - is a massive cash economy, and little taxes being paid.
7 years ago we very nearly bought a plot of land at high cost, to build on in the future.
Thank **** I decided to buy a depreciating car instead
#20
If our weak as water self seeking politicians ever succeed in making this country a part of an EU federation, we can look forward to far worse as well as a totalitarian government! Democracy?...whats that then?
Les
Les
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There is also Option 2 - Cyprus votes to leave the Euro/EU.
Originally Posted by Mats Perrson, Open Europe
deposits under €100,000 are supposed to be protected by EU law, not raided by EU leaders. And Cypriot banks have frozen close to €5.8bn, i.e. imposed capital controls which is meant to be illegal under EU single market rules. This is political dynamite.
Last edited by ScoobyWon't; 17 March 2013 at 06:59 PM.
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http://blogs.telegraph.co.uk/finance...ical-dynamite/
#25
Not really the issue , the banks in Cyprus have cash from all over the world, estimated 20 billion from Russia, 3 billion from the UK. At one time Cyprus banks allegedly had 175 billion in assets, ten times the size of the Cypriot economy.(figure from here no idea how to check its acccuracy http://www.cbc.ca/news/business/stor...-deposits.html) When the banks open the door on Tuesday there will be a run as people try to transfer huge sums of money away from Cyprus, I cannot imagine forcing a bank to liquidize anywhere from 10 to 175 billion in assets to pay depositors, will not have a knock on effect. The mistrust created in EU banks may have an even bigger effect.
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When the banks open the door on Tuesday there will be a run as people try to transfer huge sums of money away from Cyprus, I cannot imagine forcing a bank to liquidize anywhere from 10 to 175 billion in assets to pay depositors, will not have a knock on effect. The mistrust created in EU banks may have an even bigger effect.
I'm wondering if it's something that the EU finance ministers didn't take in to account - and if they didn't see this possibility, they are truly more incompetent than anyone had ever thought them (bar Alcazar), or if they didn't want Cyprus to accept the deal. Something doesn't add up. Do they Eurozone finance ministers want to get rid of Cyprus? Surely if one country leaves, more will follow...
#27
The Euro is nowhere near collapsing and never has been.
Cyprus apparently has debts equal to its GDP and this 10% skim on savings is a requirement to get a bailout offer from the fund.
#28
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Democracy,you have and many EU states have Democracy(in some cases is some sort of the dictatorship with censorship like is in the Belarus)
About the EU taking on the Cyprus savers,this should work here too on the few multi-million companies,which don't pay for taxes etc.
Jura
#30
I find it funny when people ask questions like - "do they not understand" bla bla bla.
Yes, people who run countries and manage world economies do not understand what everyone else do..
Yes, people who run countries and manage world economies do not understand what everyone else do..