jimmydean

Proposal voted down.

http://www.bbc.co.uk/news/world-europe-21842966


I cannot now believe anyone would leave any money in Cypriot banks when they reopen later this week??????? Why would they?

coldbeer

They wouldn't by choice (unless they're crazy), but when the banks re-open chances are Capital Controls will be in place, meaning only small withdraws allowed every day, and limits imposed on electronic transfer of money out of the country.

Just remember, this was an EU plan, not the govts. The EU is trying to hold the govt ransom, and so far to their credit the govt have resisted.

jamiest

The Cypriot Parliament voted it down so no levy, for the time being anyway.

Too late, too late. The damage has been done. Who is going to leave their hard earned (taxed already) money lying in a bank vault now? Not me that's for sure.
I only keep enough here for monthly bills and housekeeping plus a few hundred for emergencies.

It's all coming out this week and I'll use the money that may have been lost to beef up the security on my place.

I don't even live in Cyprus but this has definitely put the wind up me and while I love Spain I would not trust the banks or government as far as I could spit them, same with the UK ones as well.

Domino

all brings new meaning to what granny kept under her bed

kevray

So where will you keep your hard earned?? it is hardly a practical solution to put +100k in notes under your bed.

Where do you think is the safest place to put your savings? Premium bonds come to mind

jamiest

£100K? If only, what I've got wouldn't stuff a pillow, maybe a small cushion would do.

Mitzyboy

Youd probably make more from premium bonds in a year than you would from putting it in a bank or BS

EMR

Premium bond winnings are related to interest rates so they too are nothing like as good as they once were.
Of course the more you have the better are the chances of your numbers being drawn.

Domino

Gold ?

Platinum ? Look at the price !!

the problem is that many people sunk their last penny into property because it was always a good bet.
but that has changed and unless you need to have a fire-sale will find it difficult to offload any property at any form of profit at the moment, if you can find someone willing to pay you for it.

Veronica-K

Nobody pays money straight into a sellers account. It usually goes into the buyers lawyers client account who pays it to the sellers lawyer on exchange of contracts.
Most people use currency exchange companies to transferthe moeny from the Uk as they give better rates than banks.

goggles

As a matter of interest were these banks paying what would be considered high rates of interest in the current economic climate ?

To the couple who were buying , do absolutely nothing until it is clear what is going on, if you want to proceed use a well capitalised UK bank to transact your business , despite all the press hubris UK banks have rebuilt their capital base , you will pay costs but your money should at least be as safe as it could be , Barclays international or similar.

RockiesFellow

Yes, well the real "bailout" now agreed is much, much worse for some. Instead of a light-trim for all accounts, the bigger accounts are going to get a buzz-cut. If you have your hard-earned savings in Laika bank, and you're lucky(?) enough to have over 100,000 euros, then you could lose the lot, or 40%,30%, or 20% depending on which newspaper you read.

If you have over 100,000 euros in Bank of Cyprus then you will probably also be relieved of much of your savings, and who knows when you'll be able to get your hands on the residue – there is no outlook for accounts being unfrozen.

And, the EU are saying that this state-sponsored larceny will form a template for future bank bailouts. Pop down to your bank today and get that cash under the mattress.

Claire333

In Britain my money was in Santander and before I came here 2 weeks ago I phoned Santander to let them know I would be using my Visa debit card in Cyprus. There's no Santander here so I take my money out at various ATMs/cashpoints here in Northern Cyprus. I know this sounds like a silly question, considering the distress others must be in, but is my money safe?

Claire333

The EU and the Euro is such a load of bull****. I knew it wouldn't work from the start. And now that the silly idea is falling down around their ears they're turning to daylight robbery - largely because they can't admit what a stupid idea it is and what a pickle its all becoming and just fess up and deal with the implications. So they talk more official crap and pretend to know what they're doing when they are just stealing and bullying and failing to take responsibility and be accountable. They only reason they cooked up the idea in the first place was because they were being greedy.

Joe King

If only that were true. You would be shocked if you knew how many Brits by abroad without using a lawyer and who do pay money directly into the seller's account. Someone on this thread has said that's how they bought in Slovenia.