Cyprus 'bailout'

Old Mar 17th 2013, 7:01 am
  #1  
Millhouse is not a meme
Thread Starter
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 14,624
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Cyprus 'bailout'

Bailout levy

- Depositors with under 100,000 euros deposited must pay 6.75%
- Those with more than 100,000 in their accounts must pay 9.9%
- Depositors will be compensated with the equivalent amount in shares in their banks


I love this approach - rather than raising taxes that may not actually come and cripples you going forward, the population has been forced to buy shares in the banks. Ballsy move.
Millhouse is offline  
Old Mar 17th 2013, 7:32 am
  #2  
Hit 16's
 
Bahtatboy's Avatar
 
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
Bahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond reputeBahtatboy has a reputation beyond repute
Default Re: Cyprus 'bailout'

But if everyone takes their money out of the banks...
Bahtatboy is offline  
Old Mar 17th 2013, 7:33 am
  #3  
Millhouse is not a meme
Thread Starter
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 14,624
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: Cyprus 'bailout'

Originally Posted by Bahtatboy View Post
But if everyone takes their money out of the banks...
that is an unintended consequence I am not here to think about.
Millhouse is offline  
Old Mar 17th 2013, 7:35 am
  #4  
Joined on April fools day
 
Beaverstate's Avatar
 
Joined: Apr 2012
Location: Hops capital of...well hops festival
Posts: 10,638
Beaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond reputeBeaverstate has a reputation beyond repute
Default Re: Cyprus 'bailout'

Originally Posted by Bahtatboy View Post
But if everyone takes their money out of the banks...
Smart money is already gone.
Beaverstate is offline  
Old Mar 17th 2013, 7:40 am
  #5  
Big Member
 
NorthernLad's Avatar
 
Joined: Jul 2005
Posts: 3,841
NorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond reputeNorthernLad has a reputation beyond repute
Default Re: Cyprus 'bailout'

According to Sky news, there is €70 billion on deposit in their banks, €20 billion of it Russian money.
NorthernLad is offline  
Old Mar 17th 2013, 8:26 am
  #6  
Lost in BE Cyberspace
 
Joined: Nov 2012
Posts: 7,842
scot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond reputescot47 has a reputation beyond repute
Default Re: Cyprus 'bailout'

A new variant on currency reform. You waken up and your money - or some of it - has gone.
scot47 is offline  
Old Mar 17th 2013, 8:35 am
  #7  
BE Forum Addict
 
UKCityGent's Avatar
 
Joined: Feb 2007
Location: Kuwait
Posts: 1,133
UKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond reputeUKCityGent has a reputation beyond repute
Default Re: Cyprus 'bailout'

The money hasnt "gone" - it has been transferred into the form of shares of the bank.

What would worry me more is that this is the first time the governements have done this and would this be a new standard. I think Monday/Tuesday you may see bank runs especially in Greece and Spain. If that does happen then the Euro will go down to a new lower and the markets will lose their recent gains.
UKCityGent is offline  
Old Mar 17th 2013, 8:57 am
  #8  
Millhouse is not a meme
Thread Starter
 
Millhouse's Avatar
 
Joined: Aug 2009
Location: Disneyland, Dubai
Posts: 14,624
Millhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond reputeMillhouse has a reputation beyond repute
Default Re: Cyprus 'bailout'

Originally Posted by UKCityGent View Post
The money hasnt "gone" - it has been transferred into the form of shares of the bank.
It's gone then, no? You have just described a debt-equity swap - and debt is the driver of money under a fiat monetary system. The value may not have gone though -- if you believe the banks will be there tomorrow once the run is over.
Millhouse is offline  
Old Mar 17th 2013, 9:31 am
  #9  
BE Enthusiast
 
The_Citizen's Avatar
 
Joined: Aug 2012
Location: Dubai
Posts: 542
The_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to allThe_Citizen is a name known to all
Default Re: Cyprus 'bailout'

Was talking to a colleague who is from Cyprus and his wife is still living there. Apparently there were riots last night in some areas and all the ATM's have been blocked so nobody can take money out!
The_Citizen is offline  
Old Mar 17th 2013, 9:35 am
  #10  
WWLLCJD?
 
Scamp's Avatar
 
Joined: Feb 2011
Location: Dubai
Posts: 21,617
Scamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond repute
Default Re: Cyprus 'bailout'

Shame for the folks living there, still, I have absolute faith in an Cypriot government to manage the economy out of this.

Scamp is offline  
Old Mar 18th 2013, 9:02 am
  #11  
 
nonthaburi's Avatar
 
Joined: Feb 2010
Location: Buraydah , Saudi Arabia
Posts: 2,176
nonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond reputenonthaburi has a reputation beyond repute
Default Re: Cyprus 'bailout'

http://www.edmundconway.com/2013/03/...edy-of-cyprus/
nonthaburi is offline  
Old Mar 18th 2013, 9:51 am
  #12  
Kix
Nothing doin' here
 
Kix's Avatar
 
Joined: Sep 2008
Posts: 3,508
Kix will become famous soon enoughKix will become famous soon enough
Default Re: Cyprus 'bailout'

But the Cypriot Government is just like Greece, they're in there for themselves.

A previous company I worked for would regularly pay massive bribes to Greece/Cyprus to win business.

It lined the pockets of the ministers/CEOs etc. but it's basically broike the countries.

To give you an example, we would usually charge around 10cents for a transaction, with Cyprus and Greece we charged over $20.

And purely to pay the bribes.

Ridiculous.

I do feel sorry for the populace, but they did vote the government in.
Kix is offline  
Old Mar 18th 2013, 9:55 am
  #13  
WWLLCJD?
 
Scamp's Avatar
 
Joined: Feb 2011
Location: Dubai
Posts: 21,617
Scamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond reputeScamp has a reputation beyond repute
Default Re: Cyprus 'bailout'

Originally Posted by Kix View Post
I do feel sorry for the populace, but they did vote the government in.
Their options are limited though, no?

Same shit different toilet.

It's inherent in the Greeks to be ****ing lazy and avoid all costs to government etc. Dad lives in Crete and the tricks they pull to avoid council taxes etc etc are just mad. Pretend to build an extra floor, just leave some reinforced columsn sticking out the top and tell the council you've not finished building yet so don't have to pay council tax.
Scamp is offline  
Old Mar 18th 2013, 10:01 am
  #14  
BE Forum Addict
 
soukie's Avatar
 
Joined: Jun 2008
Location: Abu Dhabi
Posts: 1,632
soukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond reputesoukie has a reputation beyond repute
Default Re: Cyprus 'bailout'

I wonder if the Russian Government will help all the Russians who have money in Cyprus? Limassol is known locally as “Lima-grad”.
soukie is offline  
Old Mar 18th 2013, 11:28 am
  #15  
Lost in BE Cyberspace
 
Joined: Jul 2007
Posts: 13,553
The Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond reputeThe Dean has a reputation beyond repute
Default Re: Cyprus 'bailout'

It is the most outrageous and astonishing thing I've heard in EUR-history (and that is a tough title to win). The banks are insolvent so the shares are worthless (try to work out the 'book value' for some of those banks....) - and you cannot sell the shares anyway........

It is another nail in the EURO-coffin..... and I worry about this sort of thing on a wider socio-economic scale: at some point (maybe not far off) the people of Europe (particularly in the southern nations) will rise up in civil violence against austerity, etc, while those in the north will rise up against their taxes being raised again and again to pay for the profligacy of southern governments.

Then, gangs of racist vigilantes will start patrolling the streets, torching houses and intimidating residents in largely immigrant neighbourhoods, because far right parties and pressure groups will have convinced them that immigrants are to blame for unemployment, high taxes, high unemployment, etc..........

One day, future history students will find plenty of material for their dissertations on The European Civil War of the early-21st-century........

Last edited by The Dean; Mar 18th 2013 at 11:29 am. Reason: l
The Dean is offline  

Contact Us Archive Advertising Cookie Policy Privacy Statement Terms of Service

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.