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Watching the Cyprus situation
I feel sorry for expats in Cyprus at the moment surely the government cant raid private bank accounts and call it tax ????????:thumbdown:
If they get away with this it will be acceptable to do it in all EU countries They cant get away with this surely????:eek: |
Re: Watching the Cyprus situation
Money under the mattress time ;)
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Re: Watching the Cyprus situation
Can,t get away with what??
A banking system that encouraged billions of Euros of dodgy Russian money and offered unsustainable interest rates. to investors. The alternative is that Cyprus is allowed to fail the banks go bust, it leaves the Euro and expats lose a substantial part of their savings and property values as the cyprus £ is re introduced at a fraction of the value if the Euro. The past vernments of Cyprus are responsible the issue is over if it is fair to penalise the small investors ( less the E25000 in their accounts ) |
Re: Watching the Cyprus situation
This appears to be the latest situation.
Mr Sarris was also quoted as saying Cyprus was considering a 25% levy on deposits of more than 100,000 euros (£85,000) in its biggest bank. http://www.bbc.co.uk/news/world-europe-21909673 |
Re: Watching the Cyprus situation
Well if they do this money is going to fly out of all European banks
Including Spain. It would not surprise me if people already have higher mattresses. |
Re: Watching the Cyprus situation
Originally Posted by DENISE WALTERS
(Post 10620154)
Well if they do this money is going to fly out of all European banks
Including Spain. It would not surprise me if people already have higher mattresses. Most people if sensible, do not keep 100k in a bank account. It will make buying/selling a house a little more nerve-wracking? Will be interesting to watch interest rates after this. |
Re: Watching the Cyprus situation
They may stick to 100,000 limit now. But what happens when they have gone through bank accounts with over 100,000? Who is left? Us. There again, they shouldn’t be taking anything. Just goes to show, only a few days after this was muted, we, the sheep, now take it for granted it is going to happen. This is how the EU works. They are leading us like lambs to the slaughter. All this from an organisation that has not signed off its accounts for the past 20 years.
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Re: Watching the Cyprus situation
In Spain they've already nicked people's money - public sector workers have had their salaries cut by over 20% since 2010.
I don't agree with the Cyprus proposal, but at least people with €100k in the bank won't go hungry or lose their homes if the govt takes a slice. |
Re: Watching the Cyprus situation
Originally Posted by la mancha
(Post 10620193)
They may stick to 100,000 limit now. But what happens when they have gone through bank accounts with over 100,000? Who is left? Us. There again, they shouldn’t be taking anything. Just goes to show, only a few days after this was muted, we, the sheep, now take it for granted it is going to happen. This is how the EU works. They are leading us like lambs to the slaughter. All this from an organisation that has not signed off its accounts for the past 20 years.
Would probably solve the worlds debt problems |
Re: Watching the Cyprus situation
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Originally Posted by Fredbargate
(Post 10620200)
Maybe instead of raiding the accounts of the populous they should take the money from the accounts of the un-elected EU bureaucrats
Would probably solve the worlds debt problems |
Re: Watching the Cyprus situation
Haircut happening in New Zealand bank bailout, apparently
http://www.scoop.co.nz/stories/PA130...ew-zealand.htm |
Re: Watching the Cyprus situation
Its the cyprus governments and banks that have lostt the money not the EU.
Cyprus has probably had millions of Euros in handouts that it has wasted just like Spain Portugal, Ireland Greece etc. |
Re: Watching the Cyprus situation
Originally Posted by EMR
(Post 10620225)
Its the cyprus governments and banks that have lostt the money not the EU.
Cyprus has probably had millions of Euros in handouts that it has wasted just like Spain Portugal, Ireland Greece etc. They have invested them in offshore bank accounts for a small number of politicians. :thumbdown: |
Re: Watching the Cyprus situation
If there's any consolation to be had from this mess, it is that much of the funds in Cypriot banks over 100,000 will probably have come from dodgy dealing and dubious sources anyway and who is gonna shed any tears if the Ruskies suffer a lions share of the grief ?
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Re: Watching the Cyprus situation
1 Attachment(s)
Originally Posted by Dick Dasterdly
(Post 10620332)
If there's any consolation to be had from this mess, it is that much of the funds in Cypriot banks over 100,000 will probably have come from dodgy dealing and dubious sources anyway and who is gonna shed any tears if the Ruskies suffer a lions share of the grief ?
Sergai, where did you put the in-sur-ance money ? |
Re: Watching the Cyprus situation
So they raid a few bank accounts, cannot see just what is the difference that slapping extra taxes on this & that to the same effect on things that most have no choice in buying.
Just legalised theft again to suit the landed gentry. |
Re: Watching the Cyprus situation
Interesting discussion about this on Radio 2 last week, JV was talking about being at a function with a leading retired banker, world leading, no name, just that he was top level, the banker told him that one of the issues with Cyprus was that the banks borrowed the equivalent of £60 for every £1 they had... Imagine if you or I went to the bank and asked for that sort of rate...
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Re: Watching the Cyprus situation
http://www.dailymail.co.uk/news/arti...on-Surrey.html
I bet there are a few worried men in Cyprus right now - who might be next?:rofl: |
Re: Watching the Cyprus situation
I now hear that the Eurogroup chairman is warning us that the Cyprus solution can be adopted in other Eurozone countries. As I have said in previous posts, they can do whatever they like. We will be lucky if they leave us with the shirts on our backs. This is the EU all over. Try it once and if they get away with it try it on a larger scale. And when they have gone through deposits over 100,000 they look at who is left.This is the European dream. Europe Uber Alles.
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Re: Watching the Cyprus situation
I believe that Banks should be allowed to fail
The UK would be in a better state if Northern Rock etc had gone instead of being bailed out to the tune of billions and still hanging around the neck of the Uk economy. Bad banks are not good for any economy and the EU is right to make countries contribute to their bail out Savers and investors will have to be more carefull where they put their money in future. Cyprus was the classic example with unsubtsainable interest rates being offered to attract hot money . |
Re: Watching the Cyprus situation
From another forum:
Shit, we need some dough. Look here at what Cyprus is doing. Just taking it out of bank accounts! Wow, is that legal? Well, yeah, I guess. It was the ECB's idea. So I guess it's OK. How much they getting? Well, they say they'll nick up to 10% of every account. I calculate a few Billion. Blimey! can we do that to Italy? Can we get some of the Vatican's dough too? Naaah, they just got a new pope. He'd probably send the Mafia over to collect double church tax. And Argentina'd be pissed. too, and they aren't exactly rational. Hmm. Maybe we can nick some Argentinian banks? Errr... I don't think they share EU mentality about stuff like this. Yeah, clever Argies. Hey, how 'bout Spain? They're a bunch of losers. Maybe we can get their dough? Oh, now you're talkin'! I knew there was a reason I signed you on. But better wait and see what happens in Cyprus. It might only work once. The Spanish are already scared shitless, and could empty their bank accounts by the time this is over. Shit! and I was just gettin' all randy thinkin' about all that dough. Hey! maybe we could call George Clooney. I saw a film where he and Brad Pitt and Matt Damon did shit like that. Wonder if they could figure this one out. You're on a roll, baby! I'm listnin' |
Re: Watching the Cyprus situation
Originally Posted by EMR
(Post 10623203)
I believe that Banks should be allowed to fail
The UK would be in a better state if Northern Rock etc had gone instead of being bailed out to the tune of billions and still hanging around the neck of the Uk economy. Bad banks are not good for any economy and the EU is right to make countries contribute to their bail out Savers and investors will have to be more carefull where they put their money in future. Cyprus was the classic example with unsubtsainable interest rates being offered to attract hot money . Nonetheless, I think most certainly some banks should be allowed to fail, and those banks that WE bailed should be kept on a tight leash until they pay back the bailout - with interest. It's nothing less than they would demand from us. Yes, WE. In case you weren't aware, WE pay for those bailouts, and WE are the boss of the governments bailing them - not the other way around - unfortunately, WE have become increasingly complacent in the notion that the government is OUR boss, so we presume to have little say in it. |
Re: Watching the Cyprus situation
We as in Governments borrowing pay for the Bank bail outs and it is these huge debts that holding back the economies. We pay as in reduced benefits and public spending ( a good thing ). We pay as in reduced bank lending for mortgages , consumer debts ( not such such a bad thing ) We pay as in lack of investment by business and loss of jobs definetly a bad thing.
We have a vote unfortunately we do not have a realistic alternative to vote for. Look at the mess in Italy. |
Re: Watching the Cyprus situation
I'm not so sure we should let the banks fail, after all it is the man in the street who suffers most.
Just take all the banks personnel, put them against a wall and shoot them. Once you've done one bank the others will soon sort themselves out. |
Re: Watching the Cyprus situation
Originally Posted by amideislas
(Post 10623213)
From another forum:
Look what happens when you don't have ANY financial expertise around the table. The Euro is in crisis, let's chop down the tree of confidence. Unbelievable. |
Re: Watching the Cyprus situation
The answer is pretty simple to me - you let the banks fail and pay the savers according to the EU bank guarentee
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Re: Watching the Cyprus situation
Originally Posted by cricketman
(Post 10623372)
The answer is pretty simple to me - you let the banks fail and pay the savers according to the EU bank guarentee
I suggested that months ago and was ignored. we really need a new model and the only way is to let the banks fail and start from scratch. no chance ........ :frown: |
Re: Watching the Cyprus situation
Wont be long before Spain begins to look at doing the same....
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Re: Watching the Cyprus situation
Now savings could be raided across Eurozone: As finance chief warns more EU taxpayers could be targeted after Cyprus, who's next for a brutal 'haircut'?
Jeroen Dijsselbloem spooked global markets with his comments He said that owners and investors must be held responsible for failings ALL banks to remain close until Thursday to avert a run on deposits Savers with more than £85,000 could lose up to 40% of their money Uninsured funds to be frozen and used to pay off debts in bank restructure Cyprus will not to need to vote on deal because bank law already in place But Germany may have to hold vote before agreement can take effect More than 60,000 British expats live on the island, so many face losses Savers in the eurozone could see their bank accounts raided in the struggle to shore up the single currency, a senior EU official warned last night. Read more: http://www.dailymail.co.uk/news/arti...#ixzz2OddafgsQ |
Re: Watching the Cyprus situation
But what you do not post is that the same official backed off in a later interview.
But to be safe I would move my money into one of the global banks, Santander, HSBC etc. Not good news for small national banks but Cyprus is a lesson to us all. Don.t follow the Russians !! |
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Re: Watching the Cyprus situation
Originally Posted by DENISE WALTERS
(Post 10620130)
I feel sorry for expats in Cyprus at the moment surely the government cant raid private bank accounts and call it tax ????????:thumbdown:
If they get away with this it will be acceptable to do it in all EU countries They cant get away with this surely????:eek: When cash is removed from your wages or pension, it's called income tax. When you buy something it's called VAT or IVA. When you die it's called inheritance tax. Then there's Capital Gains, Corporation Tax, Business Rates etc etc. Interest on bank savings is taxed. It's all the 'state' taking money from the individual or companies. |
Re: Watching the Cyprus situation
Thank you. |
Re: Watching the Cyprus situation
Here's another excellent article, not only about Cyprus, but the EU's short-sightedness overall.
Penny Wise, Gas Foolish |
Re: Watching the Cyprus situation
Originally Posted by amideislas
(Post 10624944)
Here's another excellent article, not only about Cyprus, but the EU's short-sightedness overall.
Penny Wise, Gas Foolish I wonder if Britain has 10 billion lying about not doing anything ? I mean it's not like we don't have the experience to handle a bail-out. Or a gas field. Or. |
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Re: Watching the Cyprus situation
From someone who really knows what he's talking about.
http://therealnews.com/t2/index.php?...4&jumival=9954 |
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