Watching the Cyprus situation
Mar 23rd 2013 | 9:43 am
#16
BE Forum Addict
Joined: Jun 2009
Posts: 1,217
From: Valencia area
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.
Just legalised theft again to suit the landed gentry.
Mar 23rd 2013 | 9:56 am
#17
Straw Man.
Joined: Aug 2006
Posts: 46,302
From: That, there, that's not my post count... nothing to see here, move along.
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...
Mar 23rd 2013 | 10:10 am
#18
Lost in BE Cyberspace
Joined: Aug 2006
Posts: 5,426
From: Velez-Malaga
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?
I bet there are a few worried men in Cyprus right now - who might be next?
Mar 25th 2013 | 5:55 am
#19
BE Forum Addict
Joined: Feb 2013
Posts: 4,548
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.
Mar 25th 2013 | 6:12 am
#20
Banned
Joined: Oct 2012
Posts: 26,724
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 .
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 .
Mar 25th 2013 | 6:18 am
#21
Banned
Joined: Feb 2011
Posts: 19,367
From: Mallorca
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'
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'
Mar 25th 2013 | 6:33 am
#22
Banned
Joined: Feb 2011
Posts: 19,367
From: Mallorca
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 .
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.
Mar 25th 2013 | 6:48 am
#23
Banned
Joined: Oct 2012
Posts: 26,724
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.
We have a vote unfortunately we do not have a realistic alternative to vote for.
Look at the mess in Italy.
Mar 25th 2013 | 7:01 am
#24
Lost in BE Cyberspace
Joined: Feb 2007
Posts: 10,759
From: Land of no recession
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.
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.
Mar 25th 2013 | 7:40 am
#26
Lost in BE Cyberspace
Joined: Apr 2009
Posts: 7,749
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
Mar 25th 2013 | 8:37 am
#27
Joined: Jun 2011
Posts: 12,053
From: In the middle of 10million Olive Trees
Re: Watching the Cyprus situation
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 ........
Mar 25th 2013 | 9:11 am
#28
Straw Man.
Joined: Aug 2006
Posts: 46,302
From: That, there, that's not my post count... nothing to see here, move along.
Re: Watching the Cyprus situation
Wont be long before Spain begins to look at doing the same....
Mar 25th 2013 | 9:58 pm
#29
Im a 77 year old nutcase
Joined: Mar 2011
Posts: 4,774
From: Playa del ingles...Gran Canaria..
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
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
Mar 25th 2013 | 10:06 pm
#30
Banned
Joined: Oct 2012
Posts: 26,724
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 !!
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 !!
