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? |
Kinell :eek:
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Is that even legal, basically that's theft right?
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they get the same value in shares of the bank so it says. Does seem wrong though.
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Thank God I have no savings...... wonder what they would do with my £15K overdraft?
Shaun |
In a bankrupt bank!
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This must be a nightmare, I dropped off halfway through the rugby
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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 |
Moving to dubai.. How they work with no taxes is beyond me but it wounds good.
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EU is pushing for it, but Cyprus government voted against it today, so nothing is official yet
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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. |
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...." |
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. |
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. |
Am guessing by the comments everyone just wants the EU to give cyprus billions to bail them out for free? lol
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Originally Posted by Camsedin
(Post 11027262)
Am guessing by the comments everyone just wants the EU to give cyprus billions to bail them out for free? lol
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. |
Originally Posted by f1_fan
(Post 11027016)
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. |
The Cypriot economy makes up only about 0.2% of the Eurozone.
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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 fook I decided to buy a depreciating car instead :lol1: |
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 :( |
Originally Posted by Leslie
(Post 11027403)
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 :( So where does that leave the £? |
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.
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who#s gonna enforce the rules? The EU?
It's a joke. These and the Spanish are nicking money. |
Originally Posted by alcazar
(Post 11027591)
who#s gonna enforce the rules? The EU?
It's a joke. These and the Spanish are nicking money. http://blogs.telegraph.co.uk/finance...ical-dynamite/ |
Originally Posted by c_maguire
(Post 11027323)
The Cypriot economy makes up only about 0.2% of the Eurozone.
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Originally Posted by Luan Pra bang
(Post 11027634)
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... |
Originally Posted by alcazar
(Post 11027493)
How will it be different, Les? The € is ready to collapse and the £ is at it's lowest rate AGAINST the € for five years!
So where does that leave the £? 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. |
Originally Posted by Leslie
(Post 11027403)
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 :( 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 |
But this is everyman in the street, say 10k savings - you can have 675 worth of shares or
Nothing |
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.. |
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