I agree with your comment. They are passing this off as taking the others money. Why should the general public pay for the greed of banks and bond holders? This could tank the banking industry. If people just allow this to happen next thing you know they will single out another group to skim money from, slippery slope I think.It's completely disgusting. State theft of peoples' assets. So a bunch of people put their money there for safety against concerns in their home countries only to find that the Cypriot government helps itself to 10% of it overnight. Locals get caught up in the raid too.
The place is finished. They've not a busting lot to support their economy with as it stands but a decent banking sector was one of their relative strengths. Now no-one will ever trust them again and there'll be a huge run on their banks as soon as they unlock accounts, along with a total collapse of their financial services sector. Let's hope the idea doesn't spread or the Eurozone is definitely over. Money will rush elsewhere.
Time to stuff your mattress with old notes and buy some bullion by the looks of it. Seems you'd be safer with your money in a blooming banana republic bank account than in an EU state. Lived in one for the best part of 20 years and the "voluntary donations" to the local party each year to avoid being deported on spurious made-up allegations never came close to those sorts of amounts.
Greece debt farce - the end of the Euro?
- Thread starter WeLuvIbiza
- Start date
It's completely disgusting. State theft of peoples' assets. So a bunch of people put their money there for safety against concerns in their home countries only to find that the Cypriot government helps itself to 10% of it overnight. Locals get caught up in the raid too.
The place is finished. They've not a busting lot to support their economy with as it stands but a decent banking sector was one of their relative strengths. Now no-one will ever trust them again and there'll be a huge run on their banks as soon as they unlock accounts, along with a total collapse of their financial services sector. Let's hope the idea doesn't spread or the Eurozone is definitely over. Money will rush elsewhere.
Time to stuff your mattress with old notes and buy some bullion by the looks of it. Seems you'd be safer with your money in a blooming banana republic bank account than in an EU state. Lived in one for the best part of 20 years and the "voluntary donations" to the local party each year to avoid being deported on spurious made-up allegations never came close to those sorts of amounts
Its the ECB who is levying the deposits not the Cypriots...thats why the Government voted against it tonight. They would have been lynched by the people if they had voted it through.
Dont forget the banks are already bust.......they are all on a life support machine powered by ECB funding. They are not lending. They are Zombie Banks.
Cyprus is not the problem here....its the ECB. They have once again undermined the markets by suggesting such a desperate plan. They are not instilling confidence that they can manage the situation.The deposits will not have anywhere to go because the whole system is about to crash if they dont try a new strategy.
Austerity is not working thats why they went after the deposits. The Cypriot plan looks like it was a test run to see if a similar plan would work in Spain.
Europe needs to print money like the US and start stimulating the economy.
kimajy
Well-Known Member
.... or the Cypriots could just go to the Russians, in return for some mutually beneficial economic arrangements. Both sides get something then. Sounds like a far better plan to me 8)... and the rich Russian depositors don't need to get so p!ssed off as they otherwise will. Well, UK savers' deposits in Iceland were bailed out eventually if I remember rightly (which I may not as not much interest to be honest !
) but in effect there's little difference in substance .....Print money and you risk serious inflationary issues setting in.
for some countries...not all. Its the Germans biggest fear as they dont want to loose competitiveness to the Chinese.
I think the EU is freaking out about the prospect of Russia bailing Cyprus out.
To think... the future of the Euro in Russia's hands. Oh, the horror!
I would love to see that happen!!
At least the Cypriots are calling the ECB bluff....no other country has gone this far in he game.
The banks took risky chances with money and then said hey the economy will tank unless you help us. The population of every country she demand bank reform like Iceland and bankers should see jail time. Why should bankers and bond holders not lose money and the taxpayers have to foot the bill?
C
chepeibz
Guest
I see greece and now in the headlines.... cyprus... I hope people in spain are well.
WeLuvIbiza
Active Member
European Union (EU) finance ministers have agreed an outline plan on how to rescue troubled banks - without leaving taxpayers to face the bill.
The banks' creditors and shareholders will take the first hits, followed by savers with deposits of more than 100,000 euros (£85,000).
http://www.bbc.co.uk/news/business-23076541
You could say "You couldn't make it up!", but it appears they have already. What a crock a stinking horse sh*t these people are.
The banks' creditors and shareholders will take the first hits, followed by savers with deposits of more than 100,000 euros (£85,000).
http://www.bbc.co.uk/news/business-23076541
You could say "You couldn't make it up!", but it appears they have already. What a crock a stinking horse sh*t these people are.
russellventilla
Member
They should just follow Iceland's lead and let them fail. The way any other business would if it lost so much money.
Morbyd
Moderator
But Iceland had no choice. Their banks had taken so many deposits from overseas that it dwarfed the whole country's GDP!
EU plan is monstrous. Using Cyprus as a test case was even more so.
russellventilla
Member
So if we have a choice, why have we chose to bail banks out while the big wigs who run them faced no punishment for mismanagement and continue to get massive bonuses?
Through Iceland having no choice their economy has recovered a lot faster than any EU nation.