Cyprus surprise - Cypriot depositors to take a 'haircut'

Graham_Devon

wotsthat wrote: »

No voice? - aren't they a sovereign nation? Bailouts are an agreement between those needing the bailout and those providing it. No agreement = no bailout.

What voice is that then?

Are the Cypriots this effects getting a chance to vote?

Are they getting a chance to even discuss it? Are they getting the chance to choose to pay the levy?

Hell Wotsthat, they can't even access their money, and another bank holiday is likely to be imposed to make darn sure they can't until the EU has decided how they would like this to work.

I think you are confused between the voice given to them by their politicians (the same politicians who absolutely guarenteed this wouldn't happen just over a week ago....the same politicians who then decided it would) and the Cypriots themselves have a voice.

If my voice was the voice of the people who've just pulled my pants down I don't think I'd be too happy claiming my voice had been heard.

wotsthat

socrates wrote: »

Are you for real Cyprus has nothing - not even a whisper

If they did - they would have asked the UK to pay for the rent of the land of the military bases

If they did they would speak up about Greece and UK being the guarantors of peace back in 1974 when they were invaded by the Turks

What voice will they have when the natural gas is extracted and the Turks want 50% of the profits - and a Turkey that by then will be in the European Union

Get real - Cyprus has no voice

Sounds like a history (and predicted future) of ineffectual government.

No wonder they're in such a mess.

HAMISH_MCTAVISH

Graham_Devon wrote: »

What voice is that then?
.

The one asking for billions of euros of bailout funds?

Those funds have been offered.

Would you prefer they weren't?

spacey2012

In other words, they have spent the money in peoples accounts.
Now they call on the puppets they own to announce this.
Bankers are the biggest threat to the free world since Hitler.

ILW

Is it true that Northern Cyprus is not affected by this?

Generali

ILW wrote: »

Is it true that Northern Cyprus is not affected by this?

That's another country. Rather like asking whether Palestine comes under Israeli banking laws.

As the money laundering rules effectively assume that cash held in N Cyprus is illegal in some way, if you are impacted you might want to keep it quiet!

HAMISH_MCTAVISH

Graham_Devon wrote: »

What voice is that then?
.

The one asking for billions of euros of bailout funds?

Those funds have been offered.

Would you prefer they weren't?

(Just in case you missed it on the last page.... )

wotsthat

Graham_Devon wrote: »

Hell Wotsthat, they can't even access their money, and another bank holiday is likely to be imposed to make darn sure they can't until the EU has decided how they would like this to work.

If the Cypriot people want to try the default option they just need to keep queuing at cashpoints, that'll cause a run and the banks will go bust.

The Cypriot government don't have the cash to repay depositors under the guarantee scheme so are really really trying to prevent a run. So far it's an extra days holiday, then it'll be limited cashpoint withdrawals, appointments to withdraw cash etc. etc.

At any point Cyprus can withdraw from negotiations and take it from there.

Generali

wotsthat wrote: »

If the Cypriot people want to try the default option they just need to keep queuing at cashpoints, that'll cause a run and the banks will go bust.

The Cypriot government don't have the cash to repay depositors under the guarantee scheme so are really really trying to prevent a run. So far it's an extra days holiday, then it'll be limited cashpoint withdrawals, appointments to withdraw cash etc. etc.

At any point Cyprus can withdraw from negotiations and take it from there.

This thread reminds me a lot of the anti-austerity arguments, especially those about places like Greece.

The money isn't there so who's going to pay? The money tree seems to be looking bare right now.

No matter how noble the cause, if the money isn't there it can't be bought. The Socialists spent the money for Granny's cancer meds tomorrow on income redistribution yesterday. Best stop smoking and slow down on the boozing before they're writing about your cancer medicine in the newspapers.

BlondeHeadOn

There's an article on the BBC website about how some British ex-pats are affected - see here:

http://www.bbc.co.uk/news/uk-21823010

I thought the business owners' view was particularly bleak:

"I have a wedding company in Cyprus and my company deposit account contains deposits for weddings to be held this year and next.

I assume this money will be subject to the 6.75% deduction as will my personal accounts. What am I supposed to tell my brides? ...

The EU are crazy to do this, I don't think they realise the knock-on implications as no one will trust the banks again.

You do ask yourself 'will they do it again?'

It may ultimately bring the Euro down, although I won't be sorry to see it go as it has brought nothing but misery and poverty to millions of Europeans.

Things are already tough here, to penalise people and businesses like this is bound to result in business failures and yet more unemployment."