Cyprus surprise - Cypriot depositors to take a 'haircut'

ruggedtoast

I thought I should probably mention that over on hpc.co.uk they are cheering this news. They are celebrating and excited and waving their arms and jumping. They are excited!

StevieJ

Graham_Devon wrote: »

Sure, you could ask where the money comes from if the Cypriots don't pay. But my answer would be "the same place that the money came from for Greece, Spain and Ireland". If that money has run out, then time to end the EU project. It's not the fault of the Cypriots. That's the fault of the EU.

Don't tell me you have your stash in a Cypriot bank :eek:

Graham_Devon

StevieJ wrote: »

Don't tell me you have your stash in a Cypriot bank :eek:

No, but I can see that something is wrong, even if it doesn't effect me.

Sampong

plus the British taxpayer will incur a cost to compensate UK citizens who have deposits in Cypriot banks.

I wonder if that will be included in the reports that tell us we benefit from the EU...

Mrs_Bones

The vote in the Cyprus Parliament has been delayed again until tomorrow (Tue.) now. It also seems likely that banks will remain closed to prevent a run on them.

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: »

I cannot, and will not stand on the side of the EU on this one and pretend that this is somehow OK, or somehow the Cypriots have a voice and asked for this themselves.

Cyprus is going to default if they don't get some more money. They've been offered some albeit with strings attached. Choices..

- negotiate for reduced strings
- find someone else to lend them some money
- go their own way and (almost certainly) default
- take the bailout

You're not being asked to pretend anything or pick a side. The choices are stark and real.

Say the UK needed a bailout it's inconceivable that British citizens wouldn't have to take a hit. What's so special about citizens of other economically failed nations?

dryhat

ruggedtoast wrote: »

I thought I should probably mention that over on hpc.co.uk they are cheering this news. They are celebrating and excited and waving their arms and jumping. They are excited!

I think I should probably mention that the above is not true.

There are a good discussions going on in a couple of threads over there.
And many points being made that have not been mentioned here.

HPC might have its share of nutters, but it is still the best place for political and economic debate and analysis.

HAMISH_MCTAVISH

dryhat wrote: »

HPC might have its share of nutters,

It has the market cornered in that regard.

but it is still the best place for political and economic debate and analysis.

Creditcrunch and GEI are better by far for accurate debate and analysis.

But for tin-foil-hat buffoonery it's hard to beat hpc.

ILW

wotsthat wrote: »

Cyprus is going to default if they don't get some more money. They've been offered some albeit with strings attached. Choices..

- negotiate for reduced strings
- find someone else to lend them some money
- go their own way and (almost certainly) default
- take the bailout

You're not being asked to pretend anything or pick a side. The choices are stark and real.

Say the UK needed a bailout it's inconceivable that British citizens wouldn't have to take a hit. What's so special about citizens of other economically failed nations?

Why just depositors though? Normally bondholders are the first to take a hit but this has been fiddled to let them off scott free.