Cyprus surprise - Cypriot depositors to take a 'haircut'

dryhat

HAMISH_MCTAVISH wrote: »

It has the market cornered in that regard.



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

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

When it comes to houses, yes.
But then as we see here, it can be an emotive subject.

Away from houses and the nutters, HPC is a good place.

GEI is also good.
Nice to see the godfather of TFHs -cgnao- is back.

chucknorris

dryhat wrote: »

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

Maybe I am wrong but as an outsider my perception of it is that the forumites there are mainly (I didn’t say everyone) out of touch misguided fools, hanging onto the ever decreasing chance of a housing crash. They are not people that I would anticipate being capable of providing a well balanced economic debate.

Is there any truth in the repeated allegations that we see on here that they actually ban posters who don't share their views? If so, it is hardly a forum of balanced debate.

dryhat

Crossed posts chuck.

see #257


And yes, I have heard a rumour that some posters on here are refugees from HPC.

grizzly1911

N1AK wrote: »

We've been doing something similar over here since the crisis started but there has been far less protesting than decreasing people's savings by the same amount by taxing would have had.

There has been quite a bit of protesting but it has just as much affect.

People are being shafted for a generation to come with things like annuities (yes there are other methods of drawdown etc) paying out a record low levels.

wotsthat

ILW wrote: »

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

Germans are providing the bailout funds. Existing bondholders are German. The depositors aren't German.

ChiefGrasscutter

Personally I've found that GEI is the most strange and its main contributor Dr Bubb even stranger.

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 3 pages.... )

grizzly1911

Graham_Devon wrote: »

This is merely falling down into differences of opinion now. A lot of it stemming from peoples position on the EU itself.

Clearly some people think the Cypriots somehow deserve it as part of their place in the crisis. I can't agree with that. Many of these are just normal folk. Decisions have been made on their behalf just like decisions are made on our behalf here.

I don't really think it's fair to state that the Cypriot people themselves are asking for the bailout or that the Cypriot people themselves have created this mess.

This mess has been created by the EU and how the EU has functioned. It's being cleared up by the EU, and (solely in my opinion) they are going about it in a dictator type of way which has stunned many.

I'm not sure Cypriots themslves are to blame for putting their money in the bank on the high street and not investigating it thoroughly beforehand. Considering the amount of fraud that's gone on under the noses of the regulators, it's nigh on stupidity to expect the bloke in the street to have examined the risks before deciding to use the high street bank local to him to save some money.

This isn't just effecting savings accounts either. It's effecting current accounts too. Any normal accounts with a balance will see money withdrawn. So if someone has just €200 in a current account, €13.50 will be removed.

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.

Greece didn't get treated like this. Italy didn't get treated like this. Spain didn't get treated like this. Ireland didn't get treated like this.

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.

On Jeremy Vine R2 it was pointed out that the Cypriot Banks had lent out 8x the capital of their banking system and that the EU had been privy to this information for many years but chose do nothing about it until now.

Presumably anyone bailing them out would be entitled to a good proportion of that money owing, surely it can't all be bad, can it?

ILW

grizzly1911 wrote: »

On Jeremy Vine R2 it was pointed out that the Cypriot Banks had lent out 8x the capital of their banking system and that the EU had been privy to this information for many years but chose do nothing about it until now.

Presumably anyone bailing them out would be entitled to a good proportion of that money owing, surely it can't all be bad, can it?

Most if it is owed by Greece!

Graham_Devon

grizzly1911 wrote: »

On Jeremy Vine R2 it was pointed out that the Cypriot Banks had lent out 8x the capital of their banking system and that the EU had been privy to this information for many years but chose do nothing about it until now.

Exactly....and rather makes the point that you can't blame the Cypriot people for the problems.

As I see, it appears to have fallen into two camps. Anyone obviously pro-EU from other conversations finding it hard to find issue with this.

Nearly everyone else taking issue.

Comparing it to the inflation we have had for instance is utter nonsense.