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Cyprus surprise - Cypriot depositors to take a 'haircut'
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I just noticed that re Wookster too. Quite surprised.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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Graham_Devon wrote: »An orderly default will allow everyone to know where they are,
Tell me GD what is an orderly default?
The run on Northern Rock shows panicky ordinary people become very quickly. As its all about confidence. With no confidence in the system then anything can happen. Not good for anybody.0 -
Thrugelmir wrote: »Tell me GD what is an orderly default?
The run on Northern Rock shows panicky ordinary people become very quickly. As its all about confidence. With no confidence in the system then anything can happen. Not good for anybody.
The people are already panicky. I don't think anything is now going to change that.
An orderly default would be just that. A default which is as orderly as practically possible. Obviously there is no such thing as a clean default, but theres a difference between a planned default and an our of the blue default.
I don't pretend to know the in's and out's, all I do know is what I see. And if I see things like were planned for cyprus with the levy, I know it's wrong, simply through feeling. If I see can kicking time after time, never fixing the problem....I know a bit more can kicking isn't going to fix the problem.
Sometimes the problem simply cannot be fixed.0 -
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Graham_Devon wrote: »An orderly default would be just that. A default which is as orderly as practically possible. Obviously there is no such thing as a clean default, but theres a difference between a planned default and an our of the blue default.
No such thing. Queuing up to take money out of a bank account when it's guaranteed is completely irrational. However once 100 people are in the queue the rational thing is to be at the front.
You can't plan insolvency. You're solvent until the second you aren't - there's no inbetween.
All problems can be solved - solutions are going to be unpalatable to someone though0 -
No such thing. Queuing up to take money out of a bank account when it's guaranteed is completely irrational. However once 100 people are in the queue the rational thing is to be at the front.
You can't plan insolvency. You're solvent until the second you aren't - there's no inbetween.
All problems can be solved - solutions are going to be unpalatable to someone though
I think people will be queuing up to remove their cash regardless of whether they took the default route or not. The confidence is damaged.0 -
"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
Says so beside his name.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Might they bring back the Cypriot £? Perhaps that is more worrying for Europe, Spain and Italy than the levy?
Cyprus have still got the newly discovered gas fields. I'm surprised one of the large oil companies can't bail them out in return for a stake.0 -
No such thing. Queuing up to take money out of a bank account when it's guaranteed is completely irrational. However once 100 people are in the queue the rational thing is to be at the front.
You can't plan insolvency. You're solvent until the second you aren't - there's no inbetween.
All problems can be solved - solutions are going to be unpalatable to someone though
What's irrational about it?
If cyprus shows us anything it shows that government can change the law.(Not will, but can) .“The ideas of debtor and creditor as to what constitutes a good time never coincide.”
― P.G. Wodehouse, Love Among the Chickens0
https://www.youtube.com/watch?v=YDXtHsz2q6Q
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