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Cyprus surprise - Cypriot depositors to take a 'haircut'
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Thrugelmir wrote: »The Eire economy is far more diverse than the Cypriot one. Without the banks what's left? Tourism.........
Tourism - for sure with a devalued currency
Casinos is the next growth area - thus far the Church has objected but now with these extreme times - I believe they will give their blessing - as long as locals are not allowed in
Cyprus is ideally placed for the Arabs, Israelis and the like who fly over Cyprus to get to the other casinos in Southern France etc
I am sure the Russian Offshore Companies will stay in one form or another
Plus if we leave Europe we can get rid of a number of Economic Migrants who we have to take in because we are in the EU
In fact we will be able to do a lot of things that Britain would love to do but cannot
When the gas is finally extracted we will sit there and wait for whoever knocks on the door first - whoever does so is the one who is coming to shaft us - and it starts all over again....0 -
The coming hours will decide Cyprus' fate as it struggles to meet the terms of an international bailout, the government spokesman says.
"Any solution involves pain," Christos Stylianides told reporters in Nicosia, without giving details.
Just not the pain of starting a parliamentary debate on latest cash raising proposals before 10am.0 -
It looks like it's moving back to a deposit levy to fund the 'bail in'
Options being a 9.5% levy on deposits over €100K or 12.5% on €500K+
Better news for the 'the man on the street'0 -
Looks like even their ATM's are being shut down :eek:
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How many depositors lost money?
All of them.
Through reduced payrates, reduced pensions, and higher taxes.
Makes no difference how the government takes your money.
They'll still take it.“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 -
“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 -
HAMISH_MCTAVISH wrote: »All of them.
Through reduced payrates, reduced pensions, and higher taxes.
Makes no difference how the government takes your money.
They'll still take it.
Hamish I normally agree with what you say but you are being an !!! just for the sake of it
You know exactly what I am saying
Furthermore all of those conditions will be imposed in Cyprus too0 -
Hamish I normally agree with what you say but you are being an !!! just for the sake of it
No, I'm really not.
I genuinely believe the Cypriots are playing a very dangerous game that could backfire badly.
It's like watching a child play chicken with a lorry.
They might get away with it, but the consequences of failure are too awful to contemplate.
And the average cypriot has no idea how terrifyingly bad it could get, but instead is focusing on the few hundred Euros they might lose today.“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 -
HAMISH_MCTAVISH wrote: »No, I'm really not.
I genuinely believe the Cypriots are playing a very dangerous game that could backfire badly.
It's like watching a child play chicken with a lorry.
They might get away with it, but the consequences of failure are too awful to contemplate.
And the average cypriot has no idea how terrifyingly bad it could get, but instead is focusing on the few hundred Euros they might lose today.
We saw how it was after the war when we lost 38% of our island and 70% of our income - has any other EU country suffered like this in modern times.
Funny how power games are being played when Cyprus discovers natural gas reserves - coincidence or not
The fact remains NO other country - even Greece which was in the worst shape so far of any country that asked for a bailout - was asked for a depositor levy0
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