Cyprus surprise - Cypriot depositors to take a 'haircut'

Thrugelmir

socrates wrote: »

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 levy

Cyprus was happy to take all the benefits that an unregulated banking system brought.

But if you take a gamble and lose. Then its unreasonable to expect someone else to foot the bill.

mcfisco

socrates wrote: »

Funny how power games are being played when Cyprus discovers natural gas reserves - coincidence or not

Are the gas reserves as viable and worth as much as is being touted?

http://uk.reuters.com/article/2013/03/22/uk-eurozone-cyprus-gas-idUKLNE92L00P20130322

Thrugelmir

mcfisco wrote: »

Are the gas reserves as viable and worth as much as is being touted?

Russians aren't interested.

wotsthat

The markets are closed - probably due for some news anytime now.

socrates

The news will be haircuts on the way but not for depositors under 100k

mcfisco

Aren't they having a vote on their plan B in an hour or so?

socrates

Yep - and thats the agenda - we might finally get to hear from our President - with a speech prepared by the Germans

The_White_Horse

are you all mental. the EU won't let Cyprus go under. their precious EURO might be destroyed by it. Cyprus could basically say "give us 10bn now, and then when have wasted that, give us another few billion and this will carry on indefinitly" and the EU would oblige. They daren't do anything else. Cyprus has them over a barrell.

wotsthat

Thrugelmir wrote: »

Russians aren't interested.

If a bank in the Cayman Islands was about to go bust that was housing British tax evaders deposits I doubt the British government would be that interested in helping them out either.

Some of those Russian depositors must be finding the scrutiny of the Russian government a little uncomfortable.

wymondham

Thrugelmir wrote: »

Cyprus was happy to take all the benefits that an unregulated banking system brought.

But if you take a gamble and lose. Then its unreasonable to expect someone else to foot the bill.

unreasonable yes, but it's the modern way!