Debate House Prices


In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non MoneySaving matters are no longer permitted. This includes wider debates about general house prices, the economy and politics. As a result, we have taken the decision to keep this board permanently closed, but it remains viewable for users who may find some useful information in it. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Cyprus surprise - Cypriot depositors to take a 'haircut'

1535456585983

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    wotsthat wrote: »
    I can only think this idea has come direct from Cyprus to put pressure on Germany.

    Merkel does not have a majority to push any proposal through the German Parliament. Germany has an election in September.

    So there are very high stakes for the future direction of the Eurozone.
    The political formation of the Eurozone where Countries bent the rules fiscally to join. Is splitting at the seams.

    The whole purpose of the Eurozone was to provide stability. After centuries of wars. At the moment there's a worrying uprising in Nationalism in Southern Europe. Very much similar to times almost 100 years ago. Bred out of resentment.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    edited 24 March 2013 at 12:26AM
    Apparently panic buying has broken out today, with people trying to buy as many longer lasting goods as they can, incase they cannot get cash or goods next week.

    Banks are apparently extremely unlikely to open now on Tuesday. Even if they do, staff won't be there, so it's pretty much pointless opening. Theres talk of a plan to nationalise pension funds?

    Anegla Merkel is now trying to demand that Cyrpus restructures its entire model in response to a any bailout, but as one paper states, this simply ignores any sense of reality. You simply can't restructure to the level she demands overnight. It seems more political now, as Merkel aims to take on Russia in a "game of chess" and threatening "financial assault".

    For me it's getting a little scary now. This is no longer about cyprus, it's about nations starting battle, with Germany in the driving seat. How was it possibly allowed to get this far considering history?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    edited 24 March 2013 at 12:28AM
    You simply can't restructure to the level she demands overnight.

    Sometimes going bust is the only way. Like an individual or company going bankrupt. Exiting the Euro. So the currency can be devalued is a start.

    As for blaming the Germans for everything. The Germans had no control over the Cypriot banks. So lets keep matters in perspective.

    I'm sure that this is increasing resentment in Germany. Not the way to win public support.
    Images of Merkel as an SS guard or donning a Hitler moustache have appeared in Cyprus
  • A._Badger
    A._Badger Posts: 5,881 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thrugelmir wrote: »
    The whole purpose of the Eurozone was to provide stability. After centuries of wars. At the moment there's a worrying uprising in Nationalism in Southern Europe. Very much similar to times almost 100 years ago. Bred out of resentment.

    The wonder is that the super-Eurogeniuses who devised the idea of shackling a racehorse to a milk float couldn't have foreseen that.

    They must be the heirs of Swift's Laputan intelligentsia:

    ""I observed, here and there, many in the habit of servants, with a blown bladder fastened like a flail to the end of a short stick, which they carried in their hands. In each bladder was a small quantity of dried peas, or little pebbles (as I was afterward informed). With these bladders they now and then flapped the mouths and ears of those who stood near them, of which practice I could not then conceive the meaning; it seems the minds of these people are so taken up with intense speculations that they neither can speak nor attend to the discourses of others without being roused by some external taction upon the organs of speech and hearing; for which reason those persons who are able to afford it always keep a flapper (the original is climenole) in their family, as one of their domestics, nor ever walk abroad or make visits without him. And the business of this officer is, when two three or more persons are in company, gently to strike with his bladder the mouth of him who is to speak and the right ear of him or them to whom the speaker addresseth himself. This flapper is likewise employed diligently to attend his master in his walks, and, upon occasion, to give him a soft flap on his eyes, because he is always so wrapped up in cogitation that he is in manifest danger of falling down every precipice and bouncing his head against every post, and, in the streets, of jostling others or being jostled himself into the kennel."
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    Anegla Merkel is now trying to demand that Cyrpus restructures its entire model in response to a any bailout, but as one paper states, this simply ignores any sense of reality. You simply can't restructure to the level she demands overnight. It seems more political now, as Merkel aims to take on Russia in a "game of chess" and threatening "financial assault".

    It's always been more about politics than economics I suppose.

    When Carlisle sets council tax it doesn't make worldwide news - same population as Cyprus though.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Thrugelmir wrote: »
    Sometimes going bust is the only way. Like an individual or company going bankrupt. Exiting the Euro. So the currency can be devalued is a start.

    To be fair, I've been saying that for a while now.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    wotsthat wrote: »
    It's always been more about politics than economics I suppose.

    When Carlisle sets council tax it doesn't make worldwide news - same population as Cyprus though.

    Don't think you've quite grasped the enormity of this if you are comparing it to carlisle setting it's council tax rates.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    To be fair, I've been saying that for a while now.

    You seemed to making out that Merkel was being unreasonable in suggesting that Cyprus reform their economy. That was all.
  • Graham_Devon
    Graham_Devon Posts: 58,560 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    Thrugelmir wrote: »
    You seemed to making out that Merkel was being unreasonable in suggesting that Cyprus reform their economy. That was all.

    She is. In that way she wants it done.

    Why didn't anyone in the EU, knowing these problems, want it before?

    How is cyprus supposed to shelve russian investors over the next few months? Are we suggesting the russians will just nod nicely and say thankyou?
  • A._Badger
    A._Badger Posts: 5,881 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Thrugelmir wrote: »
    Sometimes going bust is the only way. Like an individual or company going bankrupt. Exiting the Euro. So the currency can be devalued is a start.

    As for blaming the Germans for everything. The Germans had no control over the Cypriot banks. So lets keep matters in perspective.

    I'm sure that this is increasing resentment in Germany. Not the way to win public support.

    It does seem to be working in Iceland. And Germany now has an anti-EU Party with some intellectual substance to it. Interesting times!
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.3K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.8K Spending & Discounts
  • 244.3K Work, Benefits & Business
  • 599.5K Mortgages, Homes & Bills
  • 177.1K Life & Family
  • 257.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.