Cyprus surprise - Cypriot depositors to take a 'haircut'

Thrugelmir

michaels wrote: »

I just feel sorry for anyone in Cyprus who had chosen to 'sell to rent' - imagine losing 40% of your property fund overnight, at least if you had a property, even if it had fallen in value you would still have somewhere to live.

That's assuming people are mortgage free.

Feel sorry for all those expats who are already suffering inflation at around 20%.

Conrad

dryhat wrote: »

It is us who are the economy and in order for it to function properly we need to remove our debt-based system

So if the Banks all shut at 5pm tonight, what happens tomorrow?

Can you give us say a 5 step plan.


Please also include in this what we do about the massive loss of Bank shares owned by our pension providers, and the knock - on effect on pension incomes.

mystic_trev

michaels wrote: »

I just feel sorry for anyone in Cyprus who had chosen to 'sell to rent' - imagine losing 40% of your property fund overnight, at least if you had a property, even if it had fallen in value you would still have somewhere to live.

Over on HPC Bruce Banner posts that his brother "Stavros" did just that. Apparently he'd just sold his Villa to some Russian bloke and stashed the lot in Laiki Bank as Cash is King.......and now he's feeling ..king stupid

The_Green_Man_2

CLAPTON wrote: »

if the UK had allowed the banks to fail many of UK businessess would have failed and so unemployment etc would have rocketed and GDP collapsed.

Do you have information on which companies would have folded if Northern Rock (and I think bradford & bingley) had failed?

ruggedtoast

Russia reacts with fury, rage, and anger.

http://www.independent.co.uk/news/world/europe/furious-russia-slams-cyprus-bailout-deal-as-stealing-as-uncertainty-continues-8548594.html

The_Green_Man_2

dryhat wrote: »

It starts by recognising that all of us working people are on the same side, regardless of nationality or income levels.
It is us who are the economy and in order for it to function properly we need to remove our debt-based system and elect leaders that serve us instead of the banks.

To achieve that means educating yourself and other people, taking part in demos, civil disobedience, local and national activism etc.

Ultimately it could mean smashing a few windows and heads.

Whatever it takes to rid ourselves of these megalomaniac posers using us as pawns in their games.

Do you actually have £85,000 in a single bank account?

If not, then you wouldn't be affected by this sort of thing. If you are worried, you could put your money into a National Savings account and receive derisory interest rates, but your money would be safe.

What happened to people taking responsibility for their own finances and their own risk levels?

ruggedtoast

ruggedtoast wrote: »

Russia reacts with fury, rage, and anger.

http://www.independent.co.uk/news/world/europe/furious-russia-slams-cyprus-bailout-deal-as-stealing-as-uncertainty-continues-8548594.html

Edit:

In my view, the stealing of what has already been stolen continues," Prime Minister Dmitry Medvedev was quoted by news agencies as telling a meeting of government officials.

Talk about teething troubles.

ILW

The_Green_Man wrote: »

Do you actually have £85,000 in a single bank account?

If not, then you wouldn't be affected by this sort of thing. If you are worried, you could put your money into a National Savings account and receive derisory interest rates, but your money would be safe.

What happened to people taking responsibility for their own finances and their own risk levels?

That does not appear to be the case any more.

kabayiri

I guess in future if you are a wealthy displaced Russian living in a place like Cyprus you hedge your bets :
- put most of your money in savings
- buy off a few government officials to give you the inside information those crucial few days earlier.

dryhat

http://www.businessinsider.com/roman-abramovich-arrest-reports-2013-3