Cyprus surprise - Cypriot depositors to take a 'haircut'

Conrad

Mrs_Bones wrote: »

If I was there I'd just be withdrawing the maximum amount allowed each week until all my money was withdrawn. Do they seriously think people won't do that just because they impose a limited. They might be able to turn a bank run into a bank stroll but either way I think the majority of people will have lost all trust in their banking system and be aiming to remove as much as possible. They haven't solved the problem, just delayed it.

Mrs B you've long argued the taxman should take more from richer people, but now you seem to have changed your mind?

Graham_Devon

Conrad wrote: »

Mrs B you've long argued the taxman should take more from richer people, but now you seem to have changed your mind?

Bit more than the taxman taking a bit of cash though isn't it.

It's humiliation at the checkout too as the bank has decided that today, you can't spend YOUR money.

Mrs_Bones

Conrad wrote: »

Mrs B you've long argued the taxman should take more from richer people, but now you seem to have changed your mind?

I beg your pardon. Conrad you seem to be getting in the habit of trying to misrepresent my posts I don't no whether you are doing this maliciously or you just lack comprehension skills. You've done it a few times lately in discussion time and I'm starting to find it a bit more than irritating. I was one of a minority in other threads that actually agreed with the tax rate going down for top earners. I've no problem with people keeping the majority of what they earn but I do think provision needs to be made for those less fortune as history has proven we can not just rely on people to do the right thing voluntarily.

Unlike you Conrad who seems to fall for every bit of guff the goverment put out as you definitely have blue tinted spectacles. I have serious issues with some of the things this government is doing. I don't ever have any set political affinities, you can box yourself in if you wish to a political mind set. I prefer to use my mind to make my own decisions not just believe what I'm told.

What I do believe in is a fair and equatable life for all as far as people are able to achieve that aim. Which brings us on to the current discussion. What is happening in Cyprus is not about tax neither is it just about hitting the rich. This is going to effect many people from lost of jobs, services etc. Lets not forget they originally intended to take from anyone with savings, even children. This does set a precedent and it's one where the governments and banking system are working hand in hand to protect their own privileged positions at the expense of ordinary working people. No one can currently have any faith in the banking system in the Euro-zone given this deal now. When governments start telling people how much money they can have and how and where they can spend it all national sovereignty and democracy is lost.

grizzly1911

Mrs_Bones wrote: »

When governments start telling people how much money they can have and how and where they can spend it all national sovereignty and democracy is lost.

Sounds closer to communism to me.

gagahouse

Mrs_Bones wrote: »

When governments start telling people how much money they can have and how and where they can spend it all national sovereignty and democracy is lost.

National sovereignty was lost years ago at Maastricht Treaty, loss of democracy started with Lisbon treaty but isn't quite finished yet.

CLAPTON

Mrs_Bones wrote: »

I beg your pardon. Conrad you seem to be getting in the habit of trying to misrepresent my posts I don't no whether you are doing this maliciously or you just lack comprehension skills. You've done it a few times lately in discussion time and I'm starting to find it a bit more than irritating. I was one of a minority in other threads that actually agreed with the tax rate going down for top earners. I've no problem with people keeping the majority of what they earn but I do think provision needs to be made for those less fortune as history has proven we can not just rely on people to do the right thing voluntarily.

Unlike you Conrad who seems to fall for every bit of guff the goverment put out as you definitely have blue tinted spectacles. I have serious issues with some of the things this government is doing. I don't ever have any set political affinities, you can box yourself in if you wish to a political mind set. I prefer to use my mind to make my own decisions not just believe what I'm told.

What I do believe in is a fair and equatable life for all as far as people are able to achieve that aim. Which brings us on to the current discussion. What is happening in Cyprus is not about tax neither is it just about hitting the rich. This is going to effect many people from lost of jobs, services etc. Lets not forget they originally intended to take from anyone with savings, even children. This does set a precedent and it's one where the governments and banking system are working hand in hand to protect their own privileged positions at the expense of ordinary working people. No one can currently have any faith in the banking system in the Euro-zone given this deal now. When governments start telling people how much money they can have and how and where they can spend it all national sovereignty and democracy is lost.

the alternative from the government deciding who to hit is, of course bankruptcy of both the banks.
In reality that would mean both the rich and poor are wiped out as nobody believes a fire sale of their 'assets' would raise much.

Graham_Devon

It just keeps on coming...

The bailout lenders have now started enforced removals of key staff from banks.

The chief executive of the biggest bank in Cyprus has been ousted by the central bank, state media has said.

Yiannis Kypri, head of Bank of Cyprus, was forced out by central bank governor Panicos Demetriades, who has himself come under fire for his handling of the country's banking crisis.

Mr Kypri's removal came on the orders of Cyprus' bailout lenders, the Cyprus News Agency reported.

In other news, Cyprus banks are stating they simply won't have time to implement any withdrawal limits imposed, as you can't just do it at a click of a button. They still don't know what limits should be imposed, yet are supposed to open tommorow.

The_Green_Man_2

Graham_Devon wrote: »

In other news, Cyprus banks are stating they simply won't have time to implement any withdrawal limits imposed, as you can't just do it at a click of a button. They still don't know what limits should be imposed, yet are supposed to open tommorow.

The sort of shambles you could imagine at the start of the credit crunch, but unforgivable at this stage into it. All governments and financial institutions should be looking at contingency/emergency plans for this sort of eventuality.

socrates

Its a case of the blind leading the blind - but the real reason is no-one can understand the instructions is that they are in GERMAN

socrates

If you can be bothered to read - this sums it up very well

http://www.nytimes.com/2013/03/27/world/europe/europeans-planted-seeds-of-crisis-in-cyprus.html?pagewanted=all