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Cyprus surprise - Cypriot depositors to take a 'haircut'
Comments
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Thrugelmir wrote: »Banks will survive. Just smaller and more nationally focussed.
The important thing is that we now all know that banks are not too big to fail.
A Cypriot banker said on Channel4 news tonight that the eventual bailout plan was infinitely worse than the initial plan which the Cypriot parliament rejected last week. Well he would say that wouldn't he - he has more than 100,000 euros.
If capitalism cannot survive without taxpayer bailouts, then it is not capitalism. It is dictatorship without guns.
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
Graham_Devon wrote: »Newsnight is pretty decent tonight.
One thing they are looking at is those business which have sent large payments. It's all been held, so ultimately, one business is going to lose. It's either the business sending the payment, as the payment hasn't left the account, and they could see 40% wiped off their account balance, and you'll then see the original full payment go out too.
Or, it will be the receiving business, who for instance gets a payment for 10k, and actually receives 6k.
Which business should lose? The one who setup / sent the payment before the banks shutdown, or the one who was awaiting the payment before the shutdown? It's been lef tto business to argue it out, massively damaging business.
Many business in Cyrpus have over 100k in cash in their accounts.
As they state, once you have clogged the arteries of the banking system and changed it in the process, the consequences can be massively damaging.
Saw that too.
Interesting that Cheese maker still didn't know how much the haircut was going to be.
A point I made earlier in the thread (or the other one) is it isn't just "deposit accounts" earning interest, gambling on rates, it is all current accounts, both of which are deposits at the bank.
That is the more worrying precedent being set."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
The important thing is that we now all know that banks are not too big to fail.
A Cypriot banker said on Channel4 news tonight that the eventual bailout plan was infinitely worse than the initial plan which the Cypriot parliament rejected last week. Well he would say that wouldn't he - he has more than 100,000 euros.
If capitalism cannot survive without taxpayer bailouts, then it is not capitalism. It is dictatorship without guns.
TruckerT
If it survives on arbitrarily taking money out of peoples accounts, telling you what you can take out, how much you can spend and where then it is more like communism."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »If it survives on arbitrarily taking money out of peoples accounts, telling you what you can take out, how much you can spend and where then it is more like communism.
From next month, many people in the UK will be forced to leave their 'over-sized' homes if they wish to maintain their 'standard of living'.
This is a decision of the British government who have a pressing need to recover the money which was given to the banks in 2008.
But it seems that there are not enough smaller homes available to cope with the demand.
Will the homeless be herded into cattle trucks and taken to the frozen wastelands of the North?
TruckerTAccording to Clapton, I am a totally ignorant idiot.0 -
I wonder if the queues have already started. The sooner you get into the bank the more likely you are to get your cash.“I could see that, if not actually disgruntled, he was far from being gruntled.” - P.G. Wodehouse0
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The FT has done an amusing piece, imagining what it would be like trying to act as a client manager in a Eurozone bank (as the writer says, with apologies to Bob Newhart)...
http://www.ft.com/cms/s/0/92f3b600-954e-11e2-a4fa-00144feabdc0.html#axzz2Oj2NT42B
If people can't get in via link, try going to google news and searching for Personal Banking the Eurozone WayPlease stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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From next month, many people in the UK will be forced to leave their 'over-sized' homes if they wish to maintain their 'standard of living'.
This is a decision of the British government who have a pressing need to recover the money which was given to the banks in 2008.
But it seems that there are not enough smaller homes available to cope with the demand.
Will the homeless be herded into cattle trucks and taken to the frozen wastelands of the North?
TruckerT
Removing wedding rings, gold teeth and making them wear clothes with badges on?
Never mind they can collect their food stamps on the way if people don't know who they are.
http://www.dailymail.co.uk/news/article-2299931/Food-stamps-replace-cash-handouts-poor-vulnerable-benefits-shake-up.html"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
From next month, many people in the UK will be forced to leave their 'over-sized' homes if they wish to maintain their 'standard of living'.
This is a decision of the British government who have a pressing need to recover the money which was given to the banks in 2008.
But it seems that there are not enough smaller homes available to cope with the demand.
Will the homeless be herded into cattle trucks and taken to the frozen wastelands of the North?
TruckerT
From next month poor families squeezed in very small flats will have the opportunity to move to larger more suitable properties.
Single people living in 3 bed properties will be replace by families with several children.
Of course this move isn't compulsory but there is a cost if the single person wants to retain a 3 bed room house with garden while families in need can't find suitable accommodation.
From each according to their abilities, to each according to their needs.0 -
From next month poor families squeezed in very small flats will have the opportunity to move to larger more suitable properties.
Single people living in 3 bed properties will be replace by families with several children.
Of course this move isn't compulsory but there is a cost if the single person wants to retain a 3 bed room house with garden while families in need can't find suitable accommodation.
From each according to their abilities, to each according to their needs.
If people stay by choice fair enough but their is insufficient stock to allow the move?
Heard a few anecdotal tales of single people being placed in larger properties , unsuitable for families, that will also be penalised."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »If people stay by choice fair enough but their is insufficient stock to allow the move?
Heard a few anecdotal tales of single people being placed in larger properties , unsuitable for families, that will also be penalised.
Overall it a good policy; exactly what normal people do if they where not subsidised.
There will of course be a few anomalies but far fewer than there are now.0
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