So much for €100,000 protection - Cyprus bailout

mark55man

I understood part of the offer was that the money taken would be returned in the form of Cypriot bank shares - and its not a complete steal they take your money and give you something worthless

talexuser

Glen_Clark wrote: »

Who said anything about buying Bank Shares?
I thought we were talking about deposits?

The deal is that depositors will get (worthless) shares in their (bankrupt) banks in exchange for the 6.75%/9.9% levy (theft).

Maybe if they hold them for 10+ years they may be worth a few quid, or maybe they can wipe their !!!! with them?

mark55man

http://www.moi.gov.cy/moi/pio/pio.nsf/All/C7131DA40FCE0827C2257B30005411D5?Opendocument

Glen_Clark

talexuser wrote: »

The deal is that depositors will get (worthless) shares in their (bankrupt) banks in exchange for the 6.75%/9.9% levy (theft).

Maybe if they hold them for 10+ years they may be worth a few quid, or maybe they can wipe their !!!! with them?

Thanks for the reply. I didn't know they were getting shares. Thats more than the British got in return for a much greater loss through holding pounds instead of Euros..

JohnRo

The thing is they've had their bad medicine now, though god only knows what effect it's going to have down the road - on the other hand we're still guaranteed to be getting royally shafted by stealth for the foreseeable by the crooks in charge.

mark55man

srcandas

JohnRo wrote: »

The thing is they've had their bad medicine now, though god only knows what effect it's going to have down the road - on the other hand we're still guaranteed to be getting royally shafted by stealth for the foreseeable by the crooks in charge.

A bail out does not resolve the underlying issues. It simply buys some time avoiding immediate melt down

alanq

Shocking - especially for deposits of under €100,000 that were supposed to be guaranteed. I am sure that this proposal will cause more problems than it solves.

But is it not a matter of presentation? The UK has bailed out its banks by means that include taking additional money from taxpayers, inflation and devaluation of the £. Funding For Lending alone will probably cost savers the equivalent of more than 6.75% of capital in lost interest over the course of a few years.

talexuser

After all the hype and panic stories here, the ftse has carried on pretty normally, and the savings theft has not even been agreed yet.

Apparently the Germans were rather horrified that the Cyprus Government thought the best way to raise the 6 billion was to target the smallest savers with 6.75%, instead of the large Russian laundered money with a higher levy, and trying to blame the EU for the thresholds of where money would be taken, when that was a Cypriot decision. Quick backtrack now to maybe holdings less than 20k euros will be exempt... at least a molecule of humanity in that proposal.

atush

the large Russian Laundered money is gone (well a lot of it).

They were told ahead of time (by the Germans or the Cypriot govt- who knows. Took their money out last week before the announcement.

This is even a worse development.