So much for €100,000 protection - Cyprus bailout

JohnRo

Peas in a pod, international bankers and crooks all have direct access to politicians, all share the same table, moor their ocean going yachts in the same marinas. etc.

atush

Not the international bankers here- it is the Russian Oligarchs/!!!!! paying for inside information I presume from politicians.

JohnRo

Hmm, I don't know all the details obviously, the international bankers are the ones who empowered them in the first place though, laundering their dodgy rubles while the robber barons euphemistically referred to as oligarchs made sure Boris was supplied with all the vodka he needed while they got on with carving up the old soviet state between themselves.

talexuser

JohnRo wrote: »

robber barons euphemistically referred to as oligarchs made sure Boris was supplied with all the vodka he needed while they got on with carving up the old soviet state between themselves.

Robber Barons?.... surely you mean Goldman Sachs who do God's Robber Baroning according to Blankfein :eek:

JohnRo

That's big league of course but when you control the fed it's not hard to understand how they were so spectacularly successful at making all the right moves at the right times in the face a of an almost catastrophic global financial collapse.

stinktankcynic

talexuser wrote: »

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.

Completely unfair. It would be fair perhaps to take everything above 100000 euros in any one bank. Taking anything below that is criminally unfair. I'm glad the government voted against it.

twizzel

Glad some sense has prevailed...for now anyway, but it's not over yet.

Why would they only want to raid savings anyway?
What about peeps with investments or peeps with lots of property, or any other definition of 'wealth' ?

Dire times for Cyprus but more effort needs to be made to make it 'fairer'.

JohnRo

Don't people find it strange in all these bailouts that the banks private equity and their senior bondholders aren't being held to account for these losses?

What I can't understand, and want to, is why the EU guarantees depositors euro balance with these institutions against any losses up to €100,000 on the one hand, while the equity, bonus culture and senior bondholders of these banks are also having their liabilities protected on the other, by raiding the depositors accounts anyway!

innovate

JohnRo wrote: »

What I can't understand, and want to, is why the EU guarantees depositors euro balance with these institutions against any losses up to €100,000 on the one hand

I don't think it is the EU who guarantees €100K. It is the banks in the individual EU states that do. Just like the FSCS scheme in the UK isn't a government scheme, but an industry one.

Of course, if the banks in an individual state are broke, like in Cyprus, the guarantee scheme might not be worth the paper it is written on. I don't have details of the Cyprus guarantee scheme, not sure how, or whether, it was protected. Anyone got the details?

innovate

twizzel wrote: »

Glad some sense has prevailed...for now anyway, but it's not over yet

Exactly.

Those Cyprus savers could yet find themselves dramatically worse off than just 6.75% or whatever. They might just lose 100% if nobody bails out their banks. And I can't see why anyone actually would.