So much for €100,000 protection - Cyprus bailout

ChuckCash

I'm guessing a run on the banks will follow. There's no way I'd leave anthing in one of their banks if I'd just had a chunk of my savings reallocated like that.

Whatever next? Mattress police?

socrates

ChuckCash wrote: »

I'm guessing a run on the banks will follow. There's no way I'd leave anthing in one of their banks if I'd just had a chunk of my savings reallocated like that.

Whatever next? Mattress police?

According to family - people were drawing money from ATM's wherever they could

One interesting point is that 'apparently' this whole debarcle has to be voted on by parliament tomorrow - I do not know the facts behind this - so do not quote me

Mands

socrates wrote: »

According to family - people were drawing money from ATM's wherever they could

One interesting point is that 'apparently' this whole debarcle has to be voted on by parliament tomorrow - I do not know the facts behind this - so do not quote me

The ATMs that have been working have been restricting the amount of money that they give. Separate to that the levy amount has been ring-fenced so it isn't possible to empty an account entirely.

Parliament have to sit and vote; they have tomorrow and Monday because of the holiday. Normal business days aren't due to resume until Tuesday.

Mands

C_Mababejive

#34 Indeed but then in the UK we have the same. They restrict how much you can get out of an ATM and over the counter. Why? because they dont have all the money and at the moment of anarchy,they will shut the doors and call the Police ..

kidmugsy

opinions4u wrote: »

... the politicians who led us to the situation we are currently in.

...
Christ, what has become of democracy?

You've just told us what has become of Democracy - the electorate democratically voted repeatedly for the Blair/Brown government that ruined our public finances. Heavens, it didn't even repudiate the Labour government entirely in 2010.

kidmugsy

C_Mababejive wrote: »

... Why? because they dont have all the money ...

Do you mean that you think that they should just keep the deposits in the branches - presumably in the branches where the money was deposited? That's a cunning plan.

ChiefGrasscutter

ColdIron wrote: »

I bet it will make the Turks in the north think twice

I was also thinking of the Turks and wondering whether the Turks would take this opportunity go for a full invasion.

I always though the best way of the Icesave debacle was for the UK forget about the cash, invade Iceland and string em all up: annexe it all into the commonwealth and then we could have plundered it for cheap geothermal energy.......
You need to think geostrategically.

ColdIron

ChiefGrasscutter wrote: »

invade Iceland and string em all up: annexe it all into the commonwealth and then we could have plundered it for cheap geothermal energy........

I like the cut of your jib

talexuser

Stories from savers in Cyprus

http://www.bbc.co.uk/news/world-europe-21812436

As usual it is the ordinary people who suffer. Not too different from our "austerity" to bail out a failed (deregulated too big to fail) banking system.

EdGasket

Watch for a run on Euro banks next week and gold shoot up. What a stupid thing to do!