So much for €100,000 protection - Cyprus bailout

zerog

arcadia00 wrote: »

They could have done what Iceland did. (Forgetting that Landsbanki ended up being nearly solvent.) That is, move domestic owned deposits into a new 'good' bank and default on all foreign deposits.

I don't see this as a grab on Russian money. It's the opposite, it's a way to protect the Russian money and has best chance of being sold to the Bundestag as fair to the german taxpayer.

They can't do anything like Iceland did because they are a remote province of the EU (well, the ECB).

I just want to know if this will have any effect on the euro, but probably not much just yet.

Glen_Clark

mark88man wrote: »

Dave and Gideon have spent more money in 3 years than Labour did in three terms

Whilst that is true, there are mitigating factors. The feuding between Blair and Brown caused both of them to buy support by being overgenerous to influential parts of the Civil Service. That built up during the time they were in power, so the bill only reached its current heights towards the end.
Its now a lot harder for Dave and Gideon to take it away than it was for Blair and Brown to give it - especially as their own position is not very strong.

EdGasket

Seems to only be a tax on savings accounts and therefore hitting ordinary people the hardest. Any sophisticated investor with substantial assets will be in property, funds, or shares which do not appear to be touched. Hence the wealthy seemed to have largely escaped unscathed.

JohnRo

ColdIron wrote: »

So it's all Fatcher's fault?

Good grief

Reaganomics is what allowed a lot of the rot to set in. She certainly played her part in wholesale banking deregulation and the unleashing of people best left chained to a wall in the basement.

Glen_Clark

ColdIron wrote: »

So it's all Fatcher's fault?

Good grief

Who said its ALL Thatcher's Fault?
City Deregulation, Gerrymandering by selling Public Owned Housing and Infrastructure cheap, Closing down our Mining and Manufacturing, all took off under Thatcher. But successive Governments have made it worse.

Glen_Clark

EdGasket wrote: »

Seems to only be a tax on savings accounts and therefore hitting ordinary people the hardest. Any sophisticated investor with substantial assets will be in property, funds, or shares which do not appear to be touched. Hence the wealthy seemed to have largely escaped unscathed.

Same as Britain then. Except Britain as taken twice as much (three times as much from those with less that E100k) surreptitiously as Cyprus plans to do openly.

IronWolf

EdGasket wrote: »

Seems to only be a tax on savings accounts and therefore hitting ordinary people the hardest. Any sophisticated investor with substantial assets will be in property, funds, or shares which do not appear to be touched. Hence the wealthy seemed to have largely escaped unscathed.

Since when are property, funds and shares restricted to wealthy? There are no prerequisites for investing your money.

JohnRo

IronWolf wrote: »

Since when are property, funds and shares restricted to wealthy? There are no prerequisites for investing your money.

I suppose the point is that wealthier and, dare I say it, slightly better educated people, are in general, the only ones with surplus capital enough to invest their wealth elsewhere, in assets other than monopoly money and so shield themselves to some extent from the direct, negative effects of currency manipulation and theft by the crooks in charge.

EdGasket

IronWolf wrote: »

Since when are property, funds and shares restricted to wealthy? There are no prerequisites for investing your money.

Oh dear, did you get out of bed on the wrong side this morning, or just like picking an argument?
You need to be reasonably wealthy to invest in property, and to a lesser extent in shares and funds due to the dealing costs. Therefore, in general, less wealthy people simply save in savings accounts because they don't have enough money and probably neither the time or inclination to invest in anything else; pretty obvious right?

talexuser

Blair/Brown deserve all the bashing they can get, but don't forget that Gideon praised Ireland to the roof as the land to follow with low taxes and huge financial services industry just before the crash, and everything Labour did with the banks was too much red tape, the Tories wanting even more deregulation all round during those years.

The ONLY good thing that Brown ever did (apart from slagging off an old lady to lose the election) was keep us out of the Euro (in just to inflate Blairs' ego on the world stage), otherwise now we would be paying taxes to bale out Greece etc.