[URGENT] Cyprus --> If you are Cypriot do the following! [URGENT]

Biggles

jumperabv3 wrote: »

The 10% is off the table for now.

.. and you really think they'll let you withdraw 100%??

My point was that you'd waste less time and much less money using cash machines in Cyprus. Euros are Euros, it doesn't matter whether they come from Greece. If you actually want a holiday, that's different!

Biggles

jamesd wrote: »

Sadly, this rational individual behavior means that as this situation continues it'll make things even tougher for the Cypriot banks and economy to recover.

Threads like this will make it even tougher for the ordinary citizen.

grumbler

Biggles wrote: »

.. and you really think they'll let you withdraw 100%??

Even 90% is not bad if collapse is a possible scenario.

My point was that you'd waste less time and much less money using cash machines in Cyprus. If you actually want a holiday, that's different!

Don't know if it's different in Cyprus, but in UK daily ATM limits are pretty small. The only realistic option is over a counter withdrawal.

UsernameAlreadyExists

grumbler wrote: »

Even 90% is not bad if collapse is a possible scenario.
Don't know if it's different in Cyprus, but in UK daily ATM limits are pretty small. The only realistic option is over a counter withdrawal.

In response to your sig ...

They should of definitely allowed them to withdrawel their money so it was guaranteed they didn't loose it all, but that's seperate from the point of the thread.

grumbler

UsernameAlreadyExists wrote: »

In response to your sig ...

They should of definitely allowed them to withdrawel their money so it was guaranteed ...

Do you mean 'definately' and 'guarenteed'?

jamesd

Biggles wrote: »

Threads like this will make it even tougher for the ordinary citizen.

The ones who don't do such things, yes. But I think it's unrealistic to suppose that such discussions are not already extremely widespread in Cyprus.

It's one of the fundamental conflicts involved in runs on banks: the perfectly correct and rational behaviour of an individual makes the problem worse for the system as a whole.

This is part of why it's normal for depositor protection schemes to protect 100% of the money on deposit up to some limit, because any potential loss will cause a run. And why our old FSCS protection at 90% was inadequate to prevent a run on Northern Rock and had to be changed to 100%.

Sadly, here the EU and IMF have triggered a run on a whole country with both the chance of a tax and the chance of a more major failure. It may have been good politics in some Eurozone countries but it was extraordinarily poor financial policy.

UsernameAlreadyExists

grumbler wrote: »

Do you mean 'definately' and 'guarenteed'?

Yes, I did ... but actually managed to fail to insert the mistakes, even though deliberately using all of the words. What a loser.

foreign_correspondent

grumbler wrote: »

Do you mean 'definately' and 'guarenteed'?

no, I doubt they did.

definitely
/ˈdefənitlē/
Adverb
Without doubt (used for emphasis): "I will definitely be at the airport to meet you".
In a definite manner; clearly.

guaranteed
past participle, past tense of guar·an·tee (Verb)
Verb
Provide a formal assurance or promise, esp. that certain conditions shall be fulfilled relating to a product, service, or transaction.
Provide such an assurance regarding (something, esp. a product).

grumbler

I think you have missed something very important here...;)
It's called h****r

Biggles

grumbler wrote: »

Even 90% is not bad if collapse is a possible scenario.

Their government deposit protection scheme covers savers up to €100,000.

I'd imagine most readers of these threads have quite a bit less than that, so collapse wouldn't be their main worry.