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

jumperabv3

Biggles wrote: »

.. 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!

Sir,

I have no freaking idea what is wrong with you ... I cannot even see and locate the first point where I can understand your point ... what exactly are you talking about ?!

My friend had $65,000 US Dollars in one of the banks in Cyprus, he's currently in America. He managed to withdraw already from his bank account more than $30,000 US Dollars!

That means if the bank goes bust he would lose $35,000 and not $65,000 .... pure and simple!

And guess what ... he keeps on withdrawing and PayPal-ish/ing his money from the bank because he doesn't want to wait for Cyprus to either agree or disagree how to proceed with this entire Euro situation they got stuck with.

Is that too diffuclt to understand / comprehend?

jumperabv3

Biggles wrote: »

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.

Lol ... I'm sure people like my friend are relying on this "deposit protection scheme" and telling themselves ... hey, I got $65,000 in my account, that is less than €100k, so I'm all good ... no need to panic ....

You think depositors even with €1000 in the account think about this protection scheme?
Is that the reason so many people are standing in queues to withdraw money from the ATM machines in Cyprus?

Man, I have no idea on which planet you're living ....

jamesd

Biggles wrote: »

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.

The Cypriot depositor protection scheme doesn't have the funds to pay the compensation bill, nor does the Cypriot government.

grumbler

Biggles wrote: »

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

This 'protection' is fiction if the government itself is bankrupt and especially if the banks collapse and the country has no choice but to leave euro-zone.

plunt

mjm3346 wrote: »

I think the point was they will not allow you to use/withdraw more than 90% of the balance

I have not heard of any such cap yet and dont believe it is inforce. If that was the case people wouldnt be at cash machines as much as they currently are apparently. (okay partly they are there incase of bank collapse, but also because no one wants to give up 10%) . Though I dont have solid evidence to back this, therefore if you say otherwise with some evidence, I am more than fully willing to take back what I said and side with you

grumbler wrote: »

What do you mean? They want to take money from bank accounts in Cyprus banks in Cyprus, not from Cyprus citizens.

What i meant here was that if you managed to take all the cash out, and then they would no doubt send you a bill/invoice based on what was there originally (for the 10% one of tax). If you are a citizen else where and are not going to go back to cyprus, i reckon you would be fine. Where as if you were a cyprus citizen there may be bigger issues in terms on enforcement



Again all these points are now very different considering the renegotiation occurring. But fun to see this topic get so heated!

As always I appreciate all comments and opinions as it allows me to then form and readjust me current thoughts! (though I could do without all the grammar correct posts so that I dont feel like I have gone back to school!)

Regards

P

jumperabv3

plunt wrote: »

What i meant here was that if you managed to take all the cash out, and then they would no doubt send you a bill/invoice based on what was there originally (for the 10% one of tax). If you are a citizen else where and are not going to go back to cyprus, i reckon you would be fine. Where as if you were a cyprus citizen there may be bigger issues in terms on enforcement

The "market" doesn't understand or perhaps on purpose, they don't understand that taxing and freezing accounts with over €100k is not going to put more trust into the system as is.

I don't think the issue is with 10% tax, they are now negotiating taxing the big depositors but what do you think would be the reaction? Would small depositors get their faith back in the bank? I doubt it....

It's a dead end in my opinion ... Cyprus would do better if they go back to Cypriot Pound, print it massively to cover their debts, yes, there would be inflation but just like Iceland they can be okay after a few years and unlike the failure called "Euro" they will have quick growth, and with the gas, they will be like Israel, an empire (have you seen how strong the Israeli Shekel is lately?)

innovate

jamesd wrote: »

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.

Sounds like the EU and IMF are to blame for the state of affairs in Cyprus? Why does nobody mention that Cyprus has for years turned a blind eye on money laundering, has the laxest of bank regulatory schemes, and has allowed their largely unregulated financial industry to grow to 1.5 times of GDP? It seems bizarre that anyone other than Cyprus itself is being blamed for their predicament, and even more bizarre to expect that others will bail them out without conditions.

I would however agree that it was stupid of the EU to allow Cyprus into the club when everybody knew about the peculiarities of the cyrpriotic financial industry.

I am sure those who think Cyprus is being treated badly would give an unconditional loan to their neighbours to protect them from bancrupty.

Mallotum_X

Biggles wrote: »

.. 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!

The point you are missing if if it all goes pop then people will lose 100% of whats left in the banks. Removing as much as you can saves that.

jumperabv3

Mallotum_X wrote: »

The point you are missing if if it all goes pop then people will lose 100% of whats left in the banks. Removing as much as you can saves that.

Well said! :T

Thrugelmir

jumperabv3 wrote: »

My friend had $65,000 US Dollars in one of the banks in Cyprus, he's currently in America. He managed to withdraw already from his bank account more than $30,000 US Dollars!

Which branch of a Cypriot bank did he use in the USA?