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

innovate

Thrugelmir wrote: »

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

Apparently he had the help of friends and Paypal?

UsetheFORCE

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 government is in effect insolvent, it is being propped up by outside sources. The Depositor Protection Scheme is backed ultimately by the Cypriot Government who do not have the resources to back it up in case the banks collapse. The deposits in the banks are HIGHER the the actual GDP of Cyprus.

The DPS is an unfunded scheme mandated by law designed to give confidence to the depositors, the countries where it will be honoured are the countries least likely to need it!

Surely Cyprus is on its way out of the Euro? If not, serious foul play is at work!!!

UsetheFORCE

innovate wrote: »

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.

EXACTLY, nail on the head...

Jennifer_Jane

Surely one of the main points about removing your money (if you are in Cyprus) is that you need to buy food etc, and will need the cash for that. If Cypriot society is to continue to run, it will be cash based.

I posted elsewhere about the idea of forcing a loan levy on taxes, which has been done elsewhere in the World some decades back (not to do with bank failure however). I remember paying this and also receiving a good little sum when the loan levy, plus interest, was eventually paid out. If the Cypriot Government were to say that they were doing the haircut on savings, but that the money would be repaid in due course with interest, perhaps that would assuage the situation. It would be like NS&I deposits, but with no choice!

jumperabv3

Thrugelmir wrote: »

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

Nada ... he simply used ATMs, regular ones.

jumperabv3

innovate wrote: »

Apparently he had the help of friends and Paypal?

As funny as it sounds he cleared already $30k from his account ... so it's a very good outcome in case the banks collapse and the longer they negotiate the talks the more worried I would be.

jumperabv3

UsetheFORCE wrote: »

Surely Cyprus is on its way out of the Euro? If not, serious foul play is at work!!!

The Euro must be destroyed, and Angela Merkel should be jailed for life for terrorising the lives of so many innoncent people in Greece, Italy, Spain, Cyprus and you name it!!!

grumbler

If you want to jail someone, then jail those who created and expanded the euro-zone, not those who are dealing now with the consequences of those political decisions.
I want to underline the word 'political' as the opposite to 'financial'/'economic'.

Thrugelmir

jumperabv3 wrote: »

Nada ... he simply used ATMs, regular ones.

and the daily limits?

How did they break those.

Thrugelmir

jumperabv3 wrote: »

The Euro must be destroyed, and Angela Merkel should be jailed for life for terrorising the lives of so many innoncent people in Greece, Italy, Spain, Cyprus and you name it!!!

Why should the Germans bail out those that went on spending sprees.

Look closer to home for the truth.