so, this bail out in Cyprus, is actually theft of the savings of so called "rich"

The_White_Horse

with over EUR100,000 or EUR200,000 in savings.

sickening.

World - get your money out now!!!!!!

it wouldn't surprise me if the EU started a few wars next - within europe. to keep the people in check. don't want them questioning our great unelected leaders.

PaulF81

I wouldnt mind betting there will be a few Cypriot treasury officials "taken out". You dont mess with the russian !!!!!, and I bet they send a message out for the theft of their cash.

CLAPTON

The Cypriot banks are bankrupt and have no money.

The solutions are

-IMF gives them the money
-the EU give (technically lend but never to be repaid) them the money
-The Russian give (technically lend but never to be repaid) them the money
-The Cypriot government gives them the money except that they don't have any as they are in massive debt and have a budget deficit
-the banks bond holders and savers take a hit.
-The White Horse gives them the money

or maybe a combination

shop-to-drop

If the banks collapsed they'd probably lose the lot so seems like a good deal to me.

The_White_Horse

no, the EU/IMF should guarantee all the deposits in the bank of savers (not necessarily business savers) and that should be it. the rest of the bank can fail.

ruggedtoast

The_White_Horse wrote: »

no, the EU/IMF should guarantee all the deposits in the bank of savers (not necessarily business savers) and that should be it. the rest of the bank can fail.

Who is going to bail out a load of Russian mobsters?

The_White_Horse

if the EU accept their deposits, then the EU should bail them out. Otherwise refuse to accept deposits from outside the EU.

The reason most people will deposit in the EU is the perceived "safety". that has been wiped away.

ruggedtoast

The euro is a mismanaged undemocratic mess designed by a bunch of chancers making it up as they go along, all trying to please Germany and to a much lesser extent now, France.

As is the rest of the EU fiasco.

Loss of credibility as a reserve currency was going to happen sooner or later. Doubtless the eurocrats will use it as a reason for "ever closer union", at this rate most of Southern Europe's economies are going to be run by the Bundesbank anyway, so they may as well have political control as well.

This is the weird, self sustaining logic of the federalisation project. How can you have a monetary union in a bloc that claims to be the biggest economy on the planet, but relies on the Americans to protect it from the Russians, tiny economies with overblown banks from killing it's currency and where one hand literally doesn't know where the other is?

wotsthat

The_White_Horse wrote: »

no, the EU/IMF should guarantee all the deposits in the bank of savers (not necessarily business savers) and that should be it. the rest of the bank can fail.

Six years ago maybe when savers were still blissfully ignorant about the risks associated with depositing cash with poorly run banks. Time's moved on - there can't be anyone left believing there's such a thing as a risk free return.

Bank of Cyprus have on their website a kid's deposit account paying 4.75%. I wouldn't touch it with a mile long bargepole so don't see why I should be guaranteeing all the deposits of those that do.

RJP33

CLAPTON wrote: »

The Cypriot banks are bankrupt and have no money.

The solutions are

-IMF gives them the money
-the EU give (technically lend but never to be repaid) them the money
-The Russian give (technically lend but never to be repaid) them the money
-The Cypriot government gives them the money except that they don't have any as they are in massive debt and have a budget deficit
-the banks bond holders and savers take a hit.
-The White Horse gives them the money

or maybe a combination

Or they leave the Euro and devalue.

CLAPTON

RJP33 wrote: »

Or they leave the Euro and devalue.

yes that is very true

they would of course have to wipe out most of their savers as well because the banks are bankrupt; just like Iceland.