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

bryanb

RJP33 wrote: »

Or they leave the Euro and devalue.

There's nothing to devalue!

Itismehonest

If I were one of the wealthy savers losing 40% of my money. I think I'd pay up, close the accounts & move the residue out of the EU. So I'm not sure it's the best thing for Cyprus or the EU in the long run.

The_White_Horse

the EU only look a few weeks/months ahead. that is as far as the can can be kicked.

Dreadzone

The rich people losing their deposits is the smallest factor. This is part of capitalism!

What is sinister about this deal is Germany dictating that another country's business model doesn't work. You have to wander, if the UK was part of the Euro would they have said the same to the UK?

Secondly, Soc Gen is expecting a 20% fall in GDP in the next 3-4 years. That is cataclysmic for the Cypriots.

It would probably be easier for them to leave the Euro and get the benefits of external devaluation.

RJP33

bryanb wrote: »

There's nothing to devalue!

Cypriot Pound, potentially. Short term very painful, medium / long, who knows.

Thrugelmir

Dreadzone wrote: »

What is sinister about this deal is Germany dictating that another country's business model doesn't work.

Germany isn't dictatating. The banks were already on life support from the ECB. Question was always when the air supply was going to be turned off.

Conrad

The_White_Horse wrote: »

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.

I think you were one that argued Banks should have been allowed to go under in c2008, in which case depositors would have lost all thier money.

Have you had a change of heart?

Conrad

Dreadzone wrote: »

What is sinister about this deal is Germany dictating that another country's business model doesn't work.

So would you suggest German tax payers just hand over thier money to Cyprus, willy nilly?

Mr._Pricklepants

Dreadzone wrote: »

You have to wander, if the UK was part of the Euro would they have said the same to the UK?

Welcome back, wookie.

Wookster wrote: »

Why on earth the lack of interest I wander... DLW is a quality poster... Errrrrr...

Wookster wrote: »

And we wander why people are fed up with politicians...

The_Green_Man_2

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.

Should this silken parachute be extended to those who invest in the stockmarket just before it falls? Should we bail out people who overextend themselves financially with loans and credit cards and houses they can't afford?

What happened to people taking responsibility for their own financial decisions? If these people followed Martin Lewis' advice and spread their wealth across various banks, keeping their deposits in each beneath the guaranteed levels (100k euros across the EU) then they would be fine.