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European Finance Ministers states Cyprius bailout now a template
Comments
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Worked well this Euro experiment didn't it.
Like how they are planning future bailouts, but still can't quite figure out the whole thing is an utterly failed project.
Are there any Pro-EU people left!?0 -
Hamish McTavish?0
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All we are now seeing is that the banking system is bankrupt in some nations. Whilst many are concentrating on what savers are losing, perhaps what is being missed is that the savers are still coming out of this with most of their savings intact, bailed out in effect as the banks are not being allowed to collapse.
Losing 10/20% of your savings is a lot better than losing 100%, which is the alternative.
Governments simply cant guarantee everything, there isn't the cash to do that, so either they would have to be allowed to print (and therefore devalue) or cut the amount "protected". In both cases its the same real result, but this way feels worse as the number goes down.
Lets say Cyprus was booted out of the Euro and they went back to the Cypriot Pound, what would happen to it in value.
Cyprus is not getting the same help as some others partly due to the money laundering that the financial sector was based on.0 -
If they are willing to take it above E100k there is nothing to stop them reducng/removing that limit.well I didn't write that; maybe reread what I actual posted.
I did however point out that taxpayers will pay and that many taxpayers may have no savings of their own.
So joe public is held responsible as he is paying the bill.
Depositors have no control over the shareholders and you cannot expect them to constantly appraise whether an institution is viable. The regulator should be liable they grant the license to show they are fit to trade.
Without depositors you don't have a bank that people can afford to use.
Deposits are in the main honestly earned and saved out of taxable income. Any unearned income is also taxed at the highest rate (or should be).
Why do you think they should have their money confiscated just because they have been prudent?"If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
It's the new financial fashion, the !!!!less should be rewarded and bailed out, whilst the prudent should be punished and have their savings taken from them one way or another.grizzly1911 wrote: »Why do you think they should have their money confiscated just because they have been prudent?
Great example to set for the future.0 -
grizzly1911 wrote: »If they are willing to take it above E100k there is nothing to stop them reducng/removing that limit.
Depositors have no control over the shareholders and you cannot expect them to constantly appraise whether an institution is viable. The regulator should be liable they grant the license to show they are fit to trade.
Without depositors you don't have a bank that people can afford to use.
Deposits are in the main honestly earned and saved out of taxable income. Any unearned income is also taxed at the highest rate (or should be).
Why do you think they should have their money confiscated just because they have been prudent?
They are not having it confiscated the banks are bankrupt and unsecured creditors lose out, however they are having most of their savings bailed out.
Its going to hurt but at least they are getting most back.0 -
The EU is behind this and it is theft pure and simple. They might not have taken my money this time, but who knows what will happen down the road if they are allowed to continue. Of course, the EU system has done nothing but steal from us all since it's inception. Demanding year on year real term increases in funding when everyone else is taking pay cuts thanks to their dismal fiscal policies. The arrogance of the EU is breathtaking.
Why did we ever vote to have the EU?? Oh, that's right, nobody did...0 -
Mallotum_X wrote: »They are not having it confiscated the banks are bankrupt and unsecured creditors lose out, however they are having most of their savings bailed out.
Its going to hurt but at least they are getting most back.
So just because you have your money in aregulated instution it is OK for it to be taken to keep a bankrupt government going? If you have other assets or choose to keep it under the bed you are not touched?
Next they will be after your wedding ring and teeth if they have any gold content."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
grizzly1911 wrote: »So just because you have your money in aregulated instution it is OK for it to be taken to keep a bankrupt government going? If you have other assets or choose to keep it under the bed you are not touched?
If you invest in anything... and the company holding that investment is bankrupt then there is a very real chance you will lose your funds.
Who do you think should provide the funds needed to save the banks and thus prevent any savers from losing out?0 -
Bank deposits aren't investments.Mallotum_X wrote: »If you invest in anything... and the company holding that investment is bankrupt then there is a very real chance you will lose your funds.
Who do you think should provide the funds needed to save the banks and thus prevent any savers from losing out?
I take it you have a current account (in credit)? That is a deposit at a bank."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0
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