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Tuberider

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Everything posted by Tuberider

  1. this article says it all for me: http://m.theatlantic.com/business/archive/2013/03/cyprus-is-doomed-why-the-country-must-leave-the-euro-immediately/274300/
  2. thank you. I hope we will be fine. cypriots are extremely pugnacious when under pressure, but i fear that the death trap debt spiral we are about to enter will be too much. I suppose that in the worst case I can go to the village in troodos and plant potatoes.
  3. Not sure I understand you. if it is a joke then it is a bad one.
  4. Probably gonna take a nine grand hit on my provident fund (its kinda our version of a 401k) but what you gonna do. We lost it all in 74 so this feels almost benign by comparison.
  5. no, I expect to be lied to by politicians. Dont all sensible people? In this case though i can understand it. Anastasiades resigning would have brought us nowhere but into deeper chaos
  6. I dont regret it at all ! in fact im looking for another house as we speak !!! see you guys. going for a pitta of souvlaki and a keo.
  7. Ummm what was the president supposed to say once elected ? ' I MAY allow a haircut on deposits?' This in itself would have caused a bank run and the same results we see now. He had to deny it, he had no choice. The protests will come, but people are still in shock. Once the job losses mount up then you guys will be very happy and see the blood pouring on the streets.
  8. I agree, there is a lot of truth to that and house prices in the UK are still too high and due a fall. But trying to predict is a fool's game. Look at us over here, who could have imagined this !
  9. No, the photos are real but very selective. There were large queues outside some of the busier branches this morning with a bit of pushing and shoving, but they died down very quickly. It's made me realize one thing though, reading this thread from the start about a place I know very well: This forum is very much misinformed on many things. If this thread is representative of how the posters on this forum see current events then I hope they are not making financial decisions based on these observations. Then again, the whole site has been going since 2003 (a whole decade now!) predicting a HPC that never happened, so that should tell you something about the accuracy of information here. Thanks God I invested in London property when i did !
  10. complete load of rubbish, would be laughable if it was not so offensive
  11. I hear you. But what can we do. We are an economy under seige and slowly we have to get things moving again. Opening the banks is a first step. Today was very positive in that there was no panic or violence and people have heeded the call to remain calm.
  12. I'm into them for 9 grand already, what more do they want
  13. Probably are, but they have been a poor and broken pariah state for 40 years so a bit of schadenfreude is to be expected
  14. No tip offs were needed. There were articles in the FT, Economist and other establishment publications for months prior discussing the possibility of a depositor haircut. That idiot Djoselbloem or whatever he is called also refused to deny that there might be one when questioned back in February. So a lot of people were expecting it might come and decided to move their money. The directors of the pension fund at my workplace held a staff meeting a week before the first Eurogroup to discuss the issue with staff, and whether we should move the fund, but nobody thought it would actually happen (except me and a few other paranoid nutcases)
  15. Mass protests already by unions, students and other citizens. Maybe not reported by the sanitized UK press although I saw something in the Guardian yesterday. Anyway people here don't really blame the present government for this. They blame the Troika. I have no doubt that protests will intensify once unemployment skyrockets and austerity kicks in. But it is early days yet, we are still in shock. Need to restore some stability to the system and most energy is going into that at the moment.
  16. very calm here in Limassol. No queues outside bank of cyprus branches, and very few people outside Laiki I guess the vultures who wanted to see blood spilled on the streets and everyday people tear each other to pieces will be very disappointed today right now there is a lot of solidarity and goodwill among people, but yes, we are worried about the future, especially the tsunami of unemployment which is headed our way. I think we will be looking at about 30% unemployment rate by next year, maybe more. there will be some kind of stop on foreign workers for sure. talk of leaving the euro is also gathering pace. there is a saying among us cypriots that we band together like a clenched fist when our backs are against the wall. we are about to put that to the test.
  17. generally the politicians here fear the people rather than the other way around once you push a cypriot too far, he (or she) will snap and go berserk regardless of consequence it's a very peculiar national trait, shared also by the cretans anyay it might not come to that. people will start to realize that we are screwed either way. if they impose the levy we will have a slow grinding collapse as all money will flee and business will leave the island. with austerity and the shackle of the euro added in, it could be worse than greece at least if we default then we control our fate once more. with the added bonus of taking the whole stinking lot down with us.
  18. also people are getting twitchy. 80% of men between the age of 18-60 have an assault rifle at home not to mention all the shotguns
  19. yes agree consensus here in cyprus is that we should dump the euro, default and go back to the pound. it was a very strong currency. to give you some idea, one cy pound = 1.20 sterling i have a feeling it might happen anyway. shutting the banks til thursday is raising suspicions that they are preparing something. i mean, why prolong the pain ? and even if they aren't, the vote may not go through. lots of resistance.
  20. general consensus here is that we are screwed either way if the levy is imposed then all deposits will flee cyprus the next day. nobody will want to invest here or ever trust us again. slow grinding collapse while we are shackled to the euro if we vote against the levy then we go down quicker, but at least we will be able to revert fast to our own national currency and we will regain control of our fate. quick collapse but possible strong recovery within 2 years people are tired an angry and just want closure. we have been through much worse remember
  21. reports coming through here in nicosia that gazprom reps are at the presidential palace. offered to buy one or both banks in return for rights to natural gas and the construction of LNG terminal outside limassol not sure how reliable these are, waiting for further news
  22. bailout now estimated at 10 billion euros http://www.washingtonpost.com/business/eurozone-official-says-cyprus-bailout-size-likely-closer-to-10-billion-than-17-billion/2013/03/14/35ad820c-8c96-11e2-adca-74ab31da3399_story.html
  23. Gas reserves could be about 600 billion by some estimates, and it is expected to start flowing by 2019. Why could the debt not be paid back from these revenues ?
  24. As a Greek Cypriot myself I can tell you that the reality is slightly different. The only reason we joined the EU was for protection against Turkey, which illegally occupies a third of the island. We are a hard-bitten nation of people who have been screwed over by big powers since the dawn of time, so we are not so naive to think that the EU is all roses. It's a necessary evil. We were doing very well prior to joining, and most of us sadly miss the years before we joined. Looking back, this place was a paradise compared to now.
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