beccles Posted March 16, 2013 Share Posted March 16, 2013 I put 3,295 quid in this morning. Did I do a wrong thing? Do you live in Cyprus? If so unlucky. Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted March 16, 2013 Share Posted March 16, 2013 I told you that I was not comfortable doing that the last time and said I would not do it again. Quote Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted March 16, 2013 Share Posted March 16, 2013 Why are those on the left suddenly so infuriated? Isnt this the 'one off wealth tax' to clear the deficit they were all salivating over? I think the phrase you were looking for was 'they don't like it up 'em.' Agreed though, you would think the left would all be very happy at this. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted March 16, 2013 Share Posted March 16, 2013 http://www.businessinsider.com/cyprus-bailout-statement-by-the-president-of-the-republic-mr-nicos-anastasiades-2013-3 The Cypriot government is now sweating over a possible rejection by the island’s parliament of the shocking set of measures imposed on Nicosia for the eurozone to bail its economy out of a likely default, announced in the early hours of Saturday.The Cypriot government is preparing the bill to be tabled in Parliament probably on Sunday in an emergency session, as everything will have to be voted by Monday night for Cypriot banks to open on Tuesday. No need to worry, TPTB have plenty of practice with getting national parliaments to give the right answer. They even managed it in the USA. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 16, 2013 Share Posted March 16, 2013 Looking on the bright side Cyprus will probably achieve the imposed target to shrink bank assets to 4 times GDP by this Tuesday, substantially beating the 2018 deadline. Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted March 16, 2013 Share Posted March 16, 2013 DON'T PANIC! Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted March 16, 2013 Share Posted March 16, 2013 On MSE they are "prepping": http://forums.moneys...07#post60017507 Must get me some hurricane lamps. The paraffin I can source from ... squeezing out used underwear or sumfink. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted March 16, 2013 Share Posted March 16, 2013 Actually, the people who were caught with their money in Cyprus banks are probably better off than those with their money in Cyprus property, or pretty much any property, come to think of it. To put this into perspective, if someone had told me last week that I had two choices, put all my money in a Cyprus bank and lose 10% of it or put it all into UK property, I'd have gone for the 10% loss rather than what I expect will be a much larger one over the next few years. You are entirely at the mercy of the policies. If the policy is print and print - then something real is a better option. If they go for tax-tax-tax/default - then obviously cash (with deposit protection) is better. If they got for all right default - then I suppose bake beans are better. Quote Link to comment Share on other sites More sharing options...
deflation Posted March 16, 2013 Share Posted March 16, 2013 The fact the depositors are getting 'shares' to an equivalent amount in the bank is probably getting a good ignoring. I didn't notice in the first reports. After all, can you immediately sell them? And what will they be worth anyway once they get dumped on the market? Quote Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted March 16, 2013 Share Posted March 16, 2013 And what will they be worth anyway once they get dumped on the market? What do you think? Quote Link to comment Share on other sites More sharing options...
okaycuckoo Posted March 16, 2013 Share Posted March 16, 2013 The fact the depositors are getting 'shares' to an equivalent amount in the bank is probably getting a good ignoring. I didn't notice in the first reports. After all, can you immediately sell them? And what will they be worth anyway once they get dumped on the market? Clearly it's a buy-and-hold investment strategy. Except you didn't know you'd bought. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted March 16, 2013 Share Posted March 16, 2013 (edited) The fact the depositors are getting 'shares' to an equivalent amount in the bank is probably getting a good ignoring. I didn't notice in the first reports. After all, can you immediately sell them? And what will they be worth anyway once they get dumped on the market? I noted that on post #113 actually: http://www.housepricecrash.co.uk/forum/index.php?showtopic=188680&view=findpost&p=909280862 Now more: http://www.moi.gov.cy/moi/pio/pio.nsf/All/C7131DA40FCE0827C2257B30005411D5?Opendocument where Cyprus government admit that they were unable to pay out the 30bn euro deposit guarantee - and so their guarantee is pretty much worthless to begin with (as with a few other european sovereign 'guarantees'). and looks like it might just be for the 2 banks which I guess would be Laki(Popular) and another. 3. Total rescuing of deposits, with just the exchange of a small percentage of savings with shares of the two banks. Currently, these shares do not have their full value, but with the economic recovery they will repay most it ( !) not all of the amount that will be cut. Anyway, if there is a bank run in Cyprus on Tuesday, the banks will go bust anywhere (there is are about 70bn of deposit and the bail out is only 10bn). Next week could be rather tense. Edited March 16, 2013 by easy2012 Quote Link to comment Share on other sites More sharing options...
Tankus Posted March 16, 2013 Share Posted March 16, 2013 Actually, the people who were caught with their money in Cyprus banks are probably better off than those with their money in Cyprus property, or pretty much any property, come to think of it. To put this into perspective, if someone had told me last week that I had two choices, put all my money in a Cyprus bank and lose 10% of it or put it all into UK property, I'd have gone for the 10% loss rather than what I expect will be a much larger one over the next few years. .@evaeuropa Several media report that Schable started by asking 40% haircut on bank deposits. Nice example of European solidarity. One hit at 10% only ? ..... Quote Link to comment Share on other sites More sharing options...
easy2012 Posted March 16, 2013 Share Posted March 16, 2013 (edited) IF there is a bank run ???????????? Part of the press statement: In the next few hours we will all have to take responsibility. Tomorrow I will address the Cypriot people. There is a off chance that people might believe the government... in the same way lots of people still believe this guy: Mervyn King Warns Return To High Inflation Could Be 'scary' Says man who's laid the foundation for high inflation http://www.housepricecrash.co.uk/forum/index.php?showtopic=188684 Edited March 16, 2013 by easy2012 Quote Link to comment Share on other sites More sharing options...
happy_renting Posted March 16, 2013 Share Posted March 16, 2013 As i have pointed out many times, Inflation is a tax on cash and savings. Tax is confiscation of assets by Governments. Devaluation is overnight inflation. The ECB will not devalue the Euro as it would have Euro-wide effects and also hit bondholders. Also, Germanyis paranoid about inflation. The raid on Cypriot savings targets Cyprus only, and does not hit the bondholders. This blatant theft is therefore just a more focused, targeted form of confiscation/ tax/ inflation that targets the savers (not bondholders) of one particular country in the Eurozone. Unsubtle, but fast, and makes the innocent people pay. Quote Link to comment Share on other sites More sharing options...
easy2012 Posted March 16, 2013 Share Posted March 16, 2013 (edited) The ECB will not devalue the Euro as it would have Euro-wide effects and also hit bondholders. Also, Germanyis paranoid about inflation. Lot of speculation and conspiracy theories here but in this case there is no (ok, maybe a few) German or French bondholders. Cyprus banks are primarily deposit funded with little bond (German / French were smart enough not to lend them money. A few Greek bank might have done so - but that is not German or French). The junior bonds still got creamed though, just the little bit of Senior Bond survived (which is still immoral of course ) p.s.: From the press release, it looks like the pension fund holds quite a bit of the toxic bonds and the action is to prevent 'pension cuts'. Edited March 16, 2013 by easy2012 Quote Link to comment Share on other sites More sharing options...
Guest spp Posted March 16, 2013 Share Posted March 16, 2013 Even CGNAO is out of the bunker... http://www.greenenergyinvestors.com/index.php?showtopic=17575 Thought the next spark wouldn't be until the German elections, guess we'll find out soon enough. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted March 16, 2013 Share Posted March 16, 2013 As others have said, inflation is jsut the same bar name. Confiscation of earnings by devaluation and increasing the money supply more than real growth. The bankrupt of england have been doing this since their inception. Over recent decades through bubble blowing and then direct meddling they have played a a part in the demolition of the real worth, work, buinsess, industry. That is why they spend so long soft soaping in the press, they are manipulators, fruadsters and liars. +1 The sad thing about it is the man on the street don`t see it happening But in a macabre way you have to admire the slight of hand and manipulation Quote Link to comment Share on other sites More sharing options...
stormymonday_2011 Posted March 16, 2013 Share Posted March 16, 2013 Anyway, if there is a bank run in Cyprus on Tuesday, the banks will go bust anywhere (there is are about 70bn of deposit and the bail out is only 10bn). And the Cypriot government will still not be able to meet the deposit guarantee even after receiving the bailout. This policy is sheer genius Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted March 16, 2013 Share Posted March 16, 2013 http://www.channel4.com/4homes/on-tv/a-place-in-the-sun-home-or-away/episode-information/isle-of-arran-cyprus-08-06-18 A place in the sun home or away: Arran or Cyprus. In retrospect, Arran was the one to go for. Quote Link to comment Share on other sites More sharing options...
jonb Posted March 16, 2013 Share Posted March 16, 2013 Why are those on the left suddenly so infuriated? Isnt this the 'one off wealth tax' to clear the deficit they were all salivating over? We are half way through the month, so people might have about half of last month's salary still in the bank. That is being taxed as well. Quote Link to comment Share on other sites More sharing options...
rantnrave Posted March 16, 2013 Share Posted March 16, 2013 Lots of young female Cypriot's posteriors featured in the pics of people trying to use the ATMs. Every cloud and all that... Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted March 16, 2013 Share Posted March 16, 2013 (edited) LMAO but I am drunk. <iframe width="640" height="360" src="http://www.youtube.com/embed/A6gaS9wrtM4?feature=player_detailpage" frameborder="0" allowfullscreen></iframe> Only way to be in these crazy times. "They try (and succeed) to take my cash away. Some German bint says that we all must pay. These are crazy crazy crazy, crazy nights (wait until the days on monday and tuesday ) Edited March 16, 2013 by dances with sheeple Quote Link to comment Share on other sites More sharing options...
jonb Posted March 16, 2013 Share Posted March 16, 2013 IF there is a bank run ???????????? And if there is a bank run in other unstable countries such as Spain, Italy, France, Ireland, Greece, most of the Eastern block and so on ...? Quote Link to comment Share on other sites More sharing options...
Guest spp Posted March 16, 2013 Share Posted March 16, 2013 (edited) Zerohedge - For Everyone Shocked By What Just Happened... And Why This Is Just The Beginning The Looming Threat of Debt Restructuring Edited March 16, 2013 by spp Quote Link to comment Share on other sites More sharing options...
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