Sunday, March 17, 2013

How Cypriots, our ex-pats and others see things

Our View: The ‘rescue package’ designed to destroy the economy

Worth a read and no doubt the comments will get better, many British ex-pats thinking of getting out but many are realising that they won't be able to sell their houses. Others are starting to ask how many government officials had already moved their cash out of the Cypriot banking system in the previous few weeks!

Posted by enuii @ 11:12 PM (2484 views)
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9 thoughts on “How Cypriots, our ex-pats and others see things

  • Interview with a Cypriot Finance Minister:

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  • “..from now on they can be confident nothing will happen to their savings” said Michael Sarris.

    ….so….. trust me, I’m a politician.

    In other news: Express frontpage “House Prices up £142 a day.

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  • One thing worth noting. The EU doesn’t want to (or can’t) burden it’s taxpayer base with involuntary and volatile share based bank bailouts – in contrast to the British Government.

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  • With regard to the 10% savings tax in Cyprus, we in the UK have already done this to savers by a massive devaluation in our curreny which is still continuing, the poor old EU can’t do this so it’s down to good old up front theft of savings.

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  • Agreed, mrmickey. Same journey by another route!

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  • bidin'matime says:

    mrmickey said: “we in the UK have already done this to savers by a massive devaluation in our curreny which is still continuing, the poor old EU can’t do this ”

    I disagree – the EU as a whole can act as the UK has done – it’s the individual countries that cannot (and so resort to upfront theft).

    However, the line between what has happened in Cyprus and the recent suggestion that we might have negative interest rates in the UK is extremely thin – instead of adding a percentage to your savings, they take a percentage away…

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  • The EU could devalue it ‘s currency but the German savers have so far stopped them they quiet rightly don’t like the idea of QE, therefore bashing savers in other EU countries is an alternative.

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  • stillthinking says:

    There is no actual capital in the banks. What do you want, a 10% take down of money you were -never- going to get, or the BoE way to wipe out the whole idea of holding a financial instrument in sterling.

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  • The banks are trying to build their reserves up, and the politicians want them to run them down, you can’t have it both ways.

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