Euro zone orders Cyprus to sieze 10%

Not aimed at Hottentot. Apologies if anyone saw it that way. Aimed at the OP, who seems to have taken advantage of the Cyprus situation to take a cheap shot at his favourite target without even bothering to look at who was proposing what, and why.

[Takeda Shingen]

Originally Posted by AndyJWest

Not aimed at Hottentot. Apologies if anyone saw it that way. Aimed at the OP, who seems to have taken advantage of the Cyprus situation to take a cheap shot at his favourite target without even bothering to look at who was proposing what, and why.

Nope, it's me that owes you an apology. Sorry Andy, I should read more carefully.

[TFatseas]

Yeah, like this won't start a bank run like crazy.

Stupid.

The dilemma seems to be that if they impose a levy, they will get a bank run. If they don't impose a levy, the EU will refuse to support Cyprus any further - which will cause a bank run. It looks like the political parties are all jockeying for position to see who comes out of it looking the least responsible for the mess. Nothing new there.

[Jimbuna]

This won't help any expat Brits over there but the Brit government have guaranteed full compensation for any Brit government employees or Forces personnel who are subject to these measures.

[nikimcbee]

Originally Posted by Jimbuna

This won't help any expat Brits over there but the Brit government have guaranteed full compensation for any Brit government employees or Forces personnel who are subject to these measures.

I thought you guys were broke.

What was Steed's Credit card number again?

[Jimbuna]

Originally Posted by nikimcbee

I thought you guys were broke.

What was Steed's Credit card number again?

It won't matter if he is residing in Cyprus....non UK laws.

[Skybird]

Originally Posted by Jimbuna

This won't help any expat Brits over there but the Brit government have guaranteed full compensation for any Brit government employees or Forces personnel who are subject to these measures.

Such assurances only hold ground if the disaster is extremely limite din size. When the mjaor part of a national bank envcriopnment goes down the drain, its just bits of paper then. The guarantees given for German savings at banks are sufficient for only 0.5 or 3.0% (I'm not sure which one it was) of customers' savings - and that was in 2009. Since then a great money devaluation has moved on, and more money was flooded onto the market.

Needless to say that the state giving such guarantees is a customer of the banks, and that the money such guarantees will be compensated with is just more of this wonderful thing called FIAT money.

It's all just a big illusion show to keep the mob silent in the street.

I still wonder in what way Cyprus is system-relevant,m and in what way the Cypriotic government can assume that other people owe it to them to pay for their corruption, incompetence and mismanagement. It was the Cypriotic people voting them into power, and they share the responsibility of what is being done in their name, therefore.

And why the heck have people from Greece and Britain, or any foreigners at all, moved their saving from their country to banks in - Cyprus? It's not as if the situation in Cyprus was not known since years, eh? No risk no fun, or what? My sympathy is limited. Very.

I have talked my parents into taking their savings from the bank and hide them well privately. Interests are so lousy here that the small raise in additional expropriation resulting from not even getting this caricature of an interest rate does not count anyway. Having savings on your bank these days means you get robbed, slowly, but constantly. and if the system fails over night, you cannot take it from the bank. That is a top level concern these days, I think. Even in Germany. Because if something really bad happens, then it will happen fast, unfolding within hours. The hour you notice that prices for good and items, property and real values explode suddenly, it will already be too late for almost everybody. And if the crash is politically wanted, you do not even get that warning time.

[Oberon]

One rumour I heard was that the Cyprus situation was a test run for a new type of EU bailout clause, if that is the case then it has not exactly gone well.

[Jimbuna]

Originally Posted by Skybird

Such assurances only hold ground if the disaster is extremely limite din size. When the mjaor part of a national bank envcriopnment goes down the drain, its just bits of paper then. The guarantees given for German savings at banks are sufficient for only 0.5 or 3.0% (I'm not sure which one it was) of customers' savings - and that was in 2009. Since then a great money devaluation has moved on, and more money was flooded onto the market.

Needless to say that the state giving such guarantees is a customer of the banks, and that the money such guarantees will be compensated with is just more of this wonderful thing called FIAT money.

It's all just a big illusion show to keep the mob silent in the street.

I still wonder in what way Cyprus is system-relevant,m and in what way the Cypriotic government can assume that other people owe it to them to pay for their corruption, incompetence and mismanagement. It was the Cypriotic people voting them into power, and they share the responsibility of what is being done in their name, therefore.

And why the heck have people from Greece and Britain, or any foreigners at all, moved their saving from their country to banks in - Cyprus? It's not as if the situation in Cyprus was not known since years, eh? No risk no fun, or what? My sympathy is limited. Very.

I have talked my parents into taking their savings from the bank and hide them well privately. Interests are so lousy here that the small raise in additional expropriation resulting from not even getting this caricature of an interest rate does not count anyway. Having savings on your bank these days means you get robbed, slowly, but constantly. and if the system fails over night, you cannot take it from the bank. That is a top level concern these days, I think. Even in Germany. Because if something really bad happens, then it will happen fast, unfolding within hours. The hour you notice that prices for good and items, property and real values explode suddenly, it will already be too late for almost everybody. And if the crash is politically wanted, you do not even get that warning time.

I think your misunderstanding me...I meant compensation for the levy only. Some of the service personnel have their wages paid direct into their Cypriot bank accounts and it is highly unlikely any will have vast sums in their accounts.

I read somewhere that it is estimated £170 million is the most a compensation payout total would be.

[August]

Originally Posted by AndyJWest

The dilemma seems to be that if they impose a levy, they will get a bank run. If they don't impose a levy, the EU will refuse to support Cyprus any further - which will cause a bank run. It looks like the political parties are all jockeying for position to see who comes out of it looking the least responsible for the mess. Nothing new there.

Heck even the idea that this could happen might spark a bank run. Might not be a bad idea to stick it under the mattress until this all plays out.