Cyprus bank accounts raided

Cyprus bank accounts raided

32 posts
17 March 2013
photostore
Photographer
photostore

[ Admin Warning - Soapbox Thread ]

other euro countries coming next, the countries debt is your debt !
over the next couple of days we will probably see runs on all the banks throughout europe....remember northern rock ? 

Cyprus gov't need 10 Billion euros.....gotta get it somewhere ? 
riots in cyprus by midweek i'll bet
Posted 17 March 2013
Edited by ForumModerator 17 March 2013
Dickymint
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Dickymint
Sooner we get the hell out of Europe the better !

Posted 17 March 2013
stolenfaces
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stolenfaces
If you were a Cypriot or Briton living in Cyprus with funds invested in Sterling (in a UK bank for example) you would have lost 7% of your money since January due to the collapse of sterling v Euro and $
(although there was a slight rally at the end of the week ).
For all the instability and insanity in the Eurozone, the Euro has remained strong against the £.

Do you mean 'the Country's debt is your debt', in fact of course it's Greece's debt that has crashed the Cypriot banks.

Posted 17 March 2013
photostore
Photographer
photostore
uk govt just announced the will compensate military personel in cyprus if they are affected (so basically the uk tax payer is again now covering debts in cyprus to an extent )

Posted 17 March 2013
photostore
Photographer
photostore
doesnt matter which country now, given this example there will be nervousness across the eu and runs on banks, add to that, the fact that the euro zone 2nd largest economy (France) has recorded the economy is in a further decline and unemployment is way up.
The only one holding it's head above water and doing ok is Germany

Posted 17 March 2013
stolenfaces
Photographer
stolenfaces
Dickymint
Sooner we get the hell out of Europe the better !
Sure, we're doing so much better than Germany aren't we! This country's debt has nearly doubled since 'there is no alternative to austerity' George became chancellor of the Exchequer. Most ordinary people (like pensioners) with relatively small savings have seen them loose 2% or 3% a year as inflation outstrips interest rates. Simplistic 'solutions' like let's get out of Europe are even more stupid than this government's economic illiteracy.
Posted 17 March 2013
photostore
Photographer
photostore
From the blog of the Saxo bank CEO

Saxo Bank CEO: “This Is Full-Blown Socialism And I Still Can’t Believe It Happened”

Zero Hedge
March 17, 2013
Authored by Lars Seier Christensen, CEO Saxo Bank; originally posted at his blog at TradingFloor.com,
It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors’ money and 9.9 percent of big depositors’ funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?
I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.
This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.
If you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer’s money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.
Depositors in other prospective bailout countries must be running scared – is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now. Even from the EU as a whole, I suspect, as the banking union is in place in most countries already.
Another open question is what will happen to the huge number of brokerages based in Cyprus? There is about 100 or more FX and other brokers currently operating under the relatively light Cypriot regulation. How will this impact the trustworthiness of these many small institutions? What IS the exact impact on the client deposits they might be holding in Cyprus? Will anyone dare to do business with them going forward?

This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal.
Market reaction? it must be very good for gold – and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro countries in, for example, Scandinavia. I would think the EUR and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors.
This is full-blown socialism and I still cannot believe this really happened.
Be careful out there…
Posted 17 March 2013
Edited by photostore 17 March 2013
stolenfaces
Photographer
stolenfaces
photostore
From the blog of the Saxo bank CEO Saxo Bank CEO: “This Is Full-Blown Socialism And I Still Can’t Believe It Happened” Zero Hedge March 17, 2013 Authored by Lars Seier Christensen, CEO Saxo Bank; originally posted at his blog at TradingFloor.com, It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors’ money and 9.9 percent of big depositors’ funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy? I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift. This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite. If you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer’s money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive. Depositors in other prospective bailout countries must be running scared – is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now. Even from the EU as a whole, I suspect, as the banking union is in place in most countries already. Another open question is what will happen to the huge number of brokerages based in Cyprus? There is about 100 or more FX and other brokers currently operating under the relatively light Cypriot regulation. How will this impact the trustworthiness of these many small institutions? What IS the exact impact on the client deposits they might be holding in Cyprus? Will anyone dare to do business with them going forward? This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal. Market reaction? it must be very good for gold – and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro countries in, for example, Scandinavia. I would think the EUR and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors. This is full-blown socialism and I still cannot believe this really happened. Be careful out there…
Presumably this is the American definition of Socialism - 'slightly worse than a satanist pedophile mugging old ladies to fund their crack habit'. Whilst the levy is obviously a barmy thing, as anyone with money in banks in Spain, Italy or Ireland will presumably be withdrawing it in the morning, this blog is no more sane. It makes the Daily Mail sound 'moderate'.
Posted 17 March 2013
Edited by stolenfaces 17 March 2013
stolenfaces
Photographer
stolenfaces
And if Scotland were to get 'full' independence... who would be paying for the debts of the Scottish banks? Whilst you remained part of the Sterling Zone you would be as dependent on London as Cyrus is on Berlin.

Posted 17 March 2013
photostore
Photographer
photostore
stolenfaces

And if Scotland were to get 'full' independence... who would be paying for the debts of the Scottish banks? Whilst you remained part of the Sterling Zone you would be as dependent on London as Cyrus is on Berlin.



Scotland ?                          please stay on topic .
Posted 17 March 2013
magpie1
Photographer
magpie1
Cyprus, (Greek Cyprus as this economic situation applies to) is dependent on Russia for a great deal of its financial 'propping up'. Most of the really big accounts being levied are believed to be Russian 'offshore tax evasion' ones.
Cyprus is a micro economy and permanently in deficit, the global effect of these measures in somewhere with the economic equivalent of the Isle of Wight are being over exaggerated.

Posted 17 March 2013
photostore
Photographer
photostore
magpie1

Cyprus, (Greek Cyprus as this economic situation applies to) is dependent on Russia for a great deal of its financial 'propping up'. Most of the really big accounts being levied are believed to be Russian 'offshore tax evasion' ones. Cyprus is a micro economy and permanently in deficit, the global effect of these measures in somewhere with the economic equivalent of the Isle of Wight are being over exaggerated.


I see what your saying but its the confidence of the people throughout the eu now, they have seen the potential for savings raids authorised by other countries on their hard earned and i bet there will be a run on banks (and pillowcases to carry the cold hard  folding cash home in)

Posted 17 March 2013
Edited by photostore 17 March 2013
magpie1
Photographer
magpie1
It is true panic begets panic, no doubt the price of gold will rise even higher, but from Greek people I know and some ex pats they all agree/admit that the Greek related economies have been shambolic, at best, with non payment of taxes, the norm, indeed paying taxes was a sign of weakness, the entire economic "strategy" was based on extending the hand for more subsidy. It looks as if the subsidisers are calling time. The situation can appear 'brutal' but something had to give. Of course such economic robustness could have the, probably desired effect of concentrating minds all over the euro zone, but it carries a risk .

Posted 17 March 2013
anthonyh
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anthonyh
magpie1

Cyprus, (Greek Cyprus as this economic situation applies to) is dependent on Russia for a great deal of its financial 'propping up'. Most of the really big accounts being levied are believed to be Russian 'offshore tax evasion' ones. Cyprus is a micro economy and permanently in deficit, the global effect of these measures in somewhere with the economic equivalent of the Isle of Wight are being over exaggerated.


I think the point made in the article is basically banking (people depositing money in banks) depends on trust. The trust has gone...and in the global market...mistrust isn't limited by national bounderies.

We might worry about our savings of a few thousand pounds...there  will be companies and institutions out there thinking hard about desposits measured in millions and tens of millions....and will probably be doing risk assessments as we speak.
Posted 17 March 2013
photostore
Photographer
photostore
euro down against all global currency's this morning !
Money is leaving all other euro member banks and being deposited in Germany (not as a direct result of this. it was already happening, its just increasing as of today) That's like thinking that the safest place to deposit your savings is with your local loan shark when your already in debt to him !
Posted 18 March 2013
Edited by photostore 18 March 2013
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