Cypriot bank savers forced to pay towards Euro/IMF bailout

[TopCat]

He was arguing that funds should come from the shareholders, bondholders and deposits above the protection limit of badly managed banks rather than from the taxpayer. You disagree with that?

The British, the Irish, the Spanish, they may well ask why this change in policy occurs now and not before?

 

[Quartz]

That sound you hear is everyone dumping the Euro.

 

[Anudder Oik]

He was arguing that funds should come from the shareholders, bondholders and deposits above the protection limit of badly managed banks rather than from the taxpayer. You disagree with that?

Oh, I thought it was coming out of people's savings accounts. Have they backtracked?

 

[TopCat]

Oh, I thought it was coming out of people's savings accounts. Have they backtracked?

The savings accounts are empty. There is no money left. The state will guarantee 100,000 euros and the rest is potentially lost as are the shares and bonds.

 

[bi0boy]

Oh, I thought it was coming out of people's savings accounts. Have they backtracked?

Perhaps you should read the previous page of this thread, or even the link in the post you quoted?

 

[TopCat]

Christine Lagarde, the non tax paying head of the IMF who had her flat raided by French police this week over an allegation of 300 million plus fraud has an arrogance which is remarkable.

 

[Anudder Oik]

So, which accounts, in a nutshell are being raided?

(Edit) Just seen it's accounts with over 100,000 euros in, so I'm safe then.

 

[sleaterkinney]

The British, the Irish, the Spanish, they may well ask why this change in policy occurs now and not before?

Because of the Russian money in Cyprus.

 

[gosub]

The British, the Irish, the Spanish, they may well ask why this change in policy occurs now and not before?

Coz the EFSF isn't big enough to do the job should Spain or Italy fall over and Merkel doesn't have the political room to authorise any enlargement

 

[gosub]

Sorry how is not even willing to accept parliaments should have a say in the measures that will affect thier citizens sensible?

I mean I have little but contempt for liberal parliaments but the refusal of the EU/IMF to even pay attention to the fig leaf of democracy that they are is disgusting. It illustrates perfectly how little they believe in democracy.

I'm trying to think of when parliaments have had a say in what are effectively private companies in the hands of receivers, might have happened when nationalization was an option, which given the scale of the banks to the Cypriot economy it wasn't.

What would your parliamentary debate achieve, separate the quislings from the pointless posturers on a time critical matter? By the Sunday they were impotent and the majority supposedly elected on a platform to save the depositors had no mandate to block it anyway.

 

[ymu]

I'm trying to think of when parliaments have had a say in what are effectively private companies in the hands of receivers, might have happened when nationalization was an option, which given the scale of the banks to the Cypriot economy it wasn't.

Nationalisation is an option, practically if not politically. It's very rare for countries to have a banking system larger than 100% of GDP. Those that do are tax havens and money-launderers. There's no reason at all that they cannot nationalise retail banking and remind other investors that they know that investment is an inherently risky business and they will have to live with the downside as well as the upside.

The reason the Cypriot government and the head of their national bank do not want to do this is because they want to continue operating as a tax haven. The EU/IMF won't do it because they exist to enforce socialism for the rich and capitalism for the rest of us.

 

[TopCat]

Asked this morning whether Cyprus's banks will open on Thursday, Sarris replied

Yes, I think they will.​

 

[magneze]

IMO the banks won't re-open until the authorities have worked out a plan for policing it somehow. It could be chaos.

 

[ymu]

There'll be chaos anyway when they run out of food in the shops. They cannot leave this any longer or it will be riots as well as bank-runs spreading across Europe. Stealing people's money (if they have any) is one thing, allowing them to starve is quite another.

 

[coley]

IMO the banks won't re-open until the authorities have worked out a plan for policing it somehow. It could be chaos.

Banks won't open until the stolen loot is safely sequestered, and its a case of stuff the public, who by now, should have been showing a bit more resistance.

 

[cesare]

I noticed this earlier: the Govt has issued "information" for businesses trading with Cyprus: https://www.gov.uk/government/news/information-for-businesses-trading-with-or-in-cyprus

 

[magneze]

Banks won't open until the stolen loot is safely sequestered, and its a case of stuff the public, who by now, should have been showing a bit more resistance.

Yep, but anyone with under €100K will be removing their money too. They're next if it all goes wrong and they know it.

 

[coley]

Yep, but anyone with under €100K will be removing their money too. They're next if it all goes wrong and they know it.

The Dutch finance minister has let the cat out of the bag

http://www.dutchnews.nl/news/archives/2013/03/dutch_finance_minister_under_f_1.php

 

[Tankus]

Malta .....?

 

[King Biscuit Time]

This chap on the telly, Olli something, keeps adding "-uh" onto the end of every sentence. on BBC now.

Weird-uh

Srs, check it out on iPlayer-uh, very strange-uh.

 

[Tankus]

karaoke syndrome ?

 

[ymu]

BBC reporter to Cypriot: I expected it to be packed with people trying to get their money out but it's near deserted?

Cypriot: The banks open at midday.

 

[kebabking]

BBC reporter to Cypriot: I expected it to be packed with people trying to get their money out but it's near deserted?

Cypriot: The banks open at midday.

given the likely demand however, i too would have expected people to get themselves in the queue. if people will queue through the night to get to a clothes sale, not unreasonable to expect them to queue for 4 hours to get their life savings, no?

 

[ymu]

They're not British.

 

[ymu]

JoeWSJ
I know it's early, but so far this 'bank run' has something of the Monty Python about it... http://t.co/IqrMf8iV9K

 

[bi0boy]

given the likely demand however, i too would have expected people to get themselves in the queue. if people will queue through the night to get to a clothes sale, not unreasonable to expect them to queue for 4 hours to get their life savings, no?

I thought they could only take out 300 euros a week, which they can do by withdrawing the maximum 100 euros per day from an ATM three times in a week. Not much point in queueing.

 

[eatmorecheese]

Not sure if this is in the right thread, but made me smile...

 

[butchersapron]

I thought they could only take out 300 euros a week, which they can do by withdrawing the maximum 100 euros per day from an ATM three times in a week. Not much point in queueing.

They can take out 300 euros a day.

 

[two sheds]

See, you lot banging on about everyone being affected by this , there *have* been exemptions.

http://www.enetenglish.gr/?i=news.en.economy&id=481

[/back from retirement]

 

[treelover]

http://leftunity.org/cyprus-faces-o...-leaders-seek-economic-and-political-control/

Just read this article from Left Unity, it seems the 'left' have been in power there until recently for a number of years, they must share culpability for the money laundering, etc, a devils pact?