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Bail-out agreed!

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Re: Bail-out agreed!

Postby Piratis » Sat Mar 16, 2013 3:05 pm

cyprusgrump wrote:
Maximus wrote:
Sotos wrote:GIG ... probably you have your savings in UK or Greece. This is a disaster for Cyprus.


Why is it a disaster Sotos?


Because depositors will never be able to trust the government again...

Why have money in a Cyprus bank when the government can help themselves to it when times are hard...?

I suspect there will be huge amounts of Euros leaving the banking sector quite soon...


This is not just about Cyprus, but about euro-zone as a whole. Cyprus is just an experiment on a small scale. If we don't stop this happening in Cyprus, then tomorrow it will be Greece, Portugal, then Spain, then maybe Italy, and by that time the euro will cease to exit.

Time to adopt the ruble ;)
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Re: Bail-out agreed!

Postby cyprusgrump » Sat Mar 16, 2013 3:20 pm

Maximus wrote:Its international lenders that are proposing that the government help themselves to it. There is nothing stopping another one hitting the same place but it is highly unlikely and I dont see any more mortars coming. I have (lost) a significant amount in terms of euro from my savings to help the country stay on its feet so I have interests in it. I want to see a return on my equity which has been given in exchange.

there is also opportunity here.


I've just got off the phone to somebody that has spent 1½ years setting up a business here for an Australian guy... he was due to invest a significant amount (i.e. millions) in it in the near future.

They've just had a message from him telling them that the deal is off.

I suspect he won't be the only one... Indeed, the amount you have sacrificed may have already been lost to Cyprus in that one deal...
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Re: Bail-out agreed!

Postby johnny1 » Sat Mar 16, 2013 3:39 pm

can someone explain exactly wat will happen with bank deposits?
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Re: Bail-out agreed!

Postby Maximus » Sat Mar 16, 2013 3:39 pm

cyprusgrump wrote:
Maximus wrote:Its international lenders that are proposing that the government help themselves to it. There is nothing stopping another one hitting the same place but it is highly unlikely and I dont see any more mortars coming. I have (lost) a significant amount in terms of euro from my savings to help the country stay on its feet so I have interests in it. I want to see a return on my equity which has been given in exchange.

there is also opportunity here.


I've just got off the phone to somebody that has spent 1½ years setting up a business here for an Australian guy... he was due to invest a significant amount (i.e. millions) in it in the near future.

They've just had a message from him telling them that the deal is off.

I suspect he won't be the only one... Indeed, the amount you have sacrificed may have already been lost to Cyprus in that one deal...


Lets see in 10+ years.
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Re: Bail-out agreed!

Postby cyprusgrump » Sat Mar 16, 2013 3:42 pm

Maximus wrote:
cyprusgrump wrote:
Maximus wrote:Its international lenders that are proposing that the government help themselves to it. There is nothing stopping another one hitting the same place but it is highly unlikely and I dont see any more mortars coming. I have (lost) a significant amount in terms of euro from my savings to help the country stay on its feet so I have interests in it. I want to see a return on my equity which has been given in exchange.

there is also opportunity here.


I've just got off the phone to somebody that has spent 1½ years setting up a business here for an Australian guy... he was due to invest a significant amount (i.e. millions) in it in the near future.

They've just had a message from him telling them that the deal is off.

I suspect he won't be the only one... Indeed, the amount you have sacrificed may have already been lost to Cyprus in that one deal...


Lets see in 10+ years.


I see your fellow countrymen are not quite so keen on the haircut as you...

CO-OPs close early as depositors attempt withdrawls

FAMAGUSTA GAZETTE
• Saturday, 16 March, 2013
CO-OP BANKS have shut their doors after a rush of depositors anxious to protect their savings following a bailout agreement with international creditors that includes a levy on all the country's bank deposits.

Unlike commercial banks which remain closed on weekends, cooperative banks customarily open for business on Saturday.

Word that the €10 billion rescue package Cyprus agreed with its euro area partners and the International Monetary Fund included a one-off levy on deposits sent many customers scurrying to branches across the island.
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Re: Bail-out agreed!

Postby cyprusgrump » Sat Mar 16, 2013 3:44 pm

johnny1 wrote:can someone explain exactly wat will happen with bank deposits?


Well, Internet banking has been suspended...

So it looks like they will steal 6% of your cash over the weekend...
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Re: Bail-out agreed!

Postby Maximus » Sat Mar 16, 2013 3:47 pm

I am not keen on this, but i dont see it as a disaster either.

What is the alternative?
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Re: Bail-out agreed!

Postby bill cobbett » Sat Mar 16, 2013 3:57 pm

You scummy, fleecing CY Buggers.

I've got 100 Euros sitting in an account in CY and you're gonna mug a poor innocent foreigner for 6.75 E ...!!! ... :evil: :evil: :evil: :evil:

Daylight freeging robbery!
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Re: Bail-out agreed!

Postby supporttheunderdog » Sat Mar 16, 2013 4:01 pm

bill cobbett wrote:You scummy, fleecing CY Buggers.

I've got 100 Euros sitting in an account in CY and you're gonna mug a poor innocent foreigner for 6.75 E ...!!! ... :evil: :evil: :evil: :evil:

Daylight freeging robbery!

GiG should thank you because this is effectively your share of bailing out her beloved Greece

The fundemental point is that our banks were f*cked by Greece big time with a 70% haircut - now many here are being well and truly reamed.
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Re: Bail-out agreed!

Postby GreekIslandGirl » Sat Mar 16, 2013 4:15 pm

cyprusgrump wrote:
GreekIslandGirl wrote:
cyprusgrump wrote:
GreekIslandGirl wrote:Are you really so sold out to Banks, tied to unregulated capitalism, that you have completely lost sight of other forms of civilised co-operative living? :roll:


Are you really completely unable to answer a very simple and relevant question? :roll:


Your problem is that you don't want to see the answers you don't like.

- You assume being a Cypriot peasant means having nothing.


Your problem is that you cannot answer a very simple and relevant question... :roll:

Presumably because you would be embarrassed by the answer...


Why would I be embarrassed by the answer? You're the one who assumes to be a Cypriot peasant is to have nothing. It's because Cyprus left to Cypriot peasants would generate for them a lot of wealth that all these countries want their slice. Turkey, Britain, USA, Germany etc!
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