Cyprus-Forum.com

[CY_Troups]

Get ready free Cypriot people. We knew it and we have seen it. NOW they should all listen US. BANG BANG BANG-ers we are marching.

[cyprusgrump]

Your ever-changing, shifting, loaded question? Each time I answer, you load more assumptions. And which presumes Cypriot peasants are not part of society nor have any money. Your British idea of a peasant is someone uneducated without property - that's not the case in Cyprus. The Good Life doesn't mean you're an outcast.

You do make me laugh!

The question hasn't changed at all...

You have simply refused to answer...

The ONLY change I have made was (at your request) to make it less personal...

Yet you STILL refuse to answer!

Simply answer the question that I have posed... please?

OR admit you are a complete hypocrite who keeps on and on about sustainable lifestyles without any interference from big, nasty corporations yet would in fact rely on the life-saving drugs and medical discoveries that those same big corporations (that you oh so despise) develop and supply....

OR tell me which part of the above I have got wrong...?

You choose!

[cyprusgrump]

Shock in Cyprus as savers wake up to bailout levy

People in Cyprus have reacted with shock to news of a one-off levy of up to 10% on savings as part of a 10bn-euro (£8.7bn; $13bn) bailout agreed in Brussels.

Savers could be seen queuing at cash machines amid resentment at the charge.

The deal reached with euro partners and the IMF marks a radical departure from previous international aid packages.

[Sotos]

Your ever-changing, shifting, loaded question? Each time I answer, you load more assumptions. And which presumes Cypriot peasants are not part of society nor have any money. Your British idea of a peasant is someone uneducated without property - that's not the case in Cyprus. The Good Life doesn't mean you're an outcast.

You do make me laugh!

The question hasn't changed at all...

You have simply refused to answer...

The ONLY change I have made was (at your request) to make it less personal...

Yet you STILL refuse to answer!

Simply answer the question that I have posed... please?

OR admit you are a complete hypocrite who keeps on and on about sustainable lifestyles without any interference from big, nasty corporations yet would in fact rely on the life-saving drugs and medical discoveries that those same big corporations (that you oh so despise) develop and supply....

OR tell me which part of the above I have got wrong...?

You choose!

Lets keep this thread about the specific agreement... if you want to discuss other things with GIG then maybe you should PM her because the rest of us are not considering to return to the villages to grow watermelons

[Demonax]

PIK reports Germany openly blackmailed Cyprus with Euro exit and stopping ELA support for Laiki bank if it did not agree.

What happens if Cyprus refuses to pass this legislation? A bank-run.

What happens if Cyprus passes this legislation? A bank run.

Anastasiades effectively cornered by his ally Ms. Merkel.

[Oceanside50]

I agree with Sotos, we Greek Cypriots have seen a lot worse then this. If one compares this to the 1974 Turkish invasion, where 200,000 Greek Cypriots were made into refugees and the whole country's economy virtually destroyed, this banking thing is nothing.
And if we have to pick olives from a tree and relearn how to prepare them, so what? Amazingly it may even be a fun thing to do.... In fact in the not so distant future the bank shares most likely will turn into a profit as with the AIG bailout.




http://www.bloomberg.com/news/2012-12-1 ... -sale.html

"....The Treasury Department is selling 234.2 million shares at $32.50 each in the sixth offering since the 2008 rescue. The proceeds boost the U.S. profit on the rescue that began in 2008 to $22.7 billion, according to a statement today from the Treasury, which injected capital through the Troubled Asset Relief Program..."

[GreekIslandGirl]

According to the BBC:

Here is the logic behind imposing a hefty levy on Cyprus deposits, according to this official:

1) Regulators and politicians are convinced that a vast amount of cash in Cypriot banks belongs to Russian money launderers.

2) Few German politicians of any persuasion would have voted for a Cyprus rescue that simultaneously rescued these launderers.

3) So the only way to get the bailout through the Bundestag is for the launderers to be taxed to the tune of almost 10% of their allegedly ill-gotten cash.

Once again, Cyprus is being penalised for closer ties to Russia. And once again, it's the anti-Greek propaganda which has made this view popular.

[CBBB]

For those that can, read this:

http://www.sigmalive.com/news/politics/35404

[CBBB]

English version:

http://famagusta-gazette.com/president- ... 546-69.htm

[Demonax]

I agree with Sotos, we Greek Cypriots have seen a lot worse then this. If one compares this to the 1974 Turkish invasion, where 200,000 Greek Cypriots were made into refugees and the whole country's economy virtually destroyed, this banking thing is nothing.
And if we have to pick olives from a tree and relearn how to prepare them, so what? Amazingly it may even be a fun thing to do.... In fact in the not so distant future the bank shares most likely will turn into a profit as with the AIG bailout.




http://www.bloomberg.com/news/2012-12-1 ... -sale.html

"....The Treasury Department is selling 234.2 million shares at $32.50 each in the sixth offering since the 2008 rescue. The proceeds boost the U.S. profit on the rescue that began in 2008 to $22.7 billion, according to a statement today from the Treasury, which injected capital through the Troubled Asset Relief Program..."

Yes we do need some perspective. After the initial shock, let's recall that people’s savings are not being wiped out but effectively taxed (albeit in exchange for shares) in order to prevent the banking collapse that Germany was threatening. It's unethical, in my view, especially on smaller savers but the alternatives on offer seem to have been much worse.

This is a gamble that it won't lead to a bank run in Cyprus and the rest of the EU. After all, what good it would do people to withdraw their money now, after the levy? Residual deposits are very very safe now. My guess is that the EU are gambling this will all blow over after the initial fuss.

I'm not sure this is a wise move by the EU though. People can say what they want, but from now on every rumor of a bailout for any eurozone country has the potential to trigger a bank run. At least Cyprus has got this out of the way first...