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Cypriot officials: Plan B drawn up to get bailout

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Cypriot officials: Plan B drawn up to get bailout

Postby Lit » Wed Mar 20, 2013 10:34 pm

Cypriot officials: Plan B drawn up to get bailout

By By MENELAOS HADJICOSTIS and ELENA BECATOROS, Associated Press – 2 minutes ago

NICOSIA, Cyprus (AP) — Three top government officials in Cyprus say an alternate plan has been drawn up to raise funds needed for the country to qualify for an international bailout, and that it will be presented to political party leaders Thursday.

Parliament rejected the previous plan, which involved seizing up to 10 percent of people's bank deposits.

The officials said the new "Plan B" includes some Russian assistance and a smaller bank deposit tax.
Parliament is expected to vote on the new bill Thursday.

The officials all spoke on condition of anonymity because the plan was not yet officially being made public.
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby Cap » Wed Mar 20, 2013 10:38 pm

I think that's going to be it.
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby Maximus » Wed Mar 20, 2013 11:30 pm

I think the vast majority are willing to accept the haircut but they should only levy accounts which exceed the guaranteed 100K.
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby Oceanside50 » Wed Mar 20, 2013 11:57 pm

Greece debt.....500billion+
Italy debt.........2.5trillion+
France debt......2.5trillion+


After the Eu gets done refinancing the above, whats a mere 5.8billion for Cyprus...Plan B in my opinion will be the Eu coming back and saying the extra 5.8 billion will be given for the banks without taking any money out of peoples accounts.....The Eu wants the Russian oligarchs out of Cyprus thats why the weird banking announcement, the oligarchs will not feel safe being in Cyprus' banks anymore....that was the point of all this!!!!
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby Demonax » Thu Mar 21, 2013 12:49 pm

Maximus wrote:I think the vast majority are willing to accept the haircut but they should only levy accounts which exceed the guaranteed 100K.


I agree with this. All this attempt to move the burden onto pensions or state and asset sales is bad news. A 16 per cent levy on all deposits over 100k would raise the money and only affect those who can afford it. Hitting rich uninsured depositors is the cost of doing business.

The vice-president of the central bank made the idiotic comment today that we should only levy Cypriot savers, whatever their income, to protect foreign investors. If this is the sort of advice that Anastasiades is getting that it's no wonder the country's finances are in a mess.
Last edited by Demonax on Thu Mar 21, 2013 12:53 pm, edited 1 time in total.
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby B25 » Thu Mar 21, 2013 12:52 pm

Demonax wrote:
Maximus wrote:I think the vast majority are willing to accept the haircut but they should only levy accounts which exceed the guaranteed 100K.


I agree with this. All this attempt to move the burden onto pensions or state and asset sales is bad news. A 16 per cent levy on all deposits over 100k would raise the money and only affect those who can afford it. Hitting rich uninsured depositors is the cost of doing business.

The vice-president of the central bank made the idiotic comment today that we should only levy Cypriot savers, whatever income, to protect foreign investors. If this is the sort of advice that Anastasiades is getting that it's no wonder the country's finances are in a mess.


That would be racist. Discrimination, what a bloody plonker.

Where is Milti these days, I wonder what he thinks about all this nonsense. Maybe his young Russian bride is keeping him busy :lol: :lol: :lol:
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby supporttheunderdog » Thu Mar 21, 2013 12:56 pm

Demonax wrote:
Maximus wrote:I think the vast majority are willing to accept the haircut but they should only levy accounts which exceed the guaranteed 100K.


I agree with this. All this attempt to move the burden onto pensions or state and asset sales is bad news. A 16 per cent levy on all deposits over 100k would raise the money and only affect those who can afford it. Hitting rich uninsured depositors is the cost of doing business.

The vice-president of the central bank made the idiotic comment today that we should only levy Cypriot savers, whatever income, to protect foreign investors. If this is the sort of advice that Anastasiades is getting that it's no wonder the country's finances are in a mess.


The VP was appointed by Crisis Toffeearse, and I understand is an AKEL man - they were responsible for the mess we are in the first place.
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby Demonax » Thu Mar 21, 2013 1:24 pm

supporttheunderdog wrote:
The VP was appointed by Crisis Toffeearse, and I understand is an AKEL man - they were responsible for the mess we are in the first place.


Hitting the poor to protect wealthy foreign investors doesn't sound very communist to me. Or is it because they're rich Russian investors that we shouldn't go after them?

Really, most of what I've heard about a plan B is misguided. A 16 per cent levy on those with uninsured deposits over 100k is the simplest most practical way of doing this. I hope the troika reject any attempts to nationalise pensions or sell off land and gas. They'd actually be doing us a favour this time. I can't believe that Anastasiades would rather screw everybody in order to keep a few Russian oligarchs from losing a modest amount, which they could put down as a business cost. It's nuts.
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby Demonax » Thu Mar 21, 2013 1:33 pm

Here it is then...


Cyprus agrees to set up solidarity fund

Following a proposal by the President of the Republic there was a consensus reached and a unanimous decision was taken for the setting up of an investment solidarity fund. The proposal is currently undergoing legal and technical processing by the Law Office and Republic.

If it is considered necessary, on the basis of the legal and technical processing, the Council of Ministers will be convened immediately in order to approve it, and will be forwarded to the House of Representatives for the rest.

– GOVERNMENT SPOKESMAN CHRISTOS STYLIANIDES


http://www.itv.com/news/update/2013-03- ... rity-fund/?
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Re: Cypriot officials: Plan B drawn up to get bailout

Postby Maximus » Thu Mar 21, 2013 1:39 pm

Demonax wrote:
Maximus wrote:I think the vast majority are willing to accept the haircut but they should only levy accounts which exceed the guaranteed 100K.


I agree with this. All this attempt to move the burden onto pensions or state and asset sales is bad news. A 16 per cent levy on all deposits over 100k would raise the money and only affect those who can afford it. Hitting rich uninsured depositors is the cost of doing business.

The vice-president of the central bank made the idiotic comment today that we should only levy Cypriot savers, whatever their income, to protect foreign investors. If this is the sort of advice that Anastasiades is getting that it's no wonder the country's finances are in a mess.


It is within all the rules and it is not contraversial. Anyone with this kind of money should have also done their due dilligence before and understand that their money is covered up to E100K in any European bank. Thats 100K, per bank, so someone with 500K should have been prudent enough to spread 100K across five banks to ensure that they are covered for the entire deposited amount.

This whole ordeal has been a complete shambles and once this has been resolved, the political party's will turn on themselves and I hope those responsible for this are punished.
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