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Your banks are toast

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Re: Your banks are toast

Postby appel » Thu Mar 21, 2013 1:08 pm

You would be delusional if you believe the banks can be saved. They cannot. They are too heavily funded by deposits, and once fear sets in, which it already has, people are hurrying towards the exit with as much money as they can. No banking system can tolerate that sort of out-flux of money.

Throwing your pension funds into the black hole will do nothing but impoverish you.

Putting yourself in debt to save the banks will do nothing but impoverish you.

Do not throw yourself under the knife in a misguided attempt to save what cannot be saved.
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Re: Your banks are toast

Postby Sonnyboy » Thu Mar 21, 2013 1:56 pm

appel wrote:I'm from Iceland and I speak from experience.

Your banks have absolutely no chance of surviving this. Once the pandora's box was opened it's all over.



With respect, I fail to see any valid comparison. Iceland is a cold, dark and depressing place and nobody gives two hoots for it.
On the other hand, everybody loves Cyprus - a solution will be found, painful though it may well be.
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Re: Your banks are toast

Postby supporttheunderdog » Thu Mar 21, 2013 2:18 pm

Sonnyboy wrote:
appel wrote:I'm from Iceland and I speak from experience.

Your banks have absolutely no chance of surviving this. Once the pandora's box was opened it's all over.



With respect, I fail to see any valid comparison. Iceland is a cold, dark and depressing place and nobody gives two hoots for it.
On the other hand, everybody loves Cyprus - a solution will be found, painful though it may well be.


Have you ever been to Iceland?
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Re: Your banks are toast

Postby Sonnyboy » Thu Mar 21, 2013 2:24 pm

supporttheunderdog wrote:
Sonnyboy wrote:
appel wrote:I'm from Iceland and I speak from experience.

Your banks have absolutely no chance of surviving this. Once the pandora's box was opened it's all over.



With respect, I fail to see any valid comparison. Iceland is a cold, dark and depressing place and nobody gives two hoots for it.
On the other hand, everybody loves Cyprus - a solution will be found, painful though it may well be.


Have you ever been to Iceland?


Yes, but I prefer Sainsbury's or Waitrose :)
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Re: Your banks are toast

Postby appel » Thu Mar 21, 2013 2:29 pm

How do your comments change the reality of your toast banking system? Is it sunny in Cyprus? Yes, but sunshine doesn't spare you from economic misery if you do the wrong things.
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Re: Your banks are toast

Postby Tim Drayton » Thu Mar 21, 2013 3:10 pm

Sonnyboy wrote:All we get on UK tv is politicians, economists and bankers spouting off - no news at all about how the lives of ordinary people are being affected.
Please keep us updated about what's happening in the petrol stations, shops etc. and the position with the cashpoints.
Amidst the rumours there will probably be some facts.

Good luck to everybody trying to go about their daily business in all this mess.


I have been out and about over the past three days and have done some shopping each day, and, quite frankly, I would say that life is continuing here much as before. I just notice more people at ATMs, but not huge queues, just one or two people waiting in places. Of course, the longer banks stay shut the more chaotic things will become, but I really think some of the reporting in the international media is a bit exaggerated. I have not seen a single placard in protest against the bank levy, let alone any 'street protests'.
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Re: Your banks are toast

Postby B25 » Thu Mar 21, 2013 3:14 pm

Bloody hell, Tim's back!
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Re: Your banks are toast

Postby Tim Drayton » Thu Mar 21, 2013 3:16 pm

B25 wrote:Bloody hell, Tim's back!


Desperate times indeed!
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Re: Your banks are toast

Postby Kikapu » Thu Mar 21, 2013 3:21 pm

Tim Drayton wrote:
Sonnyboy wrote:All we get on UK tv is politicians, economists and bankers spouting off - no news at all about how the lives of ordinary people are being affected.
Please keep us updated about what's happening in the petrol stations, shops etc. and the position with the cashpoints.
Amidst the rumours there will probably be some facts.

Good luck to everybody trying to go about their daily business in all this mess.


I have been out and about over the past three days and have done some shopping each day, and, quite frankly, I would say that life is continuing here much as before. I just notice more people at ATMs, but not huge queues, just one or two people waiting in places. Of course, the longer banks stay shut the more chaotic things will become, but I really think some of the reporting in the international media is a bit exaggerated. I have not seen a single placard in protest against the bank levy, let alone any 'street protests'.


Tim,

Is that because there's no money in the ATM's, or are these people just queuing to be first in line to get some money on the prospects of the banks opening next week, kind of queuing for days waiting to be the first to pick up a new Apple products?
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Re: Your banks are toast

Postby Tim Drayton » Thu Mar 21, 2013 3:31 pm

Kikapu wrote:
Tim Drayton wrote:
Sonnyboy wrote:All we get on UK tv is politicians, economists and bankers spouting off - no news at all about how the lives of ordinary people are being affected.
Please keep us updated about what's happening in the petrol stations, shops etc. and the position with the cashpoints.
Amidst the rumours there will probably be some facts.

Good luck to everybody trying to go about their daily business in all this mess.


I have been out and about over the past three days and have done some shopping each day, and, quite frankly, I would say that life is continuing here much as before. I just notice more people at ATMs, but not huge queues, just one or two people waiting in places. Of course, the longer banks stay shut the more chaotic things will become, but I really think some of the reporting in the international media is a bit exaggerated. I have not seen a single placard in protest against the bank levy, let alone any 'street protests'.


Tim,

Is that because there's no money in the ATM's, or are these people just queuing to be first in line to get some money on the prospects of the banks opening next week, kind of queuing for days waiting to be the first to pick up a new Apple products?


There is money in the ATMs. I do not have a card for my Cyprus bank account, but fortunately I have a debit card for my UK bank account which also has some funds in it, and I withdrew money from local ATMs both on Tuesday and yesterday. On both occasions, somebody was already using the ATM and I saw them going through every card in their wallet withdrawing the maximum amount on each one, so some people are obviously trying to get the most out of their accounts while they can. Today, I noticed small queues in front of two ATMs on Makarios Avenue in Limassol and a third one nearby that was deserted, so perhaps the latter had run out of cash.
Frankly, given that they are letting people access their cash from ATMs, albeit with a daily limit per card, I do not see why they cannot open bank branches subject to the same daily limit on withdrawals. After all, some businesses want to deposit their takings, which can't be bad for the banks!
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