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bank deposits

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Re: bank deposits

Postby Cap » Sun Mar 17, 2013 3:05 pm

We've got hundreds of foreign journalists visibly frustrated and bored looking for social unrest and riots and not finding anything worthwhile.
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Re: bank deposits

Postby Maximus » Sun Mar 17, 2013 3:09 pm

Cap wrote:We've got hundreds of foreign journalists visibly frustrated and bored looking for social unrest and riots and not finding anything worthwhile.


they should go check out the carnivals, people dancing and singing will bamboozle them even more!
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Re: bank deposits

Postby GreekIslandGirl » Sun Mar 17, 2013 3:10 pm

cyprusgrump wrote:
GreekIslandGirl wrote:You're making assumptions again. Even though most depositors don't need the last 6% or 9% of their huge savings at most times (since a lot of these deposits are locked in for long-term investment, anyway) - you will just need to sell them when the rates suit you.


It clearly isn't an assumption is it...?

The banks are on the point of collapse - therefore the shares are completely worthless. If they had any value the banks would have just sold them on the open market and solved the problem.

I'm sure there are many who have their money in the bank for long-term investment. There are also many who do not and this haircut is deeply unfair...

For example, there was a question earlier about being contractually committed to buying a property - for that person the shares are completely worthless.

I mentioned yesterday about somebody that had transferred some funds into their account to pay for their title deeds - will the land registry accept their new shares next week instead of cash? No.

Worthless.


They are not worthless. The banks' assets are worth 8 times GDP - which is billions. Russians were encouraged to deposit here and Russia is helping this deal go through. It's their cut.

Your friend's current account won't be affected - they can still pay for their deeds. Unless you're going to tell me for the sake of a few weeks he tied such a small sum into a high-interest paying DEPOSIT scheme?
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Re: bank deposits

Postby Cap » Sun Mar 17, 2013 3:11 pm

Maximus wrote:
Cap wrote:We've got hundreds of foreign journalists visibly frustrated and bored looking for social unrest and riots and not finding anything worthwhile.


they should go check out the carnivals, people dancing and singing will bamboozle them even more!


:lol:
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Re: bank deposits

Postby cyprusgrump » Sun Mar 17, 2013 3:19 pm

GreekIslandGirl wrote:
cyprusgrump wrote:
GreekIslandGirl wrote:You're making assumptions again. Even though most depositors don't need the last 6% or 9% of their huge savings at most times (since a lot of these deposits are locked in for long-term investment, anyway) - you will just need to sell them when the rates suit you.


It clearly isn't an assumption is it...?

The banks are on the point of collapse - therefore the shares are completely worthless. If they had any value the banks would have just sold them on the open market and solved the problem.

I'm sure there are many who have their money in the bank for long-term investment. There are also many who do not and this haircut is deeply unfair...

For example, there was a question earlier about being contractually committed to buying a property - for that person the shares are completely worthless.

I mentioned yesterday about somebody that had transferred some funds into their account to pay for their title deeds - will the land registry accept their new shares next week instead of cash? No.

Worthless.


They are not worthless. The banks' assets are worth 8 times GDP - which is billions. Russians were encouraged to deposit here and Russia is helping this deal go through. It's their cut.

Your friend's current account won't be affected - they can still pay for their deeds. Unless you're going to tell me for the sake of a few weeks he tied such a small sum into a high-interest paying DEPOSIT scheme?


So, just explain to a simpleton like myself why the banks didn't just sell shares instead of taking their investor's cash without their permission...?

And perhaps you can explain, if the banks are worth billions, why did the president have to go to the EU for a bailout to save the banks...? Silly man seems to think that the banking system would collapse on Tuesday if they didn't borrow €10B from the ECB and steal another few billions from investor's bank accounts...

Obviously he doesn't have your banking expertise and financial acumen...
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Re: bank deposits

Postby CrookedRiverGuy » Sun Mar 17, 2013 3:21 pm

Cap wrote:We've got hundreds of foreign journalists visibly frustrated and bored looking for social unrest and riots and not finding anything worthwhile.


They must have overlooked that the average Cypriot has debts only :wink:
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Re: bank deposits

Postby Sonnyboy » Sun Mar 17, 2013 3:26 pm

Cap wrote:We've got hundreds of foreign journalists visibly frustrated and bored looking for social unrest and riots and not finding anything worthwhile.


Wouldn't be the first time that people have taken to the streets over "austerity" measures (e.g. Greece and Spain), but perhaps the mood in Cyprus is different?
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Re: bank deposits

Postby Cap » Sun Mar 17, 2013 3:33 pm

Sonnyboy wrote:
Cap wrote:We've got hundreds of foreign journalists visibly frustrated and bored looking for social unrest and riots and not finding anything worthwhile.


Wouldn't be the first time that people have taken to the streets over "austerity" measures (e.g. Greece and Spain), but perhaps the mood in Cyprus is different?



They haven't even taken to the streets..... YET.
Only the people who tried to clear their accounts and one guy who threatened to bulldoze down a bank but nothing happened.
Otherwise no violence.

Maybe tomorrow?
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Re: bank deposits

Postby CBBB » Sun Mar 17, 2013 3:51 pm

GreekIslandGirl wrote:Your friend's current account won't be affected - they can still pay for their deeds. Unless you're going to tell me for the sake of a few weeks he tied such a small sum into a high-interest paying DEPOSIT scheme?


Current accounts are affected, even if someone has a credit balance on their credit card (they overpaid, or it is a pre-paid card) it will be levied.
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Re: bank deposits

Postby Demonax » Sun Mar 17, 2013 4:19 pm

Maximus wrote:
Cap wrote:We've got hundreds of foreign journalists visibly frustrated and bored looking for social unrest and riots and not finding anything worthwhile.


they should go check out the carnivals, people dancing and singing will bamboozle them even more!


Yes, the world press are descending on Cyprus bringing with them much-needed revenue. Pity they'll find nothing much going on except a carnival and a small protest.

The photos yesterday of four people standing at an ATM were described as a 'panic'. Looked more like a short queue to me.
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