Cyprus-Forum.com

by **appel** » Thu Mar 21, 2013 9:41 pm

How the ECB/EU is treating Cyprus is despicable.

All eurozone members should take note, if you're in trouble, you'll be screwd over by the ECB/EU, your national security is insignificant.

You think they'd treat France this way? Never. Germany? They'd change the rules. Cyprus? Let them hang, threaten them. That's the mentality.

But to any outside financial observer, the EU is negating on its regulations and promises. We're essentially back to multiple currencies, and betting on the strongest country.

To me, this is EU/eurozone defaulting, not Cyprus.

by **cyprusgrump** » Thu Mar 21, 2013 10:09 pm

appel wrote:How the ECB/EU is treating Cyprus is despicable.

All eurozone members should take note, if you're in trouble, you'll be screwd over by the ECB/EU, your national security is insignificant.

You think they'd treat France this way? Never. Germany? They'd change the rules. Cyprus? Let them hang, threaten them. That's the mentality.

But to any outside financial observer, the EU is negating on its regulations and promises. We're essentially back to multiple currencies, and betting on the strongest country.

To me, this is EU/eurozone defaulting, not Cyprus.

The EU has never had any interest in Cyprus other than to expand its base of taxpayers...

Anybody that thinks/thought membership of the EU would in some way protect Cyprus from Turkey is completely mad...

The EU is ONLY interested in one thing - your cash...

As soon as the cash runs out you are finished....

by **cyprusgrump** » Thu Mar 21, 2013 10:20 pm

S&P downgrades Cyprus

Another blow: Standard & Poor's has cut its credit rating on Cyprus by one notch a few minutes ago, to CCC.

That's two notches above default.

Interesting timing - given the uncertainty tonight over Cyprus's plans. And I imagine anyone considering investing in Cyprus is well aware that it got somewhat riskier this week.

FT Alphaville's Joseph Cotterill advises against snarking about rating agencies, though:

by **GreekIslandGirl** » Thu Mar 21, 2013 10:44 pm

GreekIslandGirl wrote:
jonah wrote:Tim, would you make a deposit in a bank that may go bust,there is still a possibility that the banks might collapse here in Cyprus

No chance. Heard it all before. Went through the same hysteria over a "Grexit"! etc etc etc.

The most that will happen is some branches close to make the banks more efficient.

OK - restructuring given the go ahead!

History repeating itself.

by **appel** » Thu Mar 21, 2013 10:49 pm

This whole thing is identical to how the Icelandic banking system collapsed, identical I tell you.

Russia even was dangling billions to bail us out.
Credit agencies downgraded everything.
Politicians delusional they could still save the banks.

Expect emergency laws, capital controls.

The EU/euro... are secondary to your national interests.

by **GreekIslandGirl** » Thu Mar 21, 2013 10:53 pm

appel wrote:This whole thing is identical to how the Icelandic banking system collapsed, identical I tell you.

No way.

Don't be fooled by similarities.

Cypriots are donkey stubborn!

by **Viewpoint** » Thu Mar 21, 2013 10:54 pm

Wheres the EU Kikapoo???? your great EU principles appear to causing a great number of the problems for the GCs.

by **danny1234** » Thu Mar 21, 2013 11:31 pm

kurupetos wrote:
B0B wrote::lol: typical state of denial

does anyone really expect germany to change their policy?
monday morning the headlines will read
"cyprus is out of eu and the eurozone"

Why not accept the original proposal?

The only really sensible thing to do in the circumstances.

by **appel** » Thu Mar 21, 2013 11:59 pm

danny1234 wrote:
kurupetos wrote:
B0B wrote::lol: typical state of denial

does anyone really expect germany to change their policy?
monday morning the headlines will read
"cyprus is out of eu and the eurozone"

Why not accept the original proposal?

The only really sensible thing to do in the circumstances.

There's is nothing sensible about confiscating peoples deposits. Are bank deposits for the governments to take? These are what is called "private property". Seizing private property is called expropriation, nationalization, robbery if committed by other entities.

In my opinion you accomplish nothing by taxing deposits, you only discourage people to trust banks long-term, and trigger massive run on the banks, plus confidence in the eurozone is shaken to the bone. If you were to tax deposits, 5-10% is laughable and only shows how badly the politicians understand the game, you should tax 100% and seize everything while you're at it.

We have a saying in Iceland, "You can't see black on black". If you're going to rob people, rob them fully and get it over with.