Cyprus-Forum.com

[sven]

Sorry, starting to think you are genuine. I thought you were a mate of "user from germany" who turned out not to know any German, and soon showed a clean pair of heels.
I just don't have time to engage in lengthy debate just now. I am a freelancer and have a full work load in front of me. I started at 6.30 this morning and will be full at it until the evening and will do the same again tomorrow. If it continues like this, I will paying a good amount of temporary tax to the government in July and they need it.
Yes, the next two months will be very tough, but the banks have not collapsed, the shops are still fully stocked and the euros in our wallets and in our bank accounts are still worth the same. Cyprus will pull back from the abyss and I am suspicious about people who seem to have an agenda of spreading panic and fear. Perhaps I got you wrong. Sorry.

Tim, you have got me wrong, I am not a scaremonger, I see the reality, I look at the Government websites, I look at the Legislation the Government uses, I look at the way that Legislation is implemented. Ask yourself this, WHY ? , why is the Government amending the legislation so that it can carry out the Cyprus Capture in the UK, it does not do that on a whim. The documents are all OFFICIAL documents, THEIR words, and the documents are dated November and December, that is when they were published, the discussion and the drawing up of those documents have taken place far in advance of when they were published . They have been considering these measures for some time, there lies the 'INTENT'.
Think about it, what HAS happened in Cyprus has NOT come out of the blue, the delegation sent to implement the 'agreement' between the Troika and the Cypriot government, has not come from Germany at the request of Herr Merkell, it has not come from the IMF and it has not come from the ECB, the delegation to implement has come from the UK, can you see the implication of that.
Look Tim, bob who I do not know, says there are businesses in Limassol that are going bankrupt, and I know there is a business in Larnaca letting go 80% off their staff ,and he is not sure whether he is going to have to close altogether, businesses have had their operating capital stolen, was it not last year that business rates/valuations went up 25% (that is from memory & paraphrased). Cyprus is an Island and as far as the Troika go, they know that Islands are easy to isolate. The better prepared you are, the MORE likely you are going to be to survive it, but don't be conned into believing that the system that got YOU into this situation is going to get you out of it. It won't if you sit back and let it do what it has always done, Government is supposed to represent the people, but government seems to have lost sight of that mandate. The situation in Cyprus means the Government needs closer scrutiny by the people. I repeat what has happened in Cyprus has not happened by mistake, you only have to look at the UK government and the Bank of England documents to realise that, it is in black and white.

I accept most of what you say, and in fact I look with suspicion at all of the crises that have kept on erupting all over the world ever since the era of Reagan and Thatcher that always end in externally imposed mass privatisations, i.e. the opening up to global capital of areas like health and education that were once regarded as being the prerogative of the state to provide to its citizens. The one thing that makes me optimistic, though, is that if you look at any country where these crises have occurred, ten years down the line everything is back to normal except that global capital has its fingers in a lot of pies that it was not involved in before, and the distribution of income is a lot less even.

It is true that in the case of Cyprus, Merkel and Schauble went straight for the jugular. However, you also have to admit that this does not appear to have been an externally engineered crisis. If the executives of Laiki and BoC had not decided behind closed doors to put the bulk of their banks' funds into Greek bonds, we wouldn't be where we are today. I, for one, want to know more about the course of events behind that decision, and hope that more information will eventually come to light.

I 'will' admit it does not appear to be an externally engineered crisis, but it is.

Tim, This is a leading question, but, who is legally responsible for the 'Monetary Policy' for Cyprus?

[Tim Drayton]

Sorry, starting to think you are genuine. I thought you were a mate of "user from germany" who turned out not to know any German, and soon showed a clean pair of heels.
I just don't have time to engage in lengthy debate just now. I am a freelancer and have a full work load in front of me. I started at 6.30 this morning and will be full at it until the evening and will do the same again tomorrow. If it continues like this, I will paying a good amount of temporary tax to the government in July and they need it.
Yes, the next two months will be very tough, but the banks have not collapsed, the shops are still fully stocked and the euros in our wallets and in our bank accounts are still worth the same. Cyprus will pull back from the abyss and I am suspicious about people who seem to have an agenda of spreading panic and fear. Perhaps I got you wrong. Sorry.

Tim, you have got me wrong, I am not a scaremonger, I see the reality, I look at the Government websites, I look at the Legislation the Government uses, I look at the way that Legislation is implemented. Ask yourself this, WHY ? , why is the Government amending the legislation so that it can carry out the Cyprus Capture in the UK, it does not do that on a whim. The documents are all OFFICIAL documents, THEIR words, and the documents are dated November and December, that is when they were published, the discussion and the drawing up of those documents have taken place far in advance of when they were published . They have been considering these measures for some time, there lies the 'INTENT'.
Think about it, what HAS happened in Cyprus has NOT come out of the blue, the delegation sent to implement the 'agreement' between the Troika and the Cypriot government, has not come from Germany at the request of Herr Merkell, it has not come from the IMF and it has not come from the ECB, the delegation to implement has come from the UK, can you see the implication of that.
Look Tim, bob who I do not know, says there are businesses in Limassol that are going bankrupt, and I know there is a business in Larnaca letting go 80% off their staff ,and he is not sure whether he is going to have to close altogether, businesses have had their operating capital stolen, was it not last year that business rates/valuations went up 25% (that is from memory & paraphrased). Cyprus is an Island and as far as the Troika go, they know that Islands are easy to isolate. The better prepared you are, the MORE likely you are going to be to survive it, but don't be conned into believing that the system that got YOU into this situation is going to get you out of it. It won't if you sit back and let it do what it has always done, Government is supposed to represent the people, but government seems to have lost sight of that mandate. The situation in Cyprus means the Government needs closer scrutiny by the people. I repeat what has happened in Cyprus has not happened by mistake, you only have to look at the UK government and the Bank of England documents to realise that, it is in black and white.

I accept most of what you say, and in fact I look with suspicion at all of the crises that have kept on erupting all over the world ever since the era of Reagan and Thatcher that always end in externally imposed mass privatisations, i.e. the opening up to global capital of areas like health and education that were once regarded as being the prerogative of the state to provide to its citizens. The one thing that makes me optimistic, though, is that if you look at any country where these crises have occurred, ten years down the line everything is back to normal except that global capital has its fingers in a lot of pies that it was not involved in before, and the distribution of income is a lot less even.

It is true that in the case of Cyprus, Merkel and Schauble went straight for the jugular. However, you also have to admit that this does not appear to have been an externally engineered crisis. If the executives of Laiki and BoC had not decided behind closed doors to put the bulk of their banks' funds into Greek bonds, we wouldn't be where we are today. I, for one, want to know more about the course of events behind that decision, and hope that more information will eventually come to light.

I 'will' admit it does not appear to be an externally engineered crisis, but it is.

Tim, This is a leading question, but, who is legally responsible for the 'Monetary Policy' for Cyprus?

The central bank and, ultimately, the government of the Republic of Cyprus

[sven]

Sorry, starting to think you are genuine. I thought you were a mate of "user from germany" who turned out not to know any German, and soon showed a clean pair of heels.
I just don't have time to engage in lengthy debate just now. I am a freelancer and have a full work load in front of me. I started at 6.30 this morning and will be full at it until the evening and will do the same again tomorrow. If it continues like this, I will paying a good amount of temporary tax to the government in July and they need it.
Yes, the next two months will be very tough, but the banks have not collapsed, the shops are still fully stocked and the euros in our wallets and in our bank accounts are still worth the same. Cyprus will pull back from the abyss and I am suspicious about people who seem to have an agenda of spreading panic and fear. Perhaps I got you wrong. Sorry.

Tim, you have got me wrong, I am not a scaremonger, I see the reality, I look at the Government websites, I look at the Legislation the Government uses, I look at the way that Legislation is implemented. Ask yourself this, WHY ? , why is the Government amending the legislation so that it can carry out the Cyprus Capture in the UK, it does not do that on a whim. The documents are all OFFICIAL documents, THEIR words, and the documents are dated November and December, that is when they were published, the discussion and the drawing up of those documents have taken place far in advance of when they were published . They have been considering these measures for some time, there lies the 'INTENT'.
Think about it, what HAS happened in Cyprus has NOT come out of the blue, the delegation sent to implement the 'agreement' between the Troika and the Cypriot government, has not come from Germany at the request of Herr Merkell, it has not come from the IMF and it has not come from the ECB, the delegation to implement has come from the UK, can you see the implication of that.
Look Tim, bob who I do not know, says there are businesses in Limassol that are going bankrupt, and I know there is a business in Larnaca letting go 80% off their staff ,and he is not sure whether he is going to have to close altogether, businesses have had their operating capital stolen, was it not last year that business rates/valuations went up 25% (that is from memory & paraphrased). Cyprus is an Island and as far as the Troika go, they know that Islands are easy to isolate. The better prepared you are, the MORE likely you are going to be to survive it, but don't be conned into believing that the system that got YOU into this situation is going to get you out of it. It won't if you sit back and let it do what it has always done, Government is supposed to represent the people, but government seems to have lost sight of that mandate. The situation in Cyprus means the Government needs closer scrutiny by the people. I repeat what has happened in Cyprus has not happened by mistake, you only have to look at the UK government and the Bank of England documents to realise that, it is in black and white.

I accept most of what you say, and in fact I look with suspicion at all of the crises that have kept on erupting all over the world ever since the era of Reagan and Thatcher that always end in externally imposed mass privatisations, i.e. the opening up to global capital of areas like health and education that were once regarded as being the prerogative of the state to provide to its citizens. The one thing that makes me optimistic, though, is that if you look at any country where these crises have occurred, ten years down the line everything is back to normal except that global capital has its fingers in a lot of pies that it was not involved in before, and the distribution of income is a lot less even.

It is true that in the case of Cyprus, Merkel and Schauble went straight for the jugular. However, you also have to admit that this does not appear to have been an externally engineered crisis. If the executives of Laiki and BoC had not decided behind closed doors to put the bulk of their banks' funds into Greek bonds, we wouldn't be where we are today. I, for one, want to know more about the course of events behind that decision, and hope that more information will eventually come to light.

I 'will' admit it does not appear to be an externally engineered crisis, but it is.

Tim, This is a leading question, but, who is legally responsible for the 'Monetary Policy' for Cyprus?

The central bank and, ultimately, the government of the Republic of Cyprus

Sorry Tim, but that is incorrect, on the 1st of January 2008 when Cyprus joined the Euro the Legal Responsibility transferred to the European Central Bank (ECB) and ulimately Mario Draghi.

Governor of the Central Bank of Cyprus

Central bank of Cyprus headquarters in Nicosia

The Governor of the Central Bank of Cyprus is the highest official in the Central Bank of Cyprus. The position was established in 1963 when the Central Bank of Cyprus was established.

The Governor has the responsibility of chairing the meetings of the Central Bank's Governing Council and Board of Directors. He or she had the responsibility for setting the Central Bank's policy in relation to the Cypriot economy, but this responsibility passed to the President of the European Central Bank on 1 January 2008, which is also the date that Cyprus changed over to the Euro from the Cypriot pound. The Governor is a member of the Governing Board of the European Central Bank

https://en.wikipedia.org/wiki/Central_Bank_of_Cyprus
http://www.centralbank.gov.cy/nqcontent.cfm?a_id=8089

[sven]

Wasn't it the ECB that directed Greece not to Honour the Bonds ?

[sven]

And one of the points made by people is that Cypriots had it so good for to long because of the Interest Rates and they should put up with the 'Haircut', , but it was the ECB that set those interest rates.

[sven]

http://euobserver.com/economic/118023

The German news magazine Sunday (28 October) reported that experts from the European Commission, the European Central Bank and the International Monetary Fund - known as the troika - are pressing for Greece to receive more debt relief as it faces a deepening financial crisis.As part of Greece's second bailout agreed earlier this year, private investors, such as banks, agreed to write off more than 50 percent of the face value of their Greek bonds. This time round public sector bondholders, such as member states holding Greek debt, are being asked to chip in.

[Tim Drayton]

You are saying that the European Central Bank directed these two private banks in Cyprus to put most of their assets into Greek bonds?

[sven]

You are saying that the European Central Bank directed these two private banks in Cyprus to put most of their assets into Greek bonds?

No, I am saying that The PERSONS LEGALLY responsible for the Monetary Policy of Cyprus, knowing that the Two private banks held those bonds were the PERSONS that sought to write them off.

[sven]

The European Central Bank - also a public sector bondholder with around €40bn in Greek debt - would not be involved as accepting a loss on its bonds would constitute a form of state financing that is illegal for the eurozone bank. The IMF would also not be part of a debt relief deal.

[Tim Drayton]

The point is that for a bank to put the bulk of its assets into one single investment flies in the face of the most basic rule of risk management. Until some light is shone on how and why that decision was taken, we will remain in the dark as to the cause of this crisis.