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Cyprus back from the dead after banking collapse

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Re: Cyprus back from the dead after banking collapse

Postby Paphitis » Mon Feb 24, 2014 7:41 pm

GreekIslandGirl wrote:One of the worst protests seen in Cyprus for a long time. Police pelted with ........... fruit! :P

http://famagusta-gazette.com/police-pel ... 430-69.htm

Seriously though, much support for those against the Troika-enforced privatizations. The Cypriots' property is being stolen, again. When the Gas starts being pumped, the proposed conversion to electricity (convenient privatization) before selling abroad is going to line the pockets of foreigners like the Chinese, Russians, Germans,Yanks, Brits etc etc etc.

Cyprus has been invaded, again and the wealthy controllers are trying to lull us into another false sense of social "improvement".

- Get the frigging Turks OUT first! Where are your priorities Troika-EU?


Those are the conditions of the EU and Troika. Without the bail out, Cyprus would be in deeper shit.

I had the opinion that Cyprus was better off defaulting and forced out of the Eurozone back to the Pound. I don't believe Cyprus can be kicked out of the EU.

Privatization is not a bad thing though. Eventually it will lead to competition and a more streamlined economy. Privatization has happened in many countries including the UK. I will give you an example. Without privatization, Cyprus would not have 2 new airport terminals (Hermes) at Paphos and Larnaca.

http://www.hermesairports.com
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Re: Cyprus back from the dead after banking collapse

Postby Robin Hood » Mon Feb 24, 2014 9:16 pm

Paphitis:
Those are the conditions of the EU and Troika. Without the bail out, Cyprus would be in deeper shit.

I’m not altogether sure that is true. I have never understood how it is possible to get out of debt by borrowing more money.
I had the opinion that Cyprus was better off defaulting and forced out of the Eurozone back to the Pound. I don't believe Cyprus can be kicked out of the EU.

I agree with your original opinion, using a new Cyprus pound would have allowed the Government to reset the economy by adjusting the exchange rate.
Privatization is not a bad thing though. Eventually it will lead to competition and a more streamlined economy. Privatization has happened in many countries including the UK. I will give you an example. Without privatization, Cyprus would not have 2 new airport terminals (Hermes) at Paphos and Larnaca.

Privatisation of SGO’s, especially in Cyprus, is needed. Unfortunately the process transfers the value of the asset to shareholders and the wealth generated is lost to the people. The UK being a classic example where most of the public essential services is owned by foreigners.

Is what you said about Paphos/Larnaca strictly true? I thought it was a design/build/operate and then hand back to the State arrangement. In other words the airports are privately owned and making money until they are clapped out and need upgrading, then they will be returned to the State! :roll:
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Re: Cyprus back from the dead after banking collapse

Postby GreekIslandGirl » Mon Feb 24, 2014 10:59 pm

Glowing in her new orange skin shade, Tax-exempt Lagarde clumsily admits that she got her sums wrong and has been unduly harsh on Greece (next year, it'll be Cyprus' turn for a half-apology) ....


.... Greece no longer being the crisis en vogue. She admitted that the troika – the entity consisting of the European commission, the European Central Bank and the International Monetary Fund, of which Lagarde is the head – was mistaken in its calculations initially and that this led to the wrong economic solutions being applied to the Greek crisis. She claimed, nevertheless, that they had "made sure there was enough of a safety net so that people who were most exposed would not suffer too much".


"Not suffer too much" ????? Who is SHE to order any amount of suffering on anyone?

http://www.theguardian.com/commentisfre ... -on-greece


Nice gold necklace, worthy of a Cleopatra, she is wearing ... 8)
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Re: Cyprus back from the dead after banking collapse

Postby Get Real! » Tue Feb 25, 2014 1:49 am

Last edited by Get Real! on Tue Feb 25, 2014 2:02 am, edited 1 time in total.
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Re: Cyprus back from the dead after banking collapse

Postby bill cobbett » Tue Feb 25, 2014 1:56 am

GreekIslandGirl wrote:Glowing in her new orange skin shade, Tax-exempt Lagarde clumsily admits that she got her sums wrong and has been unduly harsh on Greece (next year, it'll be Cyprus' turn for a half-apology) ....


.... Greece no longer being the crisis en vogue. She admitted that the troika – the entity consisting of the European commission, the European Central Bank and the International Monetary Fund, of which Lagarde is the head – was mistaken in its calculations initially and that this led to the wrong economic solutions being applied to the Greek crisis. She claimed, nevertheless, that they had "made sure there was enough of a safety net so that people who were most exposed would not suffer too much".


"Not suffer too much" ????? Who is SHE to order any amount of suffering on anyone?

http://www.theguardian.com/commentisfre ... -on-greece


Nice gold necklace, worthy of a Cleopatra, she is wearing ... 8)


Give back the 4 Billion Euros Greek Bankers ripped off from CYs and STFU you Mad Woman...!!! ... (err that's directed at "g"IG and not Lagarde)
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Re: Cyprus back from the dead after banking collapse

Postby Oceanside50 » Tue Feb 25, 2014 2:46 am

Robin Hood wrote:Paphitis:
Those are the conditions of the EU and Troika. Without the bail out, Cyprus would be in deeper shit.

I’m not altogether sure that is true. I have never understood how it is possible to get out of debt by borrowing more money.
I had the opinion that Cyprus was better off defaulting and forced out of the Eurozone back to the Pound. I don't believe Cyprus can be kicked out of the EU.

I agree with your original opinion, using a new Cyprus pound would have allowed the Government to reset the economy by adjusting the exchange rate.
Privatization is not a bad thing though. Eventually it will lead to competition and a more streamlined economy. Privatization has happened in many countries including the UK. I will give you an example. Without privatization, Cyprus would not have 2 new airport terminals (Hermes) at Paphos and Larnaca.

Privatisation of SGO’s, especially in Cyprus, is needed. Unfortunately the process transfers the value of the asset to shareholders and the wealth generated is lost to the people. The UK being a classic example where most of the public essential services is owned by foreigners.

Is what you said about Paphos/Larnaca strictly true? I thought it was a design/build/operate and then hand back to the State arrangement. In other words the airports are privately owned and making money until they are clapped out and need upgrading, then they will be returned to the State! :roll:


Bankers have learned that they will always be in business because of government bailouts. Unless they are allowed to default the cycle will continue unabated. The next bubble is already underway. The best thing for Cyprus was to default and have the banks go under. As for the airports in Cyprus, I know for a fact Shakolas is making a killing, I think 60 million in profits (est)..
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Re: Cyprus back from the dead after banking collapse

Postby Paphitis » Tue Feb 25, 2014 3:14 am

Oceanside50 wrote:
Robin Hood wrote:Paphitis:
Those are the conditions of the EU and Troika. Without the bail out, Cyprus would be in deeper shit.

I’m not altogether sure that is true. I have never understood how it is possible to get out of debt by borrowing more money.
I had the opinion that Cyprus was better off defaulting and forced out of the Eurozone back to the Pound. I don't believe Cyprus can be kicked out of the EU.

I agree with your original opinion, using a new Cyprus pound would have allowed the Government to reset the economy by adjusting the exchange rate.
Privatization is not a bad thing though. Eventually it will lead to competition and a more streamlined economy. Privatization has happened in many countries including the UK. I will give you an example. Without privatization, Cyprus would not have 2 new airport terminals (Hermes) at Paphos and Larnaca.

Privatisation of SGO’s, especially in Cyprus, is needed. Unfortunately the process transfers the value of the asset to shareholders and the wealth generated is lost to the people. The UK being a classic example where most of the public essential services is owned by foreigners.

Is what you said about Paphos/Larnaca strictly true? I thought it was a design/build/operate and then hand back to the State arrangement. In other words the airports are privately owned and making money until they are clapped out and need upgrading, then they will be returned to the State! :roll:


Bankers have learned that they will always be in business because of government bailouts. Unless they are allowed to default the cycle will continue unabated. The next bubble is already underway. The best thing for Cyprus was to default and have the banks go under. As for the airports in Cyprus, I know for a fact Shakolas is making a killing, I think 60 million in profits (est)..


It's not at all that simple.

If a Bank is allowed to collapse (total collapse) then all depositors in that Bank lose their savings. Some families will face ruin.

Potentially, if monetary Guarantees are lifted, it will cause a Bank Run. Banks will not be able to honour all deposits. The system is factional. Next step a total collapse and bankruptcy.

Bottom line is, once again, depositor's money vanishes into thin air and the global banking system collapses.

Result = global depression
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Re: Cyprus back from the dead after banking collapse

Postby Paphitis » Tue Feb 25, 2014 3:26 am

Robin Hood wrote:Paphitis:
Those are the conditions of the EU and Troika. Without the bail out, Cyprus would be in deeper shit.

I’m not altogether sure that is true. I have never understood how it is possible to get out of debt by borrowing more money.
I had the opinion that Cyprus was better off defaulting and forced out of the Eurozone back to the Pound. I don't believe Cyprus can be kicked out of the EU.

I agree with your original opinion, using a new Cyprus pound would have allowed the Government to reset the economy by adjusting the exchange rate.
Privatization is not a bad thing though. Eventually it will lead to competition and a more streamlined economy. Privatization has happened in many countries including the UK. I will give you an example. Without privatization, Cyprus would not have 2 new airport terminals (Hermes) at Paphos and Larnaca.

Privatisation of SGO’s, especially in Cyprus, is needed. Unfortunately the process transfers the value of the asset to shareholders and the wealth generated is lost to the people. The UK being a classic example where most of the public essential services is owned by foreigners.

Is what you said about Paphos/Larnaca strictly true? I thought it was a design/build/operate and then hand back to the State arrangement. In other words the airports are privately owned and making money until they are clapped out and need upgrading, then they will be returned to the State! :roll:


Greece was given a haircut of about 130 Billion that was wiped off Greece's debt at the expense of Creditors. As Bill mentioned above, Cypriot creditors lost about 4 Billion, that has resulted in a Cyprus Banking Collapse. BoC and Laiki are on the verge.

We agree about the Pound. That was the best option for Cyprus.

As to the Airports, what has happened is that Private companies (Hermes) have funded the expansion in return for an owner lease arrangement over the facility over a 25 year lease arrangement. The Government still has ownership, but Hermes runs it, controls it and gets most of the revenue from it.
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Re: Cyprus back from the dead after banking collapse

Postby Oceanside50 » Tue Feb 25, 2014 7:02 am

Paphitis wrote:
Oceanside50 wrote:
Robin Hood wrote:Paphitis:
Those are the conditions of the EU and Troika. Without the bail out, Cyprus would be in deeper shit.

I’m not altogether sure that is true. I have never understood how it is possible to get out of debt by borrowing more money.
I had the opinion that Cyprus was better off defaulting and forced out of the Eurozone back to the Pound. I don't believe Cyprus can be kicked out of the EU.

I agree with your original opinion, using a new Cyprus pound would have allowed the Government to reset the economy by adjusting the exchange rate.
Privatization is not a bad thing though. Eventually it will lead to competition and a more streamlined economy. Privatization has happened in many countries including the UK. I will give you an example. Without privatization, Cyprus would not have 2 new airport terminals (Hermes) at Paphos and Larnaca.

Privatisation of SGO’s, especially in Cyprus, is needed. Unfortunately the process transfers the value of the asset to shareholders and the wealth generated is lost to the people. The UK being a classic example where most of the public essential services is owned by foreigners.

Is what you said about Paphos/Larnaca strictly true? I thought it was a design/build/operate and then hand back to the State arrangement. In other words the airports are privately owned and making money until they are clapped out and need upgrading, then they will be returned to the State! :roll:


Bankers have learned that they will always be in business because of government bailouts. Unless they are allowed to default the cycle will continue unabated. The next bubble is already underway. The best thing for Cyprus was to default and have the banks go under. As for the airports in Cyprus, I know for a fact Shakolas is making a killing, I think 60 million in profits (est)..


It's not at all that simple.

If a Bank is allowed to collapse (total collapse) then all depositors in that Bank lose their savings. Some families will face ruin.

Potentially, if monetary Guarantees are lifted, it will cause a Bank Run. Banks will not be able to honour all deposits. The system is factional. Next step a total collapse and bankruptcy.

Bottom line is, once again, depositor's money vanishes into thin air and the global banking system collapses.

Result = global

Not all banks were in default in Cyprus. Why should the badly run banks be rewarded with a bailout after their mismanagement. Depositors are guaranteed up to 100,000 euros, not all is lost. By rewarding badly run banks the cycle continues. Why would a bank care if it sees another bubble on the horizon but is reeling in billions, knowing they are safe from default?
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Re: Cyprus back from the dead after banking collapse

Postby Paphitis » Tue Feb 25, 2014 8:02 am

I think you will find all the banks were hit by Troika. BoC and Laiki hit the most.

No banks have been rewarded unless you call a bail in a reward. The thing is, when a Bank hints at Bankruptcy, then you will create a Bank run on that Bank. Hence Troika/RoC introduce capital controls.

If there is a loss of confidence in the Banking System in general, then that can cause a Banking collapse within that country. If there is a Banking collapse in the RoC or Greece, then there goes the Eurozone and we have a domino effect. When Europe goes down the drain, then it spreads to North America, China, and Australia.

Effect = global financial meltdown and depression. It's happened before in the 1930s.

What does that mean to you and ordinary citizens? It means you lose all your money, job and have to go back to your village to grow Kolokasi to feed your family. Get the drift? :lol:
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