Cyprus-Forum.com

[Robin Hood]

Miltiades:
I’ll give you a tip. Where I live we have a lot of finished and half finished properties, that were repossessed by the banks from developers (Russian .... owes around €10-12m) . I have heard that you can do a good deal with the Bank, who are only interested in getting the interest out of any deal (The capital sum they write off anyway) Certainly worth a thought ..... good location ......plenty of choice ...... close to shops ( 5 miles) and the highway ...... and you even get me for a neighbour at no extra cost!

Having you as a neighbour would be enough to devalue the property even further.

No wonder the Russian defaulted and had his property repossessed. I'm not surprised tbh!

You are expressing your usual opinion on most subjects ..... from a position of total ignorance. You have no idea what I am like at all. FYI: I am more like THE Robin Hood than you could ever imagine !

[miltiades]

Frankly, like many in the UK, the result of the referendum came as a shock.
You seem to be convinced of the benefits that the UK would derive from exiting the EU, THIS VIEW IS NOT AT ALL SHARED BY INVESTORS .
Your views are those of an individual who happens to despise the EU , THET ARE NOT VIEWS BASED ON HARD REALITIES.

As much as I dreadfully wish that the UK will prosper I'm afraid I do not realistically expect this to happen following the exit.
As for bringing some of my money to Cyprus now I did say that my plan is to invest in property taking care of my grand children, At 70 years of age there isn't that much time to speculate, also my house has yet to sell. Show me a man who rejoices at losing money and I will show you a ....virgin call girl !

Let us say that one has 600.000 Stg, prior to the referendum this amounted to approx. 780.000 euros. At todays rate around 650,000 euros. Would you be happy with a loss of 130,000 euros ? How would you react. I react by putting the blame on the brexit result, none other.

Yes I believe Britain is WAY better off outside the EU. I just don't think, but if I knew my kids would have to make a future out of the UK, then I would want it out. Immigration to Britain is way out of control and the demographics are changing too quickly for my liking and while that might be a slightly racist view and one akin to UKIP ideology, I consider this to be the most important aspect. And the basic fundamentals of the economy are quite sound so I do not think a calamity awaits Britain and I also believe Britain will end up with a FTA with the EU about 2 years after BREXIT.

Secondly, investors interested in making money are getting their opportunity to make a lot of money. You won't be seeing them complain for a while.

Now, just immediately before the vote, the most generous poll had tipped 48 to 52 or 49 to 51% in favour of remaining in the EU. This was close and everyone, including the pollsters said it was going to be close.

Forgive me, but I think if anyone was in your shoes and had to buy a property overseas (in Cyprus) and needed to exchange substantial sums of Sterling to Euro, then I would be watching this like a hawk and I dare say, I would have done the exchange a few weeks prior to the referendum. The risk you took by not doing this was diabolical. Maybe, if you were going to exchange a small amount of money you wouldn't worry but you had to exchange a substantial amount to buy a house and you didn't give the matter any thought whatsoever. Did you not expect that the GBP would devalue? It started to devalue about a week before the referenda btw, because Banks and Institutional Investors were offloading their GBP and wait for crash where they will buy back low. Anyone watching it can see what was going on, and you don't need to be a brain surgeon to work it all out. The media were talking about it too - they were talking about the impending mayhem to the FTSE and GBP.

I remember waiting with my eyes glued to the FTSE index to see what happens when it opens, and I remember that within a couple of minutes it had lost 750 points. It did the same the next day as well.

You got no one else to blame but yourself.

" started to devalue about a week before the referenda btw" On 22nd June Stg stood at just under $1.47 and just over 1.30 euro. A week before Stg stood at $ just under 1.41 and against euro just over 1.26.
Where on earth do you get your info from. Sterling was on the up before the referendum.
Also, the polls suggested the Remain campaign would win.
http://www.telegraph.co.uk/news/2016/06 ... ong-again/

[Paphitis]

Frankly, like many in the UK, the result of the referendum came as a shock.
You seem to be convinced of the benefits that the UK would derive from exiting the EU, THIS VIEW IS NOT AT ALL SHARED BY INVESTORS .
Your views are those of an individual who happens to despise the EU , THET ARE NOT VIEWS BASED ON HARD REALITIES.

As much as I dreadfully wish that the UK will prosper I'm afraid I do not realistically expect this to happen following the exit.
As for bringing some of my money to Cyprus now I did say that my plan is to invest in property taking care of my grand children, At 70 years of age there isn't that much time to speculate, also my house has yet to sell. Show me a man who rejoices at losing money and I will show you a ....virgin call girl !

Let us say that one has 600.000 Stg, prior to the referendum this amounted to approx. 780.000 euros. At todays rate around 650,000 euros. Would you be happy with a loss of 130,000 euros ? How would you react. I react by putting the blame on the brexit result, none other.

Yes I believe Britain is WAY better off outside the EU. I just don't think, but if I knew my kids would have to make a future out of the UK, then I would want it out. Immigration to Britain is way out of control and the demographics are changing too quickly for my liking and while that might be a slightly racist view and one akin to UKIP ideology, I consider this to be the most important aspect. And the basic fundamentals of the economy are quite sound so I do not think a calamity awaits Britain and I also believe Britain will end up with a FTA with the EU about 2 years after BREXIT.

Secondly, investors interested in making money are getting their opportunity to make a lot of money. You won't be seeing them complain for a while.

Now, just immediately before the vote, the most generous poll had tipped 48 to 52 or 49 to 51% in favour of remaining in the EU. This was close and everyone, including the pollsters said it was going to be close.

Forgive me, but I think if anyone was in your shoes and had to buy a property overseas (in Cyprus) and needed to exchange substantial sums of Sterling to Euro, then I would be watching this like a hawk and I dare say, I would have done the exchange a few weeks prior to the referendum. The risk you took by not doing this was diabolical. Maybe, if you were going to exchange a small amount of money you wouldn't worry but you had to exchange a substantial amount to buy a house and you didn't give the matter any thought whatsoever. Did you not expect that the GBP would devalue? It started to devalue about a week before the referenda btw, because Banks and Institutional Investors were offloading their GBP and wait for crash where they will buy back low. Anyone watching it can see what was going on, and you don't need to be a brain surgeon to work it all out. The media were talking about it too - they were talking about the impending mayhem to the FTSE and GBP.

I remember waiting with my eyes glued to the FTSE index to see what happens when it opens, and I remember that within a couple of minutes it had lost 750 points. It did the same the next day as well.

You got no one else to blame but yourself.

" started to devalue about a week before the referenda btw" On 22nd June Stg stood at just under $1.47 and just over 1.30 euro. A week before Stg stood at $ just under 1.41 and against euro just over 1.26.
Where on earth do you get your info from. Sterling was on the up before the referendum.
Also, the polls suggested the Remain campaign would win.
http://www.telegraph.co.uk/news/2016/06 ... ong-again/

No it started to move before the BREXIT vote I think you will find and the FTSE turned into a Bear market (started to go down) about 10 days before the vote.

But they were only small losses. But the trend and warnings were already there, and so were all the negative bearish news reports predicting major falls.

The pollsters only had it at 48 to 52 or 49 to 51% That would not be considered a comfortable margin especially with a non compulsory vote because you can't predict who will vote and who will stay at home. It's the same with the US Presidential Elections. I think Clinton will win, but you can never be sure because maybe many Clinton supporters won't vote and maybe all Trump supporters will get so angry and all come out of the woodwork.

You took a BIG gamble. Sorry but someone who knows they need to exchange money for something as important as buying a house, will actually watch and research the exchange rates and wait for the right time because even a 1% fluctuation can be as much as $10,000 which is almost enough to buy a small cheap car. You didn't do that and are picking the absolute worst time and complaining about it.

You stuffed up big time.

personally, I can't believe anyone would be so silly with their hard earned. I have my suspicions that you're not being very honest just having a typical whinge fest.

[miltiades]

If you go to http://www.x-rates.com/historical/?from ... 2016-10-12

You will see that the figures I gave are correct. Stg was on the up against both the us dollar and the euro.
You do come out with statements that clearly indicate you do not follow the currency markets.
My business imports EU goods on a weekly basis, I know my rates and I watch closely each day.

I staed earlier that the bulk of my money would be generated from the sale of my property, so even if I suspected a fall there was BA I could do.

Most of your comments on most subjects not least on Syria lead me to believe that such comments are based on emptiness not substance.
CURRENCY RATES ON JUNE 22 2016:

British Pound 1.00 GBP inv. 1.00 GBP
US Dollar 1.467791 0.681296
Euro 1.300594 0.768879

[Paphitis]

If you go to http://www.x-rates.com/historical/?from ... 2016-10-12

You will see that the figures I gave are correct. Stg was on the up against both the us dollar and the euro.
You do come out with statements that clearly indicate you do not follow the currency markets.
My business imports EU goods on a weekly basis, I know my rates and I watch closely each day.

I staed earlier that the bulk of my money would be generated from the sale of my property, so even if I suspected a fall there was BA I could do.

Most of your comments on most subjects not least on Syria lead me to believe that such comments are based on emptiness not substance.
CURRENCY RATES ON JUNE 22 2016:

British Pound 1.00 GBP inv. 1.00 GBP
US Dollar 1.467791 0.681296
Euro 1.300594 0.768879

Don't look at snap shot figures. Look at the graphs.

They show a downward trend which started before the referendum. It's not possible for it be stable because banks and Institutional Investors were selling bulk sterling GBP. To not sell GBP would be utter stupidity on their part just like it was stupid for you not to do the exchange before the referendum vote.

And I can assure you, Banks and Institutional Investors are NOT STUPID and nor do they make stupid decisions such as hold onto GBP when they don't need to. They want to make money, however you knew you had to buy a house well before the BREXIT vote and yet still thought you would not exchange until after the BREXIT vote. This doesn't make any sense.

If our Bankers do silly things like that, then God help us. They will make the odd mistake, they are human like you and I, but these mistakes are rare, because their job is to analyse the markets and the pips.

Here is the graph, you can see a VERY OBVIOUS downward trend before the referendum and that's because the Banker's and Investors were abandoning ship.

You can see a very obvious sell off since November 2015. That's when the GBP started to fall as a matter of fact. look at the 1Y graph. BTW, the fall from November 2015 to May 2016 was larger than the post BREXIT fall. It's just that the post BREXIT drop happened all in 1 day.

http://www.xe.com/currencycharts/?from= ... UR&view=1Y

You would think you would follow suit especially since you have to buy a house anyway, but no. Mmmmm something not right milti!

[miltiades]

All currencies fluctuate. However Stg, now at around 1.10 euros as a result of the Brexit result.
No good blaming other factors.
You may recall that about 4 or so years ago Stg went as low as 1 euro.

[Paphitis]

All currencies fluctuate. However Stg, now at around 1.10 euros as a result of the Brexit result.
No good blaming other factors.
You may recall that about 4 or so years ago Stg went as low as 1 euro.

that wasn't a fluctuation. there was a continuous sell off from November 2015. If it was an indices, they call that a BEAR market which means consistent downward trend.

http://www.xe.com/currencycharts/?from= ... UR&view=1Y

The Banks and Institutional Investors were selling Billions worth of GBP and bailing out. They know exactly what they're doing. They are offloading their GBP, because the risks are too great and plus either way they were anticipating a drop whatever the result was. then they come back.

This won't be the only time they do this either. they will slowly start buying back GBP and it will go up, but when May announces the date for invoking Article 50, they will do the same thing again and start selling their GBP. They could make 50% over this trading just on the exchange.

What you did or did not do just doesn't make any sense at all. Who in their right mind will hold onto GBP when they know they have to buy a house in EUROS?

Why on earth were you not watching the graphs? For a businessman, I don't think you are a very good one at all. I believe you are fibbing and just having a whinge for the sake of it because you don't like BREXIT.

[miltiades]

As a qualified accountant and a business man for over 40 years I think I know a little more than you.
Sterling begun to collapse after BREXIT. FACT !

[Paphitis]

As a qualified accountant and a business man for over 40 years I think I know a little more than you.
Sterling begun to collapse after BREXIT. FACT !

It doesn't look like it. You can't be a good businessman or accountant if what you say is true and you did not foresee this coming and follow all the press reports and at least look at the exchange graph to see a downward trend especially since you say, you have to buy a house in EUROS.

It's common sense to have you eyes wide open especially when you are buying a house in a foreign currency. When doing things like that, you are EXPOSED to currency exchange values and even small movements could mean thousands of Euros down the toilet for no reason if you don't do your homework. You didn't do that and instead made the assumption that the BREXITERS would lose. Very silly!

You can't even decipher the GBP Vs EURO 1Y graph so what kind of accountant are you and where did you get your certificate. It wasn't the Stroumbi School of Chartered accountants was it?

[Paphitis]

Miltiades:
I’ll give you a tip. Where I live we have a lot of finished and half finished properties, that were repossessed by the banks from developers (Russian .... owes around €10-12m) . I have heard that you can do a good deal with the Bank, who are only interested in getting the interest out of any deal (The capital sum they write off anyway) Certainly worth a thought ..... good location ......plenty of choice ...... close to shops ( 5 miles) and the highway ...... and you even get me for a neighbour at no extra cost!

Having you as a neighbour would be enough to devalue the property even further.

No wonder the Russian defaulted and had his property repossessed. I'm not surprised tbh!

You are expressing your usual opinion on most subjects ..... from a position of total ignorance. You have no idea what I am like at all. FYI: I am more like THE Robin Hood than you could ever imagine !

No you aren't a robin hood.

I can tell you i wouldn't want a neighbor like you because I can only imagine and presume it wouldn't be very pleasant. Plus, we have mutual acquaintances btw hence i know more about you than you think.

Someone who disrespects Human rights and The Geneva Convention and supports war crimes is a major red line for me. You are far too obsessed with everything that is anti west, very supportive of criminals, and also obsessed with banks and finance and you even mentioned that you want the entire system to collapse. So in my assessment, you are a person who may rejoice in the misfortune of others and you are certainly very supportive of Pootin and Russia and in fact would be very supportive of ANYONE as long as they are against the West no matter if they are good or bad.

that say's a lot about you. I am a lot more flexible than you are as I simply just can't tolerate injustice whether it is committed by the West, China or Russia. Not as one eyed as you might think but you are one eyed and tunnel visioned.