A Lifetimes Savings.The bank can help themselves??
Some British expats in Cyprus are facing a "financial nightmare" after the country's unprecedented EU bailout.After nearly four decades of hard work in the UK Terry and Hazel Rose thought moving to Pyrgos in southern Cyprus would give them the perfect retirement.
They brought everything with them from Maidenhead in Berkshire and hold many assets including bank deposits over the 100,000 euros (£85,000) threshold.
They are likely to be subject to a levy between 30% and 40%.
Terry, who spent most of his career working for the British Army, told Sky News: "It's disgusting, it is my money, fair enough if you want to tax money people have earned in Cyprus but this is mine.
"It is a nightmare and yes I'm very angry."
With every bank still closed they have emailed their bank manager but have heard nothing back so simply do not know if a big chunk of their life savings will vanish.
Hazel added: "We love Cyprus, don't get me wrong, but this is the final straw. Sometimes I wish we'd never moved out here."
Their house is now in negative equity and moving back to the UK is not financially viable.
At the 'Taste of Britain' cafe and deli in Limassol almost all expat customers are concerned about what may lie ahead.
Owner Ann Bruce who moved here from Lancashire nine years ago told Sky News: "A lot of people come in here with very sad stories.
"It is frightening that the banks, an official organisation, that for years we have trusted, now you can't trust them any more."
The bulk of the British expats live in the resorts that stretch along the coastline of Cyprus but so do many wealthy Russians.
Amongst the Brits there are deep suspicions that some Russians were tipped off about the crisis and moved large amounts of money out of Cyprus.
It is hard for people to prove but British business owners told Sky News they have consistently heard anecdotal evidence that Russians were withdrawing massive amounts of money in the days before the crisis began.
British expats, though, can only concentrate on their own affairs.
Chris Parry, originally from Lincolnshire, now works as a financial advisor for 3D Global around Limassol and has been busy organising forums where expats can turn up and ask questions about what the financial crisis may mean for them.
He told Sky News: "In the great words of Dad's Army we're saying 'Don't panic' but most of my clients are naturally very worried.
"Most people who move out here are pensioners and the money they bring out here that's it, they can't add to it."
Banks in Cyprus are now due to open on Thursday and extra security staff are being drafted in to help control the crowds of people that are likely to turn up demanding money and information.
Comments (17)
Why can't the Cypriot government go elsewhere for the loan? 10.5 billion is not a large amount of money for a country to borrow (it's what my hairdresser almost charges). And there's lots of oil-rich Arab countries like Qatar and Dubai sitting on mountains of cash. China has trillions stashed away. 10.5 billion is chicken feed to these and other wealthy countries.
Two years ago, when another tiny Eurozone country (Ireland)realised it was in dire financial trouble, it borrowed 7 billion from the UK government.
Why don't the Cypriots do something similar? Why are they allowing the European bank to humiliate them?
Ladymuck, I just Googled the population for Cyprus & there are only 838,000 odd residents, compared to 6.4 million for Ireland & therein lies the difference, 10 billion for Ireland may not be that much but the same amount for Cyprus is a huge sum per head of population.
"Politics" may be boring to some and totally corrupt to others; nevertheless it effects our daily lives. I am 100% positive the same will happen in the US under the reign of zero unless We The People put a stop to it.
once those banks go bust etc. the corrupt officials will just put some law on any other form of money, whether its stocks, gold or whatever. its easy and has been done before, where they will make it illegal to own any of those other asset classes, or put a huge tax on it or whatever.
no, this is just another way to cause havoc and riots in the world, and take everyones money for the corrupt.
They say there is a family of generations who control the financial system, and most of it goes in there coffers at the end. wont say the name, too powerfull and evil maybe. but maybe you know whom Im talking about.
dont think anybody ever knows where they live, or what they look like even, think they are that rich and powerful to remain anonymous to the world, probably never leave the castles or go outside. or if they do, the walls and gardens are so huge, probably with their own shopping centre inside or something, and layers of walls and bodyguards, who dont even see them.
This could all be a plot, to cause havoc and wars on purpose to reduce the population. Who knows. guess, we all have a brain, but with more money, comes more power to use that brain and knowledge.