Cyprus steals British Servicemens money (141)
tomcatwarne: A recent blog post by the CEO of Saxo Bank, Lars Christensen, did a great job of explaining how incredibly damaging this move by the IMF and the EU truly is…
This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.
if you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer’s money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.
Depositors in other prospective bailout countries must be running scared – is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now.
This is the biggest moment that we have witnessed since the beginning of the European financial crisis.
Financial authorities in Europe could try to calm nerves by at least pretending that this will never happen again in any other country, but so far they are refusing to do that…
Jeroen Dijsselbloem, president of the group of euro-area ministers, on Saturday declined to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.
Such a measure is “not currently being considered” for other members of the eurozone?
Yeah, that sure is going to make people feel a lot more confident in what is coming next.
I have insisted over and over that the next wave of the economic collapse would originate in Europe, and we may have just witnessed the decision that will cause the dominoes to start to fall.
The banksters have sent a very clear message. When the chips are down, they are going to come after YOUR money.
One word "CURRENTLY" says it allThis is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.
if you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer’s money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.
Depositors in other prospective bailout countries must be running scared – is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now.
This is the biggest moment that we have witnessed since the beginning of the European financial crisis.
Financial authorities in Europe could try to calm nerves by at least pretending that this will never happen again in any other country, but so far they are refusing to do that…
Jeroen Dijsselbloem, president of the group of euro-area ministers, on Saturday declined to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.
Such a measure is “not currently being considered” for other members of the eurozone?
Yeah, that sure is going to make people feel a lot more confident in what is coming next.
I have insisted over and over that the next wave of the economic collapse would originate in Europe, and we may have just witnessed the decision that will cause the dominoes to start to fall.
The banksters have sent a very clear message. When the chips are down, they are going to come after YOUR money.
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Adalstef: I understand the Holy Grail is kept in Cyprus, that could be worth a few euros
if it were we allready sold it
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mitsos: if it were we allready sold it
the first emoticon was an accident------ This thread is Archived ------
mitsos: Ofcourse not , i was refering to merkel and her friends.
Do you know why the Cypriot banks got into trouble in the first place?Because EU wanted it that way
Do you know why the Cypriot banks got into trouble in the first place?Because EU wanted it that way
I´ve read that now it's going to be decided re-structure the Banks in worst situation to create a bad bank. In Spain it worked, even when I think the bad bank should offer properties to the people, bought or hired, to return all the money the citizens paid for it.
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mitsos: Ofcourse not , i was refering to merkel and her friends.
Do you know why the Cypriot banks got into trouble in the first place?Because EU wanted it that way
Do you know why the Cypriot banks got into trouble in the first place?Because EU wanted it that way
Cyprus banks are in trouble because they are full of Greek, now wourtless, bonds
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Adalstef: Cyprus banks are in trouble because they are full of Greek, now wourtless, bonds
It wouldnt be worthless if not for the debt discount by eu and the worthless commie president we had at the time------ This thread is Archived ------
GUZMAN1: I´ve read that now it's going to be decided re-structure the Banks in worst situation to create a bad bank. In Spain it worked, even when I think the bad bank should offer properties to the people, bought or hired, to return all the money the citizens paid for it.
Yesterday they were discussing this and the compensation would be bonds from the energy resources. Time is running short as there has to be a decision until Monday.------ This thread is Archived ------
, March 21, 2013 08:07:00 From Australia's AM
TONY EASTLEY: The people of Cyprus will have to wait until at least Tuesday of next week until their banks re-open.
But there's a possibility they might not open at all, with warnings from Germany that Cypriot banks might become insolvent if the country can't negotiate a deal with the European Central Bank.
And after a day of emergency talks between Cypriot parties and an approach to their benefactors in Russia, the country seems no closer to finding an alternative rescue deal after Parliament rejected the EU's (European Union) proposal.
Here's Europe correspondent Mary Gearin:
MARY GEARIN: In Cyprus life goes on but fear of an imminent cash shortage is mounting.
Restaurant owner Rami Sunerman is nervous.
RAMI SUNERMAN: People live in fear for the past four days. Today I went to an ATM machine to try to draw money because I'm also scared. Today I withdrew 1000 euro. I tried to draw more and it said the machine doesn't have any more money to give me. So people tend to use their visa cards more but when people pay visa we have to wait for the banks to open so I can take my money. So far, no money.
(Sound of protesters)
MARY GEARIN: It's the day after a popular revolt inspired the Cypriot Parliament to dramatically strike down a plan brokered with the country's European creditors that would have seen taxes on bank savings - a precondition for a $13 billion EU bailout.
Cyprus-based journalist and columnist Nathan Morley says overnight the country's euphoria has subsided.
NATHAN MORLEY: Even though last night there was a feeling of joy that Cyprus had stuck its fingers up to the EU, a kind of Goliath moment for Cyprus is now turning into a little bit of a bitter hangover because people realise that actually the future of the banks really now is in the balance. So this is starting to turn into a bit of tragedy because the pinch is being felt now.
Cash machines, even though most of them are operating, there is a rumour going around that limits will be cut in the next few days. And of course the whole future of the banks, whether they will ever open again is in question.
MARY GEARIN: To underline the depth of the crisis, the Orthodox Church in Cyprus has offered its entire wealth to underwrite the country in its time of need.
The Cypriot finance minister is now in Moscow asking for an increase in loans from Russia as well as a cut in interest rates on existing loans, but no decision has been made.
The relationship between the two countries has muddied the waters for Cyprus as it looks for a solution because of the fears in Germany and elsewhere that the country is a tax haven and money laundering site for Russian billionaires.
Dimitry Afanasiev, a lawyer helping Russian investors, says it's an unfair perception.
DIMITRY AFANASIEV: The absolute majority is absolutely legal and clean. I can't guarantee that 100 per cent of the people are legitimate but neither can any banking system in England and many other places in Europe. So Cyprus is being absolutely unfairly singled out.
TONY EASTLEY: The people of Cyprus will have to wait until at least Tuesday of next week until their banks re-open.
But there's a possibility they might not open at all, with warnings from Germany that Cypriot banks might become insolvent if the country can't negotiate a deal with the European Central Bank.
And after a day of emergency talks between Cypriot parties and an approach to their benefactors in Russia, the country seems no closer to finding an alternative rescue deal after Parliament rejected the EU's (European Union) proposal.
Here's Europe correspondent Mary Gearin:
MARY GEARIN: In Cyprus life goes on but fear of an imminent cash shortage is mounting.
Restaurant owner Rami Sunerman is nervous.
RAMI SUNERMAN: People live in fear for the past four days. Today I went to an ATM machine to try to draw money because I'm also scared. Today I withdrew 1000 euro. I tried to draw more and it said the machine doesn't have any more money to give me. So people tend to use their visa cards more but when people pay visa we have to wait for the banks to open so I can take my money. So far, no money.
(Sound of protesters)
MARY GEARIN: It's the day after a popular revolt inspired the Cypriot Parliament to dramatically strike down a plan brokered with the country's European creditors that would have seen taxes on bank savings - a precondition for a $13 billion EU bailout.
Cyprus-based journalist and columnist Nathan Morley says overnight the country's euphoria has subsided.
NATHAN MORLEY: Even though last night there was a feeling of joy that Cyprus had stuck its fingers up to the EU, a kind of Goliath moment for Cyprus is now turning into a little bit of a bitter hangover because people realise that actually the future of the banks really now is in the balance. So this is starting to turn into a bit of tragedy because the pinch is being felt now.
Cash machines, even though most of them are operating, there is a rumour going around that limits will be cut in the next few days. And of course the whole future of the banks, whether they will ever open again is in question.
MARY GEARIN: To underline the depth of the crisis, the Orthodox Church in Cyprus has offered its entire wealth to underwrite the country in its time of need.
The Cypriot finance minister is now in Moscow asking for an increase in loans from Russia as well as a cut in interest rates on existing loans, but no decision has been made.
The relationship between the two countries has muddied the waters for Cyprus as it looks for a solution because of the fears in Germany and elsewhere that the country is a tax haven and money laundering site for Russian billionaires.
Dimitry Afanasiev, a lawyer helping Russian investors, says it's an unfair perception.
DIMITRY AFANASIEV: The absolute majority is absolutely legal and clean. I can't guarantee that 100 per cent of the people are legitimate but neither can any banking system in England and many other places in Europe. So Cyprus is being absolutely unfairly singled out.
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mitsos: Yesterday they were discussing this and the compensation would be bonds from the energy resources. Time is running short as there has to be a decision until Monday.
The Cypriot parliament has approved a number of measures designed to restructure the economy and raise funds in order to secure an EU bailout.
MPs voted in favour of a "national solidarity fund" - which would nationalise pension funds, with bonds issued against future natural gas revenues - and capital controls to prevent a run on the island's troubled banks.
They also backed legislation to permit the restructuring of troubled banks to prevent their collapse.
The first of the package of measures were agreed shortly after it emerged Cyprus was reportedly considering a levy of 15% on all bank deposits over 100,000 euros as its attempt to secure a rescue for the economy.
The original terms of the EU bailout for Cyprus proposed by the troika of international lenders would have slapped a levy on all bank deposits - 6.75% on accounts holding up to 100,000 euros and 9.9% on those over that - in order to raise 5.8bn euros (£4.9bn).
But that was overwhelmingly rejected by MPs earlier in the week, leaving them less than a week to find a 'Plan B' with which to raise the cash.
The European Central Bank (ECB) has said it will only guarantee assistance until Monday night without a new aid programme being in place.
Cyprus state television reported the levy, albeit in a revised form, was now back on the table in negotiations with eurozone lenders after other attempts to secure funding had failed.
The Bank of Cyprus, the island's largest, has urged politicians to accept a tax on bank deposits in order to prevent collapse.
"It should be understood by everyone ... especially from the 56 members of parliament ... there should not be any further delay in the adoption of the eurogroup proposal to impose a levy on deposits more than 100,000 to save our banking system," bank chairman Andreas Artemis said in a statement.
The chief of ailing Cyprus Popular Bank, the island's second largest, also criticised attempts to find another solution.
"Although we knew the gravity of the situation, and the initial proposal of the eurogroup was painful, it ensured the future of the banking sector," Takis Phidias told state radio.
The levy, as well as a number of other contentious measures, remain to be debated by parliament.
Nonetheless President Nicos Anastasiades and party leaders will travel to Brussels later to present the plan to the country's prospective creditors, its fellow eurozone countries and the International Monetary Fund.
Banks in Cyprus have been shut since last Friday and will stay closed until next Tuesday amid fears that the ongoing crisis will prompt a run on them.
Cash machines have seen long queues as customers have tried to get at least some of their savings out of the stricken banking system.
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I did read and seen in pictures in newspaper here in pakistan that peoples are demonsrtating in cyprus.When i used to study there the value of cyprus 1 pound was equal to 2.2 US dollar in 1989-90.Terrible time there
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Jack68: I did read and seen in pictures in newspaper here in pakistan that peoples are demonsrtating in cyprus.When i used to study there the value of cyprus 1 pound was equal to 2.2 US dollar in 1989-90.Terrible time there
Lets hope they resolve it tomorrow for everyone's sake. The euro is holding quite well against the English pound.
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A small fact Germany has 435 billions of Russian money, the US state department says the biggest money laundering is happening there
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mitsos: A small fact Germany has 435 billions of Russian money, the US state department says the biggest money laundering is happening there
I hear you Mitsos, my heart is with Cyprus where I lived for many years. I will come back whatever the cost, because love is the most important thing
g( I mean love of a country)I love the island in the sun, break out the beers
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tomcatwarne: I hear you Mitsos, my heart is with Cyprus where I lived for many years. I will come back whatever the cost, because love is the most important thing
g( I mean love of a country)I love the island in the sun, break out the beers
g( I mean love of a country)I love the island in the sun, break out the beers
Our politicians have a lot to answer as well but as usually they cover their arses
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mitsos: Our politicians have a lot to answer as well but as usually they cover their arses
Yes , same everywhere
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Well well, talk about riddles, cap in hand Cyprus went to Russia (who happened to be hosting visit by Xi) then wander over the Chinese news and see what the outcome will be...oh yeah couple of days ago...now low and behold an agreement is finally settled...try this round about:
Cyprus parliament passes bailout bills
English.news.cn 2013-03-23 08:15:42
Cypriot parliaments Friday passed emergency bills aimed at clinching a bailout deal with int'l lenders.
• The Cypriot parliament on Tuesday rejected a Eurogroup demand to tax bank deposits.
• Eurogroup finance ministers will meet on Sunday to talk on a revised bailout package for Cyprus.
IMF blocks Cyprus bailout agreement, insists on bank merger
English.news.cn 2013-03-24 06:03:51
• IMF is blocking a bailout agreement for Cyprus by insisting the merger of two largest banks.
• A senior official of the Cypriot side said "we are not even near an agreement with the troika."
• The official said lack of an agreement is entirely due to the inflexible stance of IMF representative.
Cyprus to Chop Banking System to Win Aid, Avoid Default
- Mar 25, 2013 2:48 PM ET
in part
“It’s been yet another hard day’s night,” European Union Economic and Monetary Affairs Commissioner Olli Rehn told reporters in Brussels early today. “There were no optimal solutions available, only hard choices.”
Cyprus parliament passes bailout bills
English.news.cn 2013-03-23 08:15:42
Cypriot parliaments Friday passed emergency bills aimed at clinching a bailout deal with int'l lenders.
• The Cypriot parliament on Tuesday rejected a Eurogroup demand to tax bank deposits.
• Eurogroup finance ministers will meet on Sunday to talk on a revised bailout package for Cyprus.
IMF blocks Cyprus bailout agreement, insists on bank merger
English.news.cn 2013-03-24 06:03:51
• IMF is blocking a bailout agreement for Cyprus by insisting the merger of two largest banks.
• A senior official of the Cypriot side said "we are not even near an agreement with the troika."
• The official said lack of an agreement is entirely due to the inflexible stance of IMF representative.
Cyprus to Chop Banking System to Win Aid, Avoid Default
- Mar 25, 2013 2:48 PM ET
in part
“It’s been yet another hard day’s night,” European Union Economic and Monetary Affairs Commissioner Olli Rehn told reporters in Brussels early today. “There were no optimal solutions available, only hard choices.”
http://www.bloomberg.com/news/2013-03-25/cyprus-to-chop-banking-system-to-win-aid-avoid-default.html
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5 years ago when the fR%^^&*ing communists took over the economy was thriving and there were extra billions in the country's reserve funds.Within 5 years they managed to ruin everything and brought us to this.
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mitsos: 5 years ago when the fR%^^&*ing communists took over the economy was thriving and there were extra billions in the country's reserve funds.Within 5 years they managed to ruin everything and brought us to this.
Bloody Commies, I hope it's sorted before I come back home.
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Cyprus has secured a 10bn euro (£8.5bn) bailout, saving the country from a banking system collapse and bankruptcy.
In return for the rescue funds, Cyprus must restructure its banking sector under an EU-IMF plan approved by eurozone ministers earlier today.
The country's second-largest bank, Popular Bank of Cyprus, known as Laiki, will effectively be shut down and split into a "good bank" and a "bad bank".
Deposits below 100,000 euros (£85,509) in Laiki will be safeguarded and transferred to the Bank of Cyprus, the so-called "good bank".
Deposits above 100,000 euros, which under EU law are not insured, will be frozen and will be used to resolve debt. It is not yet clear how severe the losses will be for these depositors.
The move will yield 4.2bn euros (£3.6bn) overall - the bulk of the 5.8bn euros (£4.9bn) Cyprus needed to raise as part of the bailout conditions.
The deal emerged hours before a deadline to avert a collapse of the banking system, which could have forced Cyprus to exit the euro.
It followed fraught negotiations between Cypriot President Nicos Anastasiades and the troika of creditors - the International Monetary Fund, European Commission and European Central Bank.
"We've put an end to the uncertainty that has affected Cyprus and the euro area over the past week," said Jeroen Dijsselbloem, who chairs the meetings of the 17-nation eurozone's finance ministers.
"We believe that this will form a lasting, durable and fully financed solution," said Christine Lagarde, chief of the IMF.
After the eurozone's finance ministers' approval, several national parliaments, such as Germany's, must also approve the bailout deal, which might take another few weeks. EU officials said they expect the whole programme to be approved by mid-April.
Cyprus' finance minister Michalis Sarris said: "It's not that we won a battle, but we really have avoided a disastrous exit from the eurozone. A long period of uncertainty and insecurity surrounding the Cyprus economy has ended."
Cyprus' outsized banking sector was crippled by exposure to crisis-hit Greece.
In a vote on Tuesday, the country's 56-seat parliament dismissed a levy on depositors as "bank robbery".
The country's finance minister Michael Sarris then spent three fruitless days in Moscow trying to win help from Russia, whose citizens have billions of euros at stake.
Cypriots were outraged by the original proposal and have been queuing at cash machines ever since bank doors were closed last weekend on the orders of the government.
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Do you know why the Cypriot banks got into trouble in the first place?Because EU wanted it that way