Cypriot Banks

[Darkwood]

We are not in the Euro and therefore can't fall foul of EU meddling ...our banking system is now ring-fenced for our protection and even if the bank went bust then upto 80k you will be covered ... over that you share you money between different banks to keep the cover and where you are in the millions then you have an accountant to do what necessary to protect your dosh... it would be beyond stupid to take you money out of the bank in this country and keep it at home... the best home insurance wont see more than 1k cash cover but in the bank its protected the goverment has protected your money and they would commit political suicide if they changed the law to get at your money direct.

It isnt going to happen here we are not under the same EU financial rules we are not part of the Euro, Cyprus is a country asking for a bailout they are basically on their knees begging for rescue and are having to impose this themselves to pay off their debts that the oh so brilliant EU set them up for this big fall.... Merkel and the rest of her chums are playing a dangerous game and have Spain, Italy, Greece, Cyprus etc all stood on stools with nooses around their necks and they have the option of kicking the stool from under them...

Its desperate measures from an EU 'STATE' to stop any member country defaulting on their bailouts because such a move could trigger a domino effect and be the catylist that brings down the whole system.

 

[Tuttle]

I wonder if the politicians, and their rich mates, managed to clear out their own bank accounts before announcing this tax

 

[Joe_b87]

The father-in-law is a Cypriot, he's got a couple of very wealthy cousins, one of which only banks with the bank of Cyprus (some patriotic thing)! Anyway the father-in-law says no ones heard from him for two days, he says they think he might be camped outside the bank!!lol

 

[Silly Sausage]

I wonder if the politicians, and their rich mates, managed to clear out their own bank accounts before announcing this tax

Is the Pope Catholic is the answer to that question!



Engineer54 is conspicuous by his absence!

 

[FrankUK]

Seems like the UK Gov has promised to reimburse any UK Military personnel in Cyprus for their losses, so I guess we are all affected anyway....as the Gov only has our money to play with. Reminds me of Northern Rock a couple of years ago.

 

[Darkwood]

They cant get to the brass anyway as they closed all the banks until thursday ..... and what the betting their will be limit to withdrawals come that day but either way its gonna be a day of reckoning for the EU.

 

[Darkwood]

They cant get to the brass anyway as they closed all the banks until thursday ..... and what the betting their will be limit to withdrawals come that day but either way its gonna be a day of reckoning for the EU.

Ironic that the EU survives all the bail outs of the big countries yet one of the smallest of approx 1million population could be its demise.

 

[Marvo]

......Engineer54 is conspicuous by his absence!

Lol, maybe also camped outside his bank with an 8 figure withdrawal slip in his hand

 

[Engineer54]

Lol, maybe also camped outside his bank with an 8 figure withdrawal slip in his hand

LOL!! Not quite, most of my liquid funds/assets are still in a couple of UK banks, and just top up the Cyprus bank account as and when!! But i'll still end up losing around 600/700+ Euros or so, if it's stays at 6.7%!!

As others have stated, this isn't going to do the Euro any favours at all. Nor will it do the EU any good. There is supposed to be a ring fence protection to EU bank accounts too (100,000), so i'm not too sure if this is even a legal move or not!! We'll have to wait and see if any representations to the European Courts are made.

What i can't make out is why would they need to raid the accounts to bail out the banks, if the deposits are so supposedly vast!! lol!! Not a single mention has been made either about the proven new found vast reserves of both oil and gas within Cyprus waters. A small portion of these reserves could have been leased to the EU as a bond towards payment of this bail out....

I don't think anyone with any real money is going to leave any huge deposits in any Euro Zone banks if this goes through Once a president has been set, that's it for politicians, it's always going to be on the cards that others will do exactly the same at a later date!! Management by Crisis has never worked and it won't this time either, it'll just create other bigger problems further down the line!!!

 

[ian.settle1]

Should be fun with this vote


BBC News - Cyprus MPs reject EU-IMF bailout tax on bank depositors