Cyprus brokers and the EU bank bailout haircut

gc1

Well-known member
273 5
I wonder how the Cyprus based forex brokers will handle the EU banking bailout (depositors being charged up to 10% of their deposits).

Or perhaps the brokers all use banks outside of Cyprus for holding most customer funds.
 

Lightning McQueen

Moderator
4,917 780
I wonder how the Cyprus based forex brokers will handle the EU banking bailout (depositors being charged up to 10% of their deposits).

Or perhaps the brokers all use banks outside of Cyprus for holding most customer funds.

i don't believe anyone with money on deposit in cyprus can now avoid this eu theft. from the news articles i'm reading it can't now be avoided, though i suspect some elites will, obveously.
 

pboyles

Legendary member
8,072 1,302
I wonder how the Cyprus based forex brokers will handle the EU banking bailout (depositors being charged up to 10% of their deposits).

Or perhaps the brokers all use banks outside of Cyprus for holding most customer funds.

That will be the next of it. Sorry we took 10% from your trading account for bailout tax. Every scumbag broker will be claiming your money was in Cyprus.
 

Lightning McQueen

Moderator
4,917 780
an added thought. the brokers may have known this was coming for a while and prepared. i noticed a deposit free bonus disappear a couple of weeks ago :(
 

Lightning McQueen

Moderator
4,917 780
That will be the next of it. Sorry we took 10% from your trading account for bailout tax. Every scumbag broker will be claiming your money was in Cyprus.

there will be lulz on the back of this i feel sure (y)
 

pboyles

Legendary member
8,072 1,302
Does it apply to business accounts or only personal accounts? Why are there no riots in Cyprus right now?
 

Splitlink

Legendary member
10,850 1,233
That will be the next of it. Sorry we took 10% from your trading account for bailout tax. Every scumbag broker will be claiming your money was in Cyprus.

Why would they put money into Cypress accounts? Avoiding tax, perhaps? Let's hope that the Channel Islands does not get into financial difficulty.
 

Splitlink

Legendary member
10,850 1,233
Does it apply to business accounts or only personal accounts? Why are there no riots in Cyprus right now?

Probably, because most Cypress citizens won't be taxed that much. It said "up to 10%" Remember where the Polly Peck CEO went to live? and what happened to the shareholders? Their funds went to Cyprus, too, but not to their bank accounts---to his.
 

jungles

Guest
614 67
and a gap up EURUSD Monday?

.......the market will interpret this little problem as solved for the time being

what do you think?
 

segutor

Junior member
18 0
and a gap up EURUSD Monday?

.......the market will interpret this little problem as solved for the time being

what do you think?

Gap up? What about a huge gap down from lost faith in EU banking system? Who is next? Spain, Italy, France?
 

Splitlink

Legendary member
10,850 1,233
Fx pro is in Cyprus, plus just about every other MT4 forex broker you can think of.

:) Now I know what is worrying a lot of traders. If Brits could get their money out of there, they would not give a monkey's about the rest. That is why I am inclined to favour the tax.

Don't forget the new tax the councils are going to charge for extra bedrooms. Is there anyone who would like a homeless person in their council house? I understand that the tax could amount to 750 GBP per year, if they don't.

Regardless of the unpleasant things that are happening in Spain, we have not got to that stage, yet and we still get daily rubbish collection.
 
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