Cyprus brokers and the EU bank bailout haircut

Pat494

Legendary member
14,617 1,581
Politicians and bankers shouldn't treat the rest of us as " mugs ". The worm can turn and will if provoked enough.
 

Splitlink

Legendary member
10,850 1,234
There is a lot of hot Russki money there - no longer a money tree for them.....

For everyone else this is outright theft and the ripples into depositor confidence across and beyond Europe could be huge.

Can't help thinking how well the Germans have done without invading again....

I don't think that this is anything more than an ill thought out plan. I would not be surprised to see an ammendment for smaller accounts.

But I do not profess to be an expert on Cyprus government. Neither did I put money there, either.

Now you can see why Spain's Rajoy, is resisting all efforts from Brussels to accept a bailout. The terms are punitive but, in the Cyprus case, bank debt against GBP is 8:1. If they do not accept the bailout, how safe are the accounts going to be?
 

Pat494

Legendary member
14,617 1,581
Before WW2 the matter of banks going bust was considered a serious matter in the UK. The local Cornish bank went tits up and the Directors were put in jail. None of this " just par for the course US cr*ppy thinking.
The deterrents worked up until recently. Nobody seems to care too much on the money merry-go-round these days. Disgraceful I reckon.

Jail the b*stards
 

DionysusToast

Legendary member
5,963 1,501
This move is sickening.

It effectively targets an area of society that is constantly getting the shaft - the middle class.

They are the ones that work hard, pay for the layabouts on social security, ask for little in return for their taxes. This group - the one that saves - they are now being singled out to pay for bankers and governments failings.

The end result will be complete lack of faith to put money into that system in Cyprus ever again.

It's a shame the middle class aren't like other disaffected groups as I feel they will mostly take this lying down.
 

Trader333

Moderator
8,658 984
Everyone is presuming that this is only about Cyprus when it has set a precedent for any country in the EU. The message to me is clear, don't have any savings deposited and put it into a form that cannot just be removed from my account.

I am already getting to work on doing this although if they tried it in the UK there would be a run on banks like never seen before in my view.
 

DionysusToast

Legendary member
5,963 1,501
Trouble is Paul - they tend to announce this sort of thing when the banks are closed.

So you wouldn't have opportunity to get it out anyway!
 

NVP

Legendary member
37,785 2,109
Everyone is presuming that this is only about Cyprus when it has set a precedent for any country in the EU. The message to me is clear, don't have any savings deposited and put it into a form that cannot just be removed from my account.

I am already getting to work on doing this although if they tried it in the UK there would be a run on banks like never seen before in my view.

yep - reducing my exposure as I speak on my UK based accounts :cool:

all this £85k "promise" makes me laugh ...........a run on UK banks means a run on the UK.......and thats a lot of £85k's to pay back if it goes t*ts up .......so its not worth the paper its written on.....

same as all the CFD's and derivatives that were incorrectly priced on the US mortgage collapse....they priced risk as if all accounts were independent of each other..........crazy !

N
 

NVP

Legendary member
37,785 2,109
so where are we all putting our readies gang ?.........I am back in NSI again mainly now.....I did have some accounts elsewhere abroad but have closed them all over the years .....

as someone said earlier having money outside your own country can sometimes bite you on the backside - no matter how tax efficient it is

N
 

neil

Legendary member
5,167 750
This move is sickening.

It effectively targets an area of society that is constantly getting the shaft - the middle class.

They are the ones that work hard, pay for the layabouts on social security, ask for little in return for their taxes. This group - the one that saves - they are now being singled out to pay for bankers and governments failings.

The end result will be complete lack of faith to put money into that system in Cyprus ever again.

It's a shame the middle class aren't like other disaffected groups as I feel they will mostly take this lying down.
They wouldn't get away with it in France- croissants would flow in the streets !
Seriously though -I like the way the French don't take govt. dictates meekly like the English and (maybe) Cypriots but lets wait to see how the Cypriots react to this robbery of the people.:confused:
 
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NVP

Legendary member
37,785 2,109
then again losing 10% of your deposit with the Cyprus banks is still cheaper than giving it to the Cyprus forex Brokers ?
 
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neil

Legendary member
5,167 750
You don't like to let go, do you?

Tell me a good place to have a bank balance these days? Don't say the UK, with the pound falling all this year it is heading for par with the Euro.

Having money in a bank is a worrisome business, these days.

All you are doing is trying to scare the sgit out of everyone and that is very unproductive.

Come up with something useful or, please, give it a rest.

Swiss bank account? (not for secrecy but for safety of funds):|
 

Mr. Charts

Legendary member
7,370 1,194
Obey thy Merkel !
 

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JSMITH07611

Member
90 0
i think the way to test out where your money is held is by opening an account with pretend details. then tell them that you want to deposit via wire and what are their bank details. if the bank is not located in cyprus then you are okay. to test this fully you need a few pretend accounts pretending you are in different countries so say a pretend one for uk for cyprus and for australia ect. and then pretend to make a wire and you will see the banks they keep their depositors money.

kind regards.

as far as i know etoro is safe as they use barclays uk.

windsor might be an issue as they use a bank in limassol cyprus

i have not checked out the rest
 
 
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