Cyprus brokers and the EU bank bailout haircut

granted, what you say makes sense

however, the problems of Spain, Italy, France have been known for quite some time
yet we still have bullish euro periods; last 6 mths of 2012 for example

interpreting market reactions to forex news is not always obvious

Gap up? What about a huge gap down from lost faith in EU banking system? Who is next? Spain, Italy, France?
 
Which country are the bank accounts located in?

And Tar, stop deleting my posts and links, you've been at it all day.

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.
 
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.

No you're right, much better to let it happen, no sense in warning anybody. I mean I've never been right in the past so why now.

Fxpro have very clearly avoided saying where the accounts are held. If the accounts were held in the UK they'd have said that straight off.
 
No you're right, much better to let it happen, no sense in warning anybody. I mean I've never been right in the past so why now.

Fxpro have very clearly avoided saying where the accounts are held. If the accounts were held in the UK they'd have said that straight off.

That is the point. It has happened. What are you going to do about it?
Tell everyone not to put their money in Cypriot bank accounts? Tell the unfortunates to take their money out and send it home?

The birds have flown, mate, and it is a pity you did not tell people about Cyprus a month ago.

As it is, anyone who puts his money offshore is putting it into the hands of a foreign government and should accept the consequences.

The rest is for Comfort Cafè. Here, is not very comforting. The only thing to do is wait for the next government handout. Brussels may have a rethink about smaller
bank balances.
 
pb is correct, everyone needs to be aware of exactly where funds are deposited, especially now, in light of this heinous great eu bank robbery currently underway. other offshore brokers may be next.
 
The birds have flown, mate, and it is a pity you did not tell people about Cyprus a month ago.
.

I've lost count of the number of times I've told people to have nothing to do with brokers in Cyprus, I didn't imagine this would be the problem but anyone depositing their money with them has been asking for trouble.
 
Why would they put money into Cypress accounts? .

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....
 
Politicians and bankers shouldn't treat the rest of us as " mugs ". The worm can turn and will if provoked enough.
 
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?
 
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
 
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.
 
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.
 
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!
 
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
 
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
 
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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