Cyprus Savings Levy - could it happen here?

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  • xmodz10xmodz10 Posts: 1,434
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    viva la revolution

    our money system is corrupt.

    the way i see it is the IMF are using Cyprus as a Test to see how the people will handle it before doing it to other countries.

    IMF should be banned they do nothing but cause problem while pretending to help people
  • alanwarwicalanwarwic Posts: 28,396
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    xmodz10 wrote: »
    viva la revolution

    Salute the Kremlin?
  • alanwarwicalanwarwic Posts: 28,396
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    xmodz10 wrote: »
    the way i see it is the IMF are using Cyprus as a Test

    Cyprus is a special case.

    I'll certainly hang my basket on that opinion.
  • GroutyGrouty Posts: 33,944
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    Only a matter of time before it happens here. :p
  • d'@ved'@ve Posts: 45,452
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    Well "Cyprus can amend terms to a bailout deal that has sparked huge public anger" German and European bank officials say. http://www.bbc.co.uk/news/world-europe-21832187

    It's up to Cyprus how they raise the €10bn. No European dictat on stealing from private depositors, plenty of Cypriot spin.

    Our lot wouldn't dare.
  • alanwarwicalanwarwic Posts: 28,396
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    "He said it was the Cypriot government, the European Commission and the European Central Bank that had decided on the levy terms and that "they now must explain this to the Cypriot people".

    So what are they up to?
  • Mr CynicMr Cynic Posts: 5,435
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    Bank holiday in Cyprus till Thursday on the TV news just now.

    Looks like a bank run coming there.
  • CaldariCaldari Posts: 5,890
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    Surely it can't be legal for the banks to hold people's monies hostage by staying closed out of fear. What if people have bills that need paying, food that needs buying or other living expenses?
  • juliancarswelljuliancarswell Posts: 8,896
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    Caldari wrote: »
    Surely it can't be legal for the banks to hold people's monies hostage by staying closed out of fear. What if people have bills that need paying, food that needs buying or other living expenses?




    Crazy isn't it?
    I suppose in the short term bills go unpaid and food gets begged from friends and relatives.
    It cant go on for long or every public building would be alight.:eek:
  • PaacePaace Posts: 14,679
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    It's nothing more then out and out robbery of people's savings.
    It seems those fools running Europe from Brussels were unable to see the panic amongst people's in other European countries, especially places like Spain, Ireland, Italy, Greece etc this stupid order would create. I certainly would withdraw my money if I was in any of those places.
  • SiriusSirius Posts: 4,881
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    Paace wrote: »
    It's nothing more then out and out robbery of people's savings.
    It seems those fools running Europe from Brussels were unable to see the panic amongst people's in other European countries, especially places like Spain, Ireland, Italy, Greece etc this stupid order would create. I certainly would withdraw my money if I was in any of those places.

    Withdrawal would simply be the first step to true anarchy. Cyprus must pay, and that means the people in Cyprus must pay. Through cuts or taxation.

    Withdrawing your money won't count for much when crime goes through the roof and the value of any assets you have over there falls through the floor. Unless of course you move, and likely lose more than 10% of the value of anything you have in the process as prices hit the floor as everyone has the same "clever" idea.
  • alanwarwicalanwarwic Posts: 28,396
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    d'@ve wrote: »
    It's up to Cyprus how they raise the €10bn. No European dictat on stealing from private depositors, plenty of Cypriot spin.Our lot wouldn't dare.

    Depends on how much Russian money we have?
    Maybe they just stick to football clubs here.
  • PaacePaace Posts: 14,679
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    Sirius wrote: »
    Withdrawal would simply be the first step to true anarchy. Cyprus must pay, and that means the people in Cyprus must pay. Through cuts or taxation.

    Withdrawing your money won't count for much when crime goes through the roof and the value of any assets you have over there falls through the floor. Unless of course you move, and likely lose more than 10% of the value of anything you have in the process as prices hit the floor as everyone has the same "clever" idea.

    Very funny . I believe the banking system means you have the right to withdraw your money whenever you choose . The greedy banks screwed the world and now we all have to suffer . They still think they can screw people by robbing their savings.
    Well they've just created the biggest panic wave ever . You just watch it get worse and spread through every country in the world.
  • SiriusSirius Posts: 4,881
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    Paace wrote: »
    Very funny . I believe the banking system means you have the right to withdraw your money whenever you choose . The greedy banks screwed the world and now we all have to suffer . They still think they can screw people by robbing their savings.
    Well they've just created the biggest panic wave ever . You just watch it get worse and spread through every country in the world.

    It's not funny, it's the logical follow on from everyone with money leaving Cyprus, or intending to leave Cyprus, with their savings intact.

    The banking system gives you the right to attempt to withdraw your money, but if your bank has pissed it up against the wall it's up to Governments to guarantee it (and in the case of Cyprus, they don't have any either).

    The panic wave you describe could be quite entertaining as everyone withdraws their money and it ends up worthless anyway because they didn't trust anyone to manage the situation and/or they were too selfish to realise "we are all in this together".
  • gulliverfoylegulliverfoyle Posts: 6,318
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    theyll impose capital controls next

    otherwise billions will leave the country and the banks will collapse
  • PaacePaace Posts: 14,679
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    Sirius wrote: »
    It's not funny, it's the logical follow on from everyone with money leaving Cyprus, or intending to leave Cyprus, with their savings intact.

    The banking system gives you the right to attempt to withdraw your money, but if your bank has pissed it up against the wall it's up to Governments to guarantee it (and in the case of Cyprus, they don't have any either).

    The panic wave you describe could be quite entertaining as everyone withdraws their money and it ends up worthless anyway because they didn't trust anyone to manage the situation and/or they were too selfish to realise "we are all in this together".

    Not just me saying the obvious

    http://www.talktalk.co.uk/news/world/article/cyprus-bank-levy-fears-spread-out/81959/
  • Jimmy ConnorsJimmy Connors Posts: 117,524
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    I have a Cypriot bank account. :eek: Luckily it only has what I transfer to it, and that is not a lot right now.
  • ibattenibatten Posts: 418
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    Sirius wrote: »
    It's not funny, it's the logical follow on from everyone with money leaving Cyprus, or intending to leave Cyprus, with their savings intact. .

    Given the main appeal of Cypriot banks was their, er, "relaxed" approach to money laundering, I wonder quite where the Russian money will be going.
  • cnbcwatchercnbcwatcher Posts: 56,681
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    I'm worried it could happen here in Ireland. Maybe I should think about withdrawing all my money from the bank and keeping it in a biscuit tin under the mattress.
  • alanwarwicalanwarwic Posts: 28,396
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    http://www.bbc.co.uk/news/business-21831943
    ", suggested that the main beneficiaries from a eurozone bailout of Cyprus would be Russian oligarchs, businessmen and mafiosi.

    So conservative Moodys thinks up to half the money is Russian so 50% of the bailout is for them. Maybe more?
    Yet obviously Cypriot politicians who tried to levy everyone are far more in fear of Russians than their own people.

    Also, all the rich Cypriots helped enhance caused the collapse by moving their money out.
    ""I don't know a single millionaire who has kept their money in Cyprus. "
  • flashgordon1952flashgordon1952 Posts: 3,799
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    Very unlikely to happen here because cyprus is a tax haven.. And is now suffering from it. and this is what all tax haven could end up ! And there is a list ie isle of man channel isles, and they are in the uk
  • exlordlucanexlordlucan Posts: 35,375
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    No chance it happening here.
  • habbyhabby Posts: 10,027
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    I went to the bank today to find out about savings accounts.

    The best they could offer is to keep my money tied up for 3 years and I would get interest of..................2.1%!!!!! :eek:
  • exlordlucanexlordlucan Posts: 35,375
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    habby wrote: »
    I went to the bank today to find out about savings accounts.

    The best they could offer is to keep my money tied up for 3 years and I would get interest of..................2.1%!!!!! :eek:


    Which is better than -10% :D
  • exlordlucanexlordlucan Posts: 35,375
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    If those Cypriots want a better deal then deposit it with me and they'll only lose 5%.
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