Re: Eurozone will collapse...
 

I suspect the loan will not be paid off. Not completely anyway. Just like the Greek loan...

Re: Eurozone will collapse...
 

Seems that you are both correct .After reading a few articles it is clear that the Cypriot banks have been in big trouble for a while ,allowing assets such as Greek debt to rise to more than 7 times the Cypriot GDP which of course meant that Cyprus could not afford to nationalise the banks as we did .This situation does beg the question of why did no one in the EU see this coming and why was it allowed to continue or why was it just brushed under the carpet .

As to the question of alternative action ,i think on reflection that there is none anymore ,however had the problem been addressed earlier by the EU and Cypriot government then this levy would not have been needed

Re: Eurozone will collapse...
 

Only on the bailout, the whole point of getting Cyprus to stump up some of the cash is to reduce the level of debt Cyprus has to take on. If Germany's motivation was interest on the bailout there would be no levy because Germany would stump up 100% of the bailout. I don't think Germany expect to see the money back anyway. They're only doing it to reduce damage to the Eurozone.

Re: Eurozone will collapse...
 

I still don't understand how a levy can be placed on accounts held in banks with no money .

Re: Eurozone will collapse...
 

Well I presume it basically reduces the amount needed to bailout the banks, i.e it's more of a write-off. I don't understand it either tbh. That's the only way I think it can work in practise however.

Re: Eurozone will collapse...
 

The only way my head can get round it is to liken it to getting a bank loan for a car and paying the first repayment using money from the original loan

Re: Eurozone will collapse...
 

Nah cos this isn't considered part of the loan. It's more like having to have a deposit in the first place. I suspect it's just a mechanism by which to write down the money, they've 'taxed it'.

Re: Eurozone will collapse...
 

My understanding is that the Cypriot parliament has also approved a 1% levy on everyone else, which as it is so much smaller than what was previously mooted, everyone seems to either be ignoring entirely, or else accepting with relief as it could have been far worse.

This is of course standard operating procedure for the EU. Its will is democratically refused, so it invites the voters to think again and produce the 'right' result second time out. In the background it makes cosmetic changes to its proposals designed to make it look as if they have backed off, when they haven't. (cf. dropping the constitution and reintroducing it as the "Treaty of Lisbon, thereby circumventing both the French and Dutch electorates).

Re: Eurozone will collapse...
 

If its one thing the last few days has taught me about the EU and its bullying tactics is that they are not to be trusted now or in the future anywhere near our bank accounts.

Re: Eurozone will collapse...
 

Do you have a link or anything else to back up your understanding, or are we taking your word for it?

Re: Eurozone will collapse...
 

Re: Eurozone will collapse...
 

I missed the 1% levy, although to be fair the news was just breaking. Reading news stories at the moment however suggest that this 1% has been talked about but no clear indication if that would be part of the policy. This would be a mistake as it breaks the idea of your savings being safe and could led to future bank runs.

Cyprus don't want them to back off because they want the bailout money. Cyprus did not tell the EU to back-off but that these terms were unacceptable and they're trying to find a new way to raise the money. The EU backing off would mean the collapse of their banks.

The 1% isn't in the current set of stories:

http://news.sky.com/story/1068912/cy...-bank-deposits
http://www.ft.com/cms/s/0/6910b762-9...#axzz2OOQ6hqTN

We'll have to wait and see what happens when the actual bill is produced.

Re: Eurozone will collapse...
 

What you mean like a sort of national student loan? :)

Re: Eurozone will collapse...
 

One can only hope :)

Re: Eurozone will collapse...
 

The Cypriot Mp's are in Brussels tonight being measured up for there lederhosen :)

http://news.sky.com/story/1069157/cy...ives-for-talks

Poor Cyprus they are about to sign there souls to the Devil

Re: Eurozone will collapse...
 

The Graun is maintaining a live blog this evening as the EU and Cyprus continue negotiations.

http://www.guardian.co.uk/business/2...ogroup-meeting

And it seems that BoC and Laiki have now cut maximum cashpoint withdrawals to €100.

Re: Eurozone will collapse...
 

Are they preparing for no deal to be done?

Re: Eurozone will collapse...
 

Well, latest reports are that Anastasiades has threatened the Troika with his resignation if the deal they push on him is too harsh - he seems to be objecting to Bank of Cyprus being on the hook for a €9bn loan to Laiki. Failure to reach a deal is a distinct possibility at the moment, though recent history tells us the Eurocrats are so desperate to hold the Euro together they are more likely to come up with a sticking plaster at the last moment rather than allow the whole lot to come crashing down.

Re: Eurozone will collapse...
 

I wonder who's got major deposits with the Bank of Cyprus.

Re: Eurozone will collapse...
 

Reading that live update shows how much Cyprus are being bullied if you ask me.

Re: Eurozone will collapse...
 

So, let me get this right. If they impose a levy on savers with over 100K, surely since they have no choice in this they will simply withdraw the remaining 75% ASAFP and invest it in a more safe environment?

That's madness. By doing so they would be making the long term situation much much more volatile since the banks will suffer a run of epic proportions?

Re: Eurozone will collapse...
 

There are bound to be capital controls to prevent all the money draining out of the Cypriot banking system. But capital controls cannot prevent people deciding not to pay money in to the Cypriot banking system. There are a lot of British pensioners and service families out there, I expect HM Govt to make altnative arrangements rather than have their money disappearing into a Cyprioot black hole. Cyprus' days as a banking centre are now well and truly over, which is a double calamity as this was a major source of national income. About all they have apart from that is tourism. And would you go there this summer after the pictures on the news these past few days?

Re: Eurozone will collapse...
 

It could be interesting though Chris, I wonder if some wealthy people will choose to challenge any restrictions in the ECHR on the grounds of it's my money, I'll do as I please with it?

After all it is pretty much theft as I see it.

Re: Eurozone will collapse...
 

It certainly seems to run counter to the principle of the free movement of goods and services. Interesting times indeed.

Re: Eurozone will collapse...
 

Thats how i see it.

Re: Eurozone will collapse...
 

Doesn't seem like we will know if a deal has been done until the early hours of the morning but we could well wake to a the scenario of a complete collapse of the Cypriot banking system. It's a bank holiday in Cyprus tomorrow so maybe they'll use that an excuse to extend the deadline for another day.

Re: Eurozone will collapse...
 

The banks were not due to reopen until Tuesday but the ECB is threatening to cut off cash supplies tomorrow.

Re: Eurozone will collapse...
 

Hm, A 10Bn Euro bailout that would mean depositors lose 20% rather than 100% of their savings over 100,000 Euro. That's a definition of theft I'd not come across yet.

Re: Eurozone will collapse...
 

Ahh, sorry, I clearly do not understand it then. Crack on!

Re: Eurozone will collapse...
 

Then its theft of 20% of there savings, theft is theft no matter the amount

Re: Eurozone will collapse...
 

Without the bailout, people (not just the ones with savings over 100,000) are likely to lose everything, as the banks will fall over. What's that then? Oops?

Re: Eurozone will collapse...
 

I thought that the Govt was supposed to guarantee the savings up to the limit (I cannot remember) but if it all goes pop then who knows.

Lose everything? What are they going to do, trade in shells / pebbles? They must have a back out plan?

Re: Eurozone will collapse...
 

100,000 euros. Which is why (currently) the plan is for a levy on savings over 100,000 eurors.

Well, if you go to the cashpoint to withdraw some cash and the bank doesn't have any, you've got a problem don't you.

Out of interest: Does anyone know what would happen if Cyprus decide to go bankrupt and quit the euro. I would imagine any banking guarantees would be void, and the whole of Cyrpus would stand to lose their savings, or am I missing something>

Re: Eurozone will collapse...
 

Maybe, but at least if they don't get the bailout they will have to leave the Euro wreak. Then they can control there destiny instead of it being controlled by the Euro elite countries like France Germany and so on. Cyprus would have to print there own money and will be able to make there own decisions unlike now.

Re: Eurozone will collapse...
 

Yes, and there's a decent discussion to be had about what the best course for Cyprus (or most of Southern Europe) would be. However, to call the bailout conditions theft is rather simplistic and disingenuous.

Re: Eurozone will collapse...
 

thats way I see it complete corruption.

Cant cyprus just say stuff it if that means current BoC in its form goes pop. Setup there own banking system owned by the government.

Print new currency tell Germans IMF to go screw themselves. Now that would teach germany, IMF.

Now obvious take time to set up but they would be incontrol not the bankers have protected banking system.

I think all the world need to cut investment banks adrift let them wallow in there own stew. There needs to be massive shake up in banking and stock markets to protect businesses.

Ban leverage takeovers for start.

Re: Eurozone will collapse...
 

Clearly your understanding is better than mine. My bad.

Re: Eurozone will collapse...
 

latest is they want 40% haircut on savings this insane surely.

http://www.guardian.co.uk/business/2...ogroup-meeting

Now understand why both sides argument cyprus not helped themselves setting selves up tax haven. Would think this is purge on these tax havens. Maybe if they just do it for non Cyprus nationals will me be more sensible.

Maybe those foreigners who guenuine working in cyprus exempt. All else take the cut to savings if its above €100,000. 40% very steep hit on anyone finances. Damn billionairre tax avoiding going get hammering on that €400.000 plus hit:shocked:

Would this be better solution to the situation.

Re: Eurozone will collapse...
 

They've come to an agreement and it will be the 40% on savings above €100,000. It also appears that it may be 100% on savings over €100,000 if they bank with Popular Bank but that is unclear. Everyone under €100,000 will be protected so the ECB guarantee won't be broken.

http://www.guardian.co.uk/business/2...ut-deal-agreed

Re: Eurozone will collapse...
 

I dare say quite a lot of people around the EU will now be looking for alternative homes for their cash investments.

Re: Eurozone will collapse...
 

I am so glad we are not part of the Eurowreak

Re: Eurozone will collapse...
 

At least they protected savings under €100,000, theoretically you could just make sure you never have over that amount with any one institution. Probably a wise precaution anyway because you're always at risk of the bank collapsing as would have happened here, today maybe, had a deal not been reached.

Cyprus is in for a difficult time ahead. Their offshore banking industry which accounted for so much of their economy has been killed off.

Re: Eurozone will collapse...
 

agreed possible only solution they had they been backed into corner. Few billionairres will be not happy bunnies but they tax haven at there peril. Should paid taxes kept funds at home.

Little sympathy for those done it yes whether done it by playing rules or not. I do feel for the cypriots caught up and those who guenine work there who not cypriot was hoping there would be at least grace for those.

Hope fully it stark warning to those want offshore funds think this actually maybe just things to come to all tax haven provinces. Any way we go after Caymen isles similar move.. Are all tax havens about to go with this move.

Does this mean countries lost tax revenue to these people get there tax returns such as norway who has billionairre who put his funds in cyprus. Will fully support this if thats the case.

just read something from someone in cyprus its quite shocking.

So got over €100,000 in bad bank your now flat broke. Shocked they took all there deposits unless they been prudent spread it to another country then they are broke.

Re: Eurozone will collapse...
 

Let's not forget that we face this risk for deposits over £85,000 as well. If a bank goes under, you lose your money over this amount. If you've got more than this, make sure you spread it around over financial institutions.

Re: Eurozone will collapse...
 

You wont be flat broke, it's only money lost above that €100,000. It's not the case that if you have €99,990 euros in your account you're fine but if you've got €100,010 you're screwed. Instead the person with €99,990 loses nothing whereas the person with €100,010 will still have €100,000 untouched but loses €4 above that.

Re: Eurozone will collapse...
 

So where is the conspiracy theory angle about this being engineered to happen as a way of punishing Russia for something they have done recently or were planning to do?

Re: Eurozone will collapse...
 

The very fact that the EU wanted to take money below €100,000 and very nearly pushed Cyprus into it is extremely worrying. Who will be next and will they try it again.

Far as i am concerned the elite members of the EU are just going to get more and more powerful each time this happens. :(

Re: Eurozone will collapse...
 

yep thats what gets me also guenine investors suffering from the russian mafia and those sort it to be tax haven.

I think they could easily supported these as protected.

There some serious dodgy stuff in cyprus with the banking in cyprus and even cyprus leader being caught up in it.

http://www.cyprus-mail.com/attorney-...claim/20130205

No smoke without fire was he helping russian mafia launder money.

There serious ties with Laiki (Popular) Bank and greece despite against advice from BoC they bought bonds in greece in 2009 and still had get out jail when greece recovered abit later to sell it. Does go back to 1974 crisis.

Very toxic banking practises. What Cyprus banking sector 3 times its economy?

With us at that could we be considered similar fair game what banks in UK are toxic. We know investment arm RBS is very toxic.

Could RBS be on the hit list. If this now the way we going clean up bad banking practises.

---------- Post added at 11:18 ---------- Previous post was at 11:13 ----------

more inclined its war on bad banks and war on tax haven establishments.

Time will tell if it escelates to other countries whether G20 are actually behind the move.

Would liked to seen higher protection nationals and investors protected.

Re: Eurozone will collapse...
 

http://news.sky.com/story/1069277/cy...ozone-approval

30% of deposits seems a bit much and all those accounts effectively frozen untill mid April ,no wonder the Russians are going mental

Re: Eurozone will collapse...
 

This is going to bite the EU right on there arse :LOL:

Re: Eurozone will collapse...
 

Russia had a chance to offer a bailout and decided that they didn't want to bailout Russian tax-avoiders so I don't see why they think Germany should....

Re: Eurozone will collapse...
 

Is Russia in the EU and using the Euro now?

Merkel has been trying to control every last bit of europe and its financials in the last few years but I still don't see that germany should have to lend Cyprus the money any more than Russia.

If german bankers lost a lot of german money there, then it makes sense for them to help.

Just amazes me how the bankers just keep getting away with all this stuff with next to no recourse. Its like they are protected by the price of darkness himself.

Have wondered from reading this thread if you have a German background.

Re: Eurozone will collapse...
 

wonder what will happen if other member states kick this latest deal into touch .There are a few weeks to go yet and a lot can happen in that time especially with the Russians and their penchant for holding other countries to ransom until they get their own way.

Re: Eurozone will collapse...
 

No but they're the ones who stood to lose a lot as well and who were piping up about protecting depositors in Cypriot banks. Well the only way to do that is the bailout and Germany, amongst others, have given €10 billion in order to just that. Russia aren't happy? They presumably would be even less happy with the EU took the same route they did and refused any bailout at all.

There is either a bailout or bankruptcy. Let's be clear here, what Russia are unhappy about is that the EU didn't stump up more cash for a bailout and this is a hollow compliant from the country that wanted to contribute nothing when Cyprus asked them.

Re: Eurozone will collapse...
 

So why all of a sudden has raiding peoples bank accounts become acceptable? .Why wasn't this policy used with Greece,Italy or indeed the UK ?

and will it be considered for french deposits should they need a bailout?

Re: Eurozone will collapse...
 

It becomes acceptable when its done by the EU elite. You have to remember that in the EU everyone is equal but some are more equal than the others ;)

Re: Eurozone will collapse...
 

Because it was harder to see how Cyprus could come up with their share of the bailout otherwise. The size of their banking system dwarfed their GDP. No one is pretending this is an ideal situation, or even a good outcome, but it's difficult to see what alternatives were on the table. This was the case of choosing the least worse option.

For these people to access their savings would mean a bailout anyway. There was no option for people to reject the bailout and not lose money since the banks were about go under.

Re: Eurozone will collapse...
 

The more i hear of this the more i'm convinced that it is not a rescue,merely a stay of execution .Cyprus has a massive financial industry which has been destroyed now and basically the size of that industry was it's only hope for growth .I predict that this time next year (if not sooner)Cyprus will be bankrupt and on it's way out of the Eurozone and probably the EU

Re: Eurozone will collapse...
 

Yes I suspect it's a lot more 'acceptable' when it's a small nation down south...

I wonder how keen the likes of Turkey, Albania and Serbia will be to join the EU now.


What happens to the money owned by companies operating in Cyprus, is that going have a haircut too? If so I can see an awful lot of very unhappy businessmen queueing up to operate and take their jobs elsewhere. I can see years of massive resentment and anger building up as a result of this and still the Eurocrats refuse to accept their grand plan is fatally flawed. It's like a severe case of 'collective delusional disorder!'

Re: Eurozone will collapse...
 

You seem to want Cyprus to have told the EU to stuff it whilst taking an increased bailout funded entirely by the EU. You're both having a go at them for not taking the entire cost of the bailout on themselves and having a go at them for offering the bailout at all. You had a pre-emptive go at Germany if they increased the bailout. Which is it?

---------- Post added at 13:15 ---------- Previous post was at 13:13 ----------

They'll probably need another bailout. I don't think Cyprus' banking system was viable long term anyway. As long as the system dwarfed the rest of the country they were always going to be a hostage to fortune.

It's acceptable because the alternative was worse. There was no goldilocks solution here. A bailout was needed or the banks would have collapsed this week.

Re: Eurozone will collapse...
 

I think the issue was the amount of cash needed relative to GDP. If I'm not mistaken, investors (rather than savers) also lost money in the Greece bailout.

There's also the issue that the leaders of Northern European countries are finding it increasingly hard to justify these bailouts to their voters. It's by no means a certainty that this money will be repaid.

Re: Eurozone will collapse...
 

It's only acceptable to some and who do you think people in Cyprus will blame for this debacle? Whatever the rights or wrongs of this, how many years of antagonism, point scoring, back stabbing within the EU can we look forward to now? Each time another nation is affected in this manner the possible ramifications for European 'union' will increase. It'll be like the ConDem coalition only much worse.

Tell me where's all the harmony and common interest the EU was supposed to be about? I must say I was always of the opinion that keeping everyone working to the common good and living within the same rules was hard within a family, let alone when extrapolated to so many nations as diverse as those now found within the EU.

Re: Eurozone will collapse...
 

Which brings us back to a point i raised earlier ,why was it allowed to continue knowing that banks had failed elsewhere in the world for the same reasons .Red flags should have smacking the EU leaders in the face but appear to have been ignored and now ,as you say ,the only way out is to raid accounts for money that isn't really there

Re: Eurozone will collapse...
 

Eurocrats don't like alarm bells ringing do they. They hear what they want to hear.

Re: Eurozone will collapse...
 

This seems more like a general problem with the Euro and the EU. I agree to an extent this level of bitterness and anger is not healthy and that the Euro has been poorly implemented and some countries shouldn't have been admitted. I don't think it's something which has to be invertible though. They need to reform the currency and not allow such things to happen again, a more unified economic policy across the union would be needed.

However that doesn't help the current situation in which something needed to be done.

---------- Post added at 13:39 ---------- Previous post was at 13:36 ----------

Hang on Russia might be doing something, in the form of changing the terms of an existing loan.

http://www.guardian.co.uk/business/2...ut-deal-agreed

Re: Eurozone will collapse...
 

Demand full and immediate repayment ??:)

Re: Eurozone will collapse...
 

agree wondering if this now change. Many are conviently forgeting G20 meeting recently over tax avoidance/evasion and banking crisis. What was said in this meeting. Not blaming Germany yet. Not say merklel hasnt not been agressive postering she has. More like she wants to show own nation she a hardliner.

I think IMF comes out whole fiasco very badly worse Germany.

Now there change instead bailouts with austerity we now getting bailout with bank funds raids. Its change policy which not convinced is eurozone alone.

Damien if cyprus not long term viable what does that make UK's.

incidently latest is russia planning freezing Germany accounts in russian banking.:shocked:

:beer:watch the show hit

Re: Eurozone will collapse...
 

Russians got the hump?

Good job the EU isn't at all reliant on Russian gas eh...

Re: Eurozone will collapse...
 

Well the Russians can not blame us for the mess the EU have made of this.

Re: Eurozone will collapse...
 

Who didn't see this jigsaw of political posturing spirraling out of control from the start? There is a lot more than just Cyprus and their bailout going on here and some of it has had its root nurturing for some time. We probably never will get to know the full extent of the spiders web.

---------- Post added at 15:11 ---------- Previous post was at 14:44 ----------

Wonder if the Cypriot finance minister brought a Euromillions ticket on the off-chance :dig:

Re: Eurozone will collapse...
 

indeed there was cypriot on telly saying there whole lot rats which not been caught. Think we will not get end what gone off for sure.

I would feel for poor cypriot wins the £100m euro lottery tuesday.

now the cypriot paper allergation sorry its the fail report it anybody clarify Filelftheros.

http://www.dailymail.co.uk/news/arti...ey-abroad.html

if proven surely grounds abusing his position.

Re: Eurozone will collapse...
 

Yup he might be in some trouble. Resigning offence imo given the emotions involved. He better find a German scapegoat fast.

Re: Eurozone will collapse...
 

If the EU think this is over they are completely out of touch with reality. All the EU elite has done is to ensure that when Cyprus does go down the pan "i give it 5 months tops" they will be able put even more pressure on Cyprus and its banks because of that the extra debt they have given them. :mad:

Re: Eurozone will collapse...
 

Merkel has been flexing her manly muscles a lot lately. None of the rest of the world like her but she is still there thanks to the germans. Would love to line her up as the scapegoat but the Cypriot PM has all of this on his own shoulders. Not that he will care as those whose money he saved will reward him with enough cash to live comfortably on.

Re: Eurozone will collapse...
 

But you wanted them to take on more debt. :confused: This whole bank levy was so that Cyprus contributed to bailing out their banks and therefore reduced the amount of extra debt they'll take on.

Re: Eurozone will collapse...
 

But they have took on more debt anyway and i bet a big fat interest rate to boot which will cripple them..

Re: Eurozone will collapse...
 

Many people feel aggrieved that the government put the Cypriots in the position of needing such a bail out in the first place .They will also feel aggrieved that Cyprus has been the only country to have their accounts raided .The EU could have given Cyprus the full amount and imposed stricter and longer austerity measures ,even put one of their own in power as they did with Greece(i think it was Greece) Demanding that joe public stump up their savings to bail out incompetent bankers is a not on ,no matter how it is dressed up .

Re: Eurozone will collapse...
 

She has an impending election to worry about. Hence the extra tough talk.

Re: Eurozone will collapse...
 

exactly ,and i think we are all agreed that in the near future a further bail out will be required so who's money will they take then .Have they spared the ones with less than 100,000 euros for the next time

All the banks reopen tomorrow apart the bank of Cyprus and the Lalkl so i hope that every single citizen arranges to move their money out of cyprus

---------- Post added at 17:30 ---------- Previous post was at 17:29 ----------


wonder how this will affect that, after all raiding peoples accounts will not be popular there anymore than it is anywhere else

Re: Eurozone will collapse...
 

Germany is probably the strongest economy in the Eurozone but even they won't be able to save all the weaker economies in the EU. The Euro problem has been postponed not solved and sooner or later we will have another Euro crisis.

The Eurozone can only really survive if the EU nations go back to their original currencies and operate at a level they can afford. The Euro-one-size-fits-all-philosophy is not realistic and is like asking runners of vastly varying abilities to turn in an Olympic-level running performance over an ever-changing course..It would be extremely tough for the best runners but crucifying for the others.

Cyprus is the latest casualty but there will no doubt be others. Indeed the UK is beginning to suffer as the loss of the AAA credit rating shows.

The thing that intrigues me is whether or not the leaders of these countries cut their salaries given that they are the ones who made the decisions.If the UK is typical the government decision makers have retained their salaries, expenses and pensions while cutting the salaries & pensions of others and causing mass redundancies.

It'll be interesting to see how this all turns out as the budget did not offer much hope and gave no real practical solutions to the nation's problems.

Re: Eurozone will collapse...
 

Well yes but if there was another way to fund their part of the bailout then they would have taken that. I agree that the EU probably could, maybe should, have given the entire bailout but that would have had the effect of lumbering them with massive debt that greatly exceeded their GDP - which itself it about to be drastically reduced.

There really was no easy solution to this. What I think is especially disingenuous to complain about Germany giving them this debt and to complain that savings are being raided. There was no solution that allowed the EU to stay out of it and for the savings to be protected.

Re: Eurozone will collapse...
 

There will be a run on the banks as soon as they open.

Re: Eurozone will collapse...
 

It won't be unpopular there. What is unpopular is why they're bailing out countries and also being abused by the recipients of the bailout. They're not happy with their money being sent to all these countries. I dare say a lot of Germans would rather they didn't have the bailout at all.

Re: Eurozone will collapse...
 

Of course some would say that the Germans have very much enjoyed benefiting from Euro membership and don't much like the flip side of the coin.

Re: Eurozone will collapse...
 

As predicted, now they know they can get away with it, they are prepared to do it again:

http://www.telegraph.co.uk/finance/f...one-chief.html

Re: Eurozone will collapse...
 

Was obvious once done once they would think about it again but....surely saying this publicly means it will just speed up the demise of the euro currency as everyone takes their money out of the banks here and moves under the bed or other non-eu countries.

All is not as it seems...

Re: Eurozone will collapse...
 

Maybe now would be a good time to invest in Mattress and Fire Safe companies?

Re: Eurozone will collapse...
 

Yes. Countries are not always great at looking inwards. Again trying tell some British people that Foreign aid isn't that bad when you consider we're a society that has benefited from the exploitation of inequality. That said Germany didn't solely profit from the Eurozone, they also had an industrious workforce and didn't incur large debts whilst their economy was booming. They managed themselves well. They're now paying for both faults in the Eurozone but also Governments who funded services they could ill afford and risky economic policy.

Re: Eurozone will collapse...
 

So that was there master plan all the time. Now i see why they bullied Cyprus so hard. Germany must feel really proud of themselves tonight. :rolleyes:

Re: Eurozone will collapse...
 

never a mattress expert when you need one

Re: Eurozone will collapse...
 

You could not write a better Hollywood script :D

http://www.bbc.co.uk/news/business-21920574

What really cracks me up is there are people in this country who want to sign up our country to this group of snake oil salesman.

Well done the EU your have made my day :D

http://news.sky.com/story/1069588/cy...-eurozone-deal

Cyprus Bailout: Public Anger At Eurozone Deal

I have said it before and i am saying it again, i would not like to be a German holiday maker in Cyprus at the moment.

Re: Eurozone will collapse...
 

Yes the cat's been well and truly let out of the bag by this guy but it's nothing those of us with who can see beyond the end of our noses didn't already know. Apparently he's backtracking and blaming misquotes now but who on earth would believe anything these people say given what's been going on? They're living in a world of their own and if they don't change tack sooner or later they're going to be a massive reaction to their delusional centralist nonsense.

---------- Post added at 20:02 ---------- Previous post was at 20:02 ----------

Our resident mattress expert ceased trading sadly...

Re: Eurozone will collapse...
 

Have a feeling you are not referring to something as simple as booby-trapped sunbeds here... :Sprint:

It is common practise in many different arenas to target or bully the small fry who can't fight back and then to use the catch as precedence for larger fish. File sharing for example should be insignificant compared to europes economy but at the same time the US government seems to interfere just as much in each

Re: Eurozone will collapse...
 

It's still bugging me as to why raiding peoples accounts was deemed the only acceptable policy in this case when it wasn't considered for any other bailout plan

Re: Eurozone will collapse...
 

I suggest the Eurocrats forgo some of their lavish pay, perks and treats in the common good, how about that? I mean there's precious little sign of austerity around Brussells is there.

Re: Eurozone will collapse...
 

Small country or taking Russians money? The answer will be multifaceted

Re: Eurozone will collapse...
 

Other countries found a way to raise their share of the bailout plan whereas Cyprus couldn't.

Re: Eurozone will collapse...
 

I think we should 'out' Damien as a paid employee of the EU working in its German based PR dept... :D

Re: Eurozone will collapse...
 

Which the EU were glad of as it has setup the next bailout procedure nicely. ;)

Re: Eurozone will collapse...
 

Or as someone who tries to provide a balanced view, even when it may be unpopular....;)