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