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.