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Originally Posted by Damien
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.
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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.
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The second largest bank will be closed down entirely, deposits under €100K will be transferred to a "good bank" and remain safe. It's unclear how much depositors with funds over €100K in the "bad bank" will lose, it could be everything ! But I'm not completely sure about that, I'm just going by brief reports from Reuters.
If true, it seems crazy. Have they just come to some arbitrary decision that bank B must close down, while bank A is declared ok to continue. Is the money of depositors with funds over €100K in "good bank A" now safe ?
Whatever happens, I can't see this will stop a run on the banks. But it could become far worse than that and turn very nasty.
Ps..just heard a bit more. As above, but those with deposits of over €100k in a "good bank" will lose 40%, those with deposits over €100K in the "bad Bank" stand to lose the lot.
I predict a riot.
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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.