Eurozone will collapse...

[Osem]

Originally Posted by Damien

Put the money in American banks! They're on the up and they would overthrown the Government if they tried to take their money in such a way.

JP Morgan accused by Senate panel of flouting rules and ignoring regulators

Senators say bank believed it was too big to fail while regulators deny bosses' claims that bank told them of mounting losses

http://www.guardian.co.uk/business/2...trading-losses

http://en.wikipedia.org/wiki/2012_JP...e_trading_loss

Some are more on the up than others.

[Qtx]

Probably a few countries hoping the bank account tax works in Cyprus so they can do the same in their own. Free money from nowhere and a tax they can claim is in our best interest, like most other tax schemes.

[Osem]

The banks are already making money out of savers by paying them such poor rates.

Originally Posted by Osem

The banks are already making money out of savers by paying them such poor rates.

Well that's a point. It's kind of happening with low interest rates...

So, thinking about what happens to Cypriot banks when they reopen, which at some point they will have to. Will the vote in the parliament quell depositors' concerns, or is the country about to experience the great granddaddy of all bank runs?

[Derek]

Originally Posted by Chris

Will the vote in the parliament quell depositors' concerns, or is the country about to experience the great granddaddy of all bank runs?

I'll go for option B. if I worked in a Cypriot bank I think Thursday might be the best day ever to throw a sickie.

Originally Posted by Chris

So, thinking about what happens to Cypriot banks when they reopen, which at some point they will have to. Will the vote in the parliament quell depositors' concerns, or is the country about to experience the great granddaddy of all bank runs?

Surely they won't reopen them until they've made it clear the deposits are safe? It would be brutal if they opened tomorrow as normal.

Well I hope the RAF airfield is well-defended in that case. That plane carrying a million Euros has just landed.

---------- Post added at 22:33 ---------- Previous post was at 22:31 ----------

Originally Posted by Damien

Surely they won't reopen them until they've made it clear the deposits are safe? It would be brutal if they opened tomorrow as normal.

Sooner or later they will have to open, or else they'll collapse the economy through people simply not being able to buy anything.

It's a tough call. You're right, they may want to take some time to try to calm things down, but conversely the longer they string out the crisis, the more rational it becomes to withdraw all your cash as soon as you can.

[TheDaddy]

Originally Posted by Chris

Well I hope the RAF airfield is well-defended in that case. That plane carrying a million Euros has just landed.

---------- Post added at 22:33 ---------- Previous post was at 22:31 ----------



Sooner or later they will have to open, or else they'll collapse the economy through people simply not being able to buy anything.

It's a tough call. You're right, they may want to take some time to try to calm things down, but conversely the longer they string out the crisis, the more rational it becomes to withdraw all your cash as soon as you can.

Or perhaps they won't be opening again after all

http://news.uk.msn.com/world/cyprus-banks-may-never-reopen

Originally Posted by TheDaddy

Or perhaps they won't be opening again after all

http://news.uk.msn.com/world/cyprus-...y-never-reopen

I might have guessed Schaeuble would be behind comments like that. The man's a complete idiot. He really should know better than to talk up a crisis like that - he could actually end up making it worse.

[Sirius]

Originally Posted by Chris

I might have guessed Schaeuble would be behind comments like that. The man's a complete idiot. He really should know better than to talk up a crisis like that - he could actually end up making it worse.

How and why can Germany make statements like that. Its not there place to say that banks might NEVER reopen.

http://www.bbc.co.uk/news/world-europe-21855163

Cypriot officials have said the country's banks, which were closed to prevent mass withdrawals, will remain shut until at least Tuesday.
On Wednesday afternoon the cabinet began an emergency meeting to discuss alternatives to an EU-IMF bailout deal rejected by parliament on Tuesday.
Reports say the government is considering imposing capital controls when banks are reopened.

Probably going to keep them shut until Russia comes up with the cash.

There is a danger here that Cyprus could end up with Russian financial aid in exchange for Russian access to gas fields in Cypriot waters. I will be utterly amazed if the EUro-idiots in Brussels and Berlin are so stupid and short sighted that they allow Russia to take effective control of yet more gas, especially when that gas is currently within the territory of a European country and as things stand there is absolutely no need for it to become subject to Vladimir Putin and his penchant for turning the taps off when things don't go his way.

But then, this entire crisis is the result of EUro-stupidity anyway, so perhaps there's nothing left that is genuinely amazing or shocking.

[Sirius]

Originally Posted by Chris

There is a danger here that Cyprus could end up with Russian financial aid in exchange for Russian access to gas fields in Cypriot waters. I will be utterly amazed if the EUro-idiots in Brussels and Berlin are so stupid and short sighted that they allow Russia to take effective control of yet more gas, especially when that gas is currently within the territory of a European country and as things stand there is absolutely no need for it to become subject to Vladimir Putin and his penchant for turning the taps off when things don't go his way.

But then, this entire crisis is the result of EUro-stupidity anyway, so perhaps there's nothing left that is genuinely amazing or shocking.

I honestly hope that Cyprus pulls out of the Eurowreck and sets a precedent.