Eurozone will collapse...

[Qtx]

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?

[Sirius]

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.

[mertle]

Originally Posted by Sirius

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.

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 ----------

Originally Posted by Qtx

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?

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.

The second-largest bank, Popular Bank of Cyprus - known as Laiki - will effectively be shut down and split into a "good bank" and a "bad bank".
Sub-100,000-euro deposits in Laiki will be safeguarded and transferred to the Bank of Cyprus, the so-called "good bank", while those above the 100,000-euro limit, which under EU law are not insured, will be frozen and hit with the levy of around 30% to resolve the debt crisis.

After the eurozone's finance ministers' approval, several national parliaments, such as Germany's, must also approve the bailout deal, which might take another few weeks. EU officials said they expect the whole programme to be approved by mid-April.

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

[Sirius]

Originally Posted by martyh

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

This is going to bite the EU right on there arse

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....

[Qtx]

Originally Posted by Damien

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....

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.

Originally Posted by Damien

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....

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.

Originally Posted by Qtx

Is Russia in the EU and using the Euro now?

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.

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?

[Sirius]

Originally Posted by martyh

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?

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

Originally Posted by martyh

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?

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.

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

[Osem]

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!'

Originally Posted by Sirius

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

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 ----------

Originally Posted by martyh

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

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.

Originally Posted by Osem

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.

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.