Dark times in Cyprus, are we next?

[danielost]

Germany is next. According to fox news.

[Render]

Germany is next. According to fox news.

Sure, Fox is the reliable source in times of crisis.

[Render]

Everyone has a right to protect their savings,if there is a run on the Banks,then the blame lays entirely with the EU.

Your not protecting anyone by doing that you're only enlargin the problem. Or : how to screw the younger generation twice

[Render]

Well the attitude of the EU certainly is creating a self fulfilling prophecy...

Agreed, the EU and Cyprus definitely handled this very poorly.

Fearmongering is never the way to go. But I never read anything about the EU demanding Cyprus to touch ppl their savings below 100 000 euroos. So im guessing that was Cyprus their huge mistake. Was it a bluff ? I dno. I think they're just as lost as everybody else.

I don't get the protest of the younger generation in Cyprus either. They're blaming the Germans and especially Merkel. Like she single handedly corrupted their entire financial system throughout the years.

It's the older generation that screwed the younger generation. And by proposing a bank run they're gonna do it twice. So if they have any sense left, they take the offer and try to make the best of it. it's time to rebuild, not nag about past mistakes.

[danielost]

Sure, Fox is the reliable source in times of crisis.

I miss heard not germany. Eu parlament said it was ready do the samething in other countries.

[acidhead]

Nobody like a thief. They rank up there with murderers and child molesters. In this case the German GOV is using the EU to rape accounts of people with zero debt. They may as well use an axe or a 9mm because it equates to the same thing.

[acidhead]

Your not protecting anyone by doing that you're only enlargin the problem. Or : how to screw the younger generation twice

Love your apathy. Lay down and take it because everybody else you know is taking it too. You're a good slave.

What you need to know is that nothing has changed. All that is happening is more of the same. Taking from the poor and middle class and giving it to the rich. The problem is only being papered over with debased money to cover debt that wasn't the result of 100% of the population. People must learn from their mistakes. Bailing out those who are raping everybody sends the wrong message. For now the economy is still supposed to be a free market capitalistic system but everytime the money changers get bailed out it screws individual liberty.

[Render]

Love your apathy. Lay down and take it because everybody else you know is taking it too. You're a good slave.

What you need to know is that nothing has changed. All that is happening is more of the same. Taking from the poor and middle class and giving it to the rich. The problem is only being papered over with debased money to cover debt that wasn't the result of 100% of the population. People must learn from their mistakes. Bailing out those who are raping everybody sends the wrong message. For now the economy is still supposed to be a free market capitalistic system but everytime the money changers get bailed out it screws individual liberty.

Ah ok, so when you made mistakes as a child your parents taught you to defy your punishment to rectify your behaviour.

Great upbringing

[Frank Merton]

I know why EU has chosen this tack -- much of the money in those accounts above normal-people amounts (which will be exempt) is Russian, and, not just Russian but Russian criminal organizations. Cyprus has been a money haven for these types, and the EU doesn't like it (I'm a bit disturbed that the Russian authorities seem to like it -- says something about the Russian authorities).

Still, people need to be able to trust banks. If you can't excess cash goes into the mattresses, where it does no one any good, and economies grind to depression levels.

[Render]

a 100 000 euroos is a lot of money. Even for the elderly, having a 100 000 in the bank is quite an achievement. I don't agree with touching the population their savings, but it wasn't the EU their intent to do so, the EU wants to go after the Russian and other foreign money, that basically exploited the Cyprus banking system and economy.

What Mr Merton says above me is correct. Cyprus their banking system relied on Russian money, mostly criminally obtained money. This wasn't a good supportable system, obviously. And Germany or Merkel didn't create that system. If they wanna blame someone, they should blame Russia and other foreigners for exploiting them to such a high degree. And the Cypriotic politicans for letting it get to this point.

[preacherman76]

Yeah, that would be supersmart. Taking all the money out of the banks so there will definitely be a collapse. Then everyone will be RICH.

Who comes up with these stupid one liners? Cmon...

They stole money from private bank accounts. Collapse is inevitable. The only thing now left to decide is to wether or not to take your money out while it can still buy you something. The entire banking industry is based on trust. That trust has been removed

[Render]

The trust in banks has been removed a long time ago thanks to the crisis, that started in America.

The European bank system consists of creating stronger banks that have more reserves of capital, in case anything else goes wrong in the future, so the rest of the population ( mainly the younger generation) doesn't get screwed again.

That's the opposite of collapse. You're just a doomthinker who can't wait for something sensational to go down, very sad.

Edited March 27, 2013 by Render

[preacherman76]

a 100 000 euroos is a lot of money. Even for the elderly, having a 100 000 in the bank is quite an achievement. I don't agree with touching the population their savings, but it wasn't the EU their intent to do so, the EU wants to go after the Russian and other foreign money, that basically exploited the Cyprus banking system and economy.

What Mr Merton says above me is correct. Cyprus their banking system relied on Russian money, mostly criminally obtained money. This wasn't a good supportable system, obviously. And Germany or Merkel didn't create that system. If they wanna blame someone, they should blame Russia and other foreigners for exploiting them to such a high degree. And the Cypriotic politicans for letting it get to this point.

It doesnt matter who's money is in those banks. The bottom line is these banks are just as criminal as any Russian moffia, and are taking peoples savings to make up for thier own gammbling debt.

[Render]

It doesnt matter who's money is in those banks. The bottom line is these banks are just as criminal as any Russian moffia, and are taking peoples savings to make up for thier own gammbling debt.

Yes, and that's Cyprus their problem.

What do you expect, that the EU should just give 10 billion without demands? 10 billion it raised with money of the countries within the EU.

Cyprus needs to fix it's banking system and needs to put in some effort ... otherwise no 10 billion.

[preacherman76]

The trust in banks has been removed a long time ago thanks to the crisis, that started in America.

Trust took a hit back then. Its dead now.

The European bank system consists of creating stronger banks that have more reserves of capital, in case anything else goes wrong in the future, so the rest of the population ( mainly the younger generation) doesn't get screwed again.

That's the opposite of collapse. You're just a doomthinker who can't wait for something sensational to go down, very sad.

Just cause I see things for what they are doesnt in anyway mean Im looking forward to it. Why on earth would anyone? The European bank is run by IMF and federal reserve criminals. How much more do you need to see before you wake up to that fact? How many more trillions have to be dumped into a black hole before you realize this whole thing is intentional?

[danielost]

a 100 000 euroos is a lot of money. Even for the elderly, having a 100 000 in the bank is quite an achievement. I don't agree with touching the population their savings, but it wasn't the EU their intent to do so, the EU wants to go after the Russian and other foreign money, that basically exploited the Cyprus banking system and economy.

What Mr Merton says above me is correct. Cyprus their banking system relied on Russian money, mostly criminally obtained money. This wasn't a good supportable system, obviously. And Germany or Merkel didn't create that system. If they wanna blame someone, they should blame Russia and other foreigners for exploiting them to such a high degree. And the Cypriotic politicans for letting it get to this point.

If all they were after was the mob money they could have taken that on a legal footing. But, instead they take everyones money.

[itsnotoutthere]

The trust in banks has been removed a long time ago thanks to the crisis, that started in America.

The European bank system consists of creating stronger banks that have more reserves of capital, in case anything else goes wrong in the future, so the rest of the population ( mainly the younger generation) doesn't get screwed again.

That's the opposite of collapse. You're just a doomthinker who can't wait for something sensational to go down, very sad.

And you it would seem are trying to justify theft on a grand scale.

Tell me, If you lived in cyprus & you had just retired after working all your life & you had a pension pot of say 100,000euros in the bank & government (with the backing of the E.U.) told you 'we're going to have 40% of that, thankyou very much' you'd be quite happy to let them get away with that would you?

Edited March 27, 2013 by itsnotoutthere

[stevewinn]

Yes, and that's Cyprus their problem.

What do you expect, that the EU should just give 10 billion without demands? 10 billion it raised with money of the countries within the EU.

Cyprus needs to fix it's banking system and needs to put in some effort ... otherwise no 10 billion.

the EU was fully aware of the Cypriot/Greek banking system before they allowed them to join. so why not give them the £10billion. the EU cannot have it both ways as they are finding out. do you know once they receive this latest bailout, it doesnt mean the problem is over. far from it it just makes matters worse. banking reform is not going to work. because look at what is about to happen, a run on the banks is inevitable - the Cypriot economy relies heavily on the financial sector, it accounts for more than 60% of their economy - capital flight will happen once the banks open. those Russians will end up putting their money in either Latvia or London. making the banking sector in Cyprus even worse.

Edited March 27, 2013 by stevewinn

[A rather obscure Bassoon]

the EU was fully aware of the Cypriot/Greek banking system before they allowed them to join. so why not give them the £10billion. the EU cannot have it both ways as they are finding out. do you know once they receive this latest bailout, it doesnt mean the problem is over. far from it it just makes matters worse. banking reform is not going to work. because look at what is about to happen, a run on the banks is inevitable - the Cypriot economy relies heavily on the financial sector, it accounts for more than 60% of their economy - capital flight will happen once the banks open. those Russians will end up putting their money in either Latvia or London. making the banking sector in Cyprus even worse.

I agree,when the banks reopen there is a big chance that there will be a run on the banking system in Cyprus, and quite frankly you can't blame anyone protecting their savings from theft on a very grand scale.

[Render]

How many more trillions have to be dumped into a black hole before you realize this whole thing is intentional?

That's what you make of it, doesn't make it true.

[questionmark]

the EU was fully aware of the Cypriot/Greek banking system before they allowed them to join. so why not give them the £10billion. the EU cannot have it both ways as they are finding out. do you know once they receive this latest bailout, it doesnt mean the problem is over. far from it it just makes matters worse. banking reform is not going to work. because look at what is about to happen, a run on the banks is inevitable - the Cypriot economy relies heavily on the financial sector, it accounts for more than 60% of their economy - capital flight will happen once the banks open. those Russians will end up putting their money in either Latvia or London. making the banking sector in Cyprus even worse.

They are giving them 10 billion, provided they come up with 4-5 billion on their own. Does not sound unfair to me.

[Frank Merton]

The residents of Cyprus (Cyproites?) are going to have a rough patch, and it's more Europe's fault than it is Cyprus's -- and Russia is not free of blame either, nor the Turks.

[Render]

If all they were after was the mob money they could have taken that on a legal footing. But, instead they take everyones money.

And how would that be possible according to you? Send out a questionaire to accountholders to ask how they obtained their money? That's not how it works, and Russia certainly wouldn't wanna cooperate.

And they don't take everyone's money. Over 100 000 euroos.

And you it would seem are trying to justify theft on a grand scale.

Tell me, If you lived in cyprus & you had just retired after working all your life & you had a pension pot of say 100,000euros in the bank & government (with the backing of the E.U.) told you 'we're going to have 40% of that, thankyou very much' you'd be quite happy to let them get away with that would you?

Do you see another option for Cyprus in all this mess? I'd like to read it. especially since Russia bailed on them .. they have to work it out with the EU because they so desperately need that 10billion. Look, this Cypriotic situation is unique. For the ones that say this is a precedent for all others countries are simply alarmists. A lot of countries in the EU already worked out deals. When the banks failed them the EU and individual countries held the bankowners responsible and they had to pay, not the savers or investors. But the bank of Cyprus is so huge, mainly because foreignor money with doubtful origins, that it's just too much to pay back..so in this unique situation they need to find other ways to get out of this mess. That is why people who have over 100 000 on their bank account will have to chip in. Some banks will ask for 4%, the Bank Of Cyprus is rumoured to ask as much as 40%. But no official number has been put on paper yet.

And your example is wrong. If you have 100 000 euroos you don't have to pay anything extra. These percentages are taken off of money ABOVE that 100 000. So, say you have 150 000 euroos, in the worst case you'll lose 40% on 50 000 = 20 000. So you have a remaining 130 000 euroos.

So if i lived in Cyprus, i'd realise there is no other way around this. Either i take all the money of the bank like everyone and then Cyprus entirely collapses so there is no point in living there anymore .. so i have to buy a new house in another country. Which will probably be too expensive, because you can forget about selling your house on Cyprus... OR i do the sensible thing and realise "this is it" and keep the remaining example of 130 000 and see Cyprus be rebuild and become a stronger country after all this.

the EU was fully aware of the Cypriot/Greek banking system before they allowed them to join. so why not give them the £10billion. the EU cannot have it both ways as they are finding out. do you know once they receive this latest bailout, it doesnt mean the problem is over. far from it it just makes matters worse. banking reform is not going to work. because look at what is about to happen, a run on the banks is inevitable - the Cypriot economy relies heavily on the financial sector, it accounts for more than 60% of their economy - capital flight will happen once the banks open. those Russians will end up putting their money in either Latvia or London. making the banking sector in Cyprus even worse.

The EU is not the lottery, you dont win a prize for a troubled economy. Simply giving 10billion euroos and saying sayanora doesn't fix anything. Just look at what happened in Greece after giving them billions of subsidies, they spent it very poorly.

The EU demands structural changes, where the bank isn't more powerful than the Cypriotic economy. Which, until now, was the case.

I agree that the Russians and probably many others will do anything in their power to move their money, so we'll just have to wait and see how far it goes and how many extra measures will have to be taken.

Edited March 27, 2013 by Render

[Render]

The residents of Cyprus (Cyproites?) are going to have a rough patch, and it's more Europe's fault than it is Cyprus's -- and Russia is not free of blame either, nor the Turks.

Kind of true, but if you go on in that logic you might as well say it's America's fault for starting the crisis .. which caused the banks in Europe to show all the cracks, which causes insight in what a bad shape Greece was thx to a lack of control over given funds from the EU ( among other things) , which caused Cyprus to fall...

The only thing left to do now is to look forward, reform the banking system so that it can never have this impact again when the cages are rattled. Which is exactly what is happening now, so in the end the EU and all its members will only come out stronger.

Edited March 27, 2013 by Render

[Frank Merton]

The Americans are always at falt and are always to get the credit; they are just too big to not be part of whatever. It's kinda lame looking at them all the time though.