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Dark times in Cyprus, are we next?


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140 replies to this topic

#136    danielost

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Posted 02 April 2013 - 12:36 AM

According to fox news, the fidc told banks last year that if they got in trouble , they could all deposits over 250,000.  Actually, the fidc  said they could take all of it.  But the whole thing.  But, according to fox news that would take an act of congress.

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#137    ciriuslea

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Posted 02 April 2013 - 02:54 AM

View Postdanielost, on 02 April 2013 - 12:36 AM, said:

According to fox news, the fidc told banks last year that if they got in trouble , they could all deposits over 250,000.  Actually, the fidc  said they could take all of it.  But the whole thing.  But, according to fox news that would take an act of congress.

What I don't understand is how Gov allows banks to take such risks in the first place, its ok saying if you get into trouble take everyone's money what about saying wtf is going on..and who are they answerable to ? as for an act of congress...I cant see that being too much of a problem, lets be clear on this the banks own everything including our gov's. But I think we all know wtf has been going on with the creation of money out of thin air or decades, it was always going to end badly.


#138    Zaphod222

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Posted 02 April 2013 - 04:15 AM

Of course we are next. Don´t expec the great EU bankrobbery to stop in Cyprus.

Now that the Eurocrats have demonstrated that laws and democracy mean nothing to them and they are ready to resort to open theft in order to protect the banks, the last barrier has been broken.

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#139    Frank Merton

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Posted 02 April 2013 - 04:21 AM

Banks should do nothing other than take in deposits and give out loans with those deposits, making their profits on the interest difference between what they pay for the deposit and what they get for the loan.

The habit has developed of people taking all sorts of up-front fees on the loans, and making their profits on these things.  This creates a perverse incentive to get the loan through no matter how bad, so the immediate cash can be pocketed -- let the future deal with the bad loads that will ensue.

Thus, banks should not be allowed to charge points or other fees, the costs involved in things like appraisals and inspections should be completely independent of the bank (even by having some mechanism where the entities that do these services are state owned or at a minimum chosen by public entities, not the bank or anyone connected with the real estate or title companies).

Because real estate loans are long-term and interest rates vary short term, some variability in interest rates should be mandatory.  Otherwise ultimately banks get into trouble when interest rates rise.  Either than or some system of periodic automatic renegotiation of the loan.


#140    acidhead

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Posted 02 April 2013 - 04:28 AM

View Postdanielost, on 02 April 2013 - 12:36 AM, said:

According to fox news, the fidc told banks last year that if they got in trouble , they could all deposits over 250,000.  Actually, the fidc  said they could take all of it.  But the whole thing.  But, according to fox news that would take an act of congress.

VP Biden acknowledged that that option was one of the administrations first options immediately after getting into office...  --To call a Bank Holiday.... you know... RIP OFF EVERYBODY not in the know....... THAT majority so-called current American domestic Democracy covets.

LOL

Watch:



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#141    Render

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Posted 05 April 2013 - 10:03 AM

There, as I numerously mentioned I suspected seems to be the case indeed.

Cyprus plan DID NOT COME FROM ECB..it was the cypriotic government that obviously made a panicked decision. It was just easy for the ignorant to instantly blame the EU for everything.

ECB says first Cyprus bailout plan 'not smart'

Quote

The initial plan to make small savers pay for the Cyprus bailout was "not smart", the European Central Bank (ECB) president has said.
ECB president Mario Draghi said a proposal to make "insured depositors" pay did not come from the ECB, the European Commission or the IMF.
He said the proposal only arose in talks with the Cypriot authorities, and was "swiftly corrected".
He was speaking after the ECB held eurozone interest rates at 0.75% again.
It was the ninth month in a row that they had been kept unchanged, but Mr Draghi indicated that the bank was ready to act, if necessary.
He also suggested that the problems seen for some time in smaller, weaker economies such as Spain, were spreading to stronger economies.


...

Speaking about the bailout, Mr Draghi said that the initial plan to impose a levy on all depositors "was not smart to say the least".
He said the ECB did not envisage savers covered by a guarantee - that is, those with up to 100,000 euros in savings - being forced to contribute towards the country's rescue plan.
"You have a pecking order, and here the insured depositors should be the very last category to be touched," said Mr Draghi. "The (European) Commission draft directive foresees exactly this."

...

Mr Draghi also told a news conference that the Cyprus bailout was not a blueprint for what would happen in further bailouts.

http://www.bbc.co.uk...siness-22024610

The bolded part seems to be the most important one for all the ignorant ones here who are p***ing their pants in panick. GET BACK TO REALITY you fearmongerers


#142    Frank Merton

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Posted 05 April 2013 - 11:13 AM

The problem is that what Mr. Draghi says is what Mr. Draghi says.  Words are cheap; what they do is what people notice.





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