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Eurozone confident on Cyprus bailout


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#1    Render

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Posted 05 March 2013 - 07:19 AM

Quote

Eurozone finance ministers, known collectively as the Eurogroup, are confident of agreeing a bailout for Cyprus by the end of March.
The bailout could be worth up to 17bn euros ($22bn; £15bn).
Eurogroup head Jeroen Dijsselbloem said ministers were ready to help Cyprus, but the details still needed to be worked out.
Cyprus's new government has agreed to a review of how banks are implementing anti-money laundering laws, he said.
This is likely to appease Germany, which had raised concerns about money-laundering on the island.


http://www.bbc.co.uk...siness-21655475


#2    stevewinn

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Posted 05 March 2013 - 11:41 AM

Well Cyprus today,  but who is tomorrow, Portugal is next on the list, followed by Spain. at which point its game over, - no money left. the euro is in dire trouble. and those countries who use it.

what of the vote in Italy. the chaotic result as plunged the Euro into crisis yet again, with the Italians voting against austerity which is the right decision, because austerity is pointless if you cannot devalue your currency and Italy cannot devalue - being stuck in the one size fits all Euro straitjacket. Italy needs to leave the Euro. hopefully the failure of the Euro is even closer. and it will be the benefit to all. remember this, ultimately the Euro will fail.



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#3    stevewinn

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Posted 05 March 2013 - 11:47 AM



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#4    Bavarian Raven

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Posted 07 March 2013 - 06:03 PM

What they need to do is basically kick out every country bordering the Med. sea (except for france) and including Portugal. They'd already be off to a better start... and those countries that remain, need to be placed under a strict monetary monitoring program.


#5    stevewinn

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Posted 16 March 2013 - 08:01 PM

well its happened Cyprus is to be bailed out. but the headline should be - EU Seizes Control of Cypriot Bank Accounts. in what is utterly unbelievable, on Tuesday the EU will help themselves to between 6.7 and 9.9% of population's savings. so if you have money in Cypriot bank account depending on how much the EU is going to take between 6.7 and 9.9% of your money. - euro zone finance ministers forced Cyprus' savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.

To guard against capital flight, Cyprus will take immediate steps to prevent electronic money transfers over the weekend. In the coastal town of Larnaca, where irate depositors queued early to withdraw money from cash machines, co-op credit societies that are normally open on Saturdays stayed closed. "I'm extremely angry. I worked years and years to get it together and now I am losing it on the say-so of the Dutch and the Germans," said British-Cypriot Andy Georgiou, 54, who returned to Cyprus in mid-2012 with his savings. "They call Sicily the island of the mafia. It's not Sicily, it's Cyprus. This is theft, pure and simple," said a pensioner.

They have frozen bank accounts as of COP Friday. Closed ATMs and will deduct percentage of all accounts when banks re-open on Tuesday! No consultation with the Cyprus Parliament. No discussions, no exemptions, no allowances. The EU have decided - that's it. well its going to be interesting on Tuesday are we going to witness more riots this time in Cyprus. will this cause a run on the banks in the likes of Spain Ireland Portugal, because when the state starts taking peoples savings things go downhill pretty quickly. bear in mind, the EU isnt even a state. this is going to get worse. - my fear is if they manage it in Cyprus whose next on the hit list.



Edited by stevewinn, 16 March 2013 - 08:08 PM.

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#6    questionmark

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Posted 16 March 2013 - 08:46 PM

View Poststevewinn, on 16 March 2013 - 08:01 PM, said:

well its happened Cyprus is to be bailed out. but the headline should be - EU Seizes Control of Cypriot Bank Accounts. in what is utterly unbelievable, on Tuesday the EU will help themselves to between 6.7 and 9.9% of population's savings. so if you have money in Cypriot bank account depending on how much the EU is going to take between 6.7 and 9.9% of your money. - euro zone finance ministers forced Cyprus' savers to pay up to 10 percent of their deposits to raise almost 6 billion euros.

To guard against capital flight, Cyprus will take immediate steps to prevent electronic money transfers over the weekend. In the coastal town of Larnaca, where irate depositors queued early to withdraw money from cash machines, co-op credit societies that are normally open on Saturdays stayed closed. "I'm extremely angry. I worked years and years to get it together and now I am losing it on the say-so of the Dutch and the Germans," said British-Cypriot Andy Georgiou, 54, who returned to Cyprus in mid-2012 with his savings. "They call Sicily the island of the mafia. It's not Sicily, it's Cyprus. This is theft, pure and simple," said a pensioner.

They have frozen bank accounts as of COP Friday. Closed ATMs and will deduct percentage of all accounts when banks re-open on Tuesday! No consultation with the Cyprus Parliament. No discussions, no exemptions, no allowances. The EU have decided - that's it. well its going to be interesting on Tuesday are we going to witness more riots this time in Cyprus. will this cause a run on the banks in the likes of Spain Ireland Portugal, because when the state starts taking peoples savings things go downhill pretty quickly. bear in mind, the EU isnt even a state. this is going to get worse. - my fear is if they manage it in Cyprus whose next on the hit list.



good, so all who hid their money on Cyprus are finally going to pay some taxes on it? Justice is slow some times but it gets to you!

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#7    Setton

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Posted 17 March 2013 - 12:47 AM

View Postquestionmark, on 16 March 2013 - 08:46 PM, said:

good, so all who hid their money on Cyprus are finally going to pay some taxes on it? Justice is slow some times but it gets to you!

Yes but I don't think it's fair to take a cut of everyone's money. Why not take a larger percentage but set a minimum threshold?

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#8    stevewinn

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Posted 17 March 2013 - 09:32 AM

View Postquestionmark, on 16 March 2013 - 08:46 PM, said:

good, so all who hid their money on Cyprus are finally going to pay some taxes on it? Justice is slow some times but it gets to you!

i expected better from you Q, but then you are a true EU socialist. never mind about the population of Cyprus having their savings attacked by the EU. so you've worked hard saved up. retired, maybe done what you've done, as in you moved to Greece notorious for tax evasion. i'd suspect if the Greek state helped themselves to a minimum of 6.7% or possibly as much as 10% of your savings you wouldn't be happy. but then again. maybe you would. The problem with socialism is that you eventually run out of other people's money. if you see the news coverage coming out of Cyprus the people are not happy.

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#9    keithisco

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Posted 17 March 2013 - 11:19 AM

It is not the EU seizing the money, it is the Cyprus Govt. I very much want to know just where this money is to be spent, and why it is being levied on ordinary people.

A lot of retirees and ex-pats may well have more than 100,000 euros in their accounts (selling up their expensive UK Property and buying cheaper Cyprus property to give them a retirement nest - egg). If they do then a min. of 9,700 euros will be stolen (there is no other word for it!)

This is simply wrong and contrary to Natural Justice, and of course it is the ex-pat community of retirees that this really targets for funding. Money Launderers will just shrug it off and carry on with their business.  A 9,7% Govt. tax on their illegal activities and funds will actually lend their enterprises a certain Legal acceptance, after all, you do not tax illegal gains, you simply seize them.

Wrong, wrong, wrong on every level.


#10    questionmark

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Posted 17 March 2013 - 12:56 PM

View Poststevewinn, on 17 March 2013 - 09:32 AM, said:

i expected better from you Q, but then you are a true EU socialist. never mind about the population of Cyprus having their savings attacked by the EU. so you've worked hard saved up. retired, maybe done what you've done, as in you moved to Greece notorious for tax evasion. i'd suspect if the Greek state helped themselves to a minimum of 6.7% or possibly as much as 10% of your savings you wouldn't be happy. but then again. maybe you would. The problem with socialism is that you eventually run out of other people's money. if you see the news coverage coming out of Cyprus the people are not happy.

And I expected better of you, it is the government of Cyprus seizing the money to pay part of their debt and bail out banks, not the EU. The condition was not introduced by the EU either but by the International Monetary Fund. The EU is happy by Cyprus passing laws that curtail money laundering in the future.

But spin it however you want.

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#11    itsnotoutthere

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Posted 17 March 2013 - 01:12 PM

Quote :-   As part of a bailout deal for the island of Cyprus they have decided to impose a tax on savers This was the price for a 10bn-euro bailout. Without it Cyprus risked defaulting by May


The EU just taxed the supposedly sovereign Cypriots on their life savings, and gave them worthless bank stock instead. You'll remember that when N. Rock went down, our government rushed to guarantee savers above their statutory guarantee, to prevent a run on the banks. Now suppose you have your savings in a bank in Spain, or Italy, or Portugal - all of which are hopelessly insolvent and rely on the ECB to keep them alive. What will you be doing on Monday morning?

As miscalculations go; this is up there with Pearl Harbour

Edited by itsnotoutthere, 17 March 2013 - 01:19 PM.

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#12    stevewinn

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Posted 17 March 2013 - 03:11 PM

View Postquestionmark, on 17 March 2013 - 12:56 PM, said:

And I expected better of you, it is the government of Cyprus seizing the money to pay part of their debt and bail out banks, not the EU. The condition was not introduced by the EU either but by the International Monetary Fund. The EU is happy by Cyprus passing laws that curtail money laundering in the future.

But spin it however you want.

Keith has it right. - but to add to say the EU has nothing to do with it, when its finger prints are all over it. sometimes you have to hold your hands up and say yes, this is a wrong move. the EU told the Cypriot government to either accept conditions or face economic collapse. so the EU stipulated this theft of ordinary peoples money. never mind the Russians or money laundering, the big issue here is the every day citizens whose savings and in most cases their life savings have been grabbed by the state. So much for safe guarding deposits. - this will spread fear among others. if i had money in any of the other 4 countries who've had bailout money i'd withdraw or move money to a safe place. its clear you cannot trust the state if the EU is pulling the strings, im just wondering what happens next, - whose NEXT. you can bet your life, if they get away with it this time they'll do it again. Greek Cypriot banking system will go into melt down.

Q - rightly or wrongly, this policy undermines confidence in the banks in any EU country with economic problems, i.e. almost all of them. This 'quick fix' comes at the price of long term stability with even the slightest rumour now capable of causing a serious run on the banks. By taking this action, the EU has lost the ability to provide credible reassurance in the future.

The British Government has had to move and cover this theft - by compensating the British Forces stationed out there.

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#13    acidhead

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Posted 18 March 2013 - 03:26 AM

The largest bank heist in history has been occurring and it's the banks doing the robbing.  This nothing but theft.  Sure some will argue that the bailouts are justified to keep the system intact but when it's individuals who have zero debt and it's their accounts being skimmed off the top this is pure robbery. This is the kind of thing the mafia would do. This is an attack on individual liberty.



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#14    Little Fish

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Posted 18 March 2013 - 03:43 PM

if a cypriot resident sold his house on friday, and planned to buy a different house later, he loses 10% of his house value.

if a cypriot resident borrows 20G from a BANK on friday in order to buy a car on monday, he loses a chunk of it.

and some say "good", wtf.

people are going to get hurt, physically.
get a moral compass.


#15    A rather obscure Bassoon

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Posted 18 March 2013 - 04:10 PM

Scandalous,the EUSSR sinks to new low,robbing it's citizens bank accounts.You'd expect this to happen in some coup in Africa not in Europe.

http://www.dailymail...geous-raid.html

Edited by shaddow134, 18 March 2013 - 04:28 PM.

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