Dark times in Cyprus, are we next?

[Jor-el]

wouldnt this destroy the Euro..If it happened in America the run on banks would be absolute.

I understand one thing in the middle of all this, there is war going on, a war between the Dollar and the Euro, but within the Euro Zone there is another war being fought, a war of influence, on who will ultimately call the shots in this future federation of states, what is interesting is that this is an old ambition, an ambition that fuelled Napolean, Hitler and a number of other so called "visionaries".

The sad thing is the corpses this vision has left behind, maybe they are merely metaphorical now, but destroyed lives by the thousands aren't any less gruesome, just because they aren't physically dead.

[danielost]

I find it strange how we in the European Union seem to class everything in life as secondary aside from finances, Cyprus woke up yesterday with the news that a new one time tax was going to be instituted, where people whose lifesavings in banks are over ¤100 000 must pay 10% of those deposits to the government while under that ammount it is 6.75%.

As some have classified it it is legalized piracy by a sovereign nation.

The trouble is that if this passes, are we going to see the same type of thing in other countries that are classified as "risky investments"?

Where is the line between saving a nation and destroying it?

I find this attitude to be somewhat similar to Portugals "piracy" of its citizens wealth, where we got an aproximate 10% increase in what we have to pay the government in the annual IRS statements. Are we seeing the 1st signs of a European money gobbling machine?

No, this isn't the start. The start was the greek austraty measures.

California, passed a new tax today. They then made it retro active five years and are going to fine everyone for not paying it.

This is going to happen in the usa if we don't cut spending. Batter a scaple the an axe.

[danielost]

Grab the physical assets of the Banks, not their depositors...

Same thing.

[Finity]

They say it won't happen anywhere else. But they wouldn't tell anyone if it was about to, because we would all clean out the banks over night. I moved most of my savings out of the bank and in to other things months ago. It's just not safe in them any more, you make next to nothing on interest, and there is no point in it all just sitting there waiting to be robbed.

Maybe it's time to go back to stuffing the mattress, or buying a safe at home

The people at the "top" will ALWAYS look after themselves before us plebs. Because to get in to power you have to either inherit it, or work your way up a corrupt ladder putting yourself before others.

Edited March 19, 2013 by Finity

[itsnotoutthere]

Personally I'm not gonna panic too much, because i haven't got any savings in the bank. Having said that, if i did they'd be somewhere else by the end of the week.

Edited March 19, 2013 by itsnotoutthere

[mike72]

So sad whats happening in Europe. Especially Portugal. My family is from Portugal. I will be there this summer. I'm a bit worried about the whole situation.

[AsteroidX]

A good dominoe perspective of the Cyprus syndrome

http://www.youtube.com/watch?v=oX0sed2q1-8&feature=player_detailpage

[AsteroidX]

No

[bmk1245]

Analysts say Russia may provide more funding in return for interests in Cyprus's offshore energy fields.

(link)

What a shock.

I wouldn't be surprised if all that mess was planned by Gazprom

Food for thought for CTers...

[AsteroidX]

Whats the CT ? Im not familiar with Gazprom. Russia was going to loose alot of pat money so Cyprus is turning to them for a more reasonable bailout. Nothing wrong with looking for a better deal.

[+and-then]

I can't think of a more effective means of CREATING a run on banks than this. If it happens here in the US people will be in the streets.

[ExpandMyMind]

I can't think of a more effective means of CREATING a run on banks than this. If it happens here in the US people will be in the streets.

Maybe this was some kind of social experiment? What better place to experiment than on a tiny island with localised consequences.

Edited March 20, 2013 by ExpandMyMind

[A rather obscure Bassoon]

Maybe this was some kind of social experiment? What better place to experiment than on a tiny island with localised consequences.

There is a possibility it could have kicked things off in Greece.Things are on a Knife edge at the Moment for the Euro and Cyprus could open the Flood gates.

Edited March 20, 2013 by shaddow134

[bmk1245]

Whats the CT ?[...]

Conspiracy Theory.

[...]Im not familiar with Gazprom. [...]

Russia's political weapon (just google it, plenty of articles).

[....] Russia was going to loose alot of pat money so Cyprus is turning to them for a more reasonable bailout. [...]

How much of those money belong to ordinary and honest expats, and how many of those money were put there just to avoid Russia's taxes, and steadfast gaze of Russia's crime/financial crime investigators?

[...] Nothing wrong with looking for a better deal.

Of course not, but Cyprus may have hiccups for a long time after that deal.

BTW, I'm not surprised this happened.

[stevewinn]

the EU in a miss calculation of epic proportions as just pushed Cyprus towards Russia. im seeing news pieces Russia wants a naval base and rights to off shore oil reserves. in return for a bailout. well done EU. with German elections coming up Merkel in a bid to save her head - as resulted in others losing theirs'. what are the odds on Cyprus being the first to leave the Euro/EU. - i think they'll be the first to go. and others will follow from club Med.

[keithisco]

the EU in a miss calculation of epic proportions as just pushed Cyprus towards Russia. im seeing news pieces Russia wants a naval base and rights to off shore oil reserves. in return for a bailout. well done EU. with German elections coming up Merkel in a bid to save her head - as resulted in others losing theirs'. what are the odds on Cyprus being the first to leave the Euro/EU. - i think they'll be the first to go. and others will follow from club Med.

Steve... you are missing 50% of this equation - the IMF. The IMF is NOT tied to the EU (far from It) and even less to the Eurozone. The IMF (massively backed by the USA) approved these conditions, possibly even insisted on them, to undermine confidence in the Euro, because the Euro was fast becoming a Reserve Currency of choice over the USDollar.

Interesting that Christine Lagarde´s (Head of the IMF) flat has been raided by French Police in association with Graft investigations.

[A rather obscure Bassoon]

the EU in a miss calculation of epic proportions as just pushed Cyprus towards Russia. im seeing news pieces Russia wants a naval base and rights to off shore oil reserves. in return for a bailout. well done EU. with German elections coming up Merkel in a bid to save her head - as resulted in others losing theirs'. what are the odds on Cyprus being the first to leave the Euro/EU. - i think they'll be the first to go. and others will follow from club Med.

The Euro is tottering like an house of cards,seriously I hope Cyprus pulls a deal with Russia just to teach the EU and Merkel a lesson.

[AsteroidX]

In my conversations with someone from Cyprus there now. There happy with the direction there Govmnt is choosing to go. Its called the Big Middle Finger for trying to RIP them off.

[stevewinn]

Steve... you are missing 50% of this equation - the IMF. The IMF is NOT tied to the EU (far from It) and even less to the Eurozone. The IMF (massively backed by the USA) approved these conditions, possibly even insisted on them, to undermine confidence in the Euro, because the Euro was fast becoming a Reserve Currency of choice over the USDollar.

Interesting that Christine Lagarde´s (Head of the IMF) flat has been raided by French Police in association with Graft investigations.

Keith im aware of the IMF involvement but did you listen to what the Cypriot who resigned said, the EU pushed for this raid on savings. in fact he mentions Germany, Netherlands and Finland. but German led, and this was the miscalculation by Merkel she knows with elections coming up she (Germany) cannot be seen to be bailing out country after country. Her error of judgment comes in trying to send a message to Club Med of consequences of further bailouts and prevent the on going bailout from the wealthy north to the poorer south. so lets not turn this into some conspiracy by the IMF/USA attack against the EU. this is just another EU mistake in yet again another euro zone country. this is the fifth country out of 17 to be bailed out. we all said this was going to happen. but the pro european union posters told us time and again the EU was the next economic power house, the next super power the Euro was going to be the world currency. well look were we are today. no matter how grand the thinking sometimes you have to look at the results. the Euro will fail. and possibly the EU after that. the problem which is coming down the tracks is France and Germany. we'll be talking about this around early autumn. like i keep saying today its cyprus whose tomorrow. and i've been saying the same when Ireland was in trouble, when portugal was in trouble when greece was in trouble when italy was in trouble. were slowly going through them one by one. the bigger picture is clear the EU is flawed. the Euro is flawed. and now were facing the reality. well its not going away we face 10 years of this with worse to come.

i seen the news about the raid on Lagardes flat. but im led to believe its about her time as French minister not IMF related. but time will tell.

[bmk1245]

In my conversations with someone from Cyprus there now. There happy with the direction there Govmnt is choosing to go. Its called the Big Middle Finger for trying to RIP them off.

So, if she/he will loose more than 5/10%, what finger that'll be?

[AsteroidX]

There parliament rejected the EU bailout as offered. So as it is they are happy to hear there not losing any of that Euros. There talking with Russia in an attempt to get a bailout from them.

Stay current. Russia isnt going to ask for depositors Euros. No deals been made.

[stevewinn]

this was posted 8 months ago.

[keithisco]

Keith im aware of the IMF involvement but did you listen to what the Cypriot who resigned said, the EU pushed for this raid on savings. in fact he mentions Germany, Netherlands and Finland. but German led, and this was the miscalculation by Merkel she knows with elections coming up she (Germany) cannot be seen to be bailing out country after country. Her error of judgment comes in trying to send a message to Club Med of consequences of further bailouts and prevent the on going bailout from the wealthy north to the poorer south. so lets not turn this into some conspiracy by the IMF/USA attack against the EU. this is just another EU mistake in yet again another euro zone country. this is the fifth country out of 17 to be bailed out. we all said this was going to happen. but the pro european union posters told us time and again the EU was the next economic power house, the next super power the Euro was going to be the world currency. well look were we are today. no matter how grand the thinking sometimes you have to look at the results. the Euro will fail. and possibly the EU after that. the problem which is coming down the tracks is France and Germany. we'll be talking about this around early autumn. like i keep saying today its cyprus whose tomorrow. and i've been saying the same when Ireland was in trouble, when portugal was in trouble when greece was in trouble when italy was in trouble. were slowly going through them one by one. the bigger picture is clear the EU is flawed. the Euro is flawed. and now were facing the reality. well its not going away we face 10 years of this with worse to come.

i seen the news about the raid on Lagardes flat. but im led to believe its about her time as French minister not IMF related. but time will tell.

Steve.. I know what you are saying and I totally agree that the Euro is flawed (financial Union MUST come before Monetary Union), the EU Institutions are flawed as are all Political Institutions. The EU (in total) is still the biggest Economic and Industrial Powerhouse in the World outstripping the USA and China. Whether it can maintain this momentum is another question and one that will be resolved as time goes on.

I have always said that the expansion of the EU out to the Eastern Balkan States was a huge mistake (although vigorously promoted by the UK), and split Island Nations such as Cyprus, had no place in the EU.

Everything to do with this crisis can be squarely put on the Bankers Plates. Lack of Governance and a blatent disregard for National Interests has driven this crisis... and whilst it still continues the Bankers have re-introduced enormous Bonuses for their traders who caused it in the first place, and Boris Johnson (much as I like his style of Politics) fully endorses these.

There is something rotten here, the aquiescence of ordinay folk to accept anything that they are told by people in Power, the lack of oversight, deflection from cause and Effect, and the complete abandonment of the UK 2 Party System of putting forward ANY cohesive plan to prevent a complete takeover of the Nations Indigenous population (to include 2nd 3rd generation immigrants) by the Eastern Bloc is nothing short of Treason. Treason to a Nation by its own National, Fifth Columnists!!!IMO

[A rather obscure Bassoon]

this was posted 8 months ago.

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He is Correct the wheels are coming off, and the EU is a Joke.

The Germans have been drawing up contingency plans in case the Euro collapses,and this is part of that.If countries in the Club Med start pulling out,the Germans will have to finance most of the Debt.This is a last ditch attempt by Merkel to save her neck.

[bmk1245]

There parliament rejected the EU bailout as offered. So as it is they are happy to hear there not losing any of that Euros. [...]

Banks are opened already? No? Why then they are counting chickens before they hatch?