It is theft by confiscation, plain and simple. Makes no difference if it is Russian money, US money, or my money.
Cyprus deal 40% haircut
- Thread starter mastacoli71
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It is theft by confiscation, plain and simple. Makes no difference if it is Russian money, US money, or my money.
Most deals in the financial transaction sphere are two sided. One wins the other loses.
There is so much smoke and mirrors I haven't spotted the winners. George Soros is probably in the mix somewhere.
I can't see the Russian mafia taking it lying down !!
Rumour is that Beresofski was messing with them too.
There is so much smoke and mirrors I haven't spotted the winners. George Soros is probably in the mix somewhere.
I can't see the Russian mafia taking it lying down !!
Rumour is that Beresofski was messing with them too.
Theft? No. Confiscation? Yes. This is not a pure banking crisis, let's not forget that The Cypress government is close to bankruptcy, we are not only talking about a single bank here. Who benefited for years from the accounting lies, starting with the application to join EU membership, tax evasion, the tax income from all those banks that were allowed to operate in this shady protectorate? It was its own citizens and everyone held their pockets wide open. Now they scream when the party comes to a halt? Sorry but Cyprus and other tax havens are a huge difference, one houses pretty much the worst of the worst bucket shop and shady brokerage houses in the world, the others compete for hedge fund assets. One opened their doors to money laundering allegations and with that ended up pretty much high up in the rankings of countries that harbor illicitly earned money, the other cooperated with the U.S. and other developed countries in eradicating tax evasion schemes. Sorry but I just cannot share some of your tears and sorrow for that place and its people. Everyone who parked more than 100k should have known what they had coming or at least been well informed of the risks involved. Its like banking with the same institution in Macao that functioned as Kim Jung Il's house bank to wash his drug money.
I do not deny that some of the innocent will always get squeezed in between but come on folks, seriously, this is definitely a deal that kept damage to the small guy to a minimum. What else do you want?
I do not deny that some of the innocent will always get squeezed in between but come on folks, seriously, this is definitely a deal that kept damage to the small guy to a minimum. What else do you want?
hftvol, i agree with you.
however, do you think that deposits under 100k EUR can be withdrawn?
there is a limit of 100 eur per day! forget it, man!
and this is exactly what would happen in every other country- during a bank run only about 3-8% of deposits could be taken out in a form of banknotes.
There is hardly even that amount of paper bank notes printed!
however, do you think that deposits under 100k EUR can be withdrawn?
there is a limit of 100 eur per day! forget it, man!
and this is exactly what would happen in every other country- during a bank run only about 3-8% of deposits could be taken out in a form of banknotes.
There is hardly even that amount of paper bank notes printed!
http://www.businessweek.com/videos/2013-03-25/mp-says-cyprus-must-assess-benefits-of-euro-exit
Let's destroy the model
Let's destroy the model
This weekend a reporter asked an europarlementarian: is there enough money to pay in case the 100K rule has to be applied?
After repeating the question at least four times the europarlementarian gave up saying "yes" and admitted that there is a political decision but no money in case it would be necessary.
But he added that "later" there will be enough money.
This 100k insurance is a big joke and a big lie. All countries have to size down all their expenses, so there is no money left.
After repeating the question at least four times the europarlementarian gave up saying "yes" and admitted that there is a political decision but no money in case it would be necessary.
But he added that "later" there will be enough money.
This 100k insurance is a big joke and a big lie. All countries have to size down all their expenses, so there is no money left.