10% raid on banks in an EU country

[katy]

Also slightly off-thread but have you seen the UK want to launch a sub-prime style 'help' for people who cannot afford to buy a house? Remind me? How did all this start? Why are politicians so stupid? In less than five years sit back for the raid on UK savers and investors.

Yes, best to put all your savings in Bankia

Speaking of Bankers. Note the appropriate name for this guy. Thought it was April 1st

Barclays announces £38.5m bonuses on budget day
The Guardian ‎- 13 hours ago

Bank awards its investment bank chief Rich Ricci £17.5m of shares – which he immediately cashes in -

[gus-lopez]

Also slightly off-thread but have you seen the UK want to launch a sub-prime style 'help' for people who cannot afford to buy a house? Remind me? How did all this start? Why are politicians so stupid? In less than five years sit back for the raid on UK savers and investors.

Yes, best to put all your savings in Bankia

Speaking of Bankers. Note the appropriate name for this guy. Thought it was April 1st

Barclays announces £38.5m bonuses on budget day
The Guardian ‎- 13 hours ago

Bank awards its investment bank chief Rich Ricci £17.5m of shares – which he immediately cashes in -

Yes but he's been getting a kick-in for some years to the extent that he called one of his horses "whoisthefatcatinthehat?" after a newspaper headline referring to him.

[Chunky Monky]

[Lavanda]

So it now looks like everyone in Cyprus with less than 100,000 will be safe - for now - but investors with over 100,000 will have 40% (that's forty percent) deducted.

http://www.telegraph.co.uk/finance/fina ... lapse.html

In the meanwhile my new camera is giving me so much fun and better I have a new camera than my bank account rises about certain levels. I've not got much but what I've got, earned, paid tax on and saved, I want to keep.

[Chunky Monky]

In the meanwhile my new camera is giving me so much fun

What sort of camera did you buy?

How about a photo of Extremadura, is it raining?

[olive]

I can't see 40% flying.

In fact if/when this fiasco starts a run on the banks IF they ever re open in Cyprus (and possibly in other countries), I can't see the governments actually having the money to guarantee every deposit up to 100,000 euros. Just where would they actually get that money from?

I still think the Russians will come up with a "solution" for this first bailout..........They will want more money later in the year!

[Devils Advocate]

They will want more money later in the year!

Without doubt. So why does the EU think it so important to keep them in the club with this scenario raising its head every year or so It is now becoming far more political than "just another" Euro bailout with the Russian involvement. Putin must be rubbing his hands with this latest Euro own goal.............he knows they'll get the chance to become a huge player there sooner or later.

As I said earlier in the thread, I can see Cyprus becoming the new Cuba.............and it'll be soley the fault of the EU and the hairbrained plan of a United economy for Europe.

[alpujarran]

Those capital control proposals

[Lavanda]

Lots of conspiracy theories flying about. I like the one which says this is a Russian plot to get the ice-free port in winter, on the Med, that Peter the Great was after hundreds of years ago. These Russians never give up. Apparently their deposits in Cyprus, and their withdrawls to intentionally destabilise the economy, started this whole thing, ensuring the Cypriots run into the arms of Russia.

Strange, then, that the Cypriot minister who went to Russia came back empty-handed.

[Devils Advocate]

Hmmm, they seem to be sticking to the notion of battering all accounts over 100,000 euro and leaving the rest alone. The world in general seems to penalise anyone who's made good for themselves it would seem

Still it's only the same as OAPs having to pay for their own care in the UK when they need it and foot the bill if they have funds.....if you own nowt the same care is free gratis. (At least they raised that paltry threshold muchly this week though)

[olive]

Still early days for a solution.

The Russians haven't left the table, they have just gone to the toilet.

Who knows, in order to preserve our sovereign bases and open up new gas supplies, Osborne might find the money to "buy" Cyprus. They could then adopt the £ or we could adopt the Euro. It is all like a giant game of Risk!

[gus-lopez]

Those capital control proposals

" Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety"



what makes me laugh is you've got the UK & other countries trying to do away with cash so they can control & record all transactions & the Cypriots are stating that it'll be illegal to use anything other than cash.

[katy]

Waiting in the wings for a possible bailout is.....Slovenia. The european dream project really isn't working

http://www.cnbc.com/id/100581205

[gus-lopez]

Well re-reading that bill again , & I'd already seen it on the island site, I've just realised that all bank accounts will be rendered unusable except for cash withdrawals via atm's.

" Ban on premature termination of time savings deposits"
" Compulsory renewal of all time savings deposits upon maturity "
" Conversion of current accounts to time deposits "

The above three mean that this


" Ban or restrictions on non cash transactions "
is the only means of doing any business.
What use is a 100k guarantee if you can only withdraw it at 260€/day ?

[alpujarran]

what makes me laugh is you've got the UK & other countries trying to do away with cash so they can control & record all transactions & the Cypriots are stating that it'll be illegal to use anything other than cash.

By gradually reducing cash transactions over the years - they now can control things. The inhabitants will get their daily allowance and everything else will be under Gov't control. The sheep have been herded into the pen - and are now ready for fleecing

[alpujarran]

What use is a 100k guarantee if you can only withdraw it at 260€/day ?

That was yesterday (260€/day) - maybe a lot less next week

[Julie]

Al of this just buggers belief And what could follow is frightening I just can't get my head around the fact that they are going to rob people and it appears to be legal I don't think this will end here, its anyone guess what could happen in Europe next !

[Mowser]

It's anyone guess what could happen in Europe next !

That's what they said in '39.

[alpujarran]

Britain has dispatched a task force of top civil servants to Cyprus to advise the stricken island on how to pull its banking system back from the brink of collapse.

Surely this could have done via txt/SMS: "give the bankers a shed-load of money" (37 characters)

[Mowser]

Nigel Farage, the UK Independence Party leader, has urged British savers with money in Spanish bank accounts to withdraw their cash to avoid being hit with any future attempts by European finance ministers to tax savings.