Cyprus-Forum.com

[Viewpoint]

Here's a thought, if the Court approves this advice and we can enforce in any EU country what will happen if and when Turkey becomes a member?

Yeah hold on another 20 30 years and you might get your wish

[Viewpoint]

Youd be surprised, with YTL interest rates of 22% who needs a UK pension.

I think a lot of Turkish Cypriots thought the same thing last time Turkish lira interest rates were very high, prior to the 1999 Turkish banking crisis. The results are well known:

http://www.sant.ox.ac.uk/esc/ramses/sonan.pdf

The banking crisis hit the north of Cyprus in late 1999. The amount deposited in the failing banks was USD 163 million in 58.000 different accounts. This amount represented almost 18% of all bank deposits in the banking system. More than 30,000 individuals were affected, making the crisis a real social trauma for Turkish Cypriots.

This time round, the results may be a bit different. Turkish Cypriots now have more sense than to keep their money in Turkish lira; it may be foreigners living in the north who get their fingers burned.

All deposits were paid in full and the improving interest rates the returns provide a very comfortable life for the Brits who have sold their sme detached in the Uk and settled in the TRNC.

[Viewpoint]

I always wondered when the Apostolides won a judgement against the Orams in Nicosia courts, that they simply did not put a lean on the property owned by the Orams in the UK, which they would have been in line to be paid off when the house was eventually sold off or needed refinancing, but instead they took a more difficult path to get the Orams to sell their house in order to collect the money, which the UK courts rejected with the help of Mrs. Blair. Subsequently, the Orams sold their UK home and hid the money like criminals on the run. So why didn't the Apostolides just put a lean on the property in the UK that belonged to the Orams. Well, giving this weeks results, perhaps they were not after the money from the Orams after all, but to get a landmark ruling from the EU that will benefit all the GC's who properties has been sold off to others. In the end, that's what they have done which will benefit all the GC's with property in the north, than just getting money for themselves. I believe lawyers for the Apostolides were pretty sure they will get such a ruling and they went for it.

I think this changes the dynamics of the negotiations right now, specially when it comes to the property issues. Talat was making a lot of suggestions like compensating most and returning property to some, claiming that the GC properties has changed too many hands, therefore it would be impossible to return the properties back to their original owners . Well, this ruling in effect tells Talat, it does not matter how many times the property changed hands, the person who last bought the property is the one is going to have to pay the original legal owners by returning the property back. Then the last person can go after the person who sold them the illegal property and down the line to the person which the land was given to by the "trnc". Ultimately, it will be the "trnc" that will be left holding the bag and it is non of the concerns of the original legal deed owners business how many times his property changed hands, because he was not part of it. So, I can see Christofias telling Talat, "look here comrade Mehmet; it is not in my hands anymore to work something out with you on their property issues as to how many you are willing to give back, because the EU will say, all the property will need to be given back, because each GC owner will be able to sue the illegal owners of their properties once a settlement is reached, or even if there is a agreed partition and the north becomes part of the EU, the same will happen." This is really going to put Talat in a corner that he won't have any arguments for. I see the Human Rights noose tightening little by little around the "trnc's" and Turkey's neck concerning the GC's properties in the north..

When was the ruling made, any links so that we may read it as well?

[humanist]

I think it is unreralistic though to expect every property to be returned. I think the GC's have to make some allowance. The RoC needs a register of who will return, who is likely to accept compensation and take it from there. It is a bit unrealsitic to expect every TC to make the move again especially if the GC who owns the property is happy to accept compensation for the property either because they have no interest in returning back or they live in another country. There is human factor here that needs to be considered.

Good to see the ECHR has finally made a long lasting and just rulling.

Me thinks the TC's need to rethink their position of unification and seriously ditch Turkey in order to benefit from the European Cyprus alliance.

Kikapu, my friend the "trnc" will not be left with any bills to pay, because it is an entity that does not exist, and besides they are so broke they cannot do anything, at the end of the day the "trnc" will be disolved and the RoC will foot the bill.

But hey shit happens

[utu]

This property issue overall is going to ge the make-or-break item in the talks between Kristofas and Talat... That, more than the advisory opinion is going to be more directly relevent IMHO...

[Viewpoint]

I think it is unreralistic though to expect every property to be returned. I think the GC's have to make some allowance. The RoC needs a register of who will return, who is likely to accept compensation and take it from there. It is a bit unrealsitic to expect every TC to make the move again especially if the GC who owns the property is happy to accept compensation for the property either because they have no interest in returning back or they live in another country. There is human factor here that needs to be considered.

Good to see the ECHR has finally made a long lasting and just rulling.

Me thinks the TC's need to rethink their position of unification and seriously ditch Turkey in order to benefit from the European Cyprus alliance.

Kikapu, my friend the "trnc" will not be left with any bills to pay, because it is an entity that does not exist, and besides they are so broke they cannot do anything, at the end of the day the "trnc" will be disolved and the RoC will foot the bill.

But hey shit happens

Wheres the actual ruling?

[bill cobbett]

What will happen if they have no property other than in the TRNC?

There are other ways of enforcing judgements, freezing banks accounts or attaching to income for instance.

There money is in the TRNC banks.

And many Brits still receive income/pensions from the UK. They may have current accounts in "trnc" but I doubt if too many would trust large sums in you bankrupt system.

Youd be surprised, with YTL interest rates of 22% who needs a UK pension.

22% huh?

Those mortgages must be getting pretty difficult to pay up

22% !!! That's not a rate of return. That's a warning.

People in the TRNC including Brits are making money and living quite comfortably.

Let's do a bit of maths to see what warning 22% YTL rates (VP's own figure) should give to all but the blind and stupid.

Put your money in a Tnct bank, take out the 22% interest as pension/income to live comfortably (VP's word)... and ...well...lo and behold in three years time...your hard earned money is worth...... half what it is today!... it's magic!...it's a miracle!.....wine in to water!

...and that's making money in the Strange Topsy-Turvy World of the Tnct.

[Viewpoint]

What will happen if they have no property other than in the TRNC?

There are other ways of enforcing judgements, freezing banks accounts or attaching to income for instance.

There money is in the TRNC banks.

And many Brits still receive income/pensions from the UK. They may have current accounts in "trnc" but I doubt if too many would trust large sums in you bankrupt system.

Youd be surprised, with YTL interest rates of 22% who needs a UK pension.

22% huh?

Those mortgages must be getting pretty difficult to pay up

22% !!! That's not a rate of return. That's a warning.

People in the TRNC including Brits are making money and living quite comfortably.

Let's do a bit of maths to see what warning 22% YTL rates (VP's own figure) should give to all but the blind and stupid.

Put your money in a Tnct bank, take out the 22% interest as pension/income to live comfortably (VP's word)... and ...well...lo and behold in three years time...your hard earned money is worth...... half what it is today!... it's magic!...it's a miracle!.....wine in to water!

...and that's making money in the Strange Topsy-Turvy World of the Tnct.

Go ahead Mr Know it all do some research you will be suprised at the return, its been a winner for the last 3 4 years the intial sum invested is an important factor as that determines the monthly income level. Ill give you a little info the rate for GBP in Jan 2007 was 2.76 and Dec 2007 2.33. So if you were a wise investor you would converted say 100.000 pounds into YTL276.000 earned around 18% equals 49680ytl less taxes leaves a total of 45.706ytl plus principle totals 321.706ytl converted back to pounds at 2.33 is 138.071 pounds, 38.000 pounds annual income not bad for the TRNC even higher than your average income....

Proves my point really.

[bill cobbett]

What will happen if they have no property other than in the TRNC?

There are other ways of enforcing judgements, freezing banks accounts or attaching to income for instance.

There money is in the TRNC banks.

And many Brits still receive income/pensions from the UK. They may have current accounts in "trnc" but I doubt if too many would trust large sums in you bankrupt system.

Youd be surprised, with YTL interest rates of 22% who needs a UK pension.

22% huh?

Those mortgages must be getting pretty difficult to pay up

22% !!! That's not a rate of return. That's a warning.

People in the TRNC including Brits are making money and living quite comfortably.

Let's do a bit of maths to see what warning 22% YTL rates (VP's own figure) should give to all but the blind and stupid.

Put your money in a Tnct bank, take out the 22% interest as pension/income to live comfortably (VP's word)... and ...well...lo and behold in three years time...your hard earned money is worth...... half what it is today!... it's magic!...it's a miracle!.....wine in to water!

...and that's making money in the Strange Topsy-Turvy World of the Tnct.

Go ahead Mr Know it all do some research you will be suprised at the return, its been a winner for the last 3 4 years the intial sum invested is an important factor as that determines the monthly income level.

... ...sounds like the more you start with, the less you have at the end

...what an upside down world this Tnct is and everything that goes on in it.

[Get Real!]

... ...sounds like the more you start with, the less you have at the end

...what an upside down world this Tnct is and everything that goes on in it.

Is that what they mean by negative gearing...