Cyprus-Forum.com

[Maximus]

And the exchange rate has got virtually nothing to do with the parlous state of the local and, indeed, the global economy.

F@@£ing hell man

[bsharpish]

And I ask again ...... The UK is not a Euro zone economy and has its own problems .......... What has it got to do with the " euro mess" the context of this thread ?

The fact that the UK can print money and devalue it's currency is a benefit in this scenario.
The fact that the PiGS can't is what's crippling them

And the fact that these are predominantly 6 month loans, secured by assets to facilitate bank liquidity in the event of a grexit ( and the chaos that would ensue) means its actually a sensible precautionary move.

[GreekIslandGirl]

Well the PM seems to think the UK's economy has plenty to do with the Eurozone crisis. As the article said - he and his chancellor seem to be blaming it for Britain's crisis.

(P.S. The mythical "grexit" has been confined to the dustbin of history.)

[bsharpish]

And the exchange rate has got virtually nothing to do with the parlous state of the local and, indeed, the global economy.

F@@£ing hell man

So how does the euro/sterling exchange rate have anything whatsoever to do with the monumentally stupid "concentration of risk"undertaken by the biggest banks in Cyprus who in a clever move pumped billions into a foundering Greek economy.

Similarly the wall street/ American banking industries " faux pas" in the sub prime market - how did the $\€ rate cause that ?

How did it affect the Spanish banks lending huge amounts to questionable developers who the went on to build Nearly 1 million unwanted homes ?

The same in Ireland

The volatility of forex is no doubt tied to an economies strengths or weaknesses but it's a "chicken and egg" situation

[GreekIslandGirl]

Everyone who "pumped" money into the Greek economy is doing very well in interest rate returns.

[bsharpish]

Like Laiki bank ?

Gonna take a lot of interest to return the 2.35 billion haircut on Greek bonds and possible 7 billion of non performing/non goverment Greek exposure.

Bank of Cyprus ?

[GreekIslandGirl]

The Lucky Bank is fine. They all are.

[Maximus]

And the exchange rate has got virtually nothing to do with the parlous state of the local and, indeed, the global economy.

F@@£ing hell man

So how does the euro/sterling exchange rate have anything whatsoever to do with the monumentally stupid "concentration of risk"undertaken by the biggest banks in Cyprus who in a clever move pumped billions into a foundering Greek economy.

Similarly the wall street/ American banking industries " faux pas" in the sub prime market - how did the $\€ rate cause that ?

How did it affect the Spanish banks lending huge amounts to questionable developers who the went on to build Nearly 1 million unwanted homes ?

The same in Ireland

The volatility of forex is no doubt tied to an economies strengths or weaknesses but it's a "chicken and egg" situation

I think you have already explained the story of this marvelous journey and I am happy to make no more input to that. I don't really care for it either, because the journey is not as important as the destinations.

After it has all been said and done, the eurozone is no worse off than what it was in 2004.

[bsharpish]

zyzzogeton

[bill cobbett]

Nuff said... http://business.financialpost.com/2012/ ... ed-cyprus/