Cyprus-Forum.com

[Demonax]

IMO that's not the main problem. Nobody will die with a 6.75% haircut. The problem is whether this will be repeated in the future or not, and maybe with a higher percentage.

Why not pay more, e.g. 20%, and come out clean with no loan from the troika?

And why didn't the president accept the original proposal for 12.5% haircut for 100k+ deposits? Is it because he and his mates would have to pay more?

I don't know if there'll be another levy in Cyprus in the future. All I can say is watch what happens in Slovenia, Italy and Spain next week. I reckon there'll be no money left in Slovenian banks. At least Cyprus is shielded for now. You can always keep your money under the mattress. Or buy a strong safe and keep it at home. Nowhere is going to be secure. Cyprus is just the beginning...

As for the 12.5 per cent on deposits over 100k. I guess they didn't want to upset the Russians too much by making it look like they're the only ones taking a hit. Hence the poor Cypriot widow must be seen to take a hit too. That's EU 'fairness' for you.

[Maximus]

according to Reuters, it was only Cypriots queing up at the atms to try and withdraw their money. A pointless exercise in my opinion but a predictable one, otherwise I noticed people going about their business as normal.

did these large depositors lose or save money over the years in Cyprus?

I've no problem with a levy on Cyprus' bank deposits above 100k. Strikes me as a sensible move. But taxing savings below that level leaves a nasty taste in the mouth. I don't think they should have levied anyone with less than 50k in savings. As I said, the only reason I can think is that they didn't want to upset Russian and other wealthy depositors by making it look like they are being singled out.

IMO that's not the main problem. Nobody will die with a 6.75% haircut. The problem is whether this will be repeated in the future or not, and maybe with a higher percentage.

Why not pay more, e.g. 20%, and come out clean with no loan from the troika?

I think it would be more like 30% which would be more devastating, 6.75-9.9% is much more palatable. I doubt it will be repeated in Cyprus.

[yialousa1971]

"Yes Man" Anastasiades fucked up big time. How can there be so many idiots in this country that forgot that this is the traitor who supported "Yes" of Annan plan? Less than a month after his election and he has already betrayed Cyprus. After such agreement our whole banking system and then our economy will be destroyed.

You should have voted for ELAM!

[yialousa1971]

according to Reuters, it was only Cypriots queing up at the atms to try and withdraw their money. A pointless exercise in my opinion but a predictable one, otherwise I noticed people going about their business as normal.

did these large depositors lose or save money over the years in Cyprus?

I've no problem with a levy on Cyprus' bank deposits above 100k. Strikes me as a sensible move. But taxing savings below that level leaves a nasty taste in the mouth. I don't think they should have levied anyone with less than 50k in savings. As I said, the only reason I can think is that they didn't want to upset Russian and other wealthy depositors by making it look like they are being singled out.

IMO that's not the main problem. Nobody will die with a 6.75% haircut. The problem is whether this will be repeated in the future or not, and maybe with a higher percentage.

Why not pay more, e.g. 20%, and come out clean with no loan from the troika?

And why didn't the president accept the original proposal for 12.5% haircut for 100k+ deposits? Is it because he and his mates would have to pay more?

Cyprus state broadcaster CyBC reported on Saturday that German Finance Minister actually entered the Eurogroup meeting on Friday proposing a 40 percent haircut on Cypriot bank accounts. Sarris stated on Saturday that this had also been the proposal of the International Monetary Fund.

IMF head Christine Lagarde said "the Fund has always said it would support a solution that is viable, and this agreement fulfills this condition, so my recommendation to our board will be for contributing in the funding of the package."

When will the world wake up against these creatures?

[Sotos]

Cyprus state broadcaster CyBC reported on Saturday that German Finance Minister actually entered the Eurogroup meeting on Friday proposing a 40 percent haircut on Cypriot bank accounts. Sarris stated on Saturday that this had also been the proposal of the International Monetary Fund.

If with the 10% they can get 5.8mil then 40% would mean 23.2mil (4 times more). That is far more than what we need and with such amount we wouldn't need any loan from anybody else. I think they are bullshitting us! Anastasiades the "Yes Man" agreed to everything they asked for ... all this talk about 40% and nonsense are just so Anastasiades can claim that he "achieved" something better. In reality he achieved nothing! I say let Laiki fail, then take all its assets for the Cypriot depositors. This will trip the situation in Greece and soon enough like a domino the eurozone will be destroyed... or they will have to pay up 10 times as much money to save it.That will teach them to take our rights more seriously!

[danny1234]

Morning all, it's the poor pensioners and the regular bloke on the street I feel for, not the rich, I wonder how many of the politicians withdrew their money early last week.

[cyprusgrump]

Cyprus state broadcaster CyBC reported on Saturday that German Finance Minister actually entered the Eurogroup meeting on Friday proposing a 40 percent haircut on Cypriot bank accounts. Sarris stated on Saturday that this had also been the proposal of the International Monetary Fund.

If with the 10% they can get 5.8mil then 40% would mean 23.2mil (4 times more). That is far more than what we need and with such amount we wouldn't need any loan from anybody else. I think they are bullshitting us! Anastasiades the "Yes Man" agreed to everything they asked for ... all this talk about 40% and nonsense are just so Anastasiades can claim that he "achieved" something better. In reality he achieved nothing! I say let Laiki fail, then take all its assets for the Cypriot depositors. This will trip the situation in Greece and soon enough like a domino the eurozone will be destroyed... or they will have to pay up 10 times as much money to save it.That will teach them to take our rights more seriously!

That was exactly my thought! My friend told me that he had negotiated down from 40% and I instantly smelled BS.

[DrCyprus]

Gentlemen, this money is not to save Cyprus... it's to save the Eurozone!

[cyprusgrump]

Gentlemen, this money is not to save Cyprus... it's to save the Eurozone!

Quite...

That running sound is people in other EU countries that might be needing a bailout from the ECB rushing to take money out from the banks. It's accompanied by a whooshing sound as larger deposits scatter to safer havens - Germany maybe, perhaps the US or UK. Definitely a good day for those tax havens the lefties dislike.

And it won't be enough - the governments and the banks will have got the taste of blood. Nice savers blood, fresh and clean.

The EU has gone mad. It's beyond time to close it down. Call the men in white coats now.

Clicky...

[supporttheunderdog]

I just want to know what in peasant economy all the surplus people who used to work in banks, the shops, factories, government offices, will do and how they will be fed....?

Also if the threats to destroy Laika etc were correct, what was the rational alternatives?

personally I blame a Greek *anker by name of Vgenopolous.....and Chris Toffee-Arse,