Cyprus-Forum.com

[danny1234]

If I may ask, why don't you all go North and use the ATM's there?

[supporttheunderdog]

If I may ask, why don't you all go North and use the ATM's there?

because they only give out toilet paper already....

[GreekIslandGirl]

If I may ask, why don't you all go North and use the ATM's there?

because they only give out toilet paper already....

Good boy, stud.

[B0B]

Addressing an election rally on Saturday night, Merkel said that “anyone having their money in Cypriot banks must contribute in the Cypriot bailout. That way those responsible will contribute in it, not only the taxpayers of other countries, and that is what’s right.”

http://ekathimerini.com/4dcgi/_w_articl ... 013_488307

so the decision to circumvent the security of below-100k deposits was not to please the russians - it was to please the germans?

[danny1234]

If I may ask, why don't you all go North and use the ATM's there?

because they only give out toilet paper already....

Good boy, stud.

Well it's more than you are getting at the moment you come across as not very bright, I pay little attn to what you say.

[Kikapu]

The votes aren't there. Looks like this Bill cannot pass in its current form.

According to reports on SigmaTV, 28 out of 56 MPs are against the new bill. AKEL and EDEK have already made announcements that they will vote against it.

The ECB now faces the very real possibility that the bill will be rejected, in which case it would cut off liquidity to Cyprus banks, and face systemic failure. The other alternative is for the Eurogroup to withdraw the bank tax proposal.

http://www.cyprusnewsreport.com/?q=node/6561

First of all, I don't think this "haircut" is as tragic as some want to make it to be.

Having said that, the way I see it, it's a wrong method to go about it and I don't think it will succeed, and as soon as the Cyprus parliament votes against it, which they should, the EU will have no choice but to back down rather than see Cyprus go bankrupt. How would that look on the EU not being able to give "lousy" 17 Billion Euros to save one of her members when they already gave away hundreds of billions of Euros to others? If the EU did not back down and allowed Cyprus to go bankrupt, the alternative will be for the EU to cause a bank runs across the EU where the Swiss Banks will be open 24 hours a day receiving money by suitcases full, just for the sake of trying to making Cyprus an example. Cyprus should call the EU's bluff. In fact, Cyprus may come to be seen the rescuers for ALL the depositors across the EU for not allowing itself to be blackmailed this way. I can see increasing taxes and reduced wages to receive the loans, specially when the Oil & Gas will be on line in a few years to pay off the loans in the future. Personally, come Monday or Tuesday, the EU will back down if the Cyprus Parliament votes NO on the EU's proposals..

[Demonax]

There is a plan to revise the deposit tax. "Exclusive: plans to revise cyprus deposit tax on wires: under 5% for €0-100k, under 10% for €100-500k, around 13% for €500k+"

Read more at http://www.calculatedriskblog.com/2013/ ... lTzWgis.99

[danny1234]

The votes aren't there. Looks like this Bill cannot pass in its current form.

According to reports on SigmaTV, 28 out of 56 MPs are against the new bill. AKEL and EDEK have already made announcements that they will vote against it.

The ECB now faces the very real possibility that the bill will be rejected, in which case it would cut off liquidity to Cyprus banks, and face systemic failure. The other alternative is for the Eurogroup to withdraw the bank tax proposal.

http://www.cyprusnewsreport.com/?q=node/6561

First of all, I don't think this "haircut" is as tragic as some want to make it to be.

Having said that, the way I see it, it's a wrong method to go about it and I don't think it will succeed, and as soon as the Cyprus parliament votes against it, which they should, the EU will have no choice but to back down rather than see Cyprus go bankrupt. How would that look on the EU not being able to give "lousy" 17 Billion Euros to save one of her members when they already gave away hundreds of billions of Euros to others? If the EU did not back down and allowed Cyprus to go bankrupt, the alternative will be for the EU to cause a bank runs across the EU where the Swiss Banks will be open 24 hours a day receiving money by suitcases full, just for the sake of trying to making Cyprus an example. Cyprus should call the EU's bluff. In fact, Cyprus may come to be seen the rescuers for ALL the depositors across the EU for not allowing itself to be blackmailed this way. I can see increasing taxes and reduced wages to receive the loans, specially when the Oil & Gas will be on line in a few years to pay off the loans in the future. Personally, come Monday or Tuesday, the EU will back down if the Cyprus Parliament votes NO on the EU's proposals..

I think you are going to be proved quite wrong, the EU will not back down to suit Cyprus.

[Kikapu]

The votes aren't there. Looks like this Bill cannot pass in its current form.

According to reports on SigmaTV, 28 out of 56 MPs are against the new bill. AKEL and EDEK have already made announcements that they will vote against it.

The ECB now faces the very real possibility that the bill will be rejected, in which case it would cut off liquidity to Cyprus banks, and face systemic failure. The other alternative is for the Eurogroup to withdraw the bank tax proposal.

http://www.cyprusnewsreport.com/?q=node/6561

First of all, I don't think this "haircut" is as tragic as some want to make it to be.

Having said that, the way I see it, it's a wrong method to go about it and I don't think it will succeed, and as soon as the Cyprus parliament votes against it, which they should, the EU will have no choice but to back down rather than see Cyprus go bankrupt. How would that look on the EU not being able to give "lousy" 17 Billion Euros to save one of her members when they already gave away hundreds of billions of Euros to others? If the EU did not back down and allowed Cyprus to go bankrupt, the alternative will be for the EU to cause a bank runs across the EU where the Swiss Banks will be open 24 hours a day receiving money by suitcases full, just for the sake of trying to making Cyprus an example. Cyprus should call the EU's bluff. In fact, Cyprus may come to be seen the rescuers for ALL the depositors across the EU for not allowing itself to be blackmailed this way. I can see increasing taxes and reduced wages to receive the loans, specially when the Oil & Gas will be on line in a few years to pay off the loans in the future. Personally, come Monday or Tuesday, the EU will back down if the Cyprus Parliament votes NO on the EU's proposals..

I think you are going to be proved quite wrong, the EU will not back down to suit Cyprus.

It's not about to suit Cyprus. It's about preventing Bank Runs on the rest of the EURO currency members.

[Demonax]

Cyprus should call the EU's bluff. In fact, Cyprus may come to be seen the rescuers for ALL the depositors across the EU for not allowing itself to be blackmailed this way. I can see increasing taxes and reduced wages to receive the loans, specially when the Oil & Gas will be on line in a few years to pay off the loans in the future. Personally, come Monday or Tuesday, the EU will back down if the Cyprus Parliament votes NO on the EU's proposals..

This is a difficult call, kikapu. The Germans are embarked on suicidal policies which they believe are right for Germany but which are wreaking havoc across Europe. Eventually they will lead the Eurozone to meltdown. But it's too soon to say whether they are ready to pull back from the brink. If bank runs materialise across Europe next week, the economic situation is most likely to worsen even further and in the long run more and more unemployed, and bitter Europeans will vote for increasingly extreme political parties. This is suicidal. Europe needs to not only reverse the dumb Cypriot haircut, but also to end failed austerity policies and start thinking about unemployment levels.