Cyprus-Forum.com

by **cyprusgrump** » Mon Mar 18, 2013 9:07 am

CBBB wrote:
cyprusgrump wrote:
There’s another aspect. Building Societies are as the UK, mutual, and they’re in very good financial nick. Depositors with those have no desire whatsoever to own bank shares and many won’t have a clue about what to do with share certificates.

Clicky...

I presume he means the Co-ops when he says Building Societies, in which case he is wrong about them being in good financial nick, they need a few billion as well!

Yes agreed - that was the only sentence that I didn't really understand....

by **sven** » Mon Mar 18, 2013 11:03 am

observer wrote:
Hi, It seems to me that the European Central Bank(ECB), is also the
Governor to The Central bank of Cyprus (CBoC), and considering the ECB
has demanded of Cyprus theft of the peoples savings, it seems to be a
conflict of interest, because upto 100,000.00 euros per depositor per
bank deposited in every bank licensed by the CBoC (the governor being
the ECB) is protected by the DEPOSIT PROTECTION SCHEME, that the Central
Bank of Cyprus and in turn the ECB would liable for. ie The reason they
are NOT letting the banks fail.
Links with my interpretation below.

Deposit Protection Scheme protects investors in the event of bank failure. Proposed action by Cypriot government is regarded as a tax, and nothing protects you from the taxman.

Understood, but the threat is if you don't pay this 'levy' the banks will fail. I am saying that if the banks fail most people would have their money protected.

http://www.centralbank.gov.cy/nqcontent ... 58&lang=en

a Deposit Protection Fund has also been established which operates as a separate legal entity administered by a Management Committee.

by **cyprusgrump** » Mon Mar 18, 2013 11:08 am

Cyprus's debt insurance costs jumps

This might cause some jitters in Brussels - the cost of insuring Cyprus's government debt against default has jumped this morning.

The benchmark credit default swap contract for Cyprus has jumped to 768 basis points, up 113 from Friday.

In practice, that means it would cost €768,000 per year to insure €10m of Cypriot sovereign debt.

Clicky...

by **sven** » Mon Mar 18, 2013 11:18 am

There is something else that has just come to my mind, if it was genuinely a tax, they would not be offering worthless shares. It is an offer, you pay so much percentage of your money = we give you a bit of worthless paper. Look it is the ECB that are involved, they are not in this for you, they are in it for themselves.

by **sven** » Mon Mar 18, 2013 11:22 am

cyprusgrump wrote:

They say never a truer word said in jest, that goes for that cartoon, larfed my sorks orf :lol:

by **cyprusgrump** » Mon Mar 18, 2013 11:27 am

sven wrote:There is something else that has just come to my mind, if it was genuinely a tax, they would not be othering worthless shares. It is an offer, you pay so much percentage of your money = we give you a bit of worthless paper. Look it is the ECB that are involved, they are not in this for you, they are in it for themselves.

Precisely...

If a robber stops you in the street and steals your phone it is theft.

If a robber stops you in the street and steals your phone but scribbles a note promising to give you an unspecified sum at some unspecified date in the future in return, it is still theft.

by **sven** » Mon Mar 18, 2013 12:07 pm

The TRUST has been breached. If you leave your money in the banks, i can only see them coming back for more
Now, the way I see it is they will do this across europe, this is the introduction, the ECB demands the THEFT from the peoples savings, and if they succeed, it will set a very dangerous precedent. The criminals at the top of society do not give a hoot about the lower classes, you give 'em an inch, they will take a mile, ( to comply with EU Legislation I have to re-phrase that to 'Give 'em 25.4mm and they will take 1.609344 kilometers, Doh').
And don't forget, what has been happening to the cash-tills in the uk, I for one do not believe it is a coincidence.