Cyprus-Forum.com

[cyprusgrump]

Latest Cypriot proposal - to drop levy on deposits under €20k - is worst of all poss worlds, since insured deposits principle still breached

[Jerry]

Latest Cypriot proposal - to drop levy on deposits under €20k - is worst of all poss worlds, since insured deposits principle still breached

And the foreign big deposits would leave Cyprus regardless of the levy rate - be it 10% or 15%. Typical of decisions made by self-appointed "experts" who fail to ask the man in the street his opinion and fail to judge his reaction.

[sven]

LIVE FEED

http://www.telegraph.co.uk/finance/debt ... -live.html

Latest

13.22 Stories are flying around the Greek and Cypriot media that the vote could be further postponed. Greek news website ekathimerini reports that Mr Anastasiades will now met with party leaders on Wednesday morning to thrash out new plans on the bank levy, abandoning attempts to pass it through parliament on Tuesday afternoon, citing Greek TV networks NET and Mega.

[Demonax]

Nicos Anastasiades, Cypriot president, has predicted that the draft bill will be voted down by parliament, while also alluding to an alternative plan brewing behind the scenes. He told reporters:

The feeling I'm having is that the house is going to reject it.

They feel it is against the interests of Cyprus at large.

We have our own plans but I have to admit it was something not expected by the troika or by our friends in the Eurogroup.

What could the government's "own plans" entail? Think tank Open Europe reckons that help from Russia could well be a possibility. Other options on the table are a financial transaction tax, which has been widely rejected by Cyprus, and a plan to convert deposits into deposit certificates with fixed long term maturities - essentially bonds.

http://www.telegraph.co.uk/finance/debt ... -live.html

[sven]

According to the BBC NEWS

less than 20,000 = 0%, 20,000 to 100,00 = 6.75%, over 100,000 = 9.9%

so almost no change there then, still planning on the theft. They need the precedent to steal direct from your account and will not drop it and will conitnue with the plan.

http://www.telegraph.co.uk/finance/debt ... -live.html

from the link above

15.05 Former governor of the Cypriot central bank, Anthanasios Orphanides has launched an powerful rebuke towards Cyprus's European creditors, branding their actions tantamount to blackmail. Speaking to Bloomberg TV, he said:

We are witnessing historic times. What we're witnessing is the slow death of the European project. We are in a situation where some European governments are essentially taking actions that are telling citizens of other member states they are not equal under the law.

What we have seen for the last few days is a very serious blunder by European governments that essentially are blackmailing the government of Cyprus to confiscate the money that belongs rightfully to depositors in the banking sector in Cyprus.

The way the strongest governments of Europe have blackmailed the Cypriot government to confiscate deposits is essentially sending a message that no-one with deposits in a small country like Luxembourg should feel safe about their deposits. No-one with deposits in a weak country, like Spain, should feel safe about deposits.

Decisions like this, much like the decision to haircut Greek debt in October 2011, actually benefit some countries. For example as we’ve seen from markets yesterday a decision like this reduces the financing costs for the German government so the German government can now borrow at negative rates as a result while it inflicts pain on other countries. Not everybody is equal under the law the way European governments are behaving these days.

This is why I worry about the future of Europe.

[sven]

From the BBC news

1 million Euros in CASH is being flown out to Cyprus, to provide loans to miltary personel because the banks have remained closed. Thats right, The british Government has more or less sod the expats.

[cyprusgrump]

A sudden sell-off has wiped half a cent off the value of the euro, sending it down to $1.289 against the US dollar.

Two rumours, both currently unsubstantiated, are to blame.

1) that the Cypriot finance minister Michalis Sarris, has offered to resign, but has had the offer rejected by president Anastasiades.

This is running on several newswires, but we don't yet have any official confirmation.

2) That the vote on the bailout package will go ahead tonight, but that the government MPs will not support the plan, meaning it certainly fails.

That's via the BBC's Athens correspondent, Mark Owen.

[Demonax]

Cypriot parliament voting on depositor levy. DISY reportedly plans to abstain, everyone else voting against.

That's no votes for the levy then.

Plan B anyone?

[supporttheunderdog]

now let us watch the Euro .....

[boulio]

germany once again overplayed her hand.Russia will win out thru this whole fiasco.COme next winter lets see what the germans,dutch,finns and austrians do when Gazprom puts a "trasport levy"on the natural gas they need.