Cyprus-Forum.com

[sven]

http://edition.cnn.com/2013/03/17/business/cypriot-deal-talks/index.html?hpt=ieu_c1

According to senior officials involved in the talks, the German-led group of negotiators who insisted on the bank levy were agnostic as to where the axe fell. They said Mr Anastasiades, with the backing of the commission, had resisted a rate higher than 10 per cent out of fear it would destabilise the financial sector even more.

One senior eurozone official said the ECB and other EU negotiators at one point suggested putting all the burden on larger depositors.

(1)"We had proposed a levy with a rate of zero below €100,000, and a higher one afterwards," said the official. "The Cypriot president did not want to agree to a levy higher than 10 per cent, and if you do the numbers you get the 6.75 and 9.9 [per cent]."

Cypriot officials insisted no levy on smaller depositors was impossible. One senior Cypriot official involved in the talks said that (2)because about 35 per cent of all deposits are below the threshold, exempting them would mean a rate so high for the rest that it would no longer be viewed as a tax.

(3)"If this is successful then it will be used in the future," said the dejected official, predicting Spanish and Italian banks could face similar levies. "If this is not successful then who cares about Cyprus."

(1) The Blame game
(2) An admission it is not a tax.they are trying to disguise what it is.
(3)The real reason, so it can be used to steal from other deposits throughout Europe.

[kurupetos]

Fuck the IMF and leave the UE, you have plenty of gas and a lot of british tourists and russian tourists that would be willing to come to your shores.

There are also a lot of Turks who are eager to steal more land from us if we exit the EU. We only entered the EU for political reasons. Thanks for the support.

[supporttheunderdog]

Fuck the IMF and leave the UE, you have plenty of gas and a lot of british tourists and russian tourists that would be willing to come to your shores.

There are also a lot of Turks who are eager to steal more land from us if we exit the EU. We only entered the EU for political reasons. Thanks for the support.

And the EU shafted us....Try to climb into bed with Russia and expect the USA to be behind more steps to control Cyprus, as they did in 74....

I hear there are lots of Russians on the way with empty suitcases...

[cyprusgrump]

UK suspends pension payments to Cyprus banks...

[sven]

UK suspends pension payments to Cyprus banks...

http://www.dailymail.co.uk/news/article ... ilout.html
I have left this comment on the link above whether it gets past censorship i don't know."This is not about the Banks failing, under the Central Bank of Cyprus Deposit Protection Scheme (DPS) .-"The maximum level of compensation, per depositor, per bank, is €100.000 " .- "a Deposit Protection Fund has also been established which operates as a separate legal entity administered by a Management" I could have 100,000euros in each of three banks totalling 300,000 and it would be protected. This IS about the European Central Bank (ECB) setting the precedent to steal from all accounts across Europe, it would not matter if their beaten down to 0.5% they would rather have that than abandon the THEFT from peoples accounts.
From CNN - "If this is successful then it will be used in the future," said the dejected official, predicting Spanish and Italian banks could face similar levies"
It just so happens that in 2008 the RESPONSIBILITY for The Central Bank of Cyprus POLICY was transferred to the PRESIDENT of THE EUROPEAN CENTRAL BANK"

[CBBB]

UK suspends pension payments to Cyprus banks...

http://www.dailymail.co.uk/news/article ... ilout.html
I have left this comment on the link above whether it gets past censorship i don't know."This is not about the Banks failing, under the Central Bank of Cyprus Deposit Protection Scheme (DPS) .-"The maximum level of compensation, per depositor, per bank, is €100.000 " .- "a Deposit Protection Fund has also been established which operates as a separate legal entity administered by a Management" I could have 100,000euros in each of three banks totalling 300,000 and it would be protected. This IS about the European Central Bank (ECB) setting the precedent to steal from all accounts across Europe, it would not matter if their beaten down to 0.5% they would rather have that than abandon the THEFT from peoples accounts.
From CNN - "If this is successful then it will be used in the future," said the dejected official, predicting Spanish and Italian banks could face similar levies"
It just so happens that in 2008 the RESPONSIBILITY for The Central Bank of Cyprus POLICY was transferred to the PRESIDENT of THE EUROPEAN CENTRAL BANK"

Aah, The Daily Mail, I believe everything they say!

[kurupetos]

Fuck the IMF and leave the UE, you have plenty of gas and a lot of british tourists and russian tourists that would be willing to come to your shores.

There are also a lot of Turks who are eager to steal more land from us if we exit the EU. We only entered the EU for political reasons. Thanks for the support.

And the EU shafted us....Try to climb into bed with Russia and expect the USA to be behind more steps to control Cyprus, as they did in 74....

I hear there are lots of Russians on the way with empty suitcases...

We shouldn't want any more Russian/EU money. We should pay all debt from the deposits and forget about it.

It's time for a real economy and not some fake money-laundering bubble.

[GreekIslandGirl]

UK suspends pension payments to Cyprus banks...

Is that "legal"?

(Or just an excuse to fudge numbers for Osborne's budget on Wednesday?)

[Lit]

Euro zone urges Cyprus to spare smaller savers from bank levy

By Michele Kambas and Harry Papachristou

NICOSIA/ATHENS (Reuters) - Euro zone ministers urged Cyprus to let smaller savers escape a levy on bank deposits, before a parliamentary vote on Tuesday that will either secure the island's financial rescue or threaten default.

A weekend announcement that Cyprus would impose a levy on bank accounts as part of a 10 billion euro ($13 billion) bailout by the European Union broke with previous practice that depositors' savings were sacrosanct.

The euro and stock markets fell on concern that developments in tiny Cyprus could reignite the financial crisis in the 17-nation euro zone, while angry Cypriots staged protests outside their heavily guarded parliament.

Before Tuesday's vote, which is too close to call and would send reverberations across the currency area if lost, euro zone finance ministers held an evening teleconference and said depositors with less than 100,000 euros should be protected, officials said.

Under the deal struck in Brussels on Saturday, bank deposits under that level would have faced a levy of 6.7 percent, ripping up the protection savers thought they enjoyed on insured deposits up to that limit, while those above would be stung for 9.9 percent.

The finance ministers said they favored a higher, 15.6 percent hit for richer savers, so more modest accounts could be spared.

That would look similar to a deal the Cypriots, fearing the destruction of their banking model which lures money from rich Russians and others, baulked at in Brussels at the weekend.

It was not clear if Nicosia will accept it now but if it does, it would still raise 5.8 billion euros from the bank levy as planned, a Greek finance ministry source said. Continued...

Read full story here:
http://ca.reuters.com/article/topNews/i ... 3I20130318

[GreekIslandGirl]

Hello Lit.

My concern with all this as that the smaller investors are Cypriots; whereas the bigger investors are foreigners. The foreigners will end up being offered all these shares in the Banks and Gas and the Cypriots will get nothing.

It's almost like it was orchestrated to give the assets away to foreigners.