Cyprus-Forum.com

[Tim Drayton]

The decision to place most of the assets of the two main banks in Greek government securities at a time when everybody else was heading for the door, and the subsequent fatal blow delivered by the haircut on these securities is what destroyed these banks.

How are either of those things Christofias' fault?

If these were indeed independent decisions taken by the banks, then they are not.

[bill cobbett]

The decision to place most of the assets of the two main banks in Greek government securities at a time when everybody else was heading for the door, and the subsequent fatal blow delivered by the haircut on these securities is what destroyed these banks.

How are either of those things Christofias' fault?

If these were indeed independent decisions taken by the banks, then they are not.

Yes, with a very nice return, these Greek Bonds would have looked attractive, but the bigger the yield of course the bigger the risk.

... and yes, as a lot of these monies were being made over when the clever money was getting out of Greece, don't we have to be suspicious that there was a political influence or an old greek boy's network behind this...???

Depositors who have lost out should be demanding an Inquiry.

Indeed given the devastation to the very, very important CY banking industry, every CY should be demanding one.

[Tim Drayton]

The decision to place most of the assets of the two main banks in Greek government securities at a time when everybody else was heading for the door, and the subsequent fatal blow delivered by the haircut on these securities is what destroyed these banks.

How are either of those things Christofias' fault?

If these were indeed independent decisions taken by the banks, then they are not.

Yes, with a very nice return, these Greek Bonds would have looked attractive, but the bigger the yield of course the bigger the risk.

... and yes, as a lot of these monies were being made over when the clever money was getting out of Greece, don't we have to be suspicious that there was a political influence or an old greek boy's network behind this...???

Depositors who have lost out should be demanding an Inquiry.

Indeed given the devastation to the very, very important CY banking industry, every CY should be demanding one.

This is also what I ask myself: to what extent was the decision to pile into those securities financial, and to what extent was it political.

An American financial analyst's take:

http://finance.yahoo.com/blogs/daily-ti ... 36516.html

Although deposits under 100,000 euros will be spared, deposits over 100,000 euros will be seized and subjected to an as-yet undetermined haircut--with the confiscated money going to bail out the gambling losses of the aforementioned reckless idiots who run some of Cyprus's banks.

[lucius]

Hitler has had many followers in Germany. hi Hitler ! Poor nation..

Yes, and Genhis Khan had many followers in Mongolia, whats your point?

[Nikitas]

VP asked: "So you do not want to buy a discounted Merc?"

I scrapped my last car in March 2001, have been using a bicycle ever since. When I need a car I rent one. I am looking for a folding bike at a discount if you know of one. Made anywhere but Germany.

[bill cobbett]

VP asked: "So you do not want to buy a discounted Merc?"

I scrapped my last car in March 2001, have been using a bicycle ever since. When I need a car I rent one. I am looking for a folding bike at a discount if you know of one. Made anywhere but Germany.

Are we starting an Official CF Boycott German Goods campaign ... ???

[bill cobbett]

The decision to place most of the assets of the two main banks in Greek government securities at a time when everybody else was heading for the door, and the subsequent fatal blow delivered by the haircut on these securities is what destroyed these banks.

How are either of those things Christofias' fault?

If these were indeed independent decisions taken by the banks, then they are not.

Yes, with a very nice return, these Greek Bonds would have looked attractive, but the bigger the yield of course the bigger the risk.

... and yes, as a lot of these monies were being made over when the clever money was getting out of Greece, don't we have to be suspicious that there was a political influence or an old greek boy's network behind this...???

Depositors who have lost out should be demanding an Inquiry.

Indeed given the devastation to the very, very important CY banking industry, every CY should be demanding one.

This is also what I ask myself: to what extent was the decision to pile into those securities financial, and to what extent was it political.

An American financial analyst's take:

http://finance.yahoo.com/blogs/daily-ti ... 36516.html

Although deposits under 100,000 euros will be spared, deposits over 100,000 euros will be seized and subjected to an as-yet undetermined haircut--with the confiscated money going to bail out the gambling losses of the aforementioned reckless idiots who run some of Cyprus's banks.

"reckless idiots" ...!!! ... strong, but it does sum them up doesn't it... idiots gambling with the money of other people.

... and at least to start with, what will it be...??? One Thousand Job Losses at Laiki alone...???

... and just how much will come off CY GDP with the destruction of the Banking Sector with 10,000s of further job losses, '000s of businesses folding.

Where are the demands from CYs to get to the bottom of all this... and lock up those who have caused this...???

[DrCyprus]

People should start demanding this. There should be riots in the street. People should flood Anastasiades' inbox asking for them to be put away permanently.

[DT.]

I'm having some serious concerns regarding the German economy and its reliance in Russian energy. I'm not exactly sure that a large automotive industry when you're so reliant on imported energy that can be cut off at any time (as history has shown us) can be a viable sector in order to base a euro zone economy on. Indeed this goes for the entire heavy manufacturing industry of Germany, I don't know about everyone else, but on the first sign of trouble I would like the Germans to present us with some alternatives to this arrangement otherwise I'm afraid we will have no choice other than to cull this sector. We can't be expected to provide the euro zone with this resource in 2018 without first making sure that they have a viable plan to pay for this.

[Oceanside50]

President Anastasiades of Cyprus stated earlier today:

I'm having some serious concerns regarding the German economy and its reliance in Russian energy. I'm not exactly sure that a large automotive industry when you're so reliant on imported energy that can be cut off at any time (as history has shown us) can be a viable sector in order to base a euro zone economy on. Indeed this goes for the entire heavy manufacturing industry of Germany, I don't know about everyone else, but on the first sign of trouble I would like the Germans to present us with some alternatives to this arrangement otherwise I'm afraid we will have no choice other than to cull this sector. We can't be expected to provide the euro zone with this resource in 2018 without first making sure that they have a viable plan to pay for this.