General Chat

It is a terrible situation when Governments get into trouble and plunder private bank accounts like this.

It does create the level playing field for older people where someone who had made some money and worked hard finishes up the same as someone who has never worked and saved for anything.

A maiden aunt of mine sold her very successful little business at age of 70 (in about 1955) and refused to put proceeds in bank. Apparently, she tucked all her cash in her mattress and round her house and slept on her money. She refused OAPension saying it was charity and she didn't need it. Money began to run out after 15 years (aged 85) and she spent last 6 years of her life happily on benefits (because somebody managed to persuade her she was entitled).

How many dotty old aunts will this financial crisis encourage? Everyone will bank with the Bank of Mattress :-)

The British Government will 'compensate Military Personnel' in Cyprus if they are affected. (BBC News 24 just now)

Think i will sleep very well tonight on my new home made mattress ;-)

Roy :-D

What is the point of putting your money into banks now? Interest rates are a joke and now this line has been crossed where the government can seize your money.......slippery slope

Hardly a way of building back the trust in banks.

So much for the much famed European human rights then!
What about the right not to be robbed!
Nothing but legitimised theft, now the banks will empty and surprise, surprise, a banking crises, caused by financial "experts" that can't see past the quick fix. :-P


Mayfield

Some of the older Cypriots will have lost their homes and most of their belongings in the 1974 war.
Now this................


Gwyn

They say it could happen anywhere in the future.

Yes Chris spot on - I think it applies to anyone who has deposited money

It applies to the 27,000 ex pats there and also may apply to our Armed Forces personnel who draw some of their pay in euros.

Susan I find it totally shocking - I think those with under 100 grand euros in the bank pay 6.75 per cent but any figure is wrong
A classic case of the innocent being penalised to prop up the failing European market
Ask any half decent economist and this is doomed. It has a financial knock an effect for the rest of us apart from the immoral side of it.
People in Cyprus will try anything they can to withdraw their money so that they have hard cash in their hand, under their mattresses.
This is absolute lunacy and will lead to panics from the common people and further falling markets

it's better than Australia's scheme to seize ALL money from bank accounts that have been inactive for three years


http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to-be-seized/story-e6frfmcr-1226585867131

So those who have saved are penalised and those who haven't are not.

Cyprus savers have to surrender 10% of their savings to help with an international bail out.

money under the mattress.