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The Cyprus Situation

ProfilePosted byOptionsPost Date

Muffyxx

Muffyxx Report 1 Apr 2013 12:30

I know it's old news kind of now..but I remain open jawed still at what's happened there and can't believe more fuss isn't being made about it tbh.....it may turn out that.80% of deposits over £85000 will be wiped out !!!!!!!!!! For the ex pats who sold up and put their money in the bank to work as their pension this is just devastating !!!!

Regardless of the rights and wrongs of putting the money in the banks they did....who would've expected that it would be legal for the state to swoop like that on their money in the way they have......it's just plain theft !!! I just can't get past it.

What's does everybody else think of this?

+++DetEcTive+++

+++DetEcTive+++ Report 1 Apr 2013 12:38

It does seem horrific.

Although there are elements of Russian money laundering, there must be many honest people effected

- ex pat pensioners as you've suggested
- people in the process of buying property
- working capital from businesses.

We were told by a taxi driver about 10 years ago, that many Cypriots don't marry until their family has saved up and built or bought a house for them. How about those families?

supercrutch

supercrutch Report 1 Apr 2013 12:54

Savvy nationals had savings outside the Country as I know from personal experience.

I cannot foresee that any of this money will be repaid and will it stop at the percentage mooted?

They should never have joined the single currency, economists must have seen the huge inflation each poor country who joined before them endured.

I feel sorry for all the people this will affect but they must look to their government to apportion blame.



AnninGlos

AnninGlos Report 1 Apr 2013 13:18

And it said in the paper that Slovenia could be next.

vera2010

vera2010 Report 1 Apr 2013 13:25

Dreadful behaviour. Some people need capital invested to boost their income in old age. I can't understand how it all came about and that they can be ordered to do such a thing to their people. Where will it all end if they can get away with it in Cyprus.
Like always those abusing the opprotunities for putting money into Cypriot banks will suffer the least.


Vera

AnninGlos

AnninGlos Report 1 Apr 2013 14:32

I see in the paper some financial 'bod' can't remember his name, saying we shouldn't be complacent here as there will be a knock on effect and we should spread our money.

GinN

GinN Report 1 Apr 2013 14:47

I'm thinking of spreading my money - between all the matresses in the house.
It's no laughing matter, though, it's devastating and heartbreaking for those concerned. The thoughts of this practice spreading is very worrying indeed.

Lynda

RolloTheRed

RolloTheRed Report 1 Apr 2013 15:05

Most of the Brits saw this coming a year ago and moved their money out of harm's way except for a float. The more canny also bailed out of Cyprus altogether selling property etc.

For those who want a cheap sunny island to retire to Cuba is the coming place though the early birds have already eaten the biggest worms. Those still in the €urozone should think about alternatives ...

The problem for Merkel was not the Cyprus deficit per se but rather the "business model" of running a massive high interest money laundering operation ( employing 70% of the island ) within the €urozone. Luxembourg didn't like it.

There are some other islands in the English Channel with a similar business model. Luckily for them they are not in the €urozone.

It is just possible that Germany and its satellites will leave the €urozone and set up a new D-mark. Better all round for everyone.