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The Cyprus Bailout crisis

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rajagainstthemachine
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Postby rajagainstthemachine » Sat, 23 Mar 2013 10:52 am

Latest Update:

Government spokesman Christos Stylianides said that negotiations with the troika for a bailout were close to an agreement. He said very important decisions that would shape the future of Cyprus would have to be taken by the legislature in the next few hours. He avoided being specific, but all indications are that the government would submit a new bill for a levy on bank deposits
To get there early is on time and showing up on time is late

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JR8
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Postby JR8 » Sat, 23 Mar 2013 7:08 pm

rajagainstthemachine wrote:Latest Update:

Government spokesman Christos Stylianides said that negotiations with the troika for a bailout were close to an agreement. He said very important decisions that would shape the future of Cyprus would have to be taken by the legislature in the next few hours. He avoided being specific, but all indications are that the government would submit a new bill for a levy on bank deposits



Which will cause their main industry (banking) to go up in flames, and with it the entire Cypriot economy.

I could not dream of a greater FUBAR than this.

#1 Greece
#2 Cyprus
#3? TBC

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zzm9980
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Postby zzm9980 » Sun, 24 Mar 2013 1:50 pm

JR8 wrote:I could not dream of a greater FUBAR than this.

#1 Greece
#2 Cyprus
#3? TBC


I miss reading the old discussions between you and Aster on this. Wonder where he is now :)

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zzm9980
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Postby zzm9980 » Sun, 24 Mar 2013 1:56 pm

Seems the latest plan is 20% on anything over 100k Euro. I suppose marginally better for those with less (since in wealth re-distribution theory they need their money more), but still bad.

http://www.nytimes.com/2013/03/24/world ... -line.html

The first paragraph is entertaining:

[quote]LIMASSOL, Cyprus —

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Postby JR8 » Mon, 25 Mar 2013 6:22 am

[quote="zzm9980"]
The first paragraph is entertaining:

[quote]LIMASSOL, Cyprus —

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Postby Strong Eagle » Mon, 25 Mar 2013 8:15 am

Seems pretty clear. Cyprus was/is a money laundering, ask no questions, capitol. Now that the house of cards has come down, who is going to lose? It needs to be the foreign investors who dumped their cash into the banks... they knew what they were getting into and why they were using Cyprus banks.

Foreigners lose their investments, locals keep theirs, banking is severely curtailed.

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Postby PNGMK » Mon, 25 Mar 2013 9:32 am

Strong Eagle wrote:Seems pretty clear. Cyprus was/is a money laundering, ask no questions, capitol. Now that the house of cards has come down, who is going to lose? It needs to be the foreign investors who dumped their cash into the banks... they knew what they were getting into and why they were using Cyprus banks.

Foreigners lose their investments, locals keep theirs, banking is severely curtailed.


Sounds like another island I know of. Update - today the limit at Cyprus ATM's is Euro 100 only.... Cyprus is rapidly becoming a cash only economy (and maybe some barter). And people wonder why I keep gold, silver and cash at a secure, ready location (that is NOT controlled by the banks).

I too have been wondering why they don't protect their nationals and force the foreign account holders to take a haircut - presumably the foreigners have the MP's in their pockets.

Is there a lesson for the little red dot in this? I don't know - at least here they actually make stuff.

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zzm9980
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Postby zzm9980 » Mon, 25 Mar 2013 9:57 am

PNGMK wrote:Sounds like another island I know of.


Do you mean Singapore? They didn't barter away their fiscal (arguably more) sovereignty away for a membership card in a club of dubious benefits.

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Postby offshoreoildude » Mon, 25 Mar 2013 10:48 am

zzm9980 wrote:
PNGMK wrote:Sounds like another island I know of.


Do you mean Singapore? They didn't barter away their fiscal (arguably more) sovereignty away for a membership card in a club of dubious benefits.


Perhaps he was referring to an island that has a lot of foreign money in it's banks... Labuan?
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Postby Wd40 » Mon, 25 Mar 2013 10:56 am

So is Bermuda and Mauritius

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Postby maneo » Mon, 25 Mar 2013 11:18 am

offshoreoildude wrote:
zzm9980 wrote:
PNGMK wrote:Sounds like another island I know of.


Do you mean Singapore? They didn't barter away their fiscal (arguably more) sovereignty away for a membership card in a club of dubious benefits.


Perhaps he was referring to an island that has a lot of foreign money in it's banks... Labuan?


Aren't Iceland and Ireland islands?

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Postby offshoreoildude » Mon, 25 Mar 2013 12:15 pm

Perhaps all Islands that have huge amounts of deposits in bad investments will have issues.... I doubt Singapore has 8 times it's GDP in laundered money deposited here... (well maybe it does) but at least it has an actual set of industries driving the GDP - where as Cyprus had hardly any industry apart from offshore banking apart from a little bit of tourism...
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Postby offshoreoildude » Mon, 25 Mar 2013 4:05 pm

Well the news isn't getting better/ Maybe 40% losses min for those with > Euro100k.
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zzm9980
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Postby zzm9980 » Mon, 25 Mar 2013 4:37 pm

offshoreoildude wrote:Perhaps he was referring to an island that has a lot of foreign money in it's banks... Labuan?


Given it is a Singaporean Expat forum and the comment about "Little Red Dot", I assumed he meant here. Maybe not though.

The stat today on how much larger those foreign deposits are than Cyprus's GDP surprised the hell out of me too. I heard (but haven't confirmed it it is fact) that the banks went tits up due to lending to the Greeks. If that's the case, can't we pin the blame for this on them too?

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Postby JR8 » Mon, 25 Mar 2013 5:51 pm

offshoreoildude wrote:Well the news isn't getting better/ Maybe 40% losses min for those with > Euro100k.


And watch how only now the EU will furiously attempt to dissociate itself from Cyprus; over which it has had total financial regulatory oversight, for 15 years


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