Cyprus Bailout

This is dreadful......

The article has many photos so I hope you don't mind that I have simply posted the link.

http://www.dailymail.co.uk/news/article-2295115/Cyprus-bailout-Markets-tumble-new-fears-eurozone-Cyprus-announces-10-tax-savers.html

I've been following the story - it's appalling, probably illegal, and certainly incompetent.

Great way to destroy the banking system, isn't it?

Bonny, I am still shocked.

Oh yes, a very good way to destroy it.

The Russians are blethering on about it - well they would, seeing as it is widely stated that they have been laundering their ill-gotten gains through the Cypriot banks! I am so glad the UK stayed out of the Euro. LL

Oh yes, LL. However, look at the map. Shocking......and Cypress is not a big place.

lily wrote:Oh yes, LL. However, look at the map. Shocking......and Cypress is not a big place.

Err lily dear, you do mean Cyprus - c[s cypress is a tree .... LL

I thought it didn't look right, LL.

lily wrote: I thought it didn't look right, LL.

Actually this fun and games pertains, as far as I know, only to the southern Greek part of the island, the north is Turkish. LL

Do you have any idea how Turkey is doing with the Euro stuff, LL?

lily wrote:Do you have any idea how Turkey is doing with the Euro stuff, LL?

All I know is that they want to join the EU but there are elements in the EU which are very anti the idea as Turkey's religion is mainly Islam and they fear the possible encroachment of this religion. But Turkey is a secular state, they have no state religion. LL

Thanks, LL. Appreciate that.

http://news.sky.com/story/1066004/cyprus-bailout-savings-shift-amid-russia-offer

I really must congratulate the government of South Cyprus. Not only have they created a run on their own banks, the only way they are going to avoid being hung from lampposts by the Cyprus citizens they plan to rob is to become a client state of Russia.

Incompetence on an epic scale.

Gee whiz. What are they thinking?

Well, I know what Russia's thinking, especially with Cyprus apparently sitting on a huge reserve of natural gas...


What the South Cyprus government is thinking is another matter entirely.

Oh yes, I read about all that nice gas............ so what on earth are the South doing except being incompetent?

Well, if I was an ordinary southern Cypriot person, and the government were about to steal a chunk of my hard-earned because of their total incompetence, I wouldn't care greatly if the Russkis bailed S Cyprus out in return for a chunk of the gas.

Birds in hand and all that....

Odd how Russia is much better at being capitalist than it ever was at being communist. Green seems much more to their taste than red....

North Cyprus must be laughing their socks off, at the rate this is going they are going to no longer be the poor half of the island. LL

Yup; they aren't in the euro, or much involved in this disaster. And if Putin bails out the south, it strengthens Turkey's case with NATO, etc.

It's getting interesting then......

http://news.sky.com/story/1066463/savers-with-87000-or-less-to-be-protected

What a shambles!

Guy from Sky news said this afternoon that around 50% of bank accounts in Cyprus are owned by Russians who leave their money there to avoid high taxes at home.

It's the normal Cypriot who hasn't had access to their money from the early hours of Saturday until at least Thursday I feel sorry for. Imagine the flamin' panic they must be feeling!

http://news.sky.com/story/1066463/savers-with-below-100k-euros-to-be-protected

Looks like they are going to be spared - but who would blame them if they took out every penny? Only a madman could have dreamed this up.

http://news.sky.com/story/1066871/cyprus-bailout-cash-flown-out-to-british-troops

A plane has left Britain for Cyprus with one million euros onboard to ensure soldiers have access to cash.

Banks in Cyprus have been closed since before the weekend and will not reopen until Thursday in order to prevent a run on the banks as the government discusses taxing all savers in order to secure an EU bailout.

Soldiers stationed on the island and their families would be able to borrow the money if cash machines and debit cards stop working completely, the Ministry of Defence said.

"The MoD is proactively approaching personnel to ask if they want their March, and future months' salaries paid into UK bank accounts, rather than Cypriot accounts," it said in a statement.

"We're determined to do everything we can to minimise the impact of the Cyprus banking crisis on our people."

Meanwhile, just before the Cypriot parliament was due to vote on the bailout and the levy on personal savings, Cyprus' finance minister reportedly offered his resignation.


And committed himself to the nearest insane asylum, one hopes?

...And that's the end of that hairbrained scheme.

http://news.sky.com/story/1066871/cyprus-bailout-savings-tax-rejected-by-mps

Cyprus Bailout: Savings Tax Rejected By MPs