What are Forum Members' opinions of the Cyprus bailout conditions?

[delderek]

Cyprus Govt are taking 10 percent of any money deposited if above 100,000 euros and 6.7 percent if below in bank accounts as part of a deal to secure a bailout.

Outright theft, but could it happen in Spain?

details

http://openeuropeblog.blogspot.com.es/2013/03/cyprus-bails-in-depositors-to-reduce.html

[Harmonicaman]

Legalised theft...

[9PLUS]

Blimey...........

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Blimey...........

[warbey]

Blimey...........

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Blimey...........



Talkative Today Mate. ?:laugh::laugh:

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Cyprus Govt are taking 10 percent of any money deposited if above 100,000 euros and 6.7 percent if below in bank accounts as part of a deal to secure a bailout.

Outright theft, but could it happen in Spain?

details

http://openeuropeblog.blogspot.com.es/2013/03/cyprus-bails-in-depositors-to-reduce.html



That must be Illegal..

Another Paypacket for Larry the Lawyer.?

[seanocelt]

Been watching this closely, could cause huge panic/bank runs, totally wrong, undemocratic and un-European. Brussels, say something! Really bad news.

[timmylish]

For the last 3 years I,ve been advising family and friends here in Spain to keep minimum monies in their bank a/c.s and to w/draw their salaries asap etc. I,m not saying this could happen here as I,m equally shocked at the Cyprus situation but, why take the chance. And as to alternatives well, for ex-pat Brits and Irish don,t think you should find it difficult!

[junglejim]

Was this not part of the problem when the Euro came into effect in Spain -peoples´ "Black" money under the mattress had to be used up as the Peseta was being replaced so property etc was bought up , driving up prices !
Now where´s my shoe box ?

[seanocelt]

Thought you had a McGinn biscuit tin. I do!

[BoPeep]

This is a very dangerous precedent for all Western countries. I am in agreement with not sending too much money over here but dont forget that the UK is in a very bad position too, we wont get a bailout from Europe so we wont be forced to agree to such outragious things but all this money printing is likely to do the same thing eventually, just wait until inflation hits 10% per annum, thats worse than a one off 9.9%, but some people are gullible enough not to realise it because it is not actually taking cash out of their bank account.

At least everyone gets stuck with inflation and not just the poor people who have worked hard and saved rather than drink it down the pub or have two cars and several holidays!

[Angusjim]

Cyprus Govt are taking 10 percent of any money deposited if above 100,000 euros and 6.7 percent if below in bank accounts as part of a deal to secure a bailout.

Outright theft, but could it happen in Spain?

details

http://openeuropeblog.blogspot.com.es/2013/03/cyprus-bails-in-depositors-to-reduce.html

At least they are being upfront about robbing people, the British government are turning a blind eye to the banks robbing customers everyday

[BoPeep]

Are the banks robbing customers? When I opened my bank account I was informed of the applicable charges and agreed them by opening the account?

I have never, however, agreed to a Government taking 9.9% because they are hard up!

[golf birdie]

when I first came to Tenerife my solicitor advised me to keep the bare minimum in any bank here. I'd say that advices is even better today. makes you wonder why all of a sudden they want to know who's got what abroad as I for one don't believe for one moment it is not a way to tax people more.

[BoPeep]

Surely they want to know what assets residents have abroad in order to check whether the resident should be paying wealth tax?

[Angusjim]

Are the banks robbing customers? When I opened my bank account I was informed of the applicable charges and agreed them by opening the account?

I have never, however, agreed to a Government taking 9.9% because they are hard up!

You obviously have not tryed to get finance for businesses deals from RBS but could be any of the High St banks in UK these people are bleeding customers dry with their set up fees / inflated intrest ( up to 9% over base is not uncommon) / exit fees and are not lending monies provided by the government backed national loan scheme and government know all this and do nothing. The government are aware what the banks are doing and do nothing to stop the theiving that is going on at the moment. Do not trust any banks in which ever country you are in they are all currupt and liars and rip up deals they have agreed to at the drop of a hat been there done that and have the tee shirt.

[BoPeep]

I am not saying their costs are fair but they are not TAKING it from you, you are agreeing their terms!

That is very different from waking up one morning to find your bank account has dropped 6-10% and you cant go to the police for theft!

[golf birdie]

Surely they want to know what assets residents have abroad in order to check whether the resident should be paying wealth tax?

So why set the no declare limit at less than 50k? If it is about wealth tax, why not set it at a wealth figure, something like 1 million. In years to come the reason will come to light.

[BoPeep]

Very likely, but all those 50K s add up and the Government want to get a handle on that, there will be many people here with well over their 750k and 1m that dont admit it because they have little lump sums dotted around....it doesnt take many to hit 750k, perhaps there will be a lot of weddings generated from this!

Long live non residency!

[Angusjim]

I am not saying their costs are fair but they are not TAKING it from you, you are agreeing their terms!

That is very different from waking up one morning to find your bank account has dropped 6-10% and you cant go to the police for theft!

But many businesses have no option other than to pay the ransom demands as all the banks are at it and as I say the government sit back and do nothing, they are allowing the banks to rob customers don't get me wrong what they propose in Cyprus is a disgrace but at least they are upfront, we are being robbed by the back door

[golf birdie]

it does not matter if you have 100 bank accounts with 500€ in each , if the total adds up to over 50k they want you to declare. WHY?

[BoPeep]

How is the bank taking from your bank account the fees that you have agreed, you being ROBBED?

[Angusjim]

How is the bank taking from your bank account the fees that you have agreed, you being ROBBED?

Its because most have no choice but to accept the terms offered by the banks or shut your business bringing more unemployment all with the governments blessing. Its stealing by the back door and what Cyprus are proposing is also a DISGRACE probably worse but at least they are upfront about the theft:mad:

[seanocelt]

As i predicted hours ago, they are being told to "hold the bus" before implementing this scandalous penalty. They cannot be allowed to set this precedent.

[tonym]

When I read this yesterday in the mail online it was the lead story. I was totally gobsmacked. The package was agreed by 17 finance ministers(presumably from differing member states) so was not just a scheme from the Cypriot govt. to provide extra finance. The cypriot finance minister almost said there seemed to be no other option other than let the banks collapse which would cost the residents much more, and could bring a collapse of the banking system in the euro zone.

I returned to reread the article about an hour later, it had been replaced by some hermit in the outer Hebrides with a leaky roof ! The original article was buried in the money page.

[delderek]

Must admit a little amazed, that all you guys that still have a Spanish bank account, are not planning to pull out the lot tomorrow. If I still had mine I would.

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Must admit a little amazed, that all you guys that still have a Spanish bank account, are not planning to pull out the lot tomorrow. If I still had mine I would.

[warbey]

not too long ago at least Two U.K. banks were Bailed out by the U.K. Government.

They are still running at a Loss..

Bonus's this Year for the Hierachy of said Banks cost Millions.

More than one way to skin a Cat, I say.. W"hose Money did they use to Pay this.?

[marbro8]

At least they are being upfront about robbing people, the British government are turning a blind eye to the banks robbing customers everyday building societies are just as bad, we are due to take another deal on our mortgage soon and to get the best rate we have to pay £1500 just for a bit of paperwork???

[9PLUS]

not too long ago at least Two U.K. banks were Bailed out by the U.K. Government.

They are still running at a Loss..

Bonus's this Year for the Hierachy of said Banks cost Millions.

More than one way to skin a Cat, I say.. W"hose Money did they use to Pay this.?





Totally agree with that, it's all as though it doesn't matter as long as we get the money to feed OUR Lifestyles

All conducted with no solutions to the situation we are all in.


There should of been a clause within the bail out plan to stop the bankers from receiving BONUSES

[warbey]

Totally agree with that, it's all as though it doesn't matter as long as we get the money to feed OUR Lifestyles

All conducted with no solutions to the situation we are all in.


There should of been a clause within the bail out plan to stop the bankers from receiving BONUSES




I do HOPE the Government are charging interest on the "Loan"

DON'T Hold Your breath..

[kathml]

Buy gold or precious stones platinum even silver

[willowlily]

i cant imagine any but very wealthy cypriots would have much cash in the bank.
cyprus is a honey pot for black money from russia and the middle east.

[kathml]

i cant imagine any but very wealthy cypriots would have much cash in the bank.
cyprus is a honey pot for black money from russia and the middle east.

And Tenerife isn't

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i cant imagine any but very wealthy cypriots would have much cash in the bank.
cyprus is a honey pot for black money from russia and the middle east.

And Tenerife isn't

[seanocelt]

i cant imagine any but very wealthy cypriots would have much cash in the bank.
cyprus is a honey pot for black money from russia and the middle east.

some of us cant resist the old honeypot m'dear!

[BoPeep]

I suspect the wealthiest Cypriots got a phone call late Friday night and transferred all the money they could abroad at that point!

[golf birdie]

i cant imagine any but very wealthy cypriots would have much cash in the bank.
cyprus is a honey pot for black money from russia and the middle east.

so why don't the EU clamp down on these people rather than take money from everyone, pensioners, students and others who live day to day and try and save a little. As said earlier the best advice is keep the minimum in your bank over here as the same could happen. Far fetched ? Watch the markets and see the pound increase in value as large investors flock to move their money from Spain, Greece and Italy if this Cyprus deal goes ahead.

[kathml]

the very wealthy rarely have large bank balances their money gets used elsewhere and usually passes through their bank accounts very quickly

[golf birdie]

pound is up 1.4% and the ruling is still to be confirmed, if it is confirmed watch it rocket.

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the very wealthy rarely have large bank balances their money gets used elsewhere and usually passes through their bank accounts very quickly

The Moody's ratings agency estimates that, at the end of 2012, Russian banks had placed $12bn in Cypriot banks, with corporate deposits at $19bn. So Russian corporate and individual investors could lose up to $2bn.

I'd say that will hurt a little

[boredinscotland]

No cash is safe anywhere, buy precious metals, one ounce gold coin is worth a grand, can hide lots of them and government can't steal it if they can't find it:cheeky: no VAT on Gold but buggers charge VAT on Silver Bullion unless you buy from Germany,7% and delivered to your door.
This is gonna be the first of many Governments taking cash from the people, buy a safe,big dog and a gun,,,,sorted:D

[universal]

The € weakens against the pound and the USD:
"The European Union has provided EUR 10bn rescue package to the Cyprus government with the majority of the bailout going to two of the largest Cypriot banks. However the EU has requested that Cyprus mobilise internal resources meaning that a one off levy will placed on residents and non-residents depositors, as without this the bailout, it would leave an unsustainable level of GDP-debt ratio which could soar to 145%. This has caused the Euro to weaken this morning against basket of currencies primarily USD and GBP however the rally has already started show signs of retracement. The EU has also shown that it may be willing to adopt expansionary fiscal policy to help boost growth, this was pushed forward by France, Spain and Portugal while Germany, Austria and Finland had called for further austerity. The compromise was short-term targeted measures to help boost growth and tackle the high unemployment."

[seanocelt]

I will be surprised if the deal goes through as it stands, and if not the pound the will give up its gains in a few months, the precedent this could create could end the Euro. The above post from Universal illustrates the polarised needs of EU goverents, which seems to be a widening gulf. This currency will never work for all members.

[Fivepence]

I will be surprised if the deal goes through as it stands, and if not the pound the will give up its gains in a few months, the precedent this could create could end the Euro. The above post from Universal illustrates the polarised needs of EU goverents, which seems to be a widening gulf. This currency will never work for all members.

:agree:..................4649

[poker]

Now how will this effect the medium Russian who had an idea of buying a property in spain ( tenerife) with some black , gray money they had . . . . . .

Don't think they will be in a hurry if the EU is out to tax them Russians in Cyprus becouse it was a tax-haven for their money .

[Fivepence]

Cyprus could vote to leave the Euro tomorrow.....article here (http://blogs.telegraph.co.uk/finance/matspersson/100023412/tomorrow-cyprus-could-vote-to-leave-the-euro-this-is-political-dynamite/)

German Commerzbank Suggests Wealth Tax In Italy Next.............article here (http://www.zerohedge.com/news/2013-03-17/german-commerzbank-suggests-wealth-tax-italy-next)

‘Have money in a Spanish bank? Take it out now!’.........article here (http://english.ruvr.ru/2013_03_18/Have-money-in-a-Spanish-bank-Take-it-out-now-Shedlock/)

[marbro8]

if you can afford to buy large villas in paradise isles or have large amounts of money in foreign banks then you can afford to pay it:hide::D:D:D

[Fivepence]

Meanwhile rumours have surfaced about a Spanish deposit tax of 0.2pc, despite reassurances the Cypriot situation is unique.

Source here (http://www.telegraph.co.uk/finance/debt-crisis-live/9941984/Cyprus-bailout-live.html)

[Fivepence]

Looks like Germany will soon have full control of Cyprus.................See here (http://www.telegraph.co.uk/finance/debt-crisis-live/9947568/Cyprus-bailout-live.html)