Cypriot Austerity Measures

Caporegime
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29 Jan 2008
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That'll mean the British base will also close on Cyprus alongside the planned closure of the German ones - cue more cutbacks to the military

They are small chunks of UK territory.

Given the location - its highly unlikely that the UK is likely to want to close either base any time soon...
 
Caporegime
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I Don't we use Cyrpus as a militray/air base? I'm sure the Russians would love to kick nato out of Cyprus.

They don't have a choice - both British areas are sovereign territory... they've got about as much chance of getting rid of the Turks from the northern bit of the island
 
Associate
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Well, their politicians have unanimously voted against the cash grab. Guess the next step is the banks stay closed, the country goes bankrupt, the EU cry a lot and writes off the debt (ala Greece) and everybody loses ALL their money. Oh and apparently, we have sent a plane load of money out so, in a way, we are paying for it anyway.
 
Soldato
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Well, their politicians have unanimously voted against the cash grab. Guess the next step is the banks stay closed, the country goes bankrupt, the EU cry a lot and writes off the debt (ala Greece) and everybody loses ALL their money. Oh and apparently, we have sent a plane load of money out so, in a way, we are paying for it anyway.

Did you hear that when someone was talking to someone else about what they read from Daily Mail?

"Plane load of money" is to help British Troops residing in Cyprus (they have familys you know!) because they can't get money out of Banks to buy day to day stuff.

The EU knew what they're getting into when they allowed countries to join and share the same AAA credit rating. Government and Banking in the country is to blame, there will be bail out from what remaining funds available, or they'll just extend their loan repayment and drag out the situation and deal with it later.
 
Associate
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Greek Cypriots are just like their bigger brothers on the mainland. Tax dodging, irresponsible and now throwing their toys out of the pram. God save the queen.
 

GAC

GAC

Soldato
Joined
11 Dec 2004
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As soon as those banks open its going to be chaos. Not one sole will leave their money in a Cypriot bank a minute longer than they have to. It's going to implode on Thursday.

no its not, as the banks are still going to be closed thursday as well acording to the news.

wonder if the banks will get opened at all this week.
 
Soldato
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Indeed, lets just see them suffer to save their banks, or go bankrupt, and then we shall see just what happens then?
People rejoicing that an eu bailout loan wont be paid to them, and their depositors wont lose a perentage of what they had saved. Okay, fair enough, our lot didnt steal our savings to pay off our bankloans, instead they shafted us, and continue to do so in the legacy of the mess we are in, we had a five year plan to try not to borrow so much.
We do not have ten year or twenty year plan to actually pay any of this mess back.

I'll be intrigued to see what the Cypriots do when they have zero tourist income, and zero banks open. Let them do it. Let them establish an alternative solution. The mega super wealthy all around the world stacked in bidding against hedge funds will continue to make their monies.

If governments actually wanted to tackle the basis for these issues they would remove that form of betting, but no government in the world would consider such a path.

Can anyone explain to me how this betting for failure, betting that economys will fall, collapse, that lenders will die, that toxic debt will become more toxic. All this side of investment banking, how does that at any level benfit a society or country? There must be some reason it exists, so what is the reason, what is the point or use in it?
 
Associate
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Greek Cypriots are just like their bigger brothers on the mainland. Tax dodging, irresponsible and now throwing their toys out of the pram. God save the queen.

That goes to show how misinformed some people are.

Do you even read the news? Do you even know why this has happened?

No? Then you are not allowed to have a respected opinion.
 
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GAC

GAC

Soldato
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11 Dec 2004
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4,688
its just been reported on the bbc news channel that the Cypriot finance minister says the talks are going well but the levy is now looking like it will be 25% :O
 
Associate
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Norwich
very strange. last weekend the proposal was 6-10%, which then got rejected by the cypriot parliament.
now, they have already approved "capital restrictions" and are looking at a higher % fleecing of the savings accounts...
 
Soldato
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15 May 2010
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Out of Coventry
very strange. last weekend the proposal was 6-10%, which then got rejected by the cypriot parliament.
now, they have already approved "capital restrictions" and are looking at a higher % fleecing of the savings accounts...

The difference is savings under 100k will be safe.


A bank run is still a very real possibility though.
 
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