Cypriot Austerity Measures

[Iraklis F.C.]

I am confused myself now Yes I am Greek Cypriot. But I graduated last year, and found a job in the UK, so stayed here.

doh, forgive me its a bit late...

The problem is not the benefits. To give a personal example:

The Carlsberg brewery in Cyprus was looking for a Mechanical Engineer. Starting salary was 1800euros. Once austerity measures were introduced in Greece, a lot of Greeks came over, because of the same language and similar culture.
In Cyprus a starting salary of 1800euros before tax is considered to be at best low, with the current prices of the market. Greeks come over, and ask for the same job, but when asked how much they want, they say 600euros.
Same happened in most sectors.

a mechanical engineer demanded 600 euros, seriously? thats about half of what he could earn over here...

 

[mranderson]

It's going to happen guys. They will be the first ones to say f$"£$"£$ off to the EU.

 

[jimjamuk]

This is going to be a lose lose all round as I see it. Theres going to be a run on the banks in Cyprus regardless if this is passed or not now joe public realise it can be done. Can imagine Spain and Greece will follow at some point if they think this policy might be implemented on their accounts.

Bye Eurozone......

 

[PiKe]

Can you imagine what would happen if our government tried this in the UK?

Good excuse for a riot.

 

[jimjamuk]

well if it gets passed - the threat that it could happen will mean that people might start keeping cash out the system just in case.

time to buy gold I think.......

 

[cu3ed]

Isnt it a thing that Germany doesn't like London being the centre for the financial world?

The way Germany are playing things they look like the are designing things to push things their way.

 

[gillywibble]

time to buy gold I think.......

They called me a plonker in another thread where I suggested that. Not so daft now is it.

If this goes ahead it will set an appalling precedent and create a huge lack of confidence across the EU, not just neighbouring countries.

 

[Calabi]

Can you imagine what would happen if our government tried this in the UK?

Good excuse for a riot.

Yeah there would be nothing left of Westminster after the politicians have finished with it.

 

[scotty365]

Imagine that you just sold your house or maybe a business (could be a serious chunk of money that might been headed for reinvested in a house or business), I don't know if it would extend to the type of account that might be used, maybe it is only savings accounts. But if that was the case for selling a property then any profit made could be wiped out or maybe you took a massive loss and sold because you needed to keep the capital!
I'm told that Russians are buying heavily into places like Cyprus and Spain - some might have taken a nasty haircut.
I think its an absolute disgrace that this is happening to bail out banks - Cyprus has a banking system that is worth more than the GDP of the country itself, I suppose I can see why they would want to protect it, but this is essentially forced investment into a system that might well fail - especially so now such brutal measures will have people removing savings at a massive rate.
I see trouble ahead........da da dada da da..............

 

[mranderson]

Isnt it a thing that Germany doesn't like London being the centre for the financial world?

The way Germany are playing things they look like the are designing things to push things their way.

It is not the Germans only and in a way they have a point. Either you are in or out the EU.

 

[Iraklis F.C.]

Its the same story all over again, control of resources, wealth and redistribution of it. I think history has a few examples where this might lead...

BTW the Cypriots are heading for a NO to the EU at the moment..

 

[Azza]

In before the €1m that's been flown to Cyprus gets 'lost'.

 

[jaybee]

My friend has relatives in Cyprus and goes there often. He recently got married out there and had a significant amount in a savings account there. He feels sick about this.
I find it totally disgusting.

 

[bazaarboy]

BTW the Cypriots are heading for a NO to the EU at the moment..

The popular opinion isn't necessarily a rational one. They might feel that Putin is a more attractive option right now, but in the long run the Russian mafia will push the island into disrepute, anarchy and lawlessness

 

[mranderson]

Without the popular opinion you don't have anything and indeed it seems to be a big NO from Cyprus.

 

[oldbag]

This is just the start of a country going bust. People are not going to want to keep their money in banks now.

 

[bazaarboy]

Without the popular opinion you don't have anything and indeed it seems to be a big NO from Cyprus.

I'm not defending the levy, but it should be made fairer, eg no levy for under 100k
But in addition, the Cypriot government can raise a huge sum by fast tracking the 100,000 title deeds for houses built but it yet registered

 

[Dolph]

I'm not defending the levy, but it should be made fairer, eg no levy for under 100k
But in addition, the Cypriot government can raise a huge sum by fast tracking the 100,000 title deeds for houses built but it yet registered

How is taking property from some any fairer than taking it from everyone? I would argue such a thing is diametrically opposed to the idea of fairness.

 

[Iraklis F.C.]

The popular opinion isn't necessarily a rational one. They might feel that Putin is a more attractive option right now, but in the long run the Russian mafia will push the island into disrepute, anarchy and lawlessness

for the moment i see others pushing Cyprus towards this...

I think its official now, they have rejected the bail in

 

[mranderson]

Is Israel in the picture? I believe they were interested in exploring natural resources in the area.