Sneaky barstewards - Cypriot banking crisis

[scotty123]

British Royal Air Force aeroplane flying to Cyprus now with a million euros on board for a ''contingency'' measure for our service personell
The Cypriot finance minister has offered his resignation

 

[Gelsons Dad]

British Royal Air Force aeroplane flying to Cyprus now with a million euros on board for a ''contingency'' measure for our service personell
The Cypriot finance minister has offered his resignation

British is superfluous. There is only one Royal Air Force.

 

[AlgarveBlu]

British Royal Air Force aeroplane flying to Cyprus now with a million euros on board for a ''contingency'' measure for our service personell
The Cypriot finance minister has offered his resignation

Don't worry the EU will send the Luftwaffe to escort it to Brussels airport as part of the bailout plan

 

[scotty123]

British Royal Air Force aeroplane flying to Cyprus now with a million euros on board for a ''contingency'' measure for our service personell
The Cypriot finance minister has offered his resignation

British is superfluous. There is only one Royal Air Force.

What was i doing, sorry, i shouldv read it back but the wife distracted me with a German sausage salad

 

[Dubai Blue]

Cypriot parliament just rejected this tax proposal

 

[Dubai Blue]

Surely there'll be a run on the banks now following this announcement.

 

[scotty123]

Surely there'll be a run on the banks now following this announcement.

Definately, i can see the Krauts pulling the plug on Cyprus and forcing Cyprus out of the EU.

 

[metalblue]

While I agree that Germany can't go on bailing other countries out, I can't believe I'm reading people on this thread agreeing with this course of action. Seriously, this is wrong on so many different levels and punishing ordinary citizens for the incompetence of others is an utter disgrace. To raid people's savings without any warning and to not give those people a chance to move their money elsewhere is literally the equivalent to being robbed. I'd be shocked if it was happening in a so-called third world country under a blatantly corrupt government. For it to be taking place in a civilised European country, in the 21st century, beggars belief.

Germany has benefited massively from these countries it is now "bailing out". I agree it is outrageous to steal from ordinary savers but it shows the desperation that exists out there. But there are some crazy things going on, the ECB handed out over £1 trillion Euro's of free money to bail out Europe's banks 14 months ago, who ever heard of a central bank handing out free money to support failed businesses before? In a post earlier it was suggested inflation may be a route out of our debt problems, in my youth inflation was the great evil, now it's suggested as a cure! What next devaluation? Nationalisation of private pensions? Nothing is safe when governments run out of cash.

It is also outrageous that Osborne immediately stated that the military and UK government workers would be compensated, what he failed to spell out was that this would be funded by ordinary tax payers in the UK. The reality is that it will be funded by more borrowed money as the UK finances are nothing but a giant ponzi scheme. Whilst the figure won't be huge it tells you something loud and clear, we are not all in this together, government workers are protected whilst UK retirees and UK citizens in private business in Cyprus are not.

I have no problem with protecting the average squaddie who was ordered out there but well paid officers and government workers who when you look at the big picture don't really pay tax at all.

ECB handed over €1tr? Free? Just gave it away like? Or are you talking about LTRO? Cheap loans, granted, but free? No

As to your comment about inflation...do you not think inflation is beneficial to a countries debt? And if not, why not?

 

[Dubai Blue]

Surely there'll be a run on the banks now following this announcement.

Definately, i can see the Krauts pulling the plug on Cyprus and forcing Cyprus out of the EU.

Regardless of the rights or wrongs of this tax, they had to go ahead with it once it'd been announced because the implications of this backtrack will be catastrophic. Once the banks reopen they will be emptied, with lots of people losing a lot more than 9.9% of their savings. I fear Cypriots and expats alike are about to realise just how bad the alternative really to this tax really is.

 

[paphos-mcfc]

It will be interesting what develops in the next few days as the banks here are being closed til Thursday maybe even later. Start a new job tomorrow I wonder what currency I'll be paid in at the end of the month.