quote:


How does capitalism work when none dare have any capital?

quote:

ORIGINAL: Yachtie
This is diabolical in its implications.
Maybe the lesson from all of this is that if you are fortunate enough to have a fair degree of money you might be better off spending it! Maybe that’s the master plan here? Boosting activity by forcing people to use their money rather than deposit it! Indeed I wonder how long it’ll be before an equity strategist suggests that this is bullish as money might now leave deposit accounts and go into equities!
Need economic activity to increase? Threaten savers with confiscation; "spend it or we'll take it!"

quote:

ORIGINAL: YN
And whatever happens, nobody with money to deposit or invest will consider Cyprus in any foreseeable future.

quote:


Consider what would happen in the Americas if the Cayman Islands, the Bahamas, etc. seized 40% of all offshore monies deposited, claimed it all was either drug or laundered money, and ran their government with the funds.

quote:

ORIGINAL: YN

quote:

ORIGINAL: Politesub53


No you dont know more than me, or you would have backed up your claim about Osborne. I can only suspect your goggle is fucked, or more likely it disproves your earlier claim that Osborne will bail out ex pats.

So the other English should be robbed of their savings due to their moral responsibility for Cyprus?

quote:

Now getting onto Cameron and the judiciary.... Firstly it is independent of Parliament, you do know what independent means right ?

I see you finally got an independent judicary due to EU mandate several years ago like modern nations have had for centuries. However your police and the SFO are under the control of Cameron, or do you claim the Law Lords operate law enforcement in the UK?

quote:

Secondly, the collapse took place under Labour, so even if your claim about the Chancellor had merit, which it doesnt, Osborne and Cameron were not involved in the decision making.

So you deny Cameron was your Prime minister when the SFO and your police "botched" the case of the brothers last year, or when they arrested them in 2011; and even if Cameron is your Prime Minister neither he nor Osborne have any say over or responsibility for the UK's government?

Countries in the Americas, Asia, Europe, and Africa have no problems investigating and prosecuting financial criminals for activities committed under previous governments, why the difference in England, or is this a immunity a Tory principle?

quote:

I am sorry all of this doesnt tie into your marxist idealism but I am more sorry that you continue to be an arsehole with your blatant lies..

You should not post from your pub.

quote:

ORIGINAL: Politesub53

quote:

ORIGINAL: YN

quote:

ORIGINAL: Politesub53


No you dont know more than me, or you would have backed up your claim about Osborne. I can only suspect your goggle is fucked, or more likely it disproves your earlier claim that Osborne will bail out ex pats.

So the other English should be robbed of their savings due to their moral responsibility for Cyprus?

quote:

Now getting onto Cameron and the judiciary.... Firstly it is independent of Parliament, you do know what independent means right ?

I see you finally got an independent judicary due to EU mandate several years ago like modern nations have had for centuries. However your police and the SFO are under the control of Cameron, or do you claim the Law Lords operate law enforcement in the UK?

quote:

Secondly, the collapse took place under Labour, so even if your claim about the Chancellor had merit, which it doesnt, Osborne and Cameron were not involved in the decision making.

So you deny Cameron was your Prime minister when the SFO and your police "botched" the case of the brothers last year, or when they arrested them in 2011; and even if Cameron is your Prime Minister neither he nor Osborne have any say over or responsibility for the UK's government?

Countries in the Americas, Asia, Europe, and Africa have no problems investigating and prosecuting financial criminals for activities committed under previous governments, why the difference in England, or is this a immunity a Tory principle?

quote:

I am sorry all of this doesnt tie into your marxist idealism but I am more sorry that you continue to be an arsehole with your blatant lies..

You should not post from your pub.

More trolling from you.

"Independent Judiciary" Look it up. The government make the law, the judiciary execute the law.... no need for a Spanish inquisition over it.

quote:

ORIGINAL: Politesub53

quote:

ORIGINAL: Politesub53

quote:

ORIGINAL: YN

quote:

ORIGINAL: Politesub53


No you dont know more than me, or you would have backed up your claim about Osborne. I can only suspect your goggle is fucked, or more likely it disproves your earlier claim that Osborne will bail out ex pats.

So the other English should be robbed of their savings due to their moral responsibility for Cyprus?

quote:

Now getting onto Cameron and the judiciary.... Firstly it is independent of Parliament, you do know what independent means right ?

I see you finally got an independent judicary due to EU mandate several years ago like modern nations have had for centuries. However your police and the SFO are under the control of Cameron, or do you claim the Law Lords operate law enforcement in the UK?

quote:

Secondly, the collapse took place under Labour, so even if your claim about the Chancellor had merit, which it doesnt, Osborne and Cameron were not involved in the decision making.

So you deny Cameron was your Prime minister when the SFO and your police "botched" the case of the brothers last year, or when they arrested them in 2011; and even if Cameron is your Prime Minister neither he nor Osborne have any say over or responsibility for the UK's government?

Countries in the Americas, Asia, Europe, and Africa have no problems investigating and prosecuting financial criminals for activities committed under previous governments, why the difference in England, or is this a immunity a Tory principle?

quote:

I am sorry all of this doesnt tie into your marxist idealism but I am more sorry that you continue to be an arsehole with your blatant lies..

You should not post from your pub.

More trolling from you.

"Independent Judiciary" Look it up. The government make the law, the judiciary execute the law.... no need for a Spanish inquisition over it.

quote:

ORIGINAL: WantsOfTheFlesh

quote:

ORIGINAL: YN
And whatever happens, nobody with money to deposit or invest will consider Cyprus in any foreseeable future.

perhaps but when cyprus stabilises some folks may use it again. it was attractive to ruskies for reasons including tha bilaterial tax deal but no question tho bout it being a tough pill.

quote:


Consider what would happen in the Americas if the Cayman Islands, the Bahamas, etc. seized 40% of all offshore monies deposited, claimed it all was either drug or laundered money, and ran their government with the funds.

what would happen if tha cayman islands & bahamas just went bust, tha banks & 100% of tha deposits with them? tha 40% is speculative. reckon its more likely 25% of deposits.

quote:

Deposits at Bank of Cyprus above 100,000 euros will be frozen until it becomes clear whether or to what extent they will also be forced to take losses. Those funds will eventually be converted into bank shares.

It's not yet clear how severe the losses will be to Laiki's large bank deposit holders, but the euro finance ministers noted that the restructuring is expected to yield 4.2 billion euros ($5.4 billion) overall. Analysts have estimated investors might lose up to 40 percent of their money.

quote:

ORIGINAL: YN

If so, not only have they taxed the depositors, but then plan in converting their remaining money into "shares" in the largely state owned "bad" bank.

quote:

ORIGINAL: Yachtie

quote:

ORIGINAL: YN

If so, not only have they taxed the depositors, but then plan in converting their remaining money into "shares" in the largely state owned "bad" bank.

They could offer them shares in Solyndra.

quote:

ORIGINAL: YN

quote:

ORIGINAL: WantsOfTheFlesh

quote:

ORIGINAL: YN
And whatever happens, nobody with money to deposit or invest will consider Cyprus in any foreseeable future.

perhaps but when cyprus stabilises some folks may use it again. it was attractive to ruskies for reasons including tha bilaterial tax deal but no question tho bout it being a tough pill.

quote:


Consider what would happen in the Americas if the Cayman Islands, the Bahamas, etc. seized 40% of all offshore monies deposited, claimed it all was either drug or laundered money, and ran their government with the funds.

what would happen if tha cayman islands & bahamas just went bust, tha banks & 100% of tha deposits with them? tha 40% is speculative. reckon its more likely 25% of deposits.

Actually the EU and Cyprus have not stated just what percent they plan on confiscating, though there are claims certain accounts could loose 100%.

From your own NPR -

quote:

Deposits at Bank of Cyprus above 100,000 euros will be frozen until it becomes clear whether or to what extent they will also be forced to take losses. Those funds will eventually be converted into bank shares.

It's not yet clear how severe the losses will be to Laiki's large bank deposit holders, but the euro finance ministers noted that the restructuring is expected to yield 4.2 billion euros ($5.4 billion) overall. Analysts have estimated investors might lose up to 40 percent of their money.

http://www.npr.org/templates/story/story.php?storyId=175225666

If I read this and other reports correctly, they plan on converting the bank deposits in accounts having over 100,000 Euros into bank "shares" in the "bad bank" they are creating out of one bank, and the worth of those shares are open to question, but quit likely will not be worth their "face" value.

If so, not only have they taxed the depositors, but then plan in converting their remaining money into "shares" in the largely state owned "bad" bank.

quote:

ORIGINAL: YN
So it would not bother you if your President Obama took the money out of your bank account, deducted up to 40% and converted the remainder into shares in the "bad bank" he created to house the toxic debt?

quote:

Deposits at Bank of Cyprus above 100,000 euros will be frozen until it becomes clear whether or to what extent they will also be forced to take losses. Those funds will eventually be converted into bank shares.

quote:

ORIGINAL: YN

So it would not bother you if your President Obama took the money out of your bank account, deducted up to 40% and converted the remainder into shares in the "bad bank" he created to house the toxic debt?

quote:

ORIGINAL: YN

You really should quit posting from your pub. Not only do you loose the ability to spell and construct coherent sentences, your abilities to use this forums formatting conventions also appears to be suffering.

quote:

ORIGINAL: YN

What a fine set of misrepresentations, both as to what has been and in going on in Cyprus, and of the other posters views and opinions in this thread.

For myself I see another failing, (in the ongoing and by no means complete series of them) by the EU, and the economic destruction of another English Crown Colony.

And that Cyprus, like Greece, will be in need of another economic bailout, and this time there will no "foreign" investments to rob.

On a side note, certain cynical writers (among them Russians) have suggested this entire event, from the Greek bond haircuts forward were engineered by Brussels to secure control of the Cypriot banking system, and to gain funding for the failed Greeks.

However if Europeans, like yourself, do not like people in this hemisphere discussing your economics, perhaps you and the EU should keep better order in your house, for the failings in the EU and its member provinces will be in the news, if you or Brussels like it or not.

quote:

ORIGINAL: mnottertail

quote:


How does capitalism work when none dare have any capital?

Just like it works now, and always has.  It doesn't.

quote:

ORIGINAL: Politesub53
Some of you who suggest Cyprus gets a bailout from the EU, since taxing accounts would be unfair, seem happy to see taxpayers money from other countries used.