• Bank of Cyprus depositors could lose up to 60% of savings
    52 replies, posted
[QUOTE]Bank of Cyprus depositors with more than 100,000 euros (£84,300; $128,200) could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say. The central bank says 37.5% of holdings over 100,000 euros will become shares. Up to 22.5% will go into a fund attracting no interest and may be subject to further write-offs. The other 40% will attract interest - but this will not be paid unless the bank performs well. It was known that the wealthiest savers at the Bank of Cyprus would take a large hit from the bailout deal - but not to this extent, the BBC's Mark Lowen reports. Cypriot officials have also said that big depositors at Laiki - the country's second largest bank - could face an even tougher "haircut". However, no details have been released. The officials say that Laiki will eventually be absorbed into the Bank of Cyprus.[/QUOTE] [url]http://www.bbc.co.uk/news/business-21982652[/url] Crazy.
Things don't seem to be looking up for Cyprus, especially once the Capital restrictions are lifted. A flight of capital would be more than likely, followed by the realisation that not only are they [I]still[/I] exposed to Greek debt, but that their economy will have to be restructured to move away from the banking sector.
Okay what is Cyprus? It's been spamming every news outlet and I really am getting irritated. It's about as common as NK's threats.
[QUOTE=BandClassHAH;40101121]Okay what is Cyprus? It's been spamming every news outlet and I really am getting irritated. It's about as common as NK's threats.[/QUOTE] it's an energy drink
[QUOTE=BandClassHAH;40101121]Okay what is Cyprus? It's been spamming every news outlet and I really am getting irritated. It's about as common as NK's threats.[/QUOTE] Cyprus is a island.
[QUOTE=BandClassHAH;40101121]Okay what is Cyprus? It's been spamming every news outlet and I really am getting irritated. It's about as common as NK's threats.[/QUOTE] [url]http://en.wikipedia.org/wiki/Cyprus[/url] its a country
And five minutes after this went public every last one of them started looking for some way to get their money out of the banks before the cuts hit.
I wonder how many retiree's are going to see a good chunk of their lifes savings wiped away then having to start working again.
[QUOTE=TestECull;40101170]And five minutes after this went public every last one of them started looking for some way to get their money out of the banks before the cuts hit.[/QUOTE] The only way would be to withdraw around €500 euros in cash each day - there are capital controls in place. Alternatively, you could claim you had a student loan to pay and take out €5,000
So basicaly they're making everyone move their money out of their banks So the money that they'll actually get from this is around none And all dosh being withdrawn from their banks at the same time sounds like a financial collapse to me
[QUOTE=BandClassHAH;40101121]Okay what is Cyprus? It's been spamming every news outlet and I really am getting irritated. It's about as common as NK's threats.[/QUOTE] They're a region of hills in the prairie provinces of Canada Guess that socialism finally collapsed
[QUOTE=Tobba;40101211]So basicaly they're making everyone move their money out of their banks So the money that they'll actually get from this is around none And all dosh being withdrawn from their banks at the same time sounds like a financial collapse to me[/QUOTE] They locked all the accounts.
[QUOTE=gamefreek76;40101495]They locked all the accounts.[/QUOTE] Can they still buy things? I'd buy a shit ton of stuff if most of it's going to be taken away from me.
[QUOTE=gamefreek76;40101495]They locked all the accounts.[/QUOTE] The government will have to take 90% of it, because once they unlock them, [I]everyone[/I] is going to take [I]everything[/I] out of it in fear of it happening again.
The Cyproit government is just plain pants-on-head-retarded with these measures.
what the [i]actual fuck[/i] Cyprus I am actually eagerly awaiting the riots that will hopefully ensue
[QUOTE=Zambies!;40102529]The Cyproit government is just plain pants-on-head-retarded with these measures.[/QUOTE] They had no choice other than the EU's deal.
Rest in peace cyprus government.
[QUOTE=Tobba;40101211]So basicaly they're making everyone move their money out of their banks So the money that they'll actually get from this is around none And all dosh being withdrawn from their banks at the same time sounds like a financial collapse to me[/QUOTE] Except the banks are locked and you can't really draw out the cash from them atm.
[QUOTE=laserguided;40102534]They had no choice other than the EU's deal.[/QUOTE] The people had a choice, it's just the old bastards that run the failed government won't let them so they can save their hides from being vivisected with a fondue fork. They're making a massive mistake if they think they can forcefully take the populations money without dire repercussions. They could have gracefully gone into exile and never been heard from again, but they chose the bad ending instead.
[QUOTE=cccritical;40102533]what the [i]actual fuck[/i] Cyprus I am actually eagerly awaiting the riots that will hopefully ensue[/QUOTE] For having up to half of their money threatened to be taken away from their savings, Cyprus has remained surprisingly peaceful. I mean, for fucks sake, people rioted over a goddamn hockey game in Canada two years ago.
[QUOTE=fishyfish777;40102884]For having up to half of their money threatened to be taken away from their savings, Cyprus has remained surprisingly peaceful. I mean, for fucks sake, people rioted over a goddamn hockey game in Canada two years ago.[/QUOTE] [t]http://upload.wikimedia.org/wikipedia/commons/thumb/0/06/Smoke_Over_Vancouver.jpg/800px-Smoke_Over_Vancouver.jpg[/t] [QUOTE] At least 140 people were reported as injured during the incident, one critically; at least four people were stabbed, nine police officers were injured, and 101 people were arrested that night, with 16 further arrests following the event.[/QUOTE] Yep.
[QUOTE=butt2089;40101209]The only way would be to withdraw around €500 euros in cash each day - there are capital controls in place. Alternatively, you could claim you had a student loan to pay and take out €5,000[/QUOTE] Or buy shit. Or wire it to an offshore caymans account and claim you're paying off a debt. Or lending it to a friend out-of-state. You can get around a "no withdrawal" rule pretty easily.
[QUOTE=BandClassHAH;40101121]Okay what is Cyprus? It's been spamming every news outlet and I really am getting irritated. It's about as common as NK's threats.[/QUOTE] Good goyim, goooood. Stay this way
[QUOTE=TestECull;40102987]Or buy shit. Or wire it to an offshore caymans account and claim you're paying off a debt. Or lending it to a friend out-of-state. You can get around a "no withdrawal" rule pretty easily.[/QUOTE] the main exceptions are humanitarian aid and student loans according to the news.
Feel bad for the successful locals who are losing a lot of their savings. Don't feel bad for the rich foreigners who abused the bank because they don't like the policies of their native banks.
Well we've been emptying our bank accounts since the initial tax was stated so there isn't much left in our accounts now. But yeah, the Marfin Laiki bank, is the one my mother and I both have an account with, we were told that it will just merge into the Bank of Cyprus.
[QUOTE=laserguided;40101197]I wonder how many retiree's are going to see a good chunk of their lifes savings wiped away then having to start working again.[/QUOTE] There's no point in working; they will die before they ever reach a proper retirement again. It's genuinely pointless for them to give their labor ([I]again[/I], no less) when they will never enjoy the benefits of it. A paycheck isn't worth shit to someone that has worked their entire life and wants to start [I]living[/I] in peace; the whole point of retirement is to enjoy the fruits of your labor that you spent your life to achieve. Stripping away at their life savings by such an amount has made all of those years of hard work worthless. Frankly I wouldn't be surprised if they see a massive increase in suicide rates, especially with the older crowd, should they go through with this.
i imagine that for the residents, the turkish occupation zone on the east end of the island is looking a lot more attractive
Someone posted this over at another forum I visit... [img]http://s12.postimg.org/yt2wefvot/popularbank2.png[/img] His business account, and 720k he'll never see again.
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