Cypriot Banks

Darkwood · Mar 18, 2013

They cant get to the brass anyway as they closed all the banks until thursday ..... and what the betting their will be limit to withdrawals come that day but either way its gonna be a day of reckoning for the EU.

Darkwood · Mar 18, 2013

darkwood said:
They cant get to the brass anyway as they closed all the banks until thursday ..... and what the betting their will be limit to withdrawals come that day but either way its gonna be a day of reckoning for the EU.

Ironic that the EU survives all the bail outs of the big countries yet one of the smallest of approx 1million population could be its demise.

Marvo · Mar 18, 2013

Archy Styrigg said:
......Engineer54 is conspicuous by his absence!

Lol, maybe also camped outside his bank with an 8 figure withdrawal slip in his hand

Engineer54 · Mar 19, 2013

Marvo said:
Lol, maybe also camped outside his bank with an 8 figure withdrawal slip in his hand

LOL!! Not quite, most of my liquid funds/assets are still in a couple of UK banks, and just top up the Cyprus bank account as and when!! But i'll still end up losing around 600/700+ Euros or so, if it's stays at 6.7%!!

As others have stated, this isn't going to do the Euro any favours at all. Nor will it do the EU any good. There is supposed to be a ring fence protection to EU bank accounts too (100,000), so i'm not too sure if this is even a legal move or not!! We'll have to wait and see if any representations to the European Courts are made.

What i can't make out is why would they need to raid the accounts to bail out the banks, if the deposits are so supposedly vast!! lol!! Not a single mention has been made either about the proven new found vast reserves of both oil and gas within Cyprus waters. A small portion of these reserves could have been leased to the EU as a bond towards payment of this bail out....

I don't think anyone with any real money is going to leave any huge deposits in any Euro Zone banks if this goes through Once a president has been set, that's it for politicians, it's always going to be on the cards that others will do exactly the same at a later date!! Management by Crisis has never worked and it won't this time either, it'll just create other bigger problems further down the line!!!