Raid on bank accounts in Cyprus

[MrsJREwing]

Nearly 10% of savings will be taxed from private individuals savings, to save the banks.

[meditrina]

SKY reporting that Osbourne has said the UK government will pay back anything taken by the levy to all those posted to Cyprus by the Government (military, FCO, OGD).

[LtEveDallas]

So in a stealthy way, the Britsh Government helps to bail out another country? Although I cannot see it being very much money, it is still wrong.

I am really shocked by this. I just did not know that something like this was possible. I have Cypriot friends who were pretty much living hand to mouth in any case - it's a very expensive country to be a part of. This is going to hit them hard.

Everything is expensive these days, from food to water to fuel. This just adds insult to injury doesn't it?

[claig]

Yes, Osborne has to do that and rightly so.

But does that mean that in effect the British taxpayer is helping to bail the banks out?

[claig]

None of the elite and political class who were in power when the banks were allowed to operate with ineffective regulation have been arrested or jailed, but ordinary people stand to lose thousands of pounds of their savings to rescue the banking system.

[flatbread]

We just took a huge chunk of money out of a supposedly 'safe' Euro country and moved it to UK. Just in case.

I can see a possible run on all Euro banks. Who on earth will trust any of them?

It is fucking unbelievable!

[SPBInDisguise]

Getting on this thread

[flatbread]

In NYT earlier they had a quote from some EU official who declined to rule out depositor haircut in other bailouts.

Designed to instil confidence...not.

[meditrina]

I think it means simply that the Government will make good financial loss to those it posts for anything that happens as a direct result of that posting. After all, those service personnel and other crown/civil servants wouldn't be facing this had the government not sent them there.

[BrianB]

MY CONSCIENCE IS CLEAR. IS YOURS? In the early 70's I voted in the UK against joining any form of Europe. Today I still will vote against it. Europe and the Euro is a mess DO PEOPLE EVER LEARN. The Cypriots need to get a grip before its too late. It was once a financial stable island. It joined Europe and worst of all the EURO. Now its BANKRUPT. If the main cause of joining Europe was to get the occupying Turks out then that failed as well. Incidentally, Northern Cyprus, European Union land, is the only part of the EU illegally occupied by a vicious and murderous foreign regime - TURKEY (and to think the war monger Tony Blair wanted them as a member). Message to the sensible, DUMP EUROPE, DUMP YOUR GOVERNMENT IF IT FAVORS BEING A MEMBER, VOTE SMALLER PARTIES TO GIVE THE BIGGER PARTIES A BLOODY NOSE, THOSE WHO DON'T OR NEVER VOTE GET OUT AND VOTE SMALLER PARTY AS THE BALLOT BOX WHEN USED PROPERLY IS THE BEST METHOD. Oh and guess who is the main benefactor of all the turmoil in the EU - GERMANY, raking it in and I'm sure the Cypriots will be pleased to know that their hard earned and scarce money will finish up in the GERMAN Economy. Well Done!

[OfflineFor40Years]

I can't read shouty messages, they give me sore eyes and a headache.

[MrsDmitriTippensKrushnic]

DH's family is Cypriot and we have an awful lot of relatives out there who are furious at this. The banks were very sneaky. The few that usually open on a Saturday, didn't and apparently quite a few ATMs mysteriously stopped working too I understand why it's been done (50% of Cypriot accounts are alleged to belong to non-resident Russians and they suspect money laundering - Germany doesn't want to bail out illegal funds) but it's going to screw a lot of ordinary people up.

I dread to think what's going to happen on Tuesday. The levy may be ringfenced but from what I understand people are going to withdraw the funds they can as a 'fuck you' to the banks. I'm pretty sure the banks aren't going to be able to cope with that...

[CoteDAzur]

Brian - Fine if you were against joining the EU. You were arguably even correct. However, the rest of your post makes you look like an ignorant idiot.

"If the main cause of joining Europe was to get the occupying Turks out then that failed as well."

That couldn't have been the cause, because Greek part of Cyprus was the only part of the island that was invited to join the EU.

"Incidentally, Northern Cyprus, European Union land..."

Not EU land, obviously, since it was never invited to join the EU and has therefore never joined the EU. Not because Turks didn't want to, by the way.

Northern Cyprus voted "Yes" to join Greek Cyprus before ascension to EU. Greek Cyprus voted "No" to join with Northern Cyprus. It was the Greeks of Cyprus who didn't want the island to join EU as a whole.

"Oh and guess who is the main benefactor of all the turmoil in the EU - GERMANY, raking it in"

You really don't know a thing, do you? Germany has been financing the bailout of failing EU economies, against the wishes of the majority of its citizens. 'Raking it in' is the opposite of what they have been doing.

[BrianB]

If it is true that the Cyprus Parliament vote on the raiding of bank accounts is postponed until 18 March, then it is the duty of every Cypriot to get out on the streets and ensure that the vote goes against the raids.

[MrsDmitriTippensKrushnic]

It wasn't quite as simple as that Cote, but this probably isn't the place to debate it.

[CoteDAzur]

Nothing is simple but it is patently wrong to claim that Northern Cyprus is EU land, especially since its residents actually voted to join the EU alongside the rest of the island.

[MrsDmitriTippensKrushnic]

Oh yes, I'd agree the occupied north isn't part of the EU. I'm just saying the vote wasn't as simple as the south just saying no to reunification. Reunification would be fantastic, just not with the conditions attached to that particular vote

[edam]

Blimey, so the EU can just suddenly decide to steal whatever amount they like from anyone who has a bank account i.e. almost everyone? Good grief.

[CoteDAzur]

It is not EU land.

It never was EU land.

It wanted to join EU but wasn't let in.

Any questions?

[edam]

Bet the Turkish Cypriots are feeling jolly glad Turkey wasn't allowed to join the EU now...

[claig]

'Due to the Cyprus dispute, Northern Cyprus is only recognised by the EU candidate state Turkey. All other countries recognise the Republic of Cyprus, an EU member state, as the only legitimate government for the whole island. However the Republic of Cyprus de facto only controls the south of the island while the Northern government, seen as a Turkish military occupation, controls the north.

Due to this dispute, northern Cyprus is de jure part of the EU by virtue of de jure being part of the Republic of Cyprus. Aside from complicating the accession of Turkey to the European Union, it has placed the north in international isolation


en.wikipedia.org/wiki/Northern_Cyprus_and_the_European_Union

[CoteDAzur]

I think it was the decision of Cyprus to do it. EU seems to have told them "If you want us to spend loads of money to bail you out, you need to put some in, too".

Cyprus needs 17 billion Euros to save itself. They will raise about 6-7 billion euros with this tax and EU will fund the remaining 10 billion, from what I read.

[CoteDAzur]

edam - Greek exodus into Northern Cyprus? It is not as ridiculous a scenario as it would be a few days ago.

[claig]

'You really don't know a thing, do you? Germany has been financing the bailout of failing EU economies, against the wishes of the majority of its citizens. 'Raking it in' is the opposite of what they have been doing.'

It has been against the wishes of the German people but according to the wishes of the German political class and elite.

[CoteDAzur]

claig - Northern Cyprus isn't part of the EU just because someone wrote so on Wikipedia Neither are the two sovereign base areas in South Cyprus that are part of British overseas territory.