don't cry for Cyprus

[Marions]

http://www.nytimes.com/2013/03/22/opini ... rauma.html

Interesting reading from the New York times. wonder what WILL happen in the south. enjoy reading this, which is but one opinion from an econ omist outside of Cyprus and euroland.

[Soner]

BTW, I'm crying for all of us, living in a world whose leaders seem determined not to learn from disaster.

[Marions]

Too true Soner. I am reminded of the words of Jesus when he said 'The poor you will always have with you'. it does seem that some powers that be are ttrying to ensure that there are plenty of poor to be with! or as another friend of mine used to say 'The one thing we learn form history....... is that we learn nothing form history.!'

so don't waste your tears Soner. Nothing is going to change while the uppermost human 'virtue' is greed. (folloed by or parallel with 'selfishness')

[Soner]

Just heard on BBC that there may be restrictions on transferring money out of South Cyprus.

[Marions]

Not surprised, but it is really tough on those who went there to see out their days in happy retirement, believe being in Euroland and the EU that they were safe as houses compared to TRNC. Just shows the world is a turbulent place whether it is weather, finance, property, honesty, justice and everything else that makes us what we are.

[wibow]

Marion's well said !!!!

[Soner]

Eurozone finance ministers approve 10 Billion Euro bailout plan.
Main two problem banks, Bank of Cyprus and Laiki Bank will be targeted, so account holders with these banks will be charged. This may cause bankruptcy to many companies in the South.
Cyprus President Nicos Anastasiades was said to almost giving in his resignation during the talks....(would that have been the shortest ever presidency in the South?)

Taken from BBC tv report.

[Soner]

Anyone with over 100,000 Euros in these banks will have to pay upto 40%. Under 100,000 Euros = nil.

[Soner]

Laika Bank will Close Down.

[sophie]

A Bank Manager of one of the Cypriot banks said to me on Friday "I never laugh at another countries misfortunes when it comes to finance. The world is so financially inter-related that you never ever know when a problem is going to hit you or your currency"

I think the Manager is correct. Let us not chortle over the Souths problem, we never know what's around the corner do we?

[Soner]

Totally agree Sophie.
The people they have targeted are those with money, these are the people with the businesses, which will in turn hit the small person with unemployment. It will take a long time for the South to recover from this, and as you say, who knows what looms around the corner.
I heard from somewhere that this recession is worse than that of the Depressing Thirties....I wonder if this is actually a matter of fact?

[cyprusishome]

The repurcusions are obvious to me. First is that any clean money will be removed from Cyprus asap to safer offshore havens, the "dirty money" will take a few days longer. Hence all foreign owned business in Cyprus may well close in the medium term.

Anyone with cash on deposit in the smaller EU countries will again remove asap before any further bank "runs".

Question is, where is a safe place for your hard earned savings and pensions? One place is definitely not with any organization offering above the norm.

[cyprusishome]

This taken from a link on NCFP today - "Embassies around the world received an “urgent bulletin” today from Russia’s Ministry of Foreign Affairs. The MFA is strongly urging Russian citizens and businesses to pull their money from Western financial institutions immediately, at the request of Russian Prime Minister Dmitry Medvedev."

There is even an advert for people to transfer their companies from Cyprus to Hungary!!

http://www.thedailysheeple.com/kremlin- ... ory_032013

[Soner]

All I can say is: "Thank God I have no money at this point in time." - Never thought I'd ever hear myself say that.
My Grandmother had the right idea....stuff cushions with cash.

[Deniz1]

Yes she did Soner at least you can sit on your money!

[Soner]

Kept Sterling and made money on the exchange rates, so guess was worth sitting on, lol.

[woodspeckie]

Just reading today's paper it says the UK government have drawn up secret plans to airlift penniless Britons out of troubled Cyprus, if the euro bailout crisis continues to spiral out of control expats who want to return home will get flight tickets, 60,000 Britons could even be given free transport to airports provided by the British Army.

[cyprusishome]

Cannot see anyone left penny less from this current bail out. In the current climate of uncertainty I think that is unnecessary rumour from whoever the journalist is.

What I would do if I had money invested in Cyprus bank I would be moving it elsewhere because I do not think this is the end of problems within Euro Zone.

[Marions]

the article in question may be true, maybe not, and already the number of 60 ooo has been queried. But whatever happens, I believe one cannot mov e one's money out yet anyway, so for most people it is sitting tight until things are a bit clearer. Unless one has pots of money and decides to run away anyway.