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Old March 25th, 2013, 10:05 AM   #1
TJJEEP
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Cyprus

It's scary what's happening there. I know it's a pretty much unknown small island that most people have not been to but they are a Republic like us and have insured bank accounts just like us.

The latest bail out plan is to seize up to 40% of people accounts above 100,000 Euro's. They are pretty sure they do not have to seize accounts below 100,000 Euro's but that isn't completely off the table. The banks have been closed for a week so people cannot withdraw their money and there is not a date yet when they are scheduled to re-open.

Local businesses are saying they will only accept cash as their suppliers will not accept credit cards.

What a crazy situation it must be over there.


http://www.foxnews.com/world/2013/03...oward-bailout/
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Old March 25th, 2013, 10:31 AM   #2
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I wouldn't be surprised if a civil war started there in the next few months.
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Old March 25th, 2013, 10:37 AM   #3
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There is no plan to payback the people.

How can there not be a run on the banks as soon as they open back up? Who would ever trust their banking industry again?
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Old March 25th, 2013, 11:03 AM   #4
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Could be the first domino.
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Old March 25th, 2013, 11:08 AM   #5
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They said the country's business model of attracting foreign investors, among them many Russians, with low taxes and lax financial regulation had backfired and needed to be upended.
This is what happens when you bring a country into a monetary system who's entire economy is based on 'playing with money'.
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Old March 25th, 2013, 01:40 PM   #6
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could be the first domino.
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Old March 25th, 2013, 04:19 PM   #7
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Spending above thier means as most euro nations do. Socialism.
Our country is on the same path if we continue to spend and print money with no reguard to the consequenses.
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Old March 25th, 2013, 04:37 PM   #8
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Quote:
Originally Posted by TJJEEP View Post
There is no plan to payback the people.

How can there not be a run on the banks as soon as they open back up? Who would ever trust their banking industry again?
there will be a limit on how much they can take out.
no one will ever trust their banks again! they will be bankrupt in no time.
most of the accounts over the 130k euro mark are russian mafia accounts.
cyprus was a place to launder russian mob money. very sheltered, and tax friendly. i bet the russian mobsters kill a few bankers for this!

they are screwed, and will be broke in no time.
they will be the first to leave the eurozone.
it will screw up the eurocentral bank, and screw the world economy some.
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Old March 25th, 2013, 04:40 PM   #9
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they should follow the Detroit city council method and tell Washington they need some money
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Old March 25th, 2013, 06:48 PM   #10
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they should follow the Detroit city council method and tell Washington they need some money
That's pretty much what's happening.
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