5: Big Bang Looming.......


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Message 1348534 - Posted: 19 Mar 2013, 18:56:28 UTC - in response to Message 1348532.

I would suggest that is a wrong conclusion Nick, the smart Russian money has already gone elsewhere. It's more likely to be Turkish troops through the back door .....


You can suggest this if you like Chris but I see no Turkish delight suddenly
appearing in the shops in Cyprus...Goulash at the top of the menu in most
Cyprus restaurants I see.


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Message 1348566 - Posted: 19 Mar 2013, 20:03:47 UTC
Last modified: 19 Mar 2013, 20:42:09 UTC

Looks like option 4 is leading the race ...


Cyprus options

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Message 1348589 - Posted: 19 Mar 2013, 21:36:32 UTC

Cyprus rescue breaks all the rules

This has raised more questions than answers.

With the 2 principles of banking broken, just what is left for one to have faith in the banks?
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Message 1348593 - Posted: 19 Mar 2013, 21:42:46 UTC

I have to say the treatment of Cyprus and its population looks remarkably like bullying of one of the EU's smallest countries by a a group of substantially larger countries. OK, the Cypriot banks are in a horrendous mess, but there are no grounds for punishing the average Cypriot for the greed and avarice of a small group of greedy bankers. Yet again we see the bankers "getting away with it", while the ordinary people pay with their hard earned money.
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Message 1348597 - Posted: 19 Mar 2013, 22:00:40 UTC

What seems to me to have happened here, is that the EU financiers have taken the general opinion as gospel, that the vast majority of the money in the Cyprus banking system is dodgy Russian money, therefore let's hit it. They appear to have also done this without taking into account the fallout upon the ordinary person in the street, whether it be local Cypriots or ex pats.

It may well be true that at the present time, the strongest economy in Europe is in Germany, but that does not give them and others, the right to dictate the future of a smaller nation, which it seems that they are doing. Ok, they hold the purse strings, you want our financial support, then you dance to our tune, is a powerful incentive to comply.

But if they do, will they be forever more under the fiscal thumb? If they don't, it seems they will go bankrupt. A rock and a hard place comes to mind.

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Message 1348602 - Posted: 19 Mar 2013, 22:17:17 UTC

Some interesting reports........

Rescue in trouble

They can't just penalise us

Eurpoe's citizens now have to fear for their money

Danger for Europe lurks in bank levy

Widespread anger erupts

Tapping bank customers is right move

From the last link......

"In the beginning, during phase one, the belief that the crisis could be overcome solely with credit guarantees and austerity programs prevailed. In other words, taxpayers within the euro zone were to carry all the burdens. It's a position governments had been pressured to take by financial industry lobbyists. But it's also a path that led to lasting recession in the south and sewed strife between Northern and Southern Europe."

How nice of them. Would they care to give up their bonuses to allievate the situation?
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Message 1348677 - Posted: 20 Mar 2013, 11:15:38 UTC
Last modified: 20 Mar 2013, 11:16:01 UTC

I really am seriously thinking of taking an FE course in economics, as I just don't have enough knowledge to comment upon these matters on my own, without quoting other peoples opinions. Is QE a good thing, should we have more of it? I don't know, and it irks me that I don't. In the case of Cyprus, this is the latest.

Political leaders in Cyprus are meeting for emergency talks after its parliament overwhelmingly rejected an international bailout deal. Cypriot President Nicos Anastasiades is meeting party leaders to hammer out a Plan B after a one-off tax on savings failed to get the support of any MPs.

Germany says banks in Cyprus may never reopen if a bailout is not agreed. Cyprus's finance minister is in Moscow to seek help from Russia, which holds multi-billion dollar investments. Michalis Sarris said after talks with Russian Finance Minister Anton Siluanov: "There were no offers, nothing concrete," but he added, "we're happy with a good beginning."

Bank mergers, a bond issue, and more Russian funding are possible options. Banks in Cyprus have been shut until Thursday to prevent mass withdrawals. The stock exchange remains closed.

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Message 1348716 - Posted: 20 Mar 2013, 14:27:45 UTC - in response to Message 1348677.
Last modified: 20 Mar 2013, 14:28:23 UTC

QE used in the right circumstances can help in making an economy more competitive as it devalues a currency. Unfortunately, what we have seen here is that the funds went to the banks themselves who continue to refuse lending to restart growth.

No matter what has happened, may happen in the future, it all comes back to the bankers. Should Cyprus depositors have to pay that levy, then Europol had better start serious investigations & show Europe's citizens bankers being convicted & imprisoned - as well as any government official that had/has involvement.
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Message 1348736 - Posted: 20 Mar 2013, 15:45:48 UTC

With both the IMF & ECB requesting the Cyprus Bank levy, are there dark secrets within these organisations?

IMF Head's Paris flat searched

"Critics said the case should not have been settled by private arbitration, since public money was at stake in the bank, which was part-owned by the state.

The settlement Mr Tapie received is believed to be a far greater sum than he would likely have received from the courts."

"In an interview in January, Ms Lagarde stood by her decision, saying it was "the best solution at the time"." - For Mr Tapie & who else?
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Message 1348757 - Posted: 20 Mar 2013, 16:54:19 UTC

In the 5 days since this crisis erupted, one voice is conspicuously absent........

Cyprus & the Eurozone's survival

"And what many will fear, with some justification, is that Germany has set those limits in a way that sustains a serious existential threat to the eurozone."

Shouldn't that read "Ms Merkel"?
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Message 1348776 - Posted: 20 Mar 2013, 17:42:53 UTC
Last modified: 20 Mar 2013, 17:45:20 UTC

Breaking news in the last 3 minutes....

Cypriot Banks remain closed until next Tuesday

So, scared of a run on the banks, they prevent people from being able to purchase daily needs?

How very intelligent of them!

Well done Germany! Bail out the PIIGS but trample all over the "small" nations!

Germany says banks in Cyprus may never reopen if a bailout is not agreed.
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Message 1348790 - Posted: 20 Mar 2013, 18:27:00 UTC

There's a serious danger lurking ahead for all Europeans including us!

Cyprus Finance Minister in Moscow discussing financial aid with Moscow seemingly holding out for interests in the potential gas fields which, Bloomberg estimates to be worth 475 billion Euros.

P*** off the Russians & either the gas taps get turned off or prices bumped up (it would give them what they wanted in 1945 without firing a shot). I hope the Eurozone has enough spare cash to start buying "extra thick" jumpers......

Russian Press suspicious of rescue plan
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Message 1348815 - Posted: 20 Mar 2013, 19:07:10 UTC

A loan of 10 Billion against collateral of 400+ billion in energy reserves
seems like a safe and well backed loan to me. Strange how the Russians
recognise this but not either Brussels nor Germany. To think these last two
want to tell the City of London how to run their banking affairs...no chance.
Take a tip from me Brussels and stick to growing sprouts and Germany stick to
making and exporting your good quality products but leave the banking to us.

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Sirius B
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Message 1348824 - Posted: 20 Mar 2013, 19:23:43 UTC - in response to Message 1348815.

Well, the article does state "This is not a fight against dirty money, it is a fight for dirty money," the commentator believes."

Not very surprised at that statement as Germany loves "dirty money"....

...there are still many "shall we say object's d'art" in German hands which were "borrowed" in 1933-45 & yet to be returned!
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Message 1349139 - Posted: 21 Mar 2013, 17:36:58 UTC

A massive wake-up call worldwide for all politicians & Government officials......

Damage Limitation

"But they and the IMF all hoped that Cyprus would be considered a special enough case that people would not look too closely at the precedents that were being set."

Unfortunately for the muppets, it was noticed & PDQ as well!

So the question & which is already being asked is: -

"For that to happen, it would help if the European authorities could explain more clearly why this will not set a precedent for the future.

It would be especially reassuring if the Germans explained, convincingly, why this does not reflect any toughening in the country's approach to bailouts.

But for either of those explanations to be convincing, they probably need to be true. I think Germany, at least, will want to tough it out."

Yep & at the expense of the rest of the Eurozone!

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