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Profile Chris SProject donor
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Message 1349194 - Posted: 21 Mar 2013, 19:26:15 UTC

They certainly seem to be on the back foot without any major statement of backing from Russia so far. Latest

The European Central Bank (ECB) warns it could halt special funding for ailing Cypriot banks on Monday. Cyprus' central bank has denied that Cyprus Popular Bank is to be shut down.

"There are rumours that Laiki Bank will never open again. I want to take out as much as I can," retired government official Phaedon Vassiliades told the AFP news agency. Meanwhile the island's largest bank, the Bank of Cyprus, appealed for a bailout deal to save the economy from ruin.





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Message 1349230 - Posted: 21 Mar 2013, 20:59:19 UTC - in response to Message 1349194.

No doubt the Euro-Meisters behind the ECB, are using this situation, with its implied threat, to scare, Potugal, Spain, Italy, Ireland and others, to bend to it's 'democratic' will, or should that be, the will of the Borg or The Empire? Cyprus will just be another pawn casualty of a rather Machiavellian Federal Europe, as the people with deposits in the banks (upto a certain amount), are guaranteed their deposits under some Euro Law (which the ECB et al, were technically going to break), thus leaving the banking system in Cyprus decimated and those with deposits over the guaranteed amount, rather less well-off. The game is afoot!



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Profile Chris SProject donor
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Message 1349264 - Posted: 21 Mar 2013, 22:56:33 UTC

'ello you! Long time no see, I hope you are well :-)

I'm quite sure that Russia is negotiating hard behind the scenes to get an advantage from all this ...

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Message 1349376 - Posted: 22 Mar 2013, 8:39:02 UTC - in response to Message 1349264.

'ello you! Long time no see, I hope you are well :-)

I'm quite sure that Russia is negotiating hard behind the scenes to get an advantage from all this ...

So I might be right....


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Message 1349388 - Posted: 22 Mar 2013, 11:14:19 UTC

The latest news looks like Russia may have pulled out after all. It looking like that mainly Cyprus was being used for hot money, now that has been drawn to the worlds attention, it's all been shifted elsewhere. The amount and worth of offshore gas is being variously reported ass well.

Looks like my initial summing up was wrong ....

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Message 1349543 - Posted: 22 Mar 2013, 18:48:51 UTC - in response to Message 1349388.
Last modified: 22 Mar 2013, 18:49:40 UTC

The latest news looks like Russia may have pulled out after all. It looking like that mainly Cyprus was being used for hot money, now that has been drawn to the worlds attention, it's all been shifted elsewhere. The amount and worth of offshore gas is being variously reported ass well.

Looks like my initial summing up was wrong ....

Supposedly they say Russia is trying to play smart for it's hopes to pick up
the assets at a cheaper rate if Cyprus does go belly-up.
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Message 1349545 - Posted: 22 Mar 2013, 18:49:14 UTC - in response to Message 1349543.
Last modified: 22 Mar 2013, 18:51:21 UTC

[quote][quote]The latest news looks like Russia may have pulled out after all. It looking like that mainly Cyprus was being used for hot money, now that has been drawn to the worlds attention, it's all been shifted elsewhere. The amount and worth of offshore gas is being variously reported ass well.

There is a possibility that the American oil & gas industries may fancy knocking
up a deal with Cyprus.
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Message 1350081 - Posted: 24 Mar 2013, 10:43:53 UTC
Last modified: 24 Mar 2013, 11:43:42 UTC

Latest BBC news 10am Sunday

Cypriot President Nicos Anastasiades is on his way to Brussels as his country continues to seek a last-minute deal to avoid possible bankruptcy. The trip comes after a day of talks between Cyprus and the EU and IMF. Cyprus needs to raise 5.8bn euros (£5bn) to qualify for a 10bn-euro EU bailout.

The EU's commissioner for economic affairs Olli Rehn said the island had only "hard choices left" and must agree terms on Sunday, but Cypriot leaders are struggling to agree how to raise the money. The stakes are very high for Cyprus, if there is no agreement, the European Central Bank says emergency loans keeping the Cypriot banks afloat will be cut off after Monday and they would be unable to operate. If it really came to that, Cyprus would probably have to issue its own currency - and not the euro - to maintain a functioning banking system.

The next 24 hours could be crucial it seems. I wouldn't like to predict the outcome, but I think in the short term some sort of deal will probably be done, but whether Cyprus would be able to stick to it, and operate within it in the long term, is another matter.

Late edit - The Sunday Express Financial section says 40% of its bank deposits have gone since 2010, and British banks are owed £1.3 billion by Cyprus banks.

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Message 1350315 - Posted: 24 Mar 2013, 23:32:36 UTC

Some reports suggest that as part of the deal the Cyprus authorities will authorise a 20% haircut on savings over €100,000 in bank accounts. Also, ATM withdrawls are restricted to €100 per day to stop a run on the banks ...
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Message 1350485 - Posted: 25 Mar 2013, 12:48:58 UTC

Eurozone finance ministers have agreed a 10bn-euro bailout deal for Cyprus to prevent its banking system collapsing and keep the country in the eurozone. Laiki (Popular) Bank - the country's second-biggest - will be wound down and deposit-holders with more than 100,000 euros ($130,000; £85,000) will face big losses. However, all deposits under 100,000 euros will be "fully guaranteed". Officials warn the island faces a deep recession with many businesses to shut.

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Message 1350496 - Posted: 25 Mar 2013, 13:46:03 UTC

I feel that Russia will be forced to respond retrospectively. President Vladimir
Putin is most probably relishing a face to face battle with the ECM over this
confiscation of Russian money. He's got his buddies to look after, he's got
the pride of the Russian people to protect. Is this the day that history will
mark as the start of another world depression??

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Message 1350497 - Posted: 25 Mar 2013, 13:53:07 UTC

I honestly have no idea how the Government in Russia views laundered money, although we do know that the Italian Government are dictated to by the Mafia.

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Message 1350498 - Posted: 25 Mar 2013, 13:56:42 UTC - in response to Message 1350497.
Last modified: 25 Mar 2013, 13:57:23 UTC

I honestly have no idea how the Government in Russia views laundered money, although we do know that the Italian Government are dictated to by the Mafia.


That's not the question here.
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Message 1350500 - Posted: 25 Mar 2013, 14:05:26 UTC

Putin is most probably relishing a face to face battle with the ECM over this confiscation of Russian money. He's got his buddies to look after,


A large proportion of funds in Cyprus are Russian hot money.

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Message 1350509 - Posted: 25 Mar 2013, 15:04:30 UTC - in response to Message 1350500.
Last modified: 25 Mar 2013, 15:15:48 UTC

Putin is most probably relishing a face to face battle with the ECM over this confiscation of Russian money. He's got his buddies to look after,


A large proportion of funds in Cyprus are Russian hot money
.

As viewed now by Russia, all money in Cyprus is classed as Russian foreign
investments. What has angst Russia is, "That if it has been stolen from our
country we do not see that the ECM has a right to steal from it for their own
benefits". If the ECB think that some of this cash in the Cyprus banking system
is laundered from Russia then the offending bank accounts should have been closed
down and the money returned to Russia.

It's now becoming evidently clear that if the ECB gets it's hands on controlling
a major part of the worlds banking system double standards will be the theme of
the day.
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Message 1350517 - Posted: 25 Mar 2013, 15:26:09 UTC

In Cyprus any funds over €100,000, as Chris posted, will be confiscated to 40% of the value in those accounts (according to today's BBC News). This policy is fatal for the weak Southern members of the Euro Zone - Italy, Spain, Portugal, Greece, Cyprus and, possibly, Ireland. When banks are running normally, with the Cyprus savings configuration as an example, then savings money (laundered or not) will be withdrawn quickly and no new deposits made. This in turn will put pressure on that country's Euro Zone finances.

More trouble for the Euro ...
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Message 1350526 - Posted: 25 Mar 2013, 15:54:44 UTC

Would You guys say that going to the Euro was a bigassed mistake? Every once in a while we here in the States get wind of a Candadian, US , Mexico currency. That would be a huge misatke in my opinion. Let each countries currency stand on its own leggs.
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Message 1350528 - Posted: 25 Mar 2013, 15:58:36 UTC - in response to Message 1350509.
Last modified: 25 Mar 2013, 15:59:05 UTC

Putin is most probably relishing a face to face battle with the ECM over this confiscation of Russian money. He's got his buddies to look after,


A large proportion of funds in Cyprus are Russian hot money
.

As viewed now by Russia, all money in Cyprus is classed as Russian foreign
investments. What has angst Russia is, "That if it has been stolen from our
country we do not see that the ECM has a right to steal from it for their own
benefits". If the ECB think that some of this cash in the Cyprus banking system
is laundered from Russia then the offending bank accounts should have been closed
down and the money returned to Russia.

It's now becoming evidently clear that if the ECB gets it's hands on controlling
a major part of the worlds banking system double standards will be the theme of
the day.


Nick you're hitting your head on a brick wall. This was highlighted on the EU thread to which he has not responded. what more can you expect from a politico of his age. Grabbed his dosh & now wants more. Should have gone into politics when he could've made a difference. Anything stated contrary to this is pure bulshyte!

edited for spelling :)
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Message 1350529 - Posted: 25 Mar 2013, 16:11:46 UTC - in response to Message 1350526.

Would You guys say that going to the Euro was a bigassed mistake? Every once in a while we here in the States get wind of a Candadian, US , Mexico currency. That would be a huge misatke in my opinion. Let each countries currency stand on its own leggs.

A fundamental error in political thinking bought about by ideologist who
somehow manage to get their hands on the reins of power. An act which resulted
in events going far beyond that comprehensible by those who wished to and
then did implement it.

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Message 1350530 - Posted: 25 Mar 2013, 16:15:52 UTC

A real redistribution of wealth ...

Does it matter that it is Russian Wealth going to Cypriot bureaucrats? Or, is the important fact that wealth is being redistributed?

Haircut

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