Fair comment, but your answers for these?

So Mekon, why wasn't this implemented for: - Portugal,Ireland,Italy,Greece & Spain?

...interesting that the EU are doing this now.......

What about the Drug Cartels that invested in Europe....

Trying to step back from the lurid Mail and other press reporting.

...like the BBC. Most of the "interesting" links I've posted are from them.

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It is being reported by the BBC European news. There is no reference as to where they get that information from. If it is true then it makes a difference. BBC report

Trying to step back from the lurid Mail and other press reporting. It is being suggested that the Cyprus banks have been incompetent in their dealings, resulting in the position that they are in today, if so they deserve to be brought to book. It is also being suggested that the majority of deposits are of dodgy money from Russia, that deserves little sympathy, but that may not be all true 40% is Russian. The armed forces are being protected by the government, but what about the ordinary man in the street and ex pats? If a soldier willing to serve and die for his country needs compensating through no fault of his own, then yes, I will pay some of my taxes for that. Whether I should have to is another matter. Soldiers don't have any choice where they are sent, private people do have a choice where they choose to live or retire, but you have to be sensible about it.

Leaving apart Middle East oil, most countries bordering the Mediterranean do not have any mineral or other natural resources like diamond, gold, or coal mines etc. Because of their climate and architectural history, they mainly rely on tourism to survive. When there is a prolonged world recession as there is now, the first thing people do is cut back on luxuries like holidays. Coupled with the fact that most of these countries have fragile political regimes anyway, it is a simple recipe for disaster as we have seen in Portugal, Spain, Greece, and maybe Italy, and now Cyprus. As an ex pat living abroad it does not make any sense at all to keep all your money in the local economy. The wiser ones keep their money in a bank in the UK, and do a monthly bank transfer to a local bank account for living expenses, which they can withdraw in local currency. Yes, there will be currency conversion costs, but better that than losing 10% overnight, or the whole lot if the bank collapses entirely.

Ok, so British troops will be compensated, but if this report about shares in the banks is true, then the UK government should agree to buy those back from British ex pats at the appropriate rate so that they are not out of pocket. The end result may be that the UK government will hold a proportion of shares in Cyprus banks. Good, perhaps they can inject some sense into them to avoid accepting any more dodgy Russian money.

Watch this space ....

Update for you: -

EU Leaders gamble with bank bailout

Your one for the law & rule of law, so your post quoted regarding Russian money becomes suspect in light of this comment, which by the way, I fully agree with: -

"Politicians punishing prudent savers, to give to a corrupt banking system. If Russian money is being laundered in Cyprus, then it is illegal, and their assets should be ceased throught the courts.

The world has gone crazy, when politicians can simply steal money from saving accounts of its citizens.

Disgraceful, and another example of the folly of the euro.

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The world has gone crazy, when politicians can simply steal money from saving accounts of its citizens.

It is called an ad valorem tax. Note that it has been around since the Roman Empire, hence it being a Latin phrase in the English language.

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so your post quoted regarding Russian money becomes suspect in light of this comment, which by the way, I fully agree with: -

Talk about hedging ones bets .... Make your mind up laddie, you can't have it both ways.

This was the price for a 10bn-euro bailout. Without it Cyprus risked defaulting by May.

The Germans, however, were not prepared to support a larger bailout. They suspected that half of the deposits in the island's banks were held by Russians with much of the money being laundered. Rescuing high-rolling Russians could not be sold to German taxpayers.

International politics is something you obviously don't understand.

The world has gone crazy, when politicians can simply steal money from saving accounts of its citizens. Disgraceful.

Agreed in principle, when it affects innocent people in the street.

and another example of the folly of the euro.

And just what has the Euro to do with it?

Ah, so law & rule of law is only for the likes of you to bandy about when it suits you? Suspect is NOT the same as PROOF, so the Mekon being the "Fat Comptroller" her word is now law & she can do as she sees fit?

Can you at least read?

"The 10bn-euro ($13bn; £8.6bn) bailout agreed with the EU and IMF demands that all bank customers pay a one-off levy."....

...& all because the lady loves.......

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Ladies & Gentlemen, there are times when it becomes quite apparent, that there is simply no point in banging ones head against a particularly thick brick wall. This evening I have an important Committee meeting to go to as Secretary, so I will bid you farewell until tomorrow.

Make sure that the committee does not base their actions on suspicions, there's a good chap!

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No 3 looks like someone assuming that's the reason. Without any references to that statement....

As for the Russian money launderers.......

...interesting that the EU are doing this now.......

What about the Drug Cartels that invested in Europe....

Of course, once the Cyprus banks take 10% of this supposed laundered money,
under the direction of the ECB, then the remainder in these accounts now
become legal...small price to pay I'd say. How many other ECM countries banks
have accounts holding suspected laundered money...every one of them !!! So
what has the ECB done about these dodgy accounts previously, NOTHING, and
why? because this money was helping to support the ailing banks around
Europe. Cyprus has been picked on unfairly by Brussels here as no other ailing
ECM country that has been bailed out suffered under the same draconian measure.
It's sequestration, full in the face, of the public's savings and since the ECM
can not devalue the Cyprus Euro they have devalued the Cyprian's spending
power by around 10% in stead. What the hell is Cyprus doing anyway being part
of the ECM....it's economy is just not strong enough. Is this the end of the
beginning for the ECM or the beginning of the end of it...well, It's the latter.

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The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

It's the end Nick & about damned time! I'm just wondering who's next?

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It's the end Nick & about damned time! I'm just wondering who's next?

No one, they daren't pull this trick a second time especially against a bigger
country like Spain, Italy or Portugal. They might fancy trying it on Ireland
if they were to get in to trouble again but I suspect Brussels HQ will have it's
windows blown out within a fortnight???

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The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

Well Sir Humphrey ran out out with his tail between his legs failing to realise that "International Politics" has finally destroyed what little trust people had in banks.

So if this isn't nipped in the bud PDQ, it looks like your remarks on a "Depression" will ring true. Personally I didn't think it would get that low...but now.........

...If it happens, its going to be more brutal than that of the '30s!

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Well Sir Humphrey ran out out with his tail between his legs failing to realise that "International Politics" has finally destroyed what little trust people had in banks.

So if this isn't nipped in the bud PDQ, it looks like your remarks on a "Depression" will ring true. Personally I didn't think it would get that low...but now.........

...If it happens, its going to be more brutal than that of the '30s!

Certainly will be more brutal than the 20's Sirius primarily because it
will be both Public & Private sector debt lead.

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The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

Well I'm hoping that when these "unmentionables" go, the EU goes with them.............

Von Rompuy & Ashton to step down

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Well I'm hoping that when these "unmentionables" go, the EU goes with them.............

Von Rompuy & Ashton to step down

They will be replaced by two more puppets, so the Muppet show rolls on for a bit
longer. But as we know, like any show, the format can only run for so long before
it runs out of fans and supporters. I suspect it will all finally come to an
end once the money runs out.

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The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

Regardless of what many say, money laundering is occurring in every country, it's fact of modern society.

There's a dangerous precedent being set up that can come back to haunt us all....

"There are also perfectly legitimate reasons for a Russian company to want to set up in Cyprus; the 10% corporate tax rate, as well as Russia's tax treaty with Cyprus which means a firm will not be taxed in both places.

"Russian business takes great advantage of the low corporate tax rate and favourable tax rates for profit and dividends in Cyprus. But that is also true of western companies wanting to set up in Russia," said Andrey Goltsblat from the Moscow-based law firm Goltsblat BLP."

Unless the EU is reined in, it will get to the point where the issues experienced here with the press will be nothing but a sideshow compared to what will happen!

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One issue arisen from the Cyprus debacle is that mistakes were made.....

..now the question is...who made them & what will be done to rectify them?

Cyprus considers 0 tax on smaller savers

Damage limitation

Who messed up?

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Cartoon of the year.....

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Regardless of what many say, money laundering is occurring in every country, it's fact of modern society.

There's a dangerous precedent being set up that can come back to haunt us all....

"There are also perfectly legitimate reasons for a Russian company to want to set up in Cyprus; the 10% corporate tax rate, as well as Russia's tax treaty with Cyprus which means a firm will not be taxed in both places.

"Russian business takes great advantage of the low corporate tax rate and favourable tax rates for profit and dividends in Cyprus. But that is also true of western companies wanting to set up in Russia," said Andrey Goltsblat from the Moscow-based law firm Goltsblat BLP."

Unless the EU is reined in, it will get to the point where the issues experienced here with the press will be nothing but a sideshow compared to what will happen!

With all this in mind then it seems pretty pointless Cyprus being part of the
ECM. Especially now that it appears that Russia is going to bail them out
financially, though at a cost of the rights to their oil & gas fields. So a smart
move by Russia and a poor move by the ECB...the ECB has been userped and to
think they wont to tell the UK how to run/regulate it's banking sector...they've
got absolutely no idea...have they this ECB bunch of ramshackle lets play
"Bankers".

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The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

This was widely predicted .....

Cyprus vote rejected

...and through the back door comes the Russians....with, "Loads-a-money"
You could say that this is the first time an ECM member country has told
Brussels, "To go and get stuffed"...time we told Brussels to do this over
our banking sector. Shame on Cameron for he could have told Brussels to do
that but he hasn't got the metal and it's now showing. Of course, none of
the other two major political parties leaders have the metal either to stand
up to Brussels.

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The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

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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The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

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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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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Bob Smith
Member of Seti PIPPS (Pluto is a Planet Protest Society)
Somewhere in the (un)known Universe?