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Author Topic: Cyprus bailout takes a new and potentially dramatic turn.  (Read 8036 times)

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Varche

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Here is my take on what has happened.

EU insist on a 6 to10% bank grab as part of the rescue package.

The Russian oligarchs are horrified at the hit they will take

Gazprom (Russian outfit) offers to make up some or all of the shortfall in return for access to Cyprus's gas reserves.

The Russian finance minister says they may be able to help with restructuring loans.

The Cyprus PM says the vote on the original package by parliament will now be delayed.

Banks now closed till Thursday. Has any of the 6 to10% actually been taken yet.................... Suspect not.

Brussels/Germany - now debating whether they want Russia to hold the strings of an EU Eurozone country AND the importance of possibly losing this test case for legal theft from sheeple bank accounts.... (How I would love to be in on those discussions). No doubt the EU offer will improve - maybe 3% across accounts and only those with more than 10,000 euros

What a mess!!

More here http://news.sky.com/story/1066004/cyprus-bailout-savings-shift-amid-russia-offer

 
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STMO123

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #1 on: 18 March 2013, 15:50:34 »

What a mess just about sums it up, El Varche.
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Sir Tigger KC

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #2 on: 18 March 2013, 22:23:30 »

One thing for sure is that Osborne will be watching carefully, stroking his chin (such as it is) while thinking "I wonder....."  :(
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Rods2

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #3 on: 19 March 2013, 00:28:53 »

The real thing that has been lost is trust as one of the unwritten rules is "Don't ever touch depositors money".  :o :o :o :o

Why?

Bank self-preservation, as bank runs, kill banks. Even if they pull back from this, by this evening if I had an account in Greece, Spain, Portugal or Italy, it would be empty by now with the contents under the floorboards. where banks pay next to nothing in interest, why take the risk of a haircut. In fact I would want to run and overdraft and they could take 10% off that anytime in tax.  ;D ;D ;D

With large amounts a trip to Switzerland or Germany to open an account and deposit it there would be well worthwhile.  :y :y :y

What is really interesting is where Spain has required a complete wealth assessment of it's residents wealth, with fines and penalties higher than the value for non-declaration, for 'tax compliance' purposes. 10% complete wealth tax to raise the €200bn+ needed to bail out their banks anyone? The president has now been set in Cyprus.  :o :o :o :o

A massive run on bank deposits will bankrupt the banks as no bank in the world has the liquidity to cover this, where capital reserves are only a fraction of what is deposited with them. As the Eurozone is a free single currency market, a bank run in any country would have to be stopped with capital controls, which breaks the point of the Euro, hence speeding up its demise. As this is Merkel's re-election tactic, where the populous are waking up to the bill German tax payers are going to have to pay as part of their Eurozone membership. Where UKIP is framing some of the agendas in the UK, the same is happening in Germany with the help of their new anti-Euro party.

It is also a bit of an own goal by Germany, because if there is capital flight to Germany, then this will increase Germany's Target 2 lending and liabilities, which in the event of a country refusing to pay what they owe or if they replace the Euro using Lex Monetae to pay in a their new devalued local currency, they have transferred liabilities from the private to the public sector and German taxpayers. In this scenario, this could end up with Germany taking international court action or Panzer action.  :o :o :o :o

Stock up on the popcorn, things are getting interesting.  :o :o :o :o
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Rods2

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #4 on: 19 March 2013, 00:41:56 »

I hope Merkel and the Cypriot President have infallible security as the Russian Mafia are exactly known for taking kindly to having money stolen from them.  ::) ::) ::) ::) :o :o :o :o

I see the Russian state oil and gas company has offered to bail out Cyprus in return for development rights to their Gas fields. Have they been made a offer they can't refuse?  ::) ::) ::) ::) :o :o :o :o
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ozzycat

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #5 on: 19 March 2013, 00:56:34 »

got my popcorn a big comfy chair now let the fireworks begin  { they are robing barstuards and i can see this is going to bite them in the arse if the ruskie mafia help out it will be a good and beneficial way to launder their ill goten gains  let the show begin}
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Rog

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #6 on: 19 March 2013, 08:30:28 »

I wonder if some of the wealth grab will go to the UK government ?

There are Cypriots living in the UK, claiming housing benefit, who have large properties and other significant assets in Cyprus. Fact.
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tunnie

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #7 on: 19 March 2013, 19:09:34 »

Well they just rejected the bailout, first country to leave the Euro?  :)
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STMO123

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #8 on: 19 March 2013, 19:12:15 »

Well they just rejected the bailout, first country to leave the Euro?  :)
Yeah. We've been talking about it. ;D
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Varche

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #9 on: 19 March 2013, 19:25:13 »

No. They are holding out for a better deal.

Doesn't matter where it comes from for the Cypriots.

Russia (so they can have a naval base to keep an eye on the Middle East now they have lost Syria)

EU (so they can keep all their sheeple in one herd)

The stakes are actually a lot higher than many people understand.

I would love to be in the behind the scenes meetings going on right now. This is actually history in the making.
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albitz

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #10 on: 19 March 2013, 19:30:53 »

Russia having a naval base in a commonwealth country ?!! That might be very interesting indeed. ::)
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tigers_gonads

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #11 on: 19 March 2013, 19:33:01 »

Russia having a naval base in a commonwealth country ?!! That might be very interesting indeed. ::)


You already have Israel negotiating with Cyprus to use there airfields for there air force  ;) 
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Varche

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #12 on: 19 March 2013, 19:36:02 »

No. They are holding out for a better deal.

Doesn't matter where it comes from for the Cypriots.

Russia (so they can have a naval base to keep an eye on the Middle East now they have lost Syria)

EU (so they can keep all their sheeple in one herd)

The stakes are actually a lot higher than many people understand.

I would love to be in the behind the scenes meetings going on right now. This is actually history in the making.

Just to clarify. In return for loans and help in exploiting the Gypriot gas, the Russians would need to bring in and tyake out stuff by ship. As part of that agreement they would of course be able to service their ships of all kinds. Bit like a Gibraltar. Like I say the stakes are high.
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STMO123

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #13 on: 19 March 2013, 19:37:36 »

I think we're being a bit previous here. ::)
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Lizzie_Zoom

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Re: Cyprus bailout takes a new and potentially dramatic turn.
« Reply #14 on: 19 March 2013, 19:40:58 »

I think we're being a bit previous here. ::)

Yep, especially as Britain has sovereign bases there. ::) ::) :D :D ;)
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