Eurozone will collapse...

Why is the Union Jack/Flag/whatever doing there? What have we done?

[gba93]

Originally Posted by Damien

Why is the Union Jack/Flag/whatever doing there? What have we done?

British bases

[nomadking]

Originally Posted by Osem

Makes you wonder why was Cyprus ever admitted into the Euro-club doesn't it. The empire builders well and truly took their eyes off the ball for some strange reason...

http://www.bloomberg.com/news/2013-0...euro-area.html

The problems in Cyprus stem from Greece being allowed into the Euro. Cyprus was doing ok.
Link

Was Cyprus not doing quite well before the global financial crisis?
Yes. The International Monetary Fund described the country's economic performance before 2008 as a "long period of high growth, low unemployment, and sound public finances". There was a recession in 2009 but it was the mildest in the eurozone. But two interlinking factors have brought Cyprus close to default - the deteriorating government finances and the country's struggling banks.
...
There have been losses on the loans to private borrowers because of the depression that has hit the Greek economy. And the value of the debts owed by the Greek government was cut in a debt relief exercise undertaken last year. It might have helped Greece, but the Cypriot banks were hit.

The Cypriot banks and it's savers have already been taxed by the 'haircut' imposed by the EU.

[Sirius]

Originally Posted by nomadking

The problems in Cyprus stem from Greece being allowed into the Euro. Cyprus was doing ok.
Link
The Cypriot banks and it's savers have already been taxed by the 'haircut' imposed by the EU.

Thats what the Euro does to you unless your in the elite controlling group

The Euro wreck elite will not be happy till they have total domination over Cyprus. Then there will be even more money flooding into there coffers over the next year or so.

[Osem]

Originally Posted by nomadking

The problems in Cyprus stem from Greece being allowed into the Euro. Cyprus was doing ok.
Link
The Cypriot banks and it's savers have already been taxed by the 'haircut' imposed by the EU.

Well I dare say you can substitute a number of names into the list of those allowed to join a club they weren't capable of sustaining membership of.

[Sirius]

Looks like the Euro zone elite have got what they wanted in the end. Now no bank account is safe from the EU dipping if they want to.

Cyprus agrees to a 20% tax on deposits over 100,000 euros at the Bank of Cyprus and a 4% tax at other banks, Reuters says.

http://news.sky.com/story/1068912/cy...-deposits-deal

So i ask the question again. If a soldiers bank account is raided and the British Government aka the tax payer refunds the soldier. Will the EU refund the British tax payer that money that is refunded.

This the principle of expropriation of private bank funds is established. A line has been crossed.

[Osem]

Originally Posted by Chris

This the principle of expropriation of private bank funds is established. A line has been crossed.

Don't worry - it'll only be a one-off...

Originally Posted by Chris

This the principle of expropriation of private bank funds is established. A line has been crossed.

It's only over €100,000 Euros this isn't it? Thus avoiding breaking the ECB's deposit protection. It was either that or people lose their entire savings as the banks collapse.

---------- Post added at 18:48 ---------- Previous post was at 18:46 ----------

Originally Posted by heero_yuy

Prepare those mattresses for stuffing. Banks cannot be regarded a safe from the EU anymore.

The banks weren't safe in the first place. If Tuesday had arrived with no deal there was a high chance the banks would have gone under. UK Banks are only protected up to £85,000.

[Sirius]

Originally Posted by Damien

It's only over €100,000 Euros this isn't it? Thus avoiding breaking the ECB's deposit protection. It was either that or people lose their entire savings as the banks collapse.

They have crossed that line, and they know what they can get away with now.

Originally Posted by Sirius

They have crossed that line, and they know what they are can be get away with anything they want now.

Yes but these banks and deposits were at risk anyway. Another way to put it would be that the EU will only fund a partial bailout that protects everyone's savings under €100,000 and around 80% of those over €100,000. It's the banks themselves which were on the brink of going under, the banks themselves were the ones who the Cypriots needed to bail out.

[Sirius]

Originally Posted by Damien

Yes but these banks and deposits were at risk anyway. Another way to put it would be that the EU will only fund a partial bailout that protects everyone's savings under €100,000 and around 80% of those over €100,000. It's the banks themselves which were on the brink of going under, the banks themselves were the ones who the Cypriots needed to bail out.

However they now know that if they need to they can force a country to dip into peoples bank accounts, now they have crossed this line what will be next ?

I am so glad we are not in the Eurozone. Its a poison chalice unless you are one of the elite members.

The Euro elite will be rubbing there hands together in glee now. All that extra money coming in via interest on the bailout.

Originally Posted by Damien

It's only over €100,000 Euros this isn't it? Thus avoiding breaking the ECB's deposit protection. It was either that or people lose their entire savings as the banks collapse.

---------- Post added at 18:48 ---------- Previous post was at 18:46 ----------



The banks weren't safe in the first place. If Tuesday had arrived with no deal there was a high chance the banks would have gone under. UK Banks are only protected up to £85,000.

which is 100,000 euros .The ecb deposit protection is the same across europe .

[Osem]

So it's bank deposits now, how long before (if this economic mess endures) it's other investments or assets? Pensions, homes, shareholdings etc. It's long been obvious to me that when Brown's economic muck finally hit the fan and the inevitable bust happened, it'd ultimately be those who'd been prudent and saved who'd bail out those who were living the high life, spending what they didn't have and running up debt.

Where are all those people who used to bang on about how the UK should join the Euro now? I recall people calling me a little Englander and telling me it'd be great. So much simpler not having to change currency on their hols. etc. The facts about a common exchange rate and one-size-fits-all interest rates seemed to elude them... What a total crock!...

Originally Posted by Sirius

However they now know that if they need to they can force a country to dip into peoples bank accounts, now they have crossed this line what will be next ?

I am so glad we are not in the Eurozone. Its a poison chalice unless you are one of the elite members.

The Euro elite will be rubbing there hands together in glee now. All that extra money coming in via interest on the bailout.

maybe the EU are covering up the fact that they have no money left for bailouts so dipping into bank accounts is all that is left