[Archived] The EU/ Cyprus Bailout

[dave birch]

So what do you guys think about the EU Cyprus bailout?

It seems to have caused a few stock market rucksions here, with the view that it's nothing more than a tax and, more importantly, that it could cause a run on the banks in the more "delicately" placed nations.

As sure as eggs, I'd be having my money under the bed rather than in a bank, if I was going to lose 10% of it.

[thenodrog]

It does set an alarming precedent. A retrospective tax on savings which have already been taxed. Incompetence it appears does have it's own rewards. I shouldn't be suprised if rule books are about to be ripped up all over the place

[Al]

It's just thieving. It's not their money to take. I would say that a test case in an international court could embarrass the Cypriot government.

[Guest Norbert]

Take Germany to court too. Spain and Ireland were not dealt with this way because the big bond holders were........Germany. One rule for those big countries in debt to the krauts and French, one for the small countries. Thank goodness we didn't join the Euro.

[thenodrog]

It's just thieving. It's not their money to take. I would say that a test case in an international court could embarrass the Cypriot government.

No doubt they'd request the Sherriff of Nottingham to preside over it.

[dave birch]

I can't believe that there's not more of a bit of noise about it.

If it gets up, then it's on for all in the EU.

If it gets up there, then the contagion spreads around the world.

[koi]

It sounds like a political experiment to me, test on an inconsequential nation and see how it goes. I bet it wont be long before negative interest rates are being floated about.

[Al]

Negative interest rates have been mooted so that the banks would be charged for their deposits in the Central Bank in order to encourage them to lend. Any attempt to charge negative interest to the general public would just result in the biggest run on the banks in history and fivers under the bed.

What a bonanza for thieves that would be.

[Mike Graham]

Cyprus is turning into such a dump. My mate has a lovely villa in Peyia which I have visited a few times. He wants to sell it but he could he could not even give it away now. The place is full of unsold property with little chance of renting out; there are also a large number of old dears who sold up in the UK and moved to Cyprus only for their spouse to die; they cannot sell up, and cannot afford to buy back in the UK, and they have sod all interest from their savings......very sad.

I went last year and Cyprus had plenty of closed, boarded up shops and litter was everywhere with no-one employed to clean it up...it is unfortunately turning into a bit of scruffy place.

[jim mk2]

Cyprus is turning into such a dump. My mate has a lovely villa in Peyia which I have visited a few times. He wants to sell it but he could he could not even give it away now. The place is full of unsold property with little chance of renting out; there are also a large number of old dears who sold up in the UK and moved to Cyprus only for their spouse to die; they cannot sell up, and cannot afford to buy back in the UK, and they have sod all interest from their savings......very sad.

I went last year and Cyprus had plenty of closed, boarded up shops and litter was everywhere with no-one employed to clean it up...it is unfortunately turning into a bit of scruffy place.

Silly old scroats who sold up and went to the dump that is Spain are having the same trouble too.

Serve 'em right for deserting Blighty.

[BlueMonday]

The EU currency is the slowest suicide in history. Germany are signaling what they would like to do accross the Euro zone and making Cyprus the test case because they are small fry. Germany should be careful what they wish for.

If they push Cyprus too far Russia are waiting in the wings to pump billions into Cyprus, which is already a Russian mafia play ground.

Cyprus dropping out of the Euro could see the pack of cards go tumbling, not to mention a run on the banks accross Europe. There is a very big game of poker being played here and Britain aren't at the table.

Sad, because I like Cyprus. Lovely country and people, and who have a great respect for the British. Hope it works out for them.

[jim mk2]

The EU currency is the slowest suicide in history. Germany are signaling what they would like to do accross the Euro zone and making Cyprus the test case because they are small fry. Germany should be careful what they wish for.

If they push Cyprus too far Russia are waiting in the wings to pump billions into Cyprus, which is already a Russian mafia play ground.

Cyprus dropping out of the Euro could see the pack of cards go tumbling, not to mention a run on the banks accross Europe. There is a very big game of poker being played here and Britain aren't at the table.

Sad, because I like Cyprus. Lovely country and people, and who have a great respect for the British. Hope it works out for them.

One of our old colonies - king and queen's head on their stamps and all that.

Gillian Tett of the FT says Cyprus could be the eurozone's Archiduke Ferdinand moment - ie, a seemingly insigificant event that could have huge consequences.

When all the dust has settled Germany will have got what it always wanted and was unable to achieve via two world wars - absolute dominance in Europe.

[BlueMonday]

One of our old colonies - king and queen's head on their stamps and all that.

Gillian Tett of the FT says Cyprus could be the eurozone's Archiduke Ferdinand moment - ie, a seemingly insigificant event that could have huge consequences.

When all the dust has settled Germany will have got what it always wanted and was unable to achieve via two world wars - absolute dominance in Europe.

And makes me even happier that we kept out of it.

Not sure where it leaves Germany if the Euro folds though. I guess they would just take their pick of the basket case economies and start offering bail outs with a condition of adopting the deutsche mark.

[broadsword]

Another domino topples.

One day the whole @#/? house will collapse.

The euro is totally unsustainable.

[RoyRover]

Taking 10% of people's savings who have over 100 grand in their account and limiting the amount that people can withdraw is just down right theft in my opinion. The same goes for other people who are being charged less.

[thenodrog]

I went last year and Cyprus had plenty of closed, boarded up shops and litter was everywhere with no-one employed to clean it up...it is unfortunately turning into a bit of scruffy place.

Silly old scroats who sold up and went to the dump that is Spain are having the same trouble too.

Serve 'em right for deserting Blighty.

Grief!!

Whereas Blackburn has no boarded up shops, not a scrap of litter and is not one of the the scruffiest dumps in the entire Northern Hemisphere.

Jim you really need to get out more!

[Claytons Left Boot]

Silly old scroats who sold up and went to the dump that is Spain are having the same trouble too.

I take it you haven't travelled through the Pyrenees, visited Extremadura or Andalusia to name but three beautiful areas of a most wonderful country?

No, I thought not.

As for scroats? Well, there no doubt will be some who have moved to Spain but a whole lot more decent, respectable people who have not been afraid to branch out and try all things new.

You want to engage your brain before you post.

[Baz]

I can't believe that there's not more of a bit of noise about it.

If it gets up, then it's on for all in the EU.

If it gets up there, then the contagion spreads around the world.

I think the major reason there hasnt been any sustained outcry is that there is a lot of Russian criminal money in Cyprus, so they are unlikely to make a fuss in the media.

[jim mk2]

I take it you haven't travelled through the Pyrenees, visited Extremadura or Andalusia to name but three beautiful areas of a most wonderful country?

No, I thought not.

As for scroats? Well, there no doubt will be some who have moved to Spain but a whole lot more decent, respectable people who have not been afraid to branch out and try all things new.

You want to engage your brain before you post.

Have you travelled extensively throughout these wonderful islands in which we live and delighted in its scenery and history and culture ?

No I thought not.

FYI, I have met many Costa-del-Crime types who have moved to Spain and by and large they are ignorant plebs who sit around all day bored out of their minds watching BBC. Sexy Beast comes to mind.

My message to you is simple: if you don't like it here, clear off and join them.

[broadsword]

Dear Lord, do you have to play it tit-for-tat.

Stop tarring everyone with the same brush.

Your last sentence is redolent of a Daily Heil mind-set.

[Guest Norbert]

I'd mistake Jim for a Yorkshireman with such an insular, lofty, ill informed attitude!

[Claytons Left Boot]

Have you travelled extensively throughout these wonderful islands in which we live and delighted in its scenery and history and culture ?

No I thought not.

My God, you're like a bulldog with toothache and piles chewing a wasp.

I was merely defending Spain against your absurd insinuation that it was a dump.

Not sure why you're bringing in my supposed lack of travelling in the UK into it, I never mentioned anything of the sort.

I've travelled the length and bredth of these islands over the years from Orkney and various Scottish islands, the Highlands, Speyside, Glasgow & Edinburgh, border country, Northumberland, Lindisfarne, the Lake District, Trough of Bowland, Snowdonia, the Lincolnshire Wolds, North Norfolk, New Forest, Dorset, Devon and Cornwall to London.

A most fabulous insight into scenery, culture and history. Why you should assume I would think otherwise is anyone's guess. In fact for sheer scenic diversity in such a relatively small country, there is nowhere like it in the world.

Regarding Costa-del-Crime types...well, I've always been a believer of like finds like.

Back on topic, such a shame for the Cypriots. Hope they sort out their troubles. Another lovely place, I travelled up into the Troodos Mountains during our home playoff game against Derby in 1992. Snowballing at 6000 ft in the morning and on the beach in the afternoon.

[jim mk2]

My God, you're like a bulldog with toothache and piles chewing a wasp.

I was merely defending Spain against your absurd insinuation that it was a dump.

Oh dear, seemed to have touched a nerve.

Barcelona is worth visiting, Granada is magnificent and areas of Madrid are pleasant but in my experience for the most part Spain is a hot, stinking mess and economic basket case to boot.

Cyprus is infinitely preferable but again lots of ex-pats sold up here to move to the island and have lost a shedload of money. I've no sympathy with them. Like many countries exposed during the global financial crisis it has paid the price for building its economy on the sand of property and financial services.

Time for the Cypriots to get their fishing rods back out and return to the orange and olive groves.