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By *isscheekychops OP   Woman
over a year ago

The land of grey peas and bacon

What is actually going on in Cyprus?? I don't understand??

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By (user no longer on site)
over a year ago

ec want money from cypriot savers to bail country out

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By *outhernchappieMan
over a year ago

brighton

In a nutshell, they are skint like Greece and Italy- either way, Cyprus is going down the plug

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By (user no longer on site)
over a year ago

Country has too much debt, can't afford to pay its interest bill, in order to secure EU funding the EU has said it needs to tax anyone who has a bank deposit, thus massive civil unrest.

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By *isscheekychops OP   Woman
over a year ago

The land of grey peas and bacon

Oh they want to take money from people savings... are they a bit like Greece in the shit??

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By *outhernchappieMan
over a year ago

brighton

Knee deep

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex

they want to tax peoples savings to bail the economy out. Russia has billions invested in Cyprus (so do we) BFPO personnel have wages and savings in the banks there and of course all the Cypriot people too.

The banks are all shut until Thursday so no one can get access to their money and we have had to send a plane with one million euros for forces personnel.

I don't pretend to understand the thought process behind this but I can only guess at the knock on effect if this goes ahead.....if they can do it there where else will they do it?

Some one who knows much more about this will be along to give a better and more concise account

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By (user no longer on site)
over a year ago


"they want to tax peoples savings to bail the economy out. Russia has billions invested in Cyprus (so do we) BFPO personnel have wages and savings in the banks there and of course all the Cypriot people too.

The banks are all shut until Thursday so no one can get access to their money and we have had to send a plane with one million euros for forces personnel.

I don't pretend to understand the thought process behind this but I can only guess at the knock on effect if this goes ahead.....if they can do it there where else will they do it?

Some one who knows much more about this will be along to give a better and more concise account "

I thought it was an excellent summary

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By *odareyouMan
over a year ago

not far from iceland,,,,,, tescos is nearer though :-) (near leeds)

I understood that the' tax ' on the savings was a condition of the emergency loan from the ec,

The bigger problem is that if people with savings in other countries lose confidence in ther e banks, the likelihood is that those banks will be unable to fund themselves ( northern rock in the UK) Spain, Italy Greece all of the countries with serious difficulties ,,

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"they want to tax peoples savings to bail the economy out. Russia has billions invested in Cyprus (so do we) BFPO personnel have wages and savings in the banks there and of course all the Cypriot people too.

The banks are all shut until Thursday so no one can get access to their money and we have had to send a plane with one million euros for forces personnel.

I don't pretend to understand the thought process behind this but I can only guess at the knock on effect if this goes ahead.....if they can do it there where else will they do it?

Some one who knows much more about this will be along to give a better and more concise account

I thought it was an excellent summary "

thank you

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By *isscheekychops OP   Woman
over a year ago

The land of grey peas and bacon

I did hear that they have flown in 1 million euros for the UK military personnel out there..

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By (user no longer on site)
over a year ago


"I understood that the' tax ' on the savings was a condition of the emergency loan from the ec,

The bigger problem is that if people with savings in other countries lose confidence in ther e banks, the likelihood is that those banks will be unable to fund themselves ( northern rock in the UK) Spain, Italy Greece all of the countries with serious difficulties ,, "

It is a very good point, virtually all European banks lend more than they have in deposits and rely on the wholesale lending market to bridge the gap. Once confidence is impacted banks have a massive liquidity issue, loans tied up on a long term basis but deposits immediately available, if there was a massive run on banks it would cause chaos. I hope everyone has well stuffed mattresses!

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By *ouple in LancashireCouple
over a year ago

in Lancashire

on one hand i can see Germany's point as they are pretty sick of bailing out other countries who have had economic policies built on sand..

on the other you cant help but look at this and think, which clown thought it would be a good idea to propose this..

run on the banks, more like a gallop and the total collapse of the banking system in some countries...

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By (user no longer on site)
over a year ago


"Oh they want to take money from people savings... are they a bit like Greece in the shit?? "

I've had a similar problem like that for many years now

It's called a wife

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By *hris148Man
over a year ago

.

It was a poor way to propose the deal, causing a run on banks but... doesn't it suggest that the country hasn't taxed it citizens sufficiently to cover the spending?

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By (user no longer on site)
over a year ago


"What is actually going on in Cyprus?? I don't understand?? "

Great question, I didn't understand it either! Think I do now.

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By *atisfy janeWoman
over a year ago

Torquay

Cyprus didn't just start accepting Russian bank deposits at the drop of a hat...they courted it.

They offered interest rates on savings that were higher than anywhere else in the region, they watered down all their regulations on foreign investment in Cypriot businesses in the late Nineties and welcomed massive Russian involvment and ownership of their lucrative tourist and leisure industries.

Even the Russian government have commented on how 'dubious' some of these monies invested in Cyprus are and how much of it is the result of tax dodging in Russia.

The Cypriots, like their cousins on the Greek mainland are notoriously inept at collecting taxes, much of their economy is 'Black economy' with no taxes being paid into the coffers by many tens of thousands of workers.

That is why the average Cypriot is in the top Three of EU citizens with savings, beaten only by savers in Germany and France......if you don't pay tax or little tax, or evade tax with little fear of prosecution then you can afford to have hefty savings.

It is a joint EU/IMF/ECB bail out, with the IMF being the party that first pushed for the Cypriots to part fund it themselves with a one off tax levy on their savings....

You can't have your cake and eat it....but many Cypriots, like their Greek cousins expect to have exactly this.

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By *inky BunnyMan
over a year ago

Cardiff

One more brick in the wall. The World Bank's Tower of Babel reaches higher each day. The Lord knows the thoughts of the wise; that there are in vain.

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By *atisfy janeWoman
over a year ago

Torquay

Also worth mentioning that the Cypriots today admitted that up to Two thirds of all monies in Cypriot savings accounts are that of non EU citizens....Russians, Georgians, Ukranians....et all.

So maybe it's time these former citizens of the old USSR, with all their dodgy money buying up half of the Eastern Mediterranean are made to help bale out the island they have been treating like a cash whore.

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By *arnayguyMan
over a year ago

Durham Tees

Which one, Miley or her Dad?

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By (user no longer on site)
over a year ago

It's been quoted that Russian clients have been given the heads up on what was going to occur and have pulled a lot of their funds/money from out of the banks already

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By (user no longer on site)
over a year ago

Eco(nomy)-friendly swingers :D I love the kinda questions that are coming up in the forums these days...from racism to economy...talk about expanding horizons

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By (user no longer on site)
over a year ago

My Cypriot bank account has £3.97 in it and has for the past 10 years. It's ok they can keep it not worth the flight over to cash it anyway lol.

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By (user no longer on site)
over a year ago

Now my understanding is its only a tax on savings under 100,000 euro's is that not right? Which to me says most of your overseas investors Russians and the like won't be affected by it

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"Now my understanding is its only a tax on savings under 100,000 euro's is that not right? Which to me says most of your overseas investors Russians and the like won't be affected by it"

No. originally anyone with savings of under 100k to be taxed 6.67% as a one off, anyone with over that would be taxed 10% as an ongoing thing. They are renegotiating and are talking about taxing savings of over 200k now.

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