Guest pelmetman Posted March 17, 2013 Share Posted March 17, 2013 I see the government will refund any servicemen left out of pocket ;-)...............I can't remember having any savings as a service man??? :-S...............being a payday cowboy :D (lol) (lol)......... Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 18, 2013 Share Posted March 18, 2013 Starting to back peddle :D Officials in Cyprus are reportedly trying to renegotiate a eurozone bailout deal in order to soften the impact of a levy on smaller savers. Authorities had planned a 6.7% tax on deposits under 100,000 euros (£85,454), triggering queues at cash machines as people in Cyprus rushed to withdraw their money. But the country's government is thought to be discussing cutting the tax rate to 3% while raising the rate for deposits over 100,000 euros from 9.9% to 12.5%. In exchange for the levy, Cyprus will receive 10bn euros (£8.54bn) in aid to help recapitalise banks. Cypriot President Nicos Anastasiades, who was elected just three weeks ago, said the island had to accept a painful compromise or face bankruptcy. In a televised address, he said the bailout "will eventually stabilise the economy and lead it to recovery". Monday is a national holiday in Cyprus and measures need to be approved before banks open again on Tuesday. Depositors in the eurozone's weaker economies have been unnerved by the levy, with investors fearing it will set a precedent that could reignite market turmoil. Their uncertainty could be reflected when European markets open later, with the euro having already seen sharp falls in Asia. British government and military personnel in Cyprus will be protected from any levy on their bank deposits. Foreign Secretary William Hague told Sky News that Britain had been "separated" from contributing towards the bailout, adding that 3,000 Britons in the country would not suffer in the proposed raid on bank savings. The tax on deposits in Cyprus, which accounts for only 0.2% of the eurozone's economy, is expected to raise up to 6bn euros (£5bn). Those affected will include rich Russians with deposits in Cyprus and Europeans who have retired to the island, as well as Cypriots themselves. The size of foreign deposits in Cyprus - estimated at 37% of the total - was one reason the eurozone agreed to the tax on savings. It will apply to all deposits held in banks within Cyprus, including an estimated 2bn euros (£1.75bn) of British money, according to the European Central Bank. It will not affect deposits held in the UK branches of Cypriot banks, such as Bank of Cyprus, whose UK subsidiary is regulated by the Financial Services Authority. However, Laiki Bank UK said on its website: "Your eligible deposits with Laiki Bank UK are protected up to a total of 100,000 euro (£87,000) by the Cyprus Deposit Protection Scheme and are not protected by the UK Financial Services Compensation Scheme. "Any deposits you hold above the 100,000 euro limit are not covered." Cypriot banks lost 4.5bn euros (£3.8bn) - equal to a quarter of the island's gross domestic product - when eurozone leaders decided to write off Greek debt last year. As part of its bailout deal, corporate tax will rise from 10% to 12.5%, while state assets will be sold off to help balance the public finances. Cuts to government worker salaries and pensions have already been approved. Link to comment Share on other sites More sharing options...
CliveH Posted March 18, 2013 Share Posted March 18, 2013 This from Investment week - behind a paywall - so a cut n paste! ........................ Asian markets tumbled overnight and safe-haven bond yields fell following news EU member Cyprus is to impose an unprecedented bank levy on deposits held in the country. Nearly every benchmark gauge in the Asia-Pacific region fell as Cypriot President Nicos Anastasiades bowed to demands by eurozone finance ministers to raise €5.8bn by taking a piece of every bank account in Cyprus. The bank tax could be levied today if politicians sign it off. However, the shock tax on deposit holders - which includes a large number of UK citizens - sent markets reeling amid fears it will spark a move to withdraw huge sums from across Europe. Asian equity markets took a sizeable hit, with Japan's Nikkei retreating 2.7% and Hong Kong's Hang Seng tumbling 2.1%. The wider MSCI Asia Pacific was also down 1.8% in Tokyo and headed for its biggest decline since July last year. Australia's S&P/ASX 200 was also down around 2%. Anastasiades delayed a vote on the measure in parliament until today, a day later than planned, as he seeks more time to convince politicians to back him. In reaction to the news, the euro also dropped against the dollar to its lowest level this year. The single currency fell 1.3% to $1.29. Bill Gross, who runs the world's biggest bond fund at PIMCO, said on Twitter that the concern in Cyprus "moves risk-on trade to the back seat" and advised investors to "sell the euro as well." Moody's said the move is a significant step toward limiting support for bank creditors across Europe and shows that policy makers will risk financial market disruptions to avoid sovereign defaults. Treasuries and other safe havens saw bond yields come in sharply in reaction. .................................... The penultimate para is a key one - where Moody's are effectively saying that EU "policy makers" do not give a stuff for what was a "common market" - they will put that "common market" at risk in order to avoid "sovereign defaults" - i.e. propping up the euro. I can not think of any more destabilising an action than the Euro Numpties applying a tax to Bank accounts that are supposed to be protected. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 18, 2013 Share Posted March 18, 2013 Another EU own goal *-) ................I wonder if the pound will rebound?.......might be worth holding fire on buying any Euro's? :-S Yep :D........... Pound euro exchange rate surges 0.95 pct in early Monday morning trade; 1.17's are back in sight as Eurozone leaders score a spectacular own-goal in Cyprus Link to comment Share on other sites More sharing options...
Guest 1footinthegrave Posted March 18, 2013 Share Posted March 18, 2013 pelmetman - 2013-03-18 10:09 AM Another EU own goal *-) ................I wonder if the pound will rebound?.......might be worth holding fire on buying any Euro's? :-S I guarantee right at this moment ordinary people all over the Euro zone are thinking, what the **** and probably trying to move their savings, but God knows where too. Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 18, 2013 Share Posted March 18, 2013 1footinthegrave - 2013-03-18 10:16 AM pelmetman - 2013-03-18 10:09 AM Another EU own goal *-) ................I wonder if the pound will rebound?.......might be worth holding fire on buying any Euro's? :-S I guarantee right at this moment ordinary people all over the Euro zone are thinking, what the **** and probably trying to move their savings, but God knows where too. Under the mattress? :D.............. Link to comment Share on other sites More sharing options...
nightrider Posted March 18, 2013 Share Posted March 18, 2013 I bet the sale of home safes will be doing big business, if Cyprus dives into savers money whats to stop our government doing the same? Link to comment Share on other sites More sharing options...
duetto owner Posted March 18, 2013 Share Posted March 18, 2013 any ex pats in spain/italy time to move funds back to GB. You could well be next listening to germany and nederlands latest views. Link to comment Share on other sites More sharing options...
Guest 1footinthegrave Posted March 18, 2013 Share Posted March 18, 2013 Perhaps they'd have a case under human rights law, can you nick my money when I've put it in a bank for safe keeping. Link to comment Share on other sites More sharing options...
nowtelse2do Posted March 18, 2013 Share Posted March 18, 2013 1footinthegrave - 2013-03-18 6:04 PM Perhaps they'd have a case under human rights law, can you nick my money when I've put it in a bank for safe keeping. It has been suggested that it could be illegal, if so, will there be a new EU law brought out before long saying that the move is legal. >:-( Dave Link to comment Share on other sites More sharing options...
Guest pelmetman Posted March 18, 2013 Share Posted March 18, 2013 Its funny how the bankers who caused all these problems have walked away with their pockets bulging *-)......... Link to comment Share on other sites More sharing options...
Dave225 Posted March 18, 2013 Share Posted March 18, 2013 Mel B - 2013-03-17 8:54 PM Dave225 - 2013-03-17 3:31 PM As Laurel used to say "another fine mess you have got me into" It was actually Oliver Hardy who said it to Stan Laurel who would then usually scratch his head and Hardy would bash him with his bowler hat! :D Damn, I wasn't old enough to see them in the cinemas. Of course Stan was Scottish and I suspect Oliver has come back as 'Big Eck;' Link to comment Share on other sites More sharing options...
nowtelse2do Posted March 18, 2013 Share Posted March 18, 2013 Dave225 - 2013-03-18 7:19 PM Mel B - 2013-03-17 8:54 PM Dave225 - 2013-03-17 3:31 PM As Laurel used to say "another fine mess you have got me into" It was actually Oliver Hardy who said it to Stan Laurel who would then usually scratch his head and Hardy would bash him with his bowler hat! :D Damn, I wasn't old enough to see them in the cinemas. Of course Stan was Scottish and I suspect Oliver has come back as 'Big Eck;' Dave yor thinking of Stan McLaurel, our Stan Laurel came from Ulverston, Lancashire, well it was Lancashire until them Northerners the Cumbrian Horsemeat Sausage Eaters pinch it off us. :D I believe Oliver came back as the Big Issue. Dave They even pinched Westmoreland. *-) Link to comment Share on other sites More sharing options...
colin Posted March 18, 2013 Share Posted March 18, 2013 To me it seems obvious why this has happened, the main EU players wanted Cyprus out of the banking sector, and boy have they achieved that big time. Link to comment Share on other sites More sharing options...
Dave225 Posted March 18, 2013 Share Posted March 18, 2013 nowtelse2do - 2013-03-18 8:00 PM Dave225 - 2013-03-18 7:19 PM Mel B - 2013-03-17 8:54 PM Dave225 - 2013-03-17 3:31 PM As Laurel used to say "another fine mess you have got me into" It was actually Oliver Hardy who said it to Stan Laurel who would then usually scratch his head and Hardy would bash him with his bowler hat! :D Damn, I wasn't old enough to see them in the cinemas. Of course Stan was Scottish and I suspect Oliver has come back as 'Big Eck;' Dave yor thinking of Stan McLaurel, our Stan Laurel came from Ulverston, Lancashire, well it was Lancashire until them Northerners the Cumbrian Horsemeat Sausage Eaters pinch it off us. :D I believe Oliver came back as the Big Issue. Dave They even pinched Westmoreland. *-) If he was famous he must have been Scottish, mustn't he?? Link to comment Share on other sites More sharing options...
Guest Peter James Posted March 18, 2013 Share Posted March 18, 2013 knight of the road - 2013-03-18 4:06 PM if Cyprus dives into savers money whats to stop our government doing the same? They already have. They have printed £375 billion which has reduced the value of your pounds. Didn't you notice the pound fall 20% against the Euro since the Euro was introduced? Or that British Banks have been paying 2% on pounds, whilst Cypriot Banks have been paying 5.5% on Euros? I wish I had put my money in a Cypriot Bank. It would have done a lot better than a British Bank - even if Cyprus does take a 10% tax. All the other countries in Europe cannot devalue the Euro by printing like Britain can. How lucky we are to have the pound *-) Link to comment Share on other sites More sharing options...
Dave225 Posted March 18, 2013 Share Posted March 18, 2013 According to an interview tonight with a German politician it was not the EU who demanded the levy on deposits but the Cypriot Government. Sounds like someone is telling porky pies somewhere. I honestly do not see the Government in Cyprus deliberately stirring up a storm with their own people unless they had been ordered to by Frau Merkel. Hopefully they will tell the Germans to go and stick it somewhere. Link to comment Share on other sites More sharing options...
RogerC Posted March 18, 2013 Share Posted March 18, 2013 malc d - 2013-03-17 2:58 PMpelmetman - 2013-03-17 1:50 PMEU......straw....... camels back..........comes to mind ;-)..................with a bit of luck >:-)The money markets reaction on Monday should be interesting :DI really don't understand why people want to see the Eurozone fail.If it does it will be the " man in the street " who lives there that suffers for it - not the politicians / bureaucrats that cause it. :-( Surely it is self evident that most people don't want to see the EEU fail...as a trading block the harmonisation of European markets is a good thing. However the imposition of a single currency (one size fits all) was doomed to failure as the 'members' GDP/tax systems/banking controls etc are/were so vastly disparate that in reality it could never work. The system has already 'failed' and it is only the manipulation of figures and balance sheets that say it has not actually failed. If any more 'it's staring you in the face' proof were required it is clearly the 'theft by the State' that is looking likely to happen in Cyprus. It can never be right that the State feels it has the 'right' to extract any funds from an individuals bank account to prop up an ailing currency. Theft by the State is possibly heralding in the clouds of civil unrest and god forbid civil war. Link to comment Share on other sites More sharing options...
Guest Peter James Posted March 18, 2013 Share Posted March 18, 2013 RogerC - 2013-03-18 8:27 PM Theft by the State Whats the difference between 'Theft' and Taxation ? Or 'Theft' and QE which devalues the pound in your Bank Account? Link to comment Share on other sites More sharing options...
Guest Peter James Posted March 18, 2013 Share Posted March 18, 2013 Dave225 - 2013-03-18 8:27 PM According to an interview tonight with a German politician it was not the EU who demanded the levy on deposits but the Cypriot Government. I thought the EU said we will lend you (x Euros) if you can contribute (y Euros) Since Cyprus has the Euro they can't just print more money like Britain. So how else can they produce the money they need? Link to comment Share on other sites More sharing options...
nowtelse2do Posted March 18, 2013 Share Posted March 18, 2013 All is well, to show their gratitude and generosity, the Cypriot government have give the Cypriots an extra 2 days holiday. Banks will not open until Thursday..Yippee. Neither will the ATM's.......Booooo. Dave Link to comment Share on other sites More sharing options...
RogerC Posted March 18, 2013 Share Posted March 18, 2013 Peter James - 2013-03-18 8:53 PMRogerC - 2013-03-18 8:27 PM Theft by the State Whats the difference between 'Theft' and Taxation ?Or 'Theft' and QE which devalues the pound in your Bank Account? I believe in terms of the 'State' doing the thieving there is a major difference. However taxation is, in it's current form, the fiscal basis on which the 'State' exists and functions and applies to all including corporations etc. 'Theft' by the State in this instance is taking (without public consent) funds from a group of individuals/companies to prop up a failing currency. IMO Cyprus should have stuck with the Cypriot £. Having lived there during the Cypriot £ era and visited/worked there occasionally since the introduction of the Euro the populace would unreservedly welcome the return to the £.......in a nutshell they hate the Euro...it has done untold damage to the indigenous Greek Cypriot population. Link to comment Share on other sites More sharing options...
Guest Peter James Posted March 18, 2013 Share Posted March 18, 2013 RogerC - 2013-03-18 9:04 PM I believe in terms of the 'State' doing the thieving there is a major difference. What is it? I can't see the difference between this and other forms of taxation. Is there any more public consent for other forms of taxation? This way seems a lot more open and honest than the way Britain has taken about 3 times as much from savers -surreptitiously through money printing and devaluation. Link to comment Share on other sites More sharing options...
Noodles Posted March 18, 2013 Share Posted March 18, 2013 If I get the chance I'll be putting my money with "Bank On Dave" watched both episodes on 4 OD inspirational especially when he pulled up outside the Bank of England climbed on the roof of his mobile bank with a Mega phone ridiculing the bank and offering people 5% interest on their savings. Apparently he has a 2 year waiting list of savers wanting to deposit their money with him. Worth a watch, the programme has gone global. Link to comment Share on other sites More sharing options...
Mel B Posted March 19, 2013 Share Posted March 19, 2013 nowtelse2do - 2013-03-18 6:31 PM 1footinthegrave - 2013-03-18 6:04 PM Perhaps they'd have a case under human rights law, can you nick my money when I've put it in a bank for safe keeping. It has been suggested that it could be illegal, if so, will there be a new EU law brought out before long saying that the move is legal. >:-( Dave Surely if they take the money BEFORE though it cannot be construed as legal if they've had to legalise it afterwards? Link to comment Share on other sites More sharing options...
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