Cyprus,debt and bank levy ?

Leekbrookgull · Mar 16, 2013

In simple terms when reading the article and using the U/K as an example, if i had £100,000 in a U/K bank and i went to withdraw £6,750 would be kept by the bank ?

http://www.bbc.co.uk/news/world-europe-21814325

Ernest · Mar 16, 2013

How can that be legal ? Would be riots if they tried that here

shingle · Mar 16, 2013

it's so arbitrary, and absolutely outrageous. I'd be seriously pissed if I lived in Cyprus :nono:

BensGrandad · Mar 16, 2013

How will this affect tourists

shingle · Mar 16, 2013

What is it, 10 per cent for savings of less than 100,000 Euros, 14 per cent for over 100,000 Euros. Outrageous

seagullsovergrimsby · Mar 16, 2013

Ernest said:
How can that be legal ? Would be riots if they tried that here

Will Osborne try to sneak something through in the budget next Wednesday

East Preston Gull · Mar 16, 2013

The real euro project is at last showing its teeth! Germans want their money back..schnell schnell run like hell! This is going to happen all over Europe..time for the people of Europe to take to the streets!..... Just wait until we have spanked the tramps tomorrow.

Shoreham Gull · Mar 16, 2013

Total Robbers!!

People cash could end up in governments pockets, riot written all over it!

Im Going down the bank monday to withdraw £3.000.000 just in case now :bounce:

Chicken Runner61 · Mar 16, 2013

Wonder if it will hit any troops out there with savings held there.

I can see it happening here if we don't sort things out soon though.

clapham_gull · Mar 16, 2013

Only been to Cyprus once, but I found it a little too ex-pat for my liking. Not as bad as Gibraltar (for obvious reasons) but you get what I mean. Anyway, I've been reading that the Russians love it there and their influence is growing.

algie · Mar 16, 2013

clapham_gull said:
Only been to Cyprus once, but I found it a little too ex-pat for my liking. Not as bad as Gibraltar (for obvious reasons) but you get what I mean. Anyway, I've been reading that the Russians love it there and their influence is growing.

The Russians also love Egypt too. They seem to get everywhere.

I have also only been once to Cyprus and agree with what you are saying. I also found it expensive.

Superphil · Mar 16, 2013

Loads of Russians in Cyprus, my brother lives there and feels they are rather taking over, lots of apparent ner-do-wells and Russian mafia money. Worries about people trafficking as CY is in the EU, makes for an easy entry into other EU countries. CY used one of their vetoes when they joined the EU that meant Russians can enter the country, 'work' there and not require a visa.

As for the bank levy, there were queues round the block at the banks yesterday apparently with people trying to withdraw their money. There is a significant culture of tax evasion over there, so this might well be payback time, albeit with a rather heavy handed approach.

Still a lovely place when you get away from the main tourist areas, marvellous climate, and cracking grub.

Boroseagull · Mar 16, 2013

seagullsovergrimsby said:
Will Osborne try to sneak something through in the budget next Wednesday

No it's part of the terms of the EU bail out for Cyprus. Even Osbourne wouldn't be that stupid

??

BensGrandad · Mar 16, 2013

Chicken Runner61 said:
Wonder if it will hit any troops out there with savings held there.

Wouldnt the vast majority have their money in UK banks as they are only in CYPRUS for a limited period of time possible 3 years max.

clapham_gull · Mar 16, 2013

Superphil said:
Loads of Russians in Cyprus, my brother lives there and feels they are rather taking over, lots of apparent ner-do-wells and Russian mafia money. Worries about people trafficking as CY is in the EU, makes for an easy entry into other EU countries. CY used one of their vetoes when they joined the EU that meant Russians can enter the country, 'work' there and not require a visa.

As for the bank levy, there were queues round the block at the banks yesterday apparently with people trying to withdraw their money. There is a significant culture of tax evasion over there, so this might well be payback time, albeit with a rather heavy handed approach.

Still a lovely place when you get away from the main tourist areas, marvellous climate, and cracking grub.

Yes, I was probably a bit harsh. Lovely up in the mountains. My parents had their honeymoon out there before the Turkish invasion.

Much better than Gilbraltar which I was hugely disappointed with. It's like a boring English town with better weather. For some reason it reminds me of Peterborough.

Ernest · Mar 16, 2013

Loads of Russians everywhere these days, they are taking over the world.

Cypriot-Seagull · Mar 16, 2013

Apparently when the banks open next Tuesday they will deduct the money giving no one a chance to withdraw from their savings accounts! (Monday being a bank holiday)
It was a choice between no bailout or this so they tried to convince us. So the public pay the ultimate price but as mentioned by some other posters a large amount of the money invested in Cypriot banks is from the Russians. A failed attempt to discourage the Russian's from getting a grip on our small island in my view.
However only a handful of protestors outside the presidential palace are making a stand. It's a good job I predicted that this would happen and withdrew my millions out last week.

Superphil · Mar 16, 2013

clapham_gull said:
Yes, I was probably a bit harsh. Lovely up in the mountains. My parents had their honeymoon out there before the Turkish invasion.

Much better than Gilbraltar which I was hugely disappointed with. It's like a boring English town with better weather. For some reason it reminds me of Peterborough.

I lived there, as a kid, just before and just after the Turkish invasion, My brother emigrated there 12 years ago. The wife and I visit both the north and the south 2 or 3 times a year, made some good friends on both sides. I'd love to live there but there there would be a lot I'd miss, not least of which the Albion, not sure what I'd do to earn a living either.

Leekbrookgull · Mar 16, 2013

East Preston Gull said:
The real euro project is at last showing its teeth! Germans want their money back..schnell schnell run like hell! This is going to happen all over Europe..time for the people of Europe to take to the streets!..... Just wait until we have spanked the tramps tomorrow.

You have to wonder if 'The German's' are picking-off Cyprus to see what the reaction is before they turn their attention elsewhere ?

jezzer · Mar 16, 2013

Any notion that we wont end up ever doing the same thing over here is misguided. The UK owes about 5 x its annual income in debt, greece collapsed owing approx 2.7x its annual income. The only thing preventing us from collapse are low interest rates, if/when they rise, we are stuffed.

The only option open to govt to pay it back is to take it from the general populace, one way or another, by way of reducing its outgoings ( cut the nhs to the absolute bone, cut pensions, ditch pensions for the public sector, stop tax relief on pensions for the private sector, cut benefits to the bone etc) and increasing its income ( raiding savings, and pensions, increasing taxes in all manner of ways etc) No country has ever had the level of debt we have now and had a soft landing, every single country without exception has become bankrupt and its only a matter of time before the rest of the world realise it and pull the plug.

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