Cyprus Haircut

[manpe 10,857]

Since to tax over 100,000 was agreed, Russians will be hit the hardest here.

Russia will look for revenge & the idiots in Brussels will make more excuses, then.

So they had another voting?

[bushman 2,043]

So they had another voting?

Apparently, yesterday they agreed to tax deposits over 100 thou.

Meanwhile, Russian crooks are up in arms over it.

Let´s see what these Russians are planning in revenge. Thank God the spring is just around the corner, otherwise people in Europe are freezing their butts again.

There are number of large German companies operating in Russia.

Perhaps, Russians will look at freezing assets or taxing assets then.

Wait & see policy.

[NishC300 1,865]

Tonight will decide Cyprus' fate. Cyprus could survive or be finished...

[NishC300 1,865]

Apparently, yesterday they agreed to tax deposits over 100 thou.

Meanwhile, Russian crooks are up in arms over it.

Let´s see what these Russians are planning in revenge. Thank God the spring is just around the corner, otherwise people in Europe are freezing their butts again.

There are number of large German companies operating in Russia.

Perhaps, Russians will look at freezing assets or taxing assets then.

Wait & see policy.

So they had another voting?

Guyz Russia's not giving anything to Cyprus. The bloody parliament tried to avoid the levy on bank deposits last Sunday and today Nicos Anastiades is going in his last attempt to save Cyprus (by putting a levy on deposits). This time though it will be worse.

They should have accepted it earlier and would have saved their country and Cyprus right now would be fine. The decision making has been utterly useless. @Backstreet09,

[NishC300 1,865]

As it says on the Cyprus Mail:

"We are paying for our pride and stupidity."

[Backstreet09 499]

@Nishc300 they could have survived, if they had gone withTurkey I guess? They were told to change their currency to Lira right ?

[bushman 2,043]

Greeks in Cyprus could not have accepted Turkeys, no chance there.

They have no one to blame but themselves. They accepted Russian money & thought they could live in paradise. Of course, an outside influence has a lot to do with their demise.

Small countries like Cyprus should not have joined EU.

Currently, the krauts & frenchies are running the show.

[Muzchap 8,966]

Cyprus could be finished in a few months guyz. The banks r all closed. This law wasn't passed. Cyprus won't get bailout from anyone since to the rest of the EU it's pretty unimportant. Cyprus loves Greece and this law applies on everyone in Cyprus (except Greeks) so Cypriots would have had to give their share but no the Greeks.

Cyprus' decision to join the EU is backfiring. The banks here will be finished in a few months. The opening of the banks is being delayed every week. People r withdrawing cash every single day and when the banks open (god knows when) ppl will just take all their money.

Cyprus might run out of Euros so it could fall out of the Eurozone and it would go back the Cypriot Pounds.

Every Cypriot's nightmares has become reality.This country is pretty much finished. They refused to accept the Troika's condition without really having a Plan B. Cyprus' only hope is that Russia saves it.

Being out of Europe is no bad thing! Plenty of Cypriat friends - the economy was doing well before entering the Euro, no reason it cannot start again.

Nice people, good weather and easy reach for tourists. I'd say Cyprus leaving the Euro and going independent has more upsides than staying in the Euro where they will be debt laden, stagnated and prone to inflation. As well as a reduction in tourism net spend as the Euro is likely to falter again in the future... Why do you think the sensible nations kept their own currency

[SinineUltra 1,170]

Being out of Europe is no bad thing! Plenty of Cypriat friends - the economy was doing well before entering the Euro, no reason it cannot start again.

Nice people, good weather and easy reach for tourists. I'd say Cyprus leaving the Euro and going independent has more upsides than staying in the Euro where they will be debt laden, stagnated and prone to inflation. As well as a reduction in tourism net spend as the Euro is likely to falter again in the future... Why do you think the sensible nations kept their own currency

I'm sorry but that's a bit ignorant. Having a currency is a luxury for many small countries, because our market is not so appealing for the big investors to start building their business here around our former currency. Having Euros opens more opportunities for us, starting from not having to exchange money into different valuta every time you go abroad or such. Of course I still hold a big sentimental value over Estonian Kroon but that's that.

Countries nearing bankruptsy have majority themselves to blame - high wages for everyone, unrealistic budgets, simply spending more than they can afford and trying to fatten up from European Union different funds. Simply bad money management. Though agree with your Cyprus related post - it might be for the good.

[Muzchap 8,966]

I'm sorry but that's a bit ignorant. Having a currency is a luxury for many small countries, because our market is not so appealing for the big investors to start building their business here around our former currency. Having Euros opens more opportunities for us, starting from not having to exchange money into different valuta every time you go abroad or such. Of course I still hold a big sentimental value over Estonian Kroon but that's that.

Countries nearing bankruptsy have majority themselves to blame - high wages for everyone, unrealistic budgets, simply spending more than they can afford and trying to fatten up from European Union different funds. Simply bad money management. Though agree with your Cyprus related post - it might be for the good.

Hmm I specifically meant Cyprus economy... Their currency was pretty stable and in the late 90s you could get 14% interest rates on savings!!! Switching to the Euro has benefits, but I think it really damaged Cyprus.

When Spain and the tourist Islands switched to Euro, they were no longer 'cheap ish' holiday destinations - it killed tourism

Also, sure having a small currency vs Dollar/Euro/GBP is tough - but at least you have an element of control...

And - changing money - is kinda fun it's not like the old days - now just whack your card in an ATM and local currency pops out

As for business - they take an averaged yearly rate on currency - so it wouldn't affect business investment as much as people seem to think...

I don't know much about Estonian Market Economics - so cannot comment I just know the guys in Ireland, smaller economy, smaller country? Wished they had kept the Punt... They had good foreign investment before and after the Euro, but now they are dead in the water

[Fulham Broadway 16,434]

Bank of Cyprus branch blown up now -theyre getting fed up

[NishC300 1,865]

Bank of Cyprus branch blown up now -theyre getting fed up

it's Laiki that's struggling more.

[NishC300 1,865]

Being out of Europe is no bad thing! Plenty of Cypriat friends - the economy was doing well before entering the Euro, no reason it cannot start again.

Nice people, good weather and easy reach for tourists. I'd say Cyprus leaving the Euro and going independent has more upsides than staying in the Euro where they will be debt laden, stagnated and prone to inflation. As well as a reduction in tourism net spend as the Euro is likely to falter again in the future... Why do you think the sensible nations kept their own currency

That's why the Swiss never changed to Euro and remained with Francs.

[Rmpr 8,977]

That's why the Swiss never changed to Euro and remained with Francs.

It really isnt because of that...

Swiss can benefit from a variety of neutral organizations that need a developed country to run its business. With them out of EU, they can be very lucrative!

Francs is indeed helpful to its economy, but it was not because of this particular reason!

[NishC300 1,865]

It really isnt because of that...

Swiss can benefit from a variety of neutral organizations that need a developed country to run its business. With them out of EU, they can be very lucrative!

Francs is indeed helpful to its economy, but it was not because of this particular reason!

Sorry. I'm not a specialist in these things. Rn't they out of the Euro because of money laundering and because their banking sector is larger than their GDP.

[Rmpr 8,977]

Sorry. I'm not a specialist in these things. Rn't they out of the Euro because of money laundering and because their banking sector is larger than their GDP.

Mate, Swiss isnt even in EU....How will they have Euro as their currency?

[NishC300 1,865]

Mate, Swiss isnt even in EU....How will they have Euro as their currency?

LOL That's what I said! I said because of money laundering the Swiss remained with the Francs and never joined the EU (to not get Euros as their currency).

(I think I might have not phrased it well earlier.

[bushman 2,043]

Swiss economy before the Nazis came to power wasn´t much.

Their economy got much better after Nazis deposited plenty of dirty money there.

As for Cyprus, these people have no one to blame but themselves for their current demise.

Just one thing to keep an eye on. Russians are coming back at EU with powerful revenge. Especially, against the Germans. You can bet your houses on it.