oioioi wrote:
Does ronin run it?

Mike wrote:

Mike...I'm sorry, I haven't had my second brew yet but....I've said it to you before and I'll say it again....


Or at the very least...do what me, andy and WuB are doing....go looksee and do some homework for yourself.
*saunters off to put kettle on and calm down*

Jane

Somebody called Brother Nathanael

Britons from Cyprus: Military to rescue up to 60,000 expats as island faces financial meltdownEstimated 60,000 British expatriates in Cyprus and 3,000 British soldiers based there
Cyprus's government reached a deal with EU authorities on a financial bail-out essential to avoid the country sliding further into chaos
Secret plans to airlift penniless Britons stranded in Cyprus back home have been drawn up by the Government.
Senior Whitehall sources say that if the crisis spirals out of control, British citizens who want to come back will be offered airline tickets.
If necessary, they will also be given transport to get to airports, probably by the British Army.
There are an estimated 60,000 British expatriates in Cyprus and 3,000 British soldiers based there.

Mike wrote:

10% on anything over 100k and 6.75% on anything under is not the same amount as 30-40% on anything over 100k.
So this is clearly not an equivalent bailout to save the under 100k deposits.
And some cypriots do have accounts over 100k btw, not to mention hundreds of jobs that they are about to lose.

The capital controls won't stop the bank run imho.

www.dailymail.co.uk/news/article-2298236...ancial-meltdown.html

Plans like this have been in place all over europe since last year.

Jane

andyh wrote: So because Cyprus rejected the original proposal for everyone to contribute to the bailout, those with savings over 100k in one bank will face a larger than 10% loss (you say 30-40%) from their savings?

Bankers are desperate to force governments into regulating decentralized virtual currencies like Bitcoin. With good reason.

As currency wars rage with a rush to devaluation while banker bureaucrats openly rob depositors in Cyprus and as financial privacy disappears, Bitcoin has become a safe haven currency to a growing number of people. Bankers and governments can't control it or tax it, but now they're attempting to fix that.

Andrew Leonard of Salon writes:

The more popular Bitcoin gets, whether as a symbol of resistance or a perceived safe haven in financially troubled times, the more government attention it will inevitably draw, and the more inexorably it will be sucked into existing regulatory structures. Incomes denominated in Bitcoins will be taxed. Efforts at money laundering will be cracked down upon. It’s the price of success. Resistance is futile.

Last week, the Financial Crimes Enforcement Network (FinCEN) revealed their initial guidelines to regulate virtual currencies. Although it said that users of virtual currencies are not subject to FinCEN regulations, exchanges for that currency are:

Mike wrote:
From what I can tell its all bank deposits over 100k will lose around 30-40% of their savings...possibly more depending on which banks close and how its handled.

Those under 100k will be OK, however, capital controls will be introduced along with the IMF insisting on privatising a load of govt services. Its as yet unknown what these are going to be and who they will be given...sorry, cough, sold to

The capital controls will involve a separate euro area for cyprus so money won't be able to go in or out without approval (in a common euro area you gotta laugh)

Those under 100k will be OK, however, capital controls will be introduced along with the IMF insisting on privatising a load of govt services. Its as yet unknown what these are going to be and who they will be given...sorry, cough, sold to

Cor that's a shame haha, they nearly got away with a one off bank levy now they face the privatisation of their infrastructure, the highest bidder I guess.

SO do you think this method of privatising public sector jobs, auctioning off national infrastructure is a better way of dealing with the problem than the originally proposed one time levy on all deposits? Why?

#Cyprus customs officials on border with Turk-controlled north not searching people unless they have intel theyre carrying big currency sums

#Cyprus border officials at air/sea ports searching bags and under orders to confiscate any cash sums over 10k euros. #capitalcontrols (1/2)

11.19 Remember the punishing capital controls included in the Cypriot banking bill? Michel Barnier, the EU's head of financial regulation, said he expected their approval by the European Parliament later this week. He also said they may only be in place for a brief period. Speaking to reporters in Brussels, he said:

This is a restriction on movement that may only last a few days.
Here's a reminder of what they involve (courtesy of Yiannis Mouzakis).
• Restrictions in daily withdrawals
• Ban on premature termination of time savings deposits
• Compulsory renewal of all time savings deposits upon maturity
• Conversion of current accounts to time deposits
• Ban or restrictions on non cash transactions
• Restrictions on use of debit, credit or prepaid debit cards
• Ban or restriction on cashing in cheques
• Restrictions on domestic interbank transfers or transfers within the same bank
• Restrictions on the interactions/transactions of the public with credit institutions
• Restrictions on movements of capital, payments, transfers
• Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety

13.54 The central bank of Cyprus has appointed Andri Antoniades, chief executive of HSBC Cyprus, as the administrator for Laiki Bank. In a statement the Cypriot central bank said:

The CBC announces that in its capacity as the resolution authority, it has, as of today, appointed Ms Andri Antoniades as the special administrator to implement the restructuring of Laiki Bank.

12.12 Cypriot president Nicos Anastasiades has taken to Twitter again (see 09.38), this time to tell everyone he will address the nation at 7pm tonight (5pm GMT) to explain the deal struck with the IMF and EU. His tweet translates to: "At 19.00 tonight, I will go to the Cypriot people to inform them of the agreement with the IMF and EU."

15.15 Meanwhile Dutch finance minister and Eurogroup head Jeroen Dijsselbloem has alarmed markets with comments that the Cyprus bail-out could act as a template for other rescues. In an interview with Reuters and the Financial Times, he said:

What we've done last night is what I call pushing back the risks.

If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'. If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders.

If we want to have a healthy, sound financial sector, the only way is to say, 'Look, there where you take on the risks, you must deal with them, and if you can't deal with them, then you shouldn't have taken them on'.

The consequences may be that it's the end of story, and that is an approach that I think, now that we are out of the heat of the crisis, we should take.

Eurogroup head Jeroen Dijsselbloem has sent the euro tumbling by declaring that the Cyprus rescue should be seen as a template for the rest of the eurozone.

In an interview with reporters in Brussels after the Cyprus plan was agreed, Dijsselbloem argued that Europe could now take a new approach to tackling struggling banks.

Dijsselbloem said (via Reuters):

What we've done last night is what I call pushing back the risks.

If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'.

If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders.

The interview has sent the euro sliding, and pushed shares down across Europe. Trading in several Italian banks have just been temporarily suspended (for dropping more than 5%).

Cyprus to be model for future bailouts

That last line is a concern -- are we really in calm waters now? With no stable government in Italy (or even an instable one), Greece trudging through another year of recession, Portugal and Ireland striving to exit their bailout. And don't even mention France.