Cyprus strikes deal for EU bailout finally | TigerDroppings.com

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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21247 posts

Cyprus strikes deal for EU bailout finally



LINK

Without directly stealing money from bank accounts.







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Interception
Providence Fan
Member since Nov 2008
11089 posts

re: Cyprus strikes deal for EU bailout finally


:SlowClap:





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wegotdatwood
Arkansas Fan
Member since Aug 2009
17094 posts

re: Cyprus strikes deal for EU bailout finally


So better than before???





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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21247 posts

re: Cyprus strikes deal for EU bailout finally


If you're a wealthy Russian it's not much better.





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llfshoals
Alabama Fan
Member since Nov 2010
1401 posts

re: Cyprus strikes deal for EU bailout finally


quote:

Without directly stealing money from bank accounts.


Dunno which article you read, but

"Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts and recapitalize Bank of Cyprus through a deposit/equity conversion."

Looks a helluva lot like stealing money from bank accounts to me.






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joshnorris14
Florida Fan
Florida
Member since Jan 2009
21247 posts

re: Cyprus strikes deal for EU bailout finally


I think you're aware of what I meant.





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ShortyRob
LSU Fan
Huntsville, AL
Member since Oct 2008
26534 posts

re: Cyprus strikes deal for EU bailout finally


quote:

Looks a helluva lot like stealing money from bank accounts to me.
Well, to be fair, accounts in those banks are only insured up to $100K so if the bank folded, everything over $100K would be gone anyway.

That said. Yeah. I've a feeling we're liable to see a few large depositers in Europe start to rethink where they park their money. And, of course, that will have a much greater effect overal on the little guy than the large depositer.






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bbrownso
LSU Fan
Member since Mar 2008
2741 posts

re: Cyprus strikes deal for EU bailout finally


quote:

Without directly stealing money from bank accounts.

quote:

Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts and recapitalize Bank of Cyprus through a deposit/equity conversion.

The raid on uninsured Laiki depositors is expected to raise 4.2 billion euros, Eurogroup chairman Jeroen Dijssebloem said.


I can only guess you meant without directly stealing money from everyone's accounts. CAuse it's pretty obvious that they're stealing from the people who have over 100,000 euros in their account.






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ShortyRob
LSU Fan
Huntsville, AL
Member since Oct 2008
26534 posts

re: Cyprus strikes deal for EU bailout finally


quote:

I can only guess you meant without directly stealing money from everyone's accounts. CAuse it's pretty obvious that they're stealing from the people who have over 100,000 euros in their account.
Again, to be fair, even in the U.S., if you are above the FDIC insured limit and your bank fails, you're out of the money. Large depositers know this. The bank in question was going to fail to, that was pretty much lost money already.

Basically, it appears they decided to let one bank fail instead of two. At least, that's my understanding.






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ironsides
LSU Fan
Nashville, TN
Member since May 2006
6090 posts

re: Cyprus strikes deal for EU bailout finally


quote:

That said. Yeah. I've a feeling we're liable to see a few large depositers in Europe start to rethink where they park their money. And, of course, that will have a much greater effect overal on the little guy than the large depositer.


Yeah overall this is going to end poorly and is extremely short sighted. Fractional reserve banking doesn't work to well when all the significant deposits are gone.

This is a huge deal because of the precedent that it sets. Italy and Spain are next should be an interesting summer....






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lsucoonass
Army Fan
Ft. Stewart Georgia
Member since Nov 2003
41282 posts

re: Cyprus strikes deal for EU bailout finally


been out of the loop since i been busy.

but what exactly happened? I havent had anyone explain this to me yet? and from what i read i thought the banks were doing fine over there when the bank had to go through a test.






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: Cyprus strikes deal for EU bailout finally


The time is coming down the road where the pumps will not be able to bail the boat fast enough.





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EST
LSU Fan
Investigating
Member since Oct 2003
14430 posts

re: Cyprus strikes deal for EU bailout finally


quote:

Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts and recapitalize Bank of Cyprus through a deposit/equity conversion.


Sounds like theft to me.






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Shreveporter
LSU Fan
Newport News, VA
Member since Jan 2011
890 posts

re: Cyprus strikes deal for EU bailout finally


Very clever--reminds me of our own "fiscal cliff deal"--tag the rich (income taxes raised on only those families making over $400K, anyone?) to avoid mass protest. Everyone hates the rich guy. Well played, EU. Well played. The only mistake they made was in trotting out the more wide-reaching plan first and getting everyone incensed. They run the risk of the "little guy" being pissed enough about the whole idea that he won't care so much that it doesn't directly impact him, unlike here, where we make big noises about the wealthy "paying their fair share" then quietly let the payroll tax credit expire...





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TerryDawg03
Georgia Fan
The Deep South
Member since Dec 2012
1841 posts

re: Cyprus strikes deal for EU bailout finally


quote:

Sounds like theft to me.


I agree with the idea that these deposits were not insured, so had they let the bank fail, the funds could have been subject to loss. The government, ECB, and IMF involvement muddies the waters, though. Anything that Christine Lagarde is part of is suspect:

Link 1

Lagarde's ties to Baker McKenzie in Chicago: LINK 2

Specifically:
quote:

Therefore, here are a few questions we should all be asking. Why is a woman who used to work for a law firm, which donated money to Obama's campaign now in charge of the International Monetary Fund? In addition, why, after she is established as the new head of the IMF, is it revealed that the accuser lied about the rape only after the damage was done and Kahn was removed from the post making the lawyer from Chicago-based Baker & Mckenzie the new head?


I'm not one to necessarily join the conspiracy theory that Lagarde was involved in DSK's mess, but she worked with a Chicago law firm with ties to Obama, she's not against expansionary monetary policy (while DSK was assumed to oppose it), and she's under investigation for alleged crimes from the 90's. Where there's smoke, there's fire. Michael Savage pointed this out as this was happening a few years ago, and it's in one of his books. If I had the time to include more credible website links, I would, but I've got to go support the evil engine of capitalism.






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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15344 posts
 Online 

re: Cyprus strikes deal for EU bailout finally


quote:

Without directly stealing money from bank accounts.
What did depositors get for the money they gave up? Did they get equity in the surviving bank? If not, then they got nothing for their money, and that sounds like theft to me. 38 billion of deposits were in accounts subject to siezure out of 68 billion in total deposits.

It must be nice to play God with other peoples' money. Winners and losers were chosen arbitrarily in this deal just like the bankruptcies of GM and Chrysler. Existing laws, which were designed for just such purposes were ignored for political expedience, and political allies were rewarded while opponents were punished.






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I B Freeman
Member since Oct 2009
5508 posts

re: Cyprus strikes deal for EU bailout finally


Wealth re-destributors are joyful today.





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Lsut81
USA Fan
Member since Jun 2005
64847 posts

re: Cyprus strikes deal for EU bailout finally


quote:

Without directly stealing money from bank accounts.



I thought they were taking money from those with more than 100k Euros in their accounts

Is that not stealing?






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81701 posts
 Online 

re: Cyprus strikes deal for EU bailout finally


quote:

Without directly stealing money from bank accounts.

Do you ever read your own links before you post them?

quote:

Deposits above 100,000 euros in both banks, which are not guaranteed under EU law, will be frozen and used to resolve Laiki's debts






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LSURussian
LSU Fan
Baton Rouge
Member since Feb 2005
81701 posts
 Online 

re: Cyprus strikes deal for EU bailout finally


quote:

I think you're aware of what I meant.

Why don't you just write what you mean?






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