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Cyprus

rec78rec78 Posts: 5,675 ✭✭✭✭✭
Just curious -- anyone here from Cyprus? Post a Coin from Cyprus. Can this happen here?
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Comments

  • MrEurekaMrEureka Posts: 23,891 ✭✭✭✭✭
    Seems to me that Cyprus sets a good example for the rest of the world. Depositors are supposed to consider risk when they make deposits in shaky banks. And that, in turn, is supposed to motivate banks not to behave so recklessly that they scare away depositors. It's a good system, at least when the government doesn't get in the way.

    Could it happen in the US? I hope so.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • SaorAlbaSaorAlba Posts: 7,466 ✭✭✭✭✭
    Maybe the Russians will bail them out for air and naval bases since they will probably have to evacuate their base in Tartus Syria if the government falls.
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  • rec78rec78 Posts: 5,675 ✭✭✭✭✭


    << <i>Seems to me that Cyprus sets a good example for the rest of the world. Depositors are supposed to consider risk when they make deposits in shaky banks. And that, in turn, is supposed to motivate banks not to behave so recklessly that they scare away depositors. It's a good system, at least when the government doesn't get in the way.

    Could it happen in the US? I hope so. >>



    Huh? You hope that deposits over $100,000 get cut by 25%? Why? People have saved their money for retirement or whatever should not be punished for it. People in Cyprus probably just chose a bank that is close by, like everyone here. That means that the people who have squandered their money over the years get no penalty? I am sorry but I do not understand your position. I would not be affected by such an action but I do not believe that anyone should be punished for saving.
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  • SmEagle1795SmEagle1795 Posts: 2,135 ✭✭✭✭✭
    I have a colleague who just moved to Malta a month ago for its use as a tax shelter. I haven't spoken with him in the last week or so, but if the nightmare that's happening in Cyprus has the possibility of being repeated, we're going to have a storm of angry people on our hands.

    The latest news is that any uninsured money in Cyprus' banks (over 100K Euro) will just vanish. Yikes.
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  • SYRACUSIANSYRACUSIAN Posts: 6,445 ✭✭✭✭


    image
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  • MrEurekaMrEureka Posts: 23,891 ✭✭✭✭✭
    Huh? You hope that deposits over $100,000 get cut by 25%? Why? People have saved their money for retirement or whatever should not be punished for it. People in Cyprus probably just chose a bank that is close by, like everyone here. That means that the people who have squandered their money over the years get no penalty? I am sorry but I do not understand your position. I would not be affected by such an action but I do not believe that anyone should be punished for saving.

    It's not that I wish anyone pain. Of course I don't. But I do think that people need to learn to be more vigilant (rather than simply putting their money in the nearest bank), and I don't like the idea that (until now) anyone that carelessly picked a bad bank would be bailed out by other taxpayers.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • rec78rec78 Posts: 5,675 ✭✭✭✭✭


    << <i>Huh? You hope that deposits over $100,000 get cut by 25%? Why? People have saved their money for retirement or whatever should not be punished for it. People in Cyprus probably just chose a bank that is close by, like everyone here. That means that the people who have squandered their money over the years get no penalty? I am sorry but I do not understand your position. I would not be affected by such an action but I do not believe that anyone should be punished for saving.

    It's not that I wish anyone pain. Of course I don't. But I do think that people need to learn to be more vigilant (rather than simply putting their money in the nearest bank), and I don't like the idea that (until now) anyone that carelessly picked a bad bank would be bailed out by other taxpayers. >>



    I don't think that they carelessly picked a bank--I think it means all banks.
    image
  • rec78rec78 Posts: 5,675 ✭✭✭✭✭


    << <i>image >>




    Wow love these!!! Great coins Syracusian!! Thanks!!


    Yours too Spoon---Thanks!!
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  • MrEurekaMrEureka Posts: 23,891 ✭✭✭✭✭
    I don't think that they carelessly picked a bank--I think it means all banks.

    Fair enough. Cyprus doesn't quite set the example I hoped for. Then again, there's a similar situation with respect to "country risk". And in the future, depositors throughout the world will have to consider that risk more seriously, whether placing their deposits at home or in foreign banks. Hopefully, banks (and their regulators) around the world will be responsive to the increased scrutiny, which would be a good thing.
    Andy Lustig

    Doggedly collecting coins of the Central American Republic.

    Visit the Society of US Pattern Collectors at USPatterns.com.
  • daOnlyBGdaOnlyBG Posts: 1,060 ✭✭


    << <i>Seems to me that Cyprus sets a good example for the rest of the world. Depositors are supposed to consider risk when they make deposits in shaky banks. And that, in turn, is supposed to motivate banks not to behave so recklessly that they scare away depositors. It's a good system, at least when the government doesn't get in the way.

    Could it happen in the US? I hope so. >>


    Not really a good example, no.
    A much better solution would be for credit rating agencies to adjust the credit scores for individuals based off how risky the bank is that they choose to deposit their money in. A tax rate of 25% on deposits of higher than $100k or whatever isn't actually that bad, relatively speaking. I would imagine Cyprus would lose that "tax haven" status, but that rate won't do irreversible damage. It's just not that effective, esp when other countries already have that tax and still face problems caused by crazy banking practices.
    If you were to adjust a person's credit score (as opposed to taking money from them), you'd provide that person with a long-term incentive to mind where they're investing.

    That credit rating could substantially limit or open up options in the future for that person.
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  • AndresAndres Posts: 977 ✭✭✭
    Banks - the world would be better off without them.

    everything they do ( or did) can be done better by specialized firms - they hardly give out company loans or mortgages anymore, overhere in the Netherlands.
    The big dutch pension funds want to take over this part of their business.

    the 3 big banks - ABN AMRO - ING - SNS are all heavily supported by the dutch government = the general public.
    all they do to make money nowadays, is lending money from the ECB in Frankfurt at zero interest,
    and buy state bonds from countries like Germany and the Netherlands.
    Big deal - everybody can do that.

    collector of Greek banknotes - most beautifull world banknotes - Greek & Roman ancient coins.
  • I see many similiarities to the U. S. A. situation.
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