Total Posts:10|Showing Posts:1-10
Jump to topic:

Cyprus

ConservativePolitico
Posts: 8,210
Add as Friend
Challenge to a Debate
Send a Message
3/27/2013 6:12:40 PM
Posted: 3 years ago
Honestly, I'm surprised this hasn't been brought up already.

Cyprus's financial system is collapsing. Banks are restricting member's to withdrawing $390/day, no money is allowed out of the country, guards are being posted at the banks because the Eurozone is taking money out of citizens' savings accounts to pay for the bailout. No one in Europe has enough money to bail anyone out anymore. The entire Eurozone is slated for a recession by the end of the summer and Germany is barely holding it all together. I'm surprised Russia didn't bail Cyprus out (since Cyprus is like the Cayman Islands of Eastern Europe) but I guess they don't want to save a currency they aren't on.

This is kind of HUGE news with HUGE implications. Especially since the Eurozone and Cyprus has set a precedent that governments and banking organizations can take people' savings to save financial institutions. That is truly frightening and infuriating.

Will the Euro survive? I thought Greece was bad but this is getting even worse.

Your thoughts on the latest drama in the real life sitcom that is Eurozone financial news?
Eitan_Zohar
Posts: 2,697
Add as Friend
Challenge to a Debate
Send a Message
3/28/2013 2:32:25 AM
Posted: 3 years ago
At 3/27/2013 6:12:40 PM, ConservativePolitico wrote:
Honestly, I'm surprised this hasn't been brought up already.

Cyprus's financial system is collapsing. Banks are restricting member's to withdrawing $390/day, no money is allowed out of the country, guards are being posted at the banks because the Eurozone is taking money out of citizens' savings accounts to pay for the bailout. No one in Europe has enough money to bail anyone out anymore. The entire Eurozone is slated for a recession by the end of the summer and Germany is barely holding it all together. I'm surprised Russia didn't bail Cyprus out (since Cyprus is like the Cayman Islands of Eastern Europe) but I guess they don't want to save a currency they aren't on.

This is kind of HUGE news with HUGE implications. Especially since the Eurozone and Cyprus has set a precedent that governments and banking organizations can take people' savings to save financial institutions. That is truly frightening and infuriating.

Will the Euro survive? I thought Greece was bad but this is getting even worse.

Your thoughts on the latest drama in the real life sitcom that is Eurozone financial news?

Go over to the economics forum.
"It is my ambition to say in ten sentences what others say in a whole book."
Kinesis
Posts: 3,667
Add as Friend
Challenge to a Debate
Send a Message
3/28/2013 3:05:49 AM
Posted: 3 years ago
At this point keeping failing economies in the Euro is an exercise in sadism. They need a devalued currency to rebuild their export industry. Keeping them in a strong Euro will leave them in a depression for years.
RyuuKyuzo
Posts: 3,074
Add as Friend
Challenge to a Debate
Send a Message
3/28/2013 3:10:40 AM
Posted: 3 years ago
At 3/27/2013 6:12:40 PM, ConservativePolitico wrote:
Honestly, I'm surprised this hasn't been brought up already.

Cyprus's financial system is collapsing. Banks are restricting member's to withdrawing $390/day, no money is allowed out of the country, guards are being posted at the banks because the Eurozone is taking money out of citizens' savings accounts to pay for the bailout. No one in Europe has enough money to bail anyone out anymore. The entire Eurozone is slated for a recession by the end of the summer and Germany is barely holding it all together. I'm surprised Russia didn't bail Cyprus out (since Cyprus is like the Cayman Islands of Eastern Europe) but I guess they don't want to save a currency they aren't on.

This is kind of HUGE news with HUGE implications. Especially since the Eurozone and Cyprus has set a precedent that governments and banking organizations can take people' savings to save financial institutions. That is truly frightening and infuriating.

Will the Euro survive? I thought Greece was bad but this is getting even worse.

Your thoughts on the latest drama in the real life sitcom that is Eurozone financial news?

Hmm... This is a lot worse than I thought.

Let's start a pool for how long the Euro has left before total failure.
If you're reading this, you're awesome and you should feel awesome.
lannan13
Posts: 23,107
Add as Friend
Challenge to a Debate
Send a Message
3/28/2013 6:28:09 AM
Posted: 3 years ago
Cyprus is going to be the next Detroit. Except Cyprus economy will receed 20% instead of 17%.
-~-~-~-~-~-~-~-Lannan13'S SIGNATURE-~-~-~-~-~-~-~-

If the sky's the limit then why do we have footprints on the Moon? I'm shooting my aspirations for the stars.

"If you are going through hell, keep going." "Sir Winston Churchill

"No one can make you feel inferior without your consent." "Eleanor Roosevelt

Topics I want to debate. (http://tinyurl.com...)
-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~-~
Cermank
Posts: 3,773
Add as Friend
Challenge to a Debate
Send a Message
3/28/2013 10:53:49 AM
Posted: 3 years ago
At 3/28/2013 6:28:09 AM, lannan13 wrote:
Cyprus is going to be the next Detroit. Except Cyprus economy will receed 20% instead of 17%.

Very... precise.
ConservativePolitico
Posts: 8,210
Add as Friend
Challenge to a Debate
Send a Message
3/28/2013 12:23:05 PM
Posted: 3 years ago
At 3/28/2013 3:10:40 AM, RyuuKyuzo wrote:
At 3/27/2013 6:12:40 PM, ConservativePolitico wrote:
Honestly, I'm surprised this hasn't been brought up already.

Cyprus's financial system is collapsing. Banks are restricting member's to withdrawing $390/day, no money is allowed out of the country, guards are being posted at the banks because the Eurozone is taking money out of citizens' savings accounts to pay for the bailout. No one in Europe has enough money to bail anyone out anymore. The entire Eurozone is slated for a recession by the end of the summer and Germany is barely holding it all together. I'm surprised Russia didn't bail Cyprus out (since Cyprus is like the Cayman Islands of Eastern Europe) but I guess they don't want to save a currency they aren't on.

This is kind of HUGE news with HUGE implications. Especially since the Eurozone and Cyprus has set a precedent that governments and banking organizations can take people' savings to save financial institutions. That is truly frightening and infuriating.

Will the Euro survive? I thought Greece was bad but this is getting even worse.

Your thoughts on the latest drama in the real life sitcom that is Eurozone financial news?

Hmm... This is a lot worse than I thought.

Let's start a pool for how long the Euro has left before total failure.

I say by 2015, the Euro will be done and that might even be a long time.
Thaddeus
Posts: 6,985
Add as Friend
Challenge to a Debate
Send a Message
3/28/2013 12:52:34 PM
Posted: 3 years ago
Bank runs are fair game really. They wouldn't have any Euros if it weren't for the Eurozone, so in order to maximise the well being and ensure the continued survival of economic area its legit to take what belongs to them anyway.