Flashermac Posted March 18, 2013 Report Share Posted March 18, 2013 Cyprus works on last-minute deal to soften bank levy (Reuters) - Cyprus was working on a last-minute proposal to soften the impact on smaller savers of a bank deposit levy after a parliamentary vote on the measure central to a bailout was postponed until Monday, a government source said. In a radical departure from previous aid packages, euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece. The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points, most of which were depleted within hours. Electronic transfers were stopped. The originally proposed levies on deposits are 9.9 percent for those exceeding 100,000 euros and 6.7 percent on anything below that. The Cypriot government on Sunday discussed with lenders the possibility of changing the levy to 3.0 percent for deposits below 100,000 euros, and to 12.5 percent for above that sum, a source close to the consultations told Reuters on condition of anonymity. The source said the discussions had the "blessing" of a troika of lenders from the European Commission, the IMF and the European Central Bank. In Brussels, a spokesman for Olli Rehn, the European commissioner in charge of economic affairs, said discussions were still under way in Cyprus. "If the Cypriot leaders agree on a more progressive scale for the one-off levy, in view of making it fairer for smaller savers and provided this would have the same financial impact, the Commission would be ready to recommend that the Eurogroup endorse such an agreement," the spokesman said. The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. If it fails to do so, President Nicos Anastasiades has warned, Cyprus's two largest banks will collapse. One bank, the Cyprus Popular Bank, could have its emergency liquidity assistance (ELA) funding from the European Central Bank cut by March 21. ... http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317 Link to comment Share on other sites More sharing options...
Specialist Posted March 18, 2013 Report Share Posted March 18, 2013 Robbing banks is so much easier than planning budgets and cutting spending. Link to comment Share on other sites More sharing options...
gobbledonk Posted March 18, 2013 Report Share Posted March 18, 2013 Apparently the Russians are into Cyprus in a big - and some say shady - way, to the point where many actually live there. I can hear the whoosh of money being transferred out of the country even as I type this - surely the idiots who came up with this grand plan must have known that ? Saw a report where a Cypriot asked if they were being used as Guinea Pigs - if they get away with it in Cyprus, why not Spain, Portugal and Italy ? Have to wonder how quickly they would have riots in Spain and Italy at the merge suggestion of such a move ..... (if the Russians were using Cyprus to launder money, I guess they will need to find greener pastures. Hmmmm ..) Link to comment Share on other sites More sharing options...
BelgianBoy Posted March 18, 2013 Report Share Posted March 18, 2013 either the Cypriots pay a banktax, or we had to pay it for them, easy choice. and like the Greecs, they never paid taxes, so fuck them all. a bankrun in the EU ? unlikely to happen....... BB Link to comment Share on other sites More sharing options...
Coss Posted March 18, 2013 Report Share Posted March 18, 2013 Famous last words? Link to comment Share on other sites More sharing options...
Flashermac Posted March 18, 2013 Author Report Share Posted March 18, 2013 Captain of the Titanic - "What iceberg? I don't say any f**king iceberg!" Link to comment Share on other sites More sharing options...
gobbledonk Posted March 19, 2013 Report Share Posted March 19, 2013 Flasher, you do know that Australian billionaire and all-round nutter Clive Palmer is building a replica of the Titanic ? http://en.wikipedia.org/wiki/Titanic_II I have no doubt that the Chinese can build it, but I question his claim that he already has people queuing up to pay a million dollars each to be in the First Class cabins on the maiden voyage. Still, Clive's critics have had to eat their words in the past - just not sure that this is a fantastic time to be launching such a project. Link to comment Share on other sites More sharing options...
BelgianBoy Posted March 19, 2013 Report Share Posted March 19, 2013 Famous last words? no bankrun happened..... Link to comment Share on other sites More sharing options...
Flashermac Posted March 19, 2013 Author Report Share Posted March 19, 2013 Flasher, you do know that Australian billionaire and all-round nutter Clive Palmer is building a replica of the Titanic ? http://en.wikipedia....wiki/Titanic_II I have no doubt that the Chinese can build it, but I question his claim that he already has people queuing up to pay a million dollars each to be in the First Class cabins on the maiden voyage. Still, Clive's critics have had to eat their words in the past - just not sure that this is a fantastic time to be launching such a project. Saw that. Is he also building an iceberg? Link to comment Share on other sites More sharing options...
unit731 Posted March 21, 2013 Report Share Posted March 21, 2013 How do you make an iceberg? Link to comment Share on other sites More sharing options...
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