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Cyprus crisis: UK experts fly out to advise on bailout
Officials led by Treasury mandarin Tom Scholar visit island after Nicosia government accepts offer of 'technical assistance'
Cypus is reportedly considering a levy of 15% on all bank deposits over 100,000 euros as its attempt to secure a rescue for the economy.
The original terms of the EU bailout for Cyprus proposed by the troika of international lenders would have slapped a levy on all bank deposits - 6.75% on accounts holding up to 100,000 euros and 9.9% on those over that - in order to raise 5.8bn euros (£4.9bn).
Cyprus Parliament Approves Capital
Legislators debating another 7 laws,including one on reorganizing nation’s banks
Just your ordinary run of the mill Russian billionaire oligarch in exile who had so much money he was terminally depressed... or just the opposite, and the first tragic casualty of the Cyprus capital controls which are about to eviscerate a whole lot of Russian wealth (and ultraluxury Manhattan real estate prices)?
Originally posted by SeekerofTruth101
If I was a german, I wondered why would I even bother to bail you out with my hard earned money austerity driven for a decade, more so when you had talked trashed about me and spat on my face.
Would it surprise you to know that Europe’s taxpayers have provided as much financial support to Germany as they have to Greece?
Let’s begin with the observation that irresponsible borrowers can’t exist without irresponsible lenders. Germany’s banks were Greece’s enablers. Thanks partly to lax regulation, German banks built up precarious exposures to Europe’s peripheral countries in the years before the crisis. By December 2009, according to the Bank for International Settlements, German banks had amassed claims of $704 billion on Greece, Ireland, Italy, Portugal and Spain, much more than the German banks’ aggregate capital. In other words, they lent more than they could afford.
When the European Union and the European Central Bank stepped in to bail out the struggling countries, they made it possible for German banks to bring their money home. As a result, they bailed out Germany’s banks as well as the taxpayers who might otherwise have had to support those banks if the loans weren’t repaid. Unlike much of the aid provided to Greece, the support to Germany’s banks happened automatically, as a function of the currency union’s structure.
Bank of England deputy governor Paul Tucker has said negative interest rates should be considered.
that is one way , we should take lessons on this , the next time the banks fail, take 25% for all investors and depositors, that will teach you about trusting banks. now to get 25% from wall street, we would all have it made in the shade.