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Shock in Cyprus as savers face bailout levy

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Completely off topic.. I don't know what a 7x11mm Polyp is, but is this what you plan to go to Phillipines to do? Or is it something else. Cause $4k is a pretty cheap procedure... that's like one stock position for you isn't it?
 
skc said:
Completely off topic.. I don't know what a 7x11mm Polyp is, but is this what you plan to go to Phillipines to do? Or is it something else. Cause $4k is a pretty cheap procedure... that's like one stock position for you isn't it?
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I'm going to be in the Philippines anyway and the Hospital is just down the road, so its an easy option...while 4K is my current entry position size its not something i want to use on a Polyp, at least in the market i have a 4 out of 5 chance of profiting, with the Polyp its a goner and i don't even get a capital loss!!! even though it is a capital loss.

Lost from my pocket into a millionaires.
 
McLovin said:
I'm not sure why the market cares. AFAICS, the only issue is if this spread to other countries. But it doesn't seem to be.
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But that's the big secondary concern here - people in Greece, Spain and Italy will be thinking "uh oh, what if we're next? Better pull my money out now!" and there starts the domino's effect.
 

Markets don't like uncertainty...
 

There are risks to all medical procedures and it scares me to save a few $k and get an operation in a 3rd world country. At least if they screw up in Australia you can sue those millionaires.

Anyway... good luck with it.

Back on topic.

Seems like panic is pretty much over and Europe is well off the lows.
 
skc said:
The market probably will be over it by the end of the week.
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Who cares about the affected depositors, as long as the market will be OK in a few days, huh?
Fantastic.

Well, if you'd spent the considerable funds required to acquire a basic medical degree, done all those years of study, and then spent about another six years to acquire a specialist ENT qualification, you'd bloody well be earning a similar amount.
Your quibbling about people who have achieved something useful in life is nauseating.

skc said:
There are risks to all medical procedures and it scares me to save a few $k and get an operation in a 3rd world country. At least if they screw up in Australia you can sue those millionaires.
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Agree. A decision that could only come from someone who values money more than their health.
 
Tyler Durden said:
But that's the big secondary concern here - people in Greece, Spain and Italy will be thinking "uh oh, what if we're next? Better pull my money out now!" and there starts the domino's effect.
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Well it's 1:45pm in Athens and 12:45pm in Rome and Madrid. If they're not queuing already they aren't going to.
 
skc said:
Did you read the Business Spectator article that I linked?

http://www.businessspectator.com.au/...#ixzz2NrxmDwpS
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No. When I attempt to access your link, I'm told that 'access is denied'.

My own email of Business Spectator today has this article:
http://www.businessspectator.com.au...l&utm_content=238868&utm_campaign=kgb&modapt=

It sums up my sentiments exactly.


What alternative do you propose?
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No idea. I am not an economist or a politician. I just take exception to the deposits of ordinary people being swiped to make up for government and bank mismanagement.

Perhaps the salaries and super of politicians and others who were responsible for creating the mess could be accessed as a start. Perhaps watch tonight's 4 Corners for how the 'too big to prosecute' have got away with so much.
 

Try this link again if you are interested.
http://www.businessspectator.com.au...two-options-misery-or-suffering#ixzz2NrxmDwpS

The way I see it is that the situation sounds bad initially but ultimately it is the same as other forms of tax increase, austerity or even inflation. The consequence is that the private citizens' purchasing power is reduced.

The Australian government had a one-time QLD flood levy in 2011. I paid my share but I was not offered any choice or consulted in the process. The economic impact to me would be the same had they simply take the same amount from my bank account. But they called it a tax/levy and took it out of people's pay instead. The situation and cause are slightly different, but the economic consequences are similar. Yet somehow a flood levy doesn't sound nearly as dramatic as a disposit levy.
 
McLovin said:
Well it's 1:45pm in Athens and 12:45pm in Rome and Madrid. If they're not queuing already they aren't going to.
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Apparently the banks have been ordered to shut all cash outlets for the next 2 days to prevent a run. What happens after that? Another order to prevent withdrawals indefinitely? :bad:
 
Aussiejeff said:
Apparently the banks have been ordered to shut all cash outlets for the next 2 days to prevent a run. What happens after that? Another order to prevent withdrawals indefinitely? :bad:
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It's all about trust - without trust, there is nothing.
 

Sorry to hear of your condition SC. I hope the procedure goes well for you and the polyp proves to be benign.

In respect of the Cyprus Deposit Tax. In my humble opinion the EU has not thought through the ramifications of forcing a small member country to impose a 10% tax on deposits as part of their bailout conditions. It is apparent that the tax will not only cause a run on the Cyprus banks but the fear factor will ensure that there is a run on the banks of every other member country that is doing it tough. Their decision to impose this tax will ascerbate the situation and not cure it. Just another example of EU incompetence.
 
skc said:
The way I see it is that the situation sounds bad initially but ultimately it is the same as other forms of tax increase, austerity or even inflation. The consequence is that the private citizens' purchasing power is reduced.
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It's not the same. This is a tax on savings and not on income. It negatively affects anyone who chooses to save money and not indebted.

E.g I have 2 million in the bank, I get charged a 200K tax. You have a 2 million in property/equity/or stashed gold, no tax for you.
 
So_Cynical said:
Lost from my pocket into a millionaires.
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If you're assuming your money is going to the poor doctor's in Philippines, your sadly mistaken. Some of the richest people I have met have been doctors from "third world countries".

BTW if you want anyone to blame, blame the capitalist system (and the fact that you can sue your doctor)!
 

If you had $2m in the bank would you prefer paying 10% and saving the bank or losing it all?
 
McLovin said:
If you had $2m in the bank would you prefer paying 10% and saving the bank or losing it all?
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That is a completely different question and not the point I was making.

Essentially savers are being punished for the mistakes of governments, banks and bankers. Why aren't those who caused these problems being punished?

I guess your the exception to the rule if you save these days. That's the message I am getting.
 
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