Cyprus brokers and the EU bank bailout haircut

then again losing 10% of your deposit with the Cyprus banks is still cheaper than giving it to the Cyprus forex Brokers ?
 
Splitlink said:
You don't like to let go, do you?

Tell me a good place to have a bank balance these days? Don't say the UK, with the pound falling all this year it is heading for par with the Euro.

Having money in a bank is a worrisome business, these days.

All you are doing is trying to scare the sgit out of everyone and that is very unproductive.

Come up with something useful or, please, give it a rest.
Click to expand...

Swiss bank account? (not for secrecy but for safety of funds):|
 
Obey thy Merkel !
 

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i think the way to test out where your money is held is by opening an account with pretend details. then tell them that you want to deposit via wire and what are their bank details. if the bank is not located in cyprus then you are okay. to test this fully you need a few pretend accounts pretending you are in different countries so say a pretend one for uk for cyprus and for australia ect. and then pretend to make a wire and you will see the banks they keep their depositors money.

kind regards.

as far as i know etoro is safe as they use barclays uk.

windsor might be an issue as they use a bank in limassol cyprus

i have not checked out the rest
 
Dear Members,

With regards to the current situation, please be assured that the clients' funds of FxPro's customers are not affected whatsoever.

As part of our devotion to the security and excellence in customer service, the clients' funds are kept in segregated accounts with the Barclays UK and Credit Suisse Monaco, therefore, exempt from the Levy proposed by the government of Cyprus.

For a long time, we have recognised the need to offer clients the highest levels of reassurance and protection for their funds. We remain confident that the measures we have taken put FxPro at the forefront of the Cyprus forex industry in placing the security of client funds at the core of our business.

Shall you require any further explanation, or have any questions, we will be happy to assist you.

Kind regards,

FxPro Group
 
Dear Members,

We would like to inform you that at FxPro, all of the withdrawals are processed immediately, and you would receive the funds, depending on the chosen method, within the standard timeframe mentioned on the website.

If you have requested a withdrawal using Wire Transfer, you can contact our Support and request a SWIFT confirmation of the transfer.

Kind regards,

FxPro Group
 
I like to know what was wrong with the good old fashioned printing press and a sprinkling of generous inflation???

Print the damn money and let the people eat cake.

People in Spain, Italy, France and the Portugal must really be thinking - hang on a minute what does 2 + 2 make? :whistling
 
So this is robbery, but inflation is not? Printing money, and devaluing the currency is somehow different? Why is it that people will put up with these without rioting, but if they seized a % of people's savings, then there will be riots?
 
Shakone said:
So this is robbery, but inflation is not? Printing money, and devaluing the currency is somehow different? Why is it that people will put up with these without rioting, but if they seized a % of people's savings, then there will be riots?
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I hear what you saying and agree re:eek:utcome. However, inflation is the lesser evil of ones savings being seized in this shocking and unexpected way.

People can adapt and change their behaviour in a gradual process. Manufacturers gain by making more profits stimulating growth.

Net effect is the same yes but achieving required objectives, far more palatable and subsequently easier to digest.
 
I fear that if Cyprus manages to get over their problems without help from the Eurozone countries that will propably start a new era of uncertainty. Greeks are extremely supportive of the NO vote and will not likely allow any additional austerity measures to take place. I don't think the greek economy has yet been saved and I am 100% sure that there will be additional measures announced in June( classic).
 
Atilla said:
I hear what you saying and agree re:eek:utcome. However, inflation is the lesser evil of ones savings being seized in this shocking and unexpected way.

People can adapt and change their behaviour in a gradual process. Manufacturers gain by making more profits stimulating growth.

Net effect is the same yes but achieving required objectives, far more palatable and subsequently easier to digest.
Click to expand...

Perhaps, I am not getting the full picture.

Doesn't Cyprus want 10 billion euros from the EU ?

Did the EU insist on the 10% bank tax to raise the need 6-7 billion to complete the deal, or is it a Cypriot plan?

If they can't get this money from the bank accounts, where will they get it from?

Who's fault is this? Brussels? This is a country that has been living outside its means and the debt is colossal, for it's size.

Russia, seems to be another possibility, but that will not be without some cost.

It is all very well to call this theft--which it is, but they do not have any other options to get the money. If those banks go broke, the accountholders are going to lose more than 10%.

I'm sorry for the ex-pats there, but it is their own fault.

As I said, earlier, we have to wait to see what happens with regard to Cyprus, but this is for sure. Other holders of offshore accounts are going to react all over the world to this crisis. It's an eye opener.
 
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Splitlink said:
Perhaps, I am not getting the full picture.

Doesn't Cyprus want 10 billion euros from the EU ?

Did the EU insist on the 10% bank tax to raise the need 6-7 billion to complete the deal, or is it a Cypriot plan?

If they can't get this money from the bank accounts, where will they get it from?

Who's fault is this? Brussels? This is a country that has been living outside its means and the debt is colossal, for it's size.

Russia, seems to be another possibility, but that will not be without some cost.

It is all very well to call this theft--which it is, but they do not have any other options to get the money. If those banks go broke, the accountholders are going to lose more than 10%.

I'm sorry for the ex-pats there, but it is their own fault.

As I said, earlier, we have to wait to see what happens with regard to Cyprus, but this is for sure. Other holders of offshore accounts are going to react all over the world to this crisis. It's an eye opener.
Click to expand...

Well they can default on the debt. That has other implications of course, but it is an option.
 
Shakone said:
Well they can default on the debt. That has other implications of course, but it is an option.
Click to expand...


That is an option but I doubt it. Russia has said they'll forcefully repatriate their assets.

I suspect the Greek Finance Minister is more of a hostage than a friendly body cap in hand asking for assistance.
 
I wouldn't rule out anything at present, for a start the fact Cyprus have rejected the original plan will have serious implications all round.
 
Splitlink said:
You don't like to let go, do you?

Tell me a good place to have a bank balance these days? Don't say the UK, with the pound falling all this year it is heading for par with the Euro.

Having money in a bank is a worrisome business, these days.

All you are doing is trying to scare the sgit out of everyone and that is very unproductive.

Come up with something useful or, please, give it a rest.
Click to expand...

the US..........that currency is indestructable ......

N
 
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