Mr. Charts
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JSMITH07611
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regarding forex brokers that held accounts at laiki will be saved
see here
CySEC working to free client funds at Cyprus FX brokers - Forex Industry New
see here
CySEC working to free client funds at Cyprus FX brokers - Forex Industry New
JSMITH07611
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first casualty fxgm more to follow.
see here
FXGM Becomes Casualty of the Troubled Island - Lets Entire Sales Team Go | Forex Magnates
see here
FXGM Becomes Casualty of the Troubled Island - Lets Entire Sales Team Go | Forex Magnates
I think that people should keep an open mind about this speculation, there are more elements to this whole scenario that are being reported. I have a house there, and some close friends who I trust and are feeding me the facts below...
The Germans happily claim that there is "dirty" Russian Money in Cyprus banks, however, when looking at the AML records, procedures and business practices, Cyprus ranks amongst the best in europe, where as Germany amongst the worst. There is no "dirty money there" but money that is stored locally for Cypriot and other offshore business structures. I don't see people accusing the biggest cola corporation of washing their money even though they have offshore structures for tax avoidance. Just because there is Russian money, doesn't mean it's dirty! The fact is that the EU have a chance to tax that Russian money for the first time, and are hell-bent on doing that.
Other aspects that are not being banded about is the resource of natural gas and oil that is ready to be utilised. Logically, certain nations would like to get their paws on that wealth.
Also, all there has been so far is speculation, the Liaki bank has had all deposits over €100,000 (the insured amount) seized. The Bank of Cyprus, there is "talk" of a 37.5% haircut, in exchange for shares in the bank, and there is talk that if not enough equity is raised, then the other local banks will be raided too. However, as I said, all is purely speculation. The only fact is that any sum over €100k in the two biggest banks mentioned is frozen.
Back to the point of the thread, those that use brokers that bank with the Liaki or Bank of Cyprus, and have an amount over 100k in their accounts, there may be an issue. I would certainly think twice about depositing an amount over 100k until there is 100% clarity.
The Germans happily claim that there is "dirty" Russian Money in Cyprus banks, however, when looking at the AML records, procedures and business practices, Cyprus ranks amongst the best in europe, where as Germany amongst the worst. There is no "dirty money there" but money that is stored locally for Cypriot and other offshore business structures. I don't see people accusing the biggest cola corporation of washing their money even though they have offshore structures for tax avoidance. Just because there is Russian money, doesn't mean it's dirty! The fact is that the EU have a chance to tax that Russian money for the first time, and are hell-bent on doing that.
Other aspects that are not being banded about is the resource of natural gas and oil that is ready to be utilised. Logically, certain nations would like to get their paws on that wealth.
Also, all there has been so far is speculation, the Liaki bank has had all deposits over €100,000 (the insured amount) seized. The Bank of Cyprus, there is "talk" of a 37.5% haircut, in exchange for shares in the bank, and there is talk that if not enough equity is raised, then the other local banks will be raided too. However, as I said, all is purely speculation. The only fact is that any sum over €100k in the two biggest banks mentioned is frozen.
Back to the point of the thread, those that use brokers that bank with the Liaki or Bank of Cyprus, and have an amount over 100k in their accounts, there may be an issue. I would certainly think twice about depositing an amount over 100k until there is 100% clarity.
Facts, Cyprus went to Russia to try and sell their oil and gas rights to save the banks themselves but were not deemed enough value. Maybe with hindsight the Russians should have taken it because at least they were going to get something for their money they have lost.
But, and this is the very big but, why is it nowadays everyones assumption that capitalism and market forces and poor business management do not apply to banks and assume that they should be bailed out?
The only people ultimately to blame here are the Cyprus banks and their senior management, so forget about trying to blame the Germans and EMF for this and that because without them the bank goes under. The EMF were totally right to demand whatever they wanted to secure the Cyprus banks, why should they pay for bad bank management when they operate the way they do? There is a reason so much Russian money is tied up there so lets not pretend that the Cyprus banks are all white because they certainly are not.
Insurance up to certain amounts must be honoured and it was EMF's major call and rightly so, if Cyprus got its way the normal working man would have got hit big time instead of its preferred clients, the working man with an account in Cyprus should be very grateful to the EMF otherwise they would have been screwed.
Anyone with >100,000 euros there must see this as more of a poor investment and business decision compared with just a bank account therefore an expensive lesson but no other alternative in reality to the loss.
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Also, as much as the banking system in Cyprus is now virtually dead, so are all the brokers who are based there. The fall out and ripples from this will hit FXPro and the rest hard and they surely will need to relocate to survive if their business model allows them, no one is going to open a Cyprus based forex account now, anyone with an account is going to empty it, if they can........
This will be like the subprime mortgages, none of them revealing their exposure, claiming all is good when they may even already be dead in the water.......
G/L to all involved, your going to need it, soz.
This will be like the subprime mortgages, none of them revealing their exposure, claiming all is good when they may even already be dead in the water.......
G/L to all involved, your going to need it, soz.
Here We Go: Cyprus To Sell
seems the link has missed off - GOLD
just heard on Sky news of all places some of the Greek islands have been bought
so maybe the real reason the Troika were in town
maybe Cyprus is next
seems the link has missed off - GOLD
just heard on Sky news of all places some of the Greek islands have been bought
so maybe the real reason the Troika were in town
maybe Cyprus is next
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The fact that Goldman Sachs and all can push down the price of gold when Cyprus stated they need to sell urgently, talk about kicking someone when they are down and is almost insider dealing in a sort of strange way, tad unethical then again nothing surprises me here.
Never ever forget the power of the big boys.............
That's gotta be a buy signal. Once they dump the gold and goldmans calling gold to go lower.
Possibly but then again your timing would have to be perfect, and would not be surprised if the big boys see all the buy orders in the market and drop the market that little bit extra to mop up all the stops prior to gold going in the right direction again.
Guess it is not too different to Opec and Oil, but personally not interested in getting into this type of trading but if you do then GL to you.
Guess it is not too different to Opec and Oil, but personally not interested in getting into this type of trading but if you do then GL to you.
It depends how you trade. I see many scalp on this website.
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