Cyprus deal 40% haircut

Discussion in 'Wall St. News' started by mastacoli71, Mar 24, 2013.

  1. Lucrum


    If I was over there I certainly would have withdrawn my savings already.
    #41     Mar 25, 2013
  2. Perhaps it's too stupid because its very clever, depending on who wants a predictable outcome on what comes next. It's like a Livermore market test.
    #42     Mar 25, 2013
  3. Didnt they block access so no-one could withdraw their funds?
    #43     Mar 25, 2013
  4. Banks have been closed for something like 10 days. Initially no withdrawals then they allowed ATM withdrawals max 260 Euro. Don't know if that was per day or 1 time, saw it on BBC news and the sign was in Greek.
    #44     Mar 25, 2013
  5. Lucrum


    Oh I wouldn't be surprised, but I meant if I was pretty much anywhere in the EU.
    #45     Mar 25, 2013
  6. It is per day and it is now lowered to 100 euro per day at the two large troubled banks.

    With the new bailout, I imagine it will be increased back up at all banks.

    I was under the impression that ATM withdrawals have never been closed off completely.
    #46     Mar 25, 2013
  7. achilles28


    No no. What we need to do is confiscate more bank accounts, impoverish more people, and print even more trillions, to bailout the very banks that created this crisis. And you're going to lecture us about free markets? You haven't a clue. Nor does your buddy.

    As for the rest of it, it's pure trash. You're putting words in my mouth. I could run circles around you all day, son.
    #47     Mar 25, 2013
  8. europe is taking a yo on this bet. good luck to them.
    #48     Mar 25, 2013
  9. Uninsured deposits are uninsured.

    It is the same in the U.S.

    Numerous small banks in the U.S. fail each year, and often the deposits over the FDIC limit are lost.

    That is the exactly the same in Greece under the terms of the final bailout.

    Deposits under E100,000 and all deposits at healthy banks will be honored.

    It is true that it is their largest two largest banks that are failing though.......
    #49     Mar 25, 2013
  10. Perhaps not. The early BBC reports had people lamenting the fact that many businesses would only do cash transactions and that they were running low on cash.

    Possibly just the troubled banks then, or some other factor.
    #50     Mar 25, 2013