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Getbig Main Boards => Politics and Political Issues Board => Topic started by: 24KT on March 28, 2013, 02:43:51 AM

Title: Less than 15 mins until banks re-open in Cyprus
Post by: 24KT on March 28, 2013, 02:43:51 AM: In other Global Currency Trends ... :D

It is less than 15 minutes until the banks re-open in Cyprus... if they re-open.

I've suspected they were going to find some reason to stall and make use of the Easter holidays, but we'll see.

So far, ...the word is that all is calm, ...but that there is a virtually army camped out in front of the banks. An army consisting of 1 man in queu, and all the rest reporters camped out in anticipation of witnessing a good ole fashioned bank run.

Keeping my fingers crossed that they don't storm the castle, ...because if they do, ...that spells serious trouble for everyone. Not just in Cyprus, or Europe, ...but GLOBALLY!
Title: Re: Less than 15 mins until banks re-open in Cyprus
Post by: 24KT on March 28, 2013, 04:04:25 AM: The banks have re-opened in Cyprus. So far I'm hearing there haven't been any problems, ...but who knows?

Money is being brought to the banks by G4S Armoured car service, and G4S is also providing armed guards at banks to make sure everything goes orderly. There are also police helicopters circling the skies as well.

The Capital Controls are on.

Daily cash withdrawals are limited to 300 euros
Monthly withdrawal amounts are limited to 3000 euros

Cheques will NOT be cashed unless they are cashed as deposits.
Electronic transfers cannot be made out of the country

The most that can be taken out of the country is 4900 euro.

I wonder, what do ex-pats who want to leave do? Let's say they tried to retire in Cyprus but now want to go back to Britain. Do they leave the country, ...and leave all their money behind?
Title: Re: Less than 15 mins until banks re-open in Cyprus
Post by: 24KT on March 28, 2013, 04:26:12 AM: Apparently the ratio of media to bank customers is 40 reporters for every one customer withdrawing cash.
Title: Re: Less than 15 mins until banks re-open in Cyprus
Post by: WOOO on March 28, 2013, 04:27:03 AM: cyprus is a teeny country... just over 1 million people with a GDP of less than $25 billion

they are irrelevant
Title: Re: Less than 15 mins until banks re-open in Cyprus
Post by: 24KT on March 28, 2013, 04:36:54 AM: Quote from: WOOO on March 28, 2013, 04:27:03 AM
cyprus is a teeny country... just over 1 million people with a GDP of less than $25 billion

they are irrelevant

They may be irrelevant in terms of their size, GDP and overall impact on Europe under normal conditions,
...however, the precedent they have set is extremely significant IMO.

That this is being done reveals much about the troika, and the dangerous nature of the EMU if you're not a powerhouse like Germany. Inclusion in the euro is bad for countries like Cyprus, and a 2nd euro may undermine the eurozone.

These capital controls are really going to hurt the economy even worse imo..
Title: Re: Less than 15 mins until banks re-open in Cyprus
Post by: 24KT on March 28, 2013, 05:07:10 AM: The crowds in Cyprus are really beginning to pick up now.
I wonder what the scenes are like in Italy, Portugal and Spain.
Title: Re: Less than 15 mins until banks re-open in Cyprus
Post by: loco on March 28, 2013, 05:08:20 AM: More fear mongering ::)
Title: Re: Less than 15 mins until banks re-open in Cyprus
Post by: 24KT on March 28, 2013, 05:30:40 AM: Facts and/or anxious anticipation are not fear mongering, and there is nothing being promoted in this thread.