My thoughts on the Cyprus banking situation

[Mr. Jon Donnis]

So Brits who have been taking advantage of the low taxes in Cyprus are now moaning cause they gonna lose a small percent of their money!

I wonder how much money they have SAVED from banking in Cyprus over the years? Not to mention the older ex pats who have continued to collect the winter fuel allowance from the UK despite being in Cyprus!

I have no sympathy for the British ex pats, you moved your money to Cyprus to take advantage of Cyprus and its rates, so don't moan now that Germany is forcing Cyprus to take some of that money back!

And yes it is German who is behind this, so why the anger at the Cypriot Government who are litterally being hanged by their balls

So instead of moaning, feel sorry for the true Cypriots who are losing their savings, their inheritance and also don't forget about the refugees from the Turkish invasion that the UK government knew would happen and watched and did nothing.

The hypocrisy of the British astounds me sometimes, they want everything and as soon as they have to pay out a bit they moan!

You have no right to take advantage of a country and then moan when it goes tits up!

You moan about immigration in the UK and people coming here to take advantage of the system in the UK, yet you have done the exact same thing in Cyprus!

The CYPRIOT people are struggling, and all you can do is moan about losing 9.9% of your millions!

Rich ex pats who have never had a hard day in their lives!

[mrjohnno]

Not sure what you mean by 'Germany being behind this' since it is up to the Cypriot government to find a way to finance the loan and the up to 9.99% is the way they have chosen. Other than that I agree with you mate. It should also be noted that the UK has done the same thing over the last 4-5 years at a much much slower rate by reducing interest rates. A slow trickle but it amounts to the same thing.

[Mr. Jon Donnis]

Mar 18, 2013 15:12:53 GMT mrjohnno said:

Not sure what you mean by 'Germany being behind this' since it is up to the Cypriot government to find a way to finance the loan and the up to 9.99% is the way they have chosen. Other than that I agree with you mate. It should also be noted that the UK has done the same thing over the last 4-5 years at a much much slower rate by reducing interest rates. A slow trickle but it amounts to the same thing.

No the government did not choose the tax on savings, this was part of the agreement to give Cyprus the bailout money from Europe.

The thinking being why should the tax payers of rich European countries have to bail out the likes of Cyprus when their own people dont.

Also I have not heard anyone come up with an alternative, the funny thing is if Cyprus would have copied the austerity measures that Greece imposed, then their savings would not now be being taxed.

Also 50% of the money in Cyprus banks are Russian millionaires anyway, so they the ones losing the most.

Cypriots are very distrusting of the Government regardless so will often either spend their money or keep it under the bed.

[mrjohnno]

Mar 18, 2013 18:09:31 GMT Mr. Jon Donnis said:

Mar 18, 2013 15:12:53 GMT mrjohnno said:

Not sure what you mean by 'Germany being behind this' since it is up to the Cypriot government to find a way to finance the loan and the up to 9.99% is the way they have chosen. Other than that I agree with you mate. It should also be noted that the UK has done the same thing over the last 4-5 years at a much much slower rate by reducing interest rates. A slow trickle but it amounts to the same thing.

No the government did not choose the tax on savings, this was part of the agreement to give Cyprus the bailout money from Europe.

The EU & IMF asked for collateral and that is it, though no doubt they suggested that the 9.99% could be a good idea due to the laundering of Russian money which would have killed two birds with one stone so to speak. Any UK citizen who has money in Cyprus should lose the 9.99% as far as I'm concerned because anyone who keeps ANY money within the EU as a whole is quite simply asking for trouble.

To get back on topic... I'm not sure how Cyprus can finance the loan any other way.