Like any other small country eg Lichtenstein, Monaco, Caymans etc., Cyprus has two main industries tourism and off shore banking if they were to apply haircut to Russian oligarchs i.e. foreign depositors, off shore banking industry will be gone from Cyprus forever, this is one time pain for the future of the country.
+ First thing I thought - screw savers to "protect" the banks and "bail them out"...... oh wait :eek:
I don't believe Germany(Merkel) is that stupid to force a deal that would topple their own economy? I have heard rumors a year ago about a two tier Euro, one for the winners, and tier 2 for the PIGS
You have that right. What are you doing about it? I'm taking precautions to protect my wealth... Woody
what a fantastic opportunity for Swiss National bank to buy some more euros! I'm 100% certain that now we'll see 150 pips UP move to 1.3100. Rally time! EU is saved. SNB has the unlimited printing press and will expand its EUR holdings to whatever amount they want If you're a banker, the finances are easy for you. Cut peoples deposits by any amount? One decision, done. Print 2300 Billion euros? One key stroke and central bank is richer by 2300 billion. to generate or rob wealth in modern era.... is THAT easy. The sheeple have to work hard 12 hrs/day. The bankers just need to say a word and billions are transferred where the desire.
1.2960 and rising ....i told ya! euro is the greatest and strongest currency together with swiss franc. why? well, who has more buying power: central bankers or speculators? i'm not aware of any speculator who can do trades for unlimited sizes !
the tragedy is they have broken the trust between the fdic and the depositer, in this case the limit was 100k, what happens to you if you have more than the limit is anybody's guess if your bank fails, that's how it has always been. But this is a broken promise between the insurer and the policy holder.