Read a report from a Cypriat about the bank situation . . .

[Chadeaux]

Someone I know (a nice lady living in Cyprus) and have gamed with (video games) shared a bit of info on another forum about the situation there. Thought some here might like to know how the average citizen is affected.

Well, it's very hard. People allover are panicking about their savings and businesses. You drive around, and see people standing in line outside the banks and ATM machines. There's TV crews, from all over the world! I drove by our town square today and it was full of equipment and people trying to cover the news. Darn that was scarey! There's people protesting outside the Central Bank and the government related buildings. And most people think we are destroyed for good.

The ones who are effected the most, are those who have savings or business worth 100.000 euros and up, cause they are going to cut from that money (heard 40% or more), and supposetely, convert that money into shares of the Bank of Cyprus, which will be exchangable into money, after a couple of years or so (if all goes "well"). Meantime, because the government and banks know already, that most people want to just run into the banks and grab all their savings and take em home, they made a temporary law with limitations that are supposed to last for "a few days", and that includes, not exchanging bank notes (so lots of people can't get their salaries and are left with no income!), they put a limit of 300 euros per day, per account for people who want to take money from their accounts, people with businesses who want to buy stuff for their business are supposed to take proof of their order and IF they get approved for it, they will be allowed to buy their things....

Thankfully, the people with small accounts (bellow 100.000 euros), like my family, are not gonna get any money cut from their savings. But we still can't get more than 300 euros per day. I went to my friend's Motorcycle shop today (where I got my motorcycle), the man is totally depressed and stressed about his business and so was my pharmacist about her own shop. A friend at the Motorcycle shop was talking and said he actually made a list of the people he has to pay to see how many times he has to take money from the savings account (300 euros per day), to pay his responsibilities. My sister in-law works at a shoe shop, and because her boss has his business accounts in Laiki Bank (the one that closed and is supposed to be merged into Bank of Cyprus), and was unable to pay his employes, she didn't receive a salary for 2 months now. And even now, they want to pay the salaries via bank notes (and those cannot be exchanged!).

Generally there's a lot of panick and stress here. And as if that's not enough, we have the world tv crews on our heads, taking pictures and videos and reporting everything. I opened my brother's tv the other day, and it was showing BBC station. Immediately after I started watching they were like: CYPRUS!

We never had such things happening before here. The only thing that the government got right is when they said "Tomorrow it's gonna be a complitely different day and things are gonna be complitely changed". They got THAT right.

And what worries me the most is that, it's not enough that the Eurogroup and TROIKA with Germany, kneeled us down complitely.... They are supposed to fund us gradually, every 3 months.... And every 3 months, IF they see that we are not doing whatever they want us to do, they can actually deny us our funding.

So basically eitherway we are screwed. It's just a matter of "How do you want to get it? Front or Back?"

 

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[0121stockpicker]

This is what happens when countries continue to borrow and borrow and borrow. No one forced cypress to take other countries money and they have no right to be upset now that other countries want something in return for them to lend them more money.

Hopefully a good lesson for politicians in the US on BOTH sides of the isle.

Thanks for the update. It is very sad to watch and must be terrifying to experience.

 

[Chadeaux]

The banks gambled with the people's money. Now the people are being required to pay for bad decisions made by the Cyprian banking system.

The money from Germany and others is to "bail out their banks".

Coming soon to a bank near you?

 

[0121stockpicker]

The banks gambled with the people's money. Now the people are being required to pay for bad decisions made by the Cyprian banking system.

The money from Germany and others is to "bail out their banks".

Coming soon to a bank near you?

Already came to a bank near us. Where have you been. They just took billions in tarp money (your tax dollars) instead of a direct haircut. But in the end same diff. Especially the Fannie Mae and Freddie Mac debacle. And not just the big money republicans, dems bear much blame also. Like Barney frank from ma on the finance committee.

 

[Chadeaux]

That was taken from our children and grandchildren. Next, it's our turn. It ain't over yet --- the haircut is on its way.