Cyprus Has…

Charlie. I think Paul was relating what his wife should do with the JUST miserly 96p.
Hardly worth employing an Accountant for.;)

Jim.
Lincoln ,7

I did know that, Linc. I think you missed the fact that my tongue was very firmly in my cheek!!:rolleyes::diablo:

Charlie. I think Paul was relating what his wife should do with the JUST miserly 96p.
Hardly worth employing an Accountant for.;)

Jim.
Lincoln ,7

A difficult one. I would urge she seeks solid financial advice before she makes a rash decision. You cannot afford to get these momentous financial decisions wrong.

Paul. Knowing what this lots like that’s in power at the moment,it wouldn’t surprise me if your increase was not included in your wifes!!
What an insult, that 96p wouldn’t even buy a loaf of Hovis bread.

3rd World, here we come:rolleyes:

Jim.
Lincoln .7

Well I could do with some advice here. This morning my wife got a letter from the DWP saying that her state pension had been increased from the new financial year by the sum of 96pence per week. She would like to know if its better to leave it in the Building Society, put it in an Offshore account, put it under the mattress or put 4p to it and buy something in Poundland!

I await a letter to see if I get anything.

Northern Rock ring any bells….?

I’d be very careful before I started urging Cypriots to take to the streets!

Firstly, and this may come as a shock to some, but the banks don’t have enough to pay all the money back to the Cypriots that have their money ‘in’ the bank. This will be true of your bank too. If everybody wants their money back at the same time there will be a ‘run’ on the bank and some people will lose everything…..or the government will have to bail-out the bank

The problem is the government, in Cyprus or here, doesn’t have enough money to bail-out all the banks. If there was to be a ‘run’ like this on several banks the banking system of the country, any country, would collapse. That would be unthinkable.

I think its time that the ordinary Cypriot citizens took to their streets. If their inept ‘government’ of idiots, is beginning to help itself to their hard earned, what have they got to lose? I’d be incensed if I was a hard working Cypriot, watching as the gaggle of buffoons that run the place, were denying me access to my own money, by shutting the banks. It making me angry, and I don’t even live there:mad:

The Russkies were bound to get involved at some point…..

“Cyprus has ordered its banks to stay shut until Thursday as the government seeks to alter the terms of a controversial EU bailout that taxes savings.

The uncertainty comes as Russia’s finance minister said his country would consider restructuring its loans to Cyprus.

Russian energy giant Gazprom has also reportedly offered financial assistance to Cyprus in exchange for access to the island’s gas reserves.

Eurozone countries across the region have seen markets shudder as a result of the weekend bailout offer, which includes a one-off tax on bank deposits, with many losing more than 2% and the FTSE dropping 1.6%.

Officials in southern Cyprus, which does not include the Turkish north of the island, have now delayed the parliamentary vote until Tuesday in order to soften the impact of a levy on smaller savers.

This may be of interest as well.

http://www.bbc.co.uk/news/world-europe-21832187

Seems it is up to the Cypriot govenrment as to where the levy to pay off the bailout falls.
So not the EU imposing it from on high.

(Sorry chaps you’ll have to wait awhile before starting up the outrage bus again :p, of course it is the lying, two faced BBC that have published this so you could simply ignore it like you do with other inconveinient facts :D)

RE 59

Charlie

Me too!

Snafu – that didn’t just make me smile – I laughed out loud as I read it. Keep them coming……;):D

I popped it in just for you and johnny green 🙂

Edit: Re #63 happy to oblige johnny. 😀

When a country borrows money , who do they borrow the money off, where did that money come from & how come the lender has got so much to lend out ???

In some cases other countries lend money where it suits their national interest to prop up the other country. This can be done in a variety of ways some more obvious than others.

However the majority of borrowing a country does is in the form of treasury bonds which are bought by entities with a large cash balance such as banks or companies seeking to protect their position.
Treasury bonds are / were looked upon as a good stable investment with a guareenteed return, albeit maybe not a high one.
The issue for certain countries today is that their bonds are deemed less stable due to the lack of tax income the poor economy is generating thus less entities wish to purchase the issue and they have to offer a higher rate of return to attract investors.

To answer your question re the source of funds, there are plenty of entities that are making good returns even in this environment and have a positive cash balance that they do not wish to use for immediate purchases thus they require a stable investment with some return.

A decrease in profits doesn’t equal a loss! :p

Snafu – that didn’t just make me smile – I laughed out loud as I read it. Keep them coming……;):D

Well I guess Smiling is free at the moment, even in Cyprus 😀

The doom mongering is making me smile. Thanks 🙂

it is a global issue stemming from the failure of the capitalist Western system.

Snafu – that didn’t just make me smile – I laughed out loud as I read it. Keep them coming……;):D

The doom mongering is making me smile. Thanks 🙂

Most of the commentators are missing the fact that this is not a EU or Euro or GB or GBP issue; it is a global issue stemming from the failure of the capitalist Western system.

Which you all through rolled around like the proverbial pigs in when it was all rosy and credit was easy. :p

It is also of note that those industrialists and bankers whose greed was the root cause of the current issues, in cahoots with subservient politicians, have to date got away with zero repercussions.

In order to “fix” the situation some failures must be allowed to happen and legislation put in place which seperates retail and investment banking.

Those with savings in banks, while they may consider themselves “innocent” victims, are actually un-witting enablers of the continuation of the broken system.
The old saying states; “you get the leaders you deserve,”
If the populance took more interest in actual facts and less in the marketing from the multinational corporations they may be capable of electing politicians who are not subserviently in thrall to the industrialists and bankers whose only interest is in the amount of money they can put in their own coffers.

When a country borrows money , who do they borrow the money off, where did that money come from & how come the lender has got so much to lend out ???

Is there some troll sitting in a cave somewhere , with great piles of folded notes & an annexe full of gold bars . Or is money a bit like religion , it only exsists in peoples minds.

I think Germany is the EU version of a pay day loan company :D.
Its more likely the money does not exist other than on paper and so called reserves of gold.

countries lied to join this “Gentleman’s club” and the whole thing expanded too fast and too far and without strict controls

even having a single currency as a trading tool is not too bad, but tying your economies, regulations and laws together and giving up too much country/state independence is a bad idea

Actually it was even worse – they connived with the EU to distort the figures so that they could join. Neither Germany, France nor Italy were within the compliance criteria for the Euro, but of course this was the EU and you can’t let a piffling matter like agreed compliance criteria get in the way of the final objective. But this epitomises the EU – nothing, absolutely nothing must stand in the way of the ultimate objective of a federal state of Europe.

If you want a single currency as a trading tool you HAVE TO tie everything else together otherwise it cannot work.

When a country borrows money , who do they borrow the money off, where did that money come from & how come the lender has got so much to lend out ???

Is there some troll sitting in a cave somewhere , with great piles of folded notes & an annexe full of gold bars . Or is money a bit like religion , it only exsists in peoples minds.

One might say the same about London and the south-east and deprived areas of the north-east, rural Wales etc.

The only reason we seem to think of this as a different situation is that we’re used to it.

I agree and it always weighs out in turns of people migration too, for years people have moved from other part of the UK to London and the South East where chances of work etc were more.
The trouble with the EU is Its the scale that totally different, countries lied to join this “Gentleman’s club” and the whole thing expanded too fast and too far and without strict controls. The strong prop up the weak until the strong can no long afford to and we all know the failing countries can not be pulled out of the mire they are in.

The EU as a trading idea is good even having a single currency as a trading tool is not too bad, but tying your economies, regulations and laws together and giving up too much country/state independence is a bad idea. For any country backing out of the EU is going to be hard as so much has been given to it now getting out will cost but staying until it fails will cost.

Ultimately no union or empire lasts forever as history proves and the worst possible outcome of the EU failing is a Soviet union style break up. The effects on the people of each separate country at that time where huge money lost all value(or just disappeared from your account ) food was scare leading to huge queues at shops. Electricity and gas supplies were limited and civil disturbances occurred(although often stamped out by force). I fear the EU failing will not only lead to riots but to full scale civil war in some countries.
Former Soviet union countries are still suffering from the end of Soviet times even 22 years later, so really the warning from history is when this ends it will not end good.