4 ms·

as a Cypriot who will lose part of his money I believe voting for this measure is the best of the two options even though both are bad for us.

deleted 14y ago
[deleted]
ctdonath 14y ago
What's the other option? In the USA, taking 7+% of everyone's savings on short notice would initiate a civil war. Can't imagine how another alternative would be worse.
- MoreMoschops 14y ago
  What would the two sides be? One side is presumably every citizen, but that leaves no citizens on the other side. Sounds more like a revolution.
  - khuey 14y ago
    There are plenty of Americans who have essentially zero savings.
  - ctdonath 14y ago
    Account holders vs those who took (or facilitated the taking of) the money.
- justincormack 14y ago
  The other option is taking more than 7%. The suggestion was a 40% currency devaluation. Although no one really knows what would happen in detail.
- rdtsc 14y ago
  So that is they prefer to instead skim a little bit off the top slowly through inflation. In the end it doesn't matter, but it just prevents people from revolting.
- tptacek 14y ago
  A civil war over 7%? http://www.google.com/finance?chdnp=0&chdd=1&chds=1&chdv=0&chvs=maximized&chdeh=0&chfdeh=0&chdet=1270843200000&chddm=226726&chls=IntervalBasedLine&q=INDEXSP:.INX&ntsp=0&ei=yxdGUdn_O-WL0QG8Ig http://www.google.com/finance?chdnp=0&chdd=1&chds=1&...
kyriakos 14y ago
The Cypriot government during the loan negotiations at Eurogroup on Friday was essentially blackmailed. They were presented with the deposits haircut and increase in corporate tax. Our president threatened to leave the negotiations cause stealing depositor's money is unacceptable and was threatened that if not accepted the European Central Bank on Tuesday will stop providing liquidity to one of the main Cypriot banks which would lead into: the bank shutting down immediately, taking down the 2nd largest bank with it; 8000 people would instantly lose their jobs (Cyprus population is just 700k) and by the end of the week all small and medium sized companies will cease operations. The country would then default and be kicked out of the eurozone with all the consequences that it would bring.
- revelation 14y ago
  That doesn't seem like "blackmail", but a frank assessment of the situation.
  - kyriakos 14y ago
    in the case of Greece the debt was haircut (hence the bail-out) - this is what partly caused the problem in Cyprus. Now in the case of Cyprus, the deposits are hair cut (a bail-in). Not giving the 1st option to Cyprus is the blackmail. Bottom line its all about the natural gas.

deleted 14y ago

[deleted]

ctdonath 14y ago

What's the other option? In the USA, taking 7+% of everyone's savings on short notice would initiate a civil war. Can't imagine how another alternative would be worse.

MoreMoschops 14y ago
What would the two sides be? One side is presumably every citizen, but that leaves no citizens on the other side. Sounds more like a revolution.
- khuey 14y ago
  There are plenty of Americans who have essentially zero savings.
- ctdonath 14y ago
  Account holders vs those who took (or facilitated the taking of) the money.
justincormack 14y ago
The other option is taking more than 7%. The suggestion was a 40% currency devaluation. Although no one really knows what would happen in detail.
rdtsc 14y ago
So that is they prefer to instead skim a little bit off the top slowly through inflation. In the end it doesn't matter, but it just prevents people from revolting.
tptacek 14y ago
A civil war over 7%? http://www.google.com/finance?chdnp=0&chdd=1&chds=1&chdv=0&chvs=maximized&chdeh=0&chfdeh=0&chdet=1270843200000&chddm=226726&chls=IntervalBasedLine&q=INDEXSP:.INX&ntsp=0&ei=yxdGUdn_O-WL0QG8Ig http://www.google.com/finance?chdnp=0&chdd=1&chds=1&...

kyriakos 14y ago

The Cypriot government during the loan negotiations at Eurogroup on Friday was essentially blackmailed. They were presented with the deposits haircut and increase in corporate tax. Our president threatened to leave the negotiations cause stealing depositor's money is unacceptable and was threatened that if not accepted the European Central Bank on Tuesday will stop providing liquidity to one of the main Cypriot banks which would lead into: the bank shutting down immediately, taking down the 2nd largest bank with it; 8000 people would instantly lose their jobs (Cyprus population is just 700k) and by the end of the week all small and medium sized companies will cease operations. The country would then default and be kicked out of the eurozone with all the consequences that it would bring.

revelation 14y ago
That doesn't seem like "blackmail", but a frank assessment of the situation.
- kyriakos 14y ago
  in the case of Greece the debt was haircut (hence the bail-out) - this is what partly caused the problem in Cyprus. Now in the case of Cyprus, the deposits are hair cut (a bail-in). Not giving the 1st option to Cyprus is the blackmail. Bottom line its all about the natural gas.