# Banking Crisis ~ Balanced View Required



## Chris & Andrea (Feb 15, 2008)

Hi Folks
It's a while since I posted on this Forum site, in the main due to the on-going struggle of Andi & I to resolve our own property crisis, revolving around non delivery and what we suspect illegal practices now subject of a pending court case.
Similar to our own situation I wonder with the present banking crisis effecting so may people ex-pats and Cypriots alike, with the value of hindsight I can't help feeling what if Cyprus had chosen not to join the EU. When we first came on holiday it had a strong economy together with an equally strong Cypriot Pound and a lifestyle the envy of many, but since joining with the help of the Banks, Developers and certain irresponsible lawyers alike Cyprus finds itself in such dire straits. Sitting here looking out at the snow my heart goes out to those that find themselves powerless to control the actions of the politicians. The Cypriot Banking crisis is on the news constantly here in the UK and listening to Jeremy Vine's interviews on BBC Radio 2 today there appeared a mix of sadness, anger and resign to whatever the outcome might be. TV News seems to overdo the drama with pictures of violent demonstrations on the streets in Nicosia. I trust things are a little peaceful for our many friends living over there, especially in Paphos and surrounding villages. As our own court case remains sub-judiciary I can't say or point fingers, but will hopefully be able to report back. If the banks really do crash then who knows what will happen! 
I hope through this forum it's possible to obtain a balanced view on what is occurring to give some reassurance to those ourselves included who dream of living in the 'Sunshine Isle'. Love and best wishes to all, my thoughts are very much with you for a satisfactory conclusion.
Chris


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## berni109 (May 28, 2010)

As you probably know by now first 100K now protected but anyone with over 100K in laiki has lost it (all over the 100K?) and if BOCyprus lost 30-50% above 100K.
Is this the start of recovery - i dont think so - it could be just the start of the begining of the end of the euro in cy.
I have been saying for over a year to get money out of cyprus - now i know why.
Things are going to be very tough here for anyone who needs to earn a living or borrow money. Hopefully it will hit the thieving/devious/duplisitous b*s*a*ds hardest but then thats just whisful thinking the ordinary law abiding citizens will take the brunt - as usual.
If you are lucky enought to receive a pension from the uk then other than a rising cost of living and the euro exchange rate things are much as they have always been.


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## Guest (Mar 25, 2013)

berni109 said:


> As you probably know by now first 100K now protected but anyone with over 100K in laiki has lost it (all over the 100K?) and if BOCyprus lost 30-50% above 100K.
> Is this the start of recovery - i dont think so - it could be just the start of the begining of the end of the euro in cy.
> I have been saying for over a year to get money out of cyprus - now i know why.
> Things are going to be very tough here for anyone who needs to earn a living or borrow money. Hopefully it will hit the thieving/devious/duplisitous b*s*a*ds hardest but then thats just whisful thinking the ordinary law abiding citizens will take the brunt - as usual.
> If you are lucky enought to receive a pension from the uk then other than a rising cost of living and the euro exchange rate things are much as they have always been.


Still, life has to, and will go on. Ofc people will be without work and some sompanies will go bust. But perhaps Cyprus will be stronger and back to basics on the other side.

About the banks, all good accounts + all under 100000 from Laiki will be transferred to BOC. So nothing is said that Laiki deposits over 100000 will be cut more then BOC

Anders


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## berni109 (May 28, 2010)

Laiki, or Cyprus Popular Bank, is to be closed. Its €4.2bn in deposits over €100,000 will be placed in a "bad bank" and could be wiped out entirely.

just one example of what i have been reading Anders. (OK dont believe all u read)

ps. how do i go about getting a 'german nationals' current account as a british expat in cyprus?
i like the idea of that - might as well be with the powerful ones calling the shots (if you'll excuse the expression)


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## Guest (Mar 25, 2013)

berni109 said:


> Laiki, or Cyprus Popular Bank, is to be closed. Its €4.2bn in deposits over €100,000 will be placed in a "bad bank" and could be wiped out entirely.
> 
> just one example of what i have been reading Anders. (OK dont believe all u read)
> 
> ...


Where have you read that? What say that all the deposits over 100000 should be placed in a bad bank? I just don't believe it.

What do you mean with German Nationals current account? There are many banks in Germany where you can open an account online without being a German national. Here is many banks that don't have any offices, only online bank

Anders


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## berni109 (May 28, 2010)

here is another for you. UK financial press quotes Telegraph Guardian plus others (but as i said before dont believe all you read). 

The country's second-largest bank, Laiki, will be dissolved immediately into a bad bank containing its uninsured deposits and toxic assets, with the guaranteed deposits - those under €100,000 - being transferred to the nation's biggest lender, Bank of Cyprus.

This is obviously all going to take a few days to become clear (these banks shut for another 2 days at least). I would expect something of this size to take 2-3 years to finalise.

ps. will do some research on german accounts - thanks.


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## Veronica (Apr 5, 2008)

Berni you are just telling us old news.
You havn't told us a single thing that we havn't all known since this morning


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## parkey (Oct 26, 2011)

"i just don't believe it". well you did not believe anything i said either Vegaanders infact you remind me of ( one foot in the grave)


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## Guest (Mar 25, 2013)

parkey said:


> "i just don't believe it". well you did not believe anything i said either Vegaanders infact you remind me of ( one foot in the grave)


I dont believe rumors that no one knows where they came from.
And I dont like insults either. I hope we can keep the discussion over your child level


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## virgil (May 3, 2012)

Vegaanders said:


> I dont believe rumors that no one knows where they came from.
> And I dont like insults either. I hope we can keep the discussion over your child level


Just English/British humour Anders, oh, and he forgot the


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## virgil (May 3, 2012)

This is all about saving the euro, not Cyprus - Telegraph


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## berni109 (May 28, 2010)

Veronica - i was not trying to post new news just answer the question asked with the priviso in my original post that 'as you probably already know by now'.
No sure from Anders posts that he had understood the severity of the situation - maybe i am a little too pesimistic about the final outcome for laiki customers with more than 100K. but appointing a high powered receiver and staff (for months and probably years) to oversee the winding up dont come cheap. I hope that my opinion on this (and that of various newspaper hacks) does not come to pass and that all those normal people who have saved for years recover something.


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## Guest (Mar 26, 2013)

berni109 said:


> Veronica - i was not trying to post new news just answer the question asked with the priviso in my original post that 'as you probably already know by now'.
> No sure from Anders posts that he had understood the severity of the situation - maybe i am a little too pesimistic about the final outcome for laiki customers with more than 100K. but appointing a high powered receiver and staff (for months and probably years) to oversee the winding up dont come cheap. I hope that my opinion on this (and that of various newspaper hacks) does not come to pass and that all those normal people who have saved for years recover something.


I have for sure understood the problem, but no one has said for sure that all money will be lost. It can be so but what I have read its estimated 30-60 %
Ofc this is very serious for all that loose money.

The main problem I have is to listen to all rumors flying around, one worse then the other. All have to wait and see what will happen

At the same time people with so much money in the bank should have somehow seen the signs long before. Laiki has got 9 billion Euro from ECB before to save it, that must send a strong signal to not put all eggs in the same basket. Because banks default, that happens. In US many banks has gone down. 

Anders


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## Veronica (Apr 5, 2008)

berni109 said:


> Veronica - i was not trying to post new news just answer the question asked with the priviso in my original post that 'as you probably already know by now'.
> No sure from Anders posts that he had understood the severity of the situation - maybe i am a little too pesimistic about the final outcome for laiki customers with more than 100K. but appointing a high powered receiver and staff (for months and probably years) to oversee the winding up dont come cheap. I hope that my opinion on this (and that of various newspaper hacks) does not come to pass and that all those normal people who have saved for years recover something.


The problem now is that no one really knows what effect this will have on the island and its people in the next few years. It is still very worrying.


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