(ntb fails to answer the question)
Savers to lose money in EU bailout
- Thread starter onecog
- Start date
(ntb fails to answer the question)
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What is your point JohnD?
If you, as an account holder didn't know who was taking it or why, would you consider it any less than theft?
But if you asked me the question, I would have to say the Cypriot government, they are the ones shutting down the banks to prevent people pulling their money out, they will be the ones collecting this tax.
If you, as an account holder didn't know who was taking it or why, would you consider it any less than theft?
But if you asked me the question, I would have to say the Cypriot government, they are the ones shutting down the banks to prevent people pulling their money out, they will be the ones collecting this tax.
They are the people who created a broken system in the first place. They are the people who made a half-assed attempt at merging europe economically by centralising the organisation with the authority to "print" money but not centralising the organisation with the responsibility for protecting deposits.
If I had deposits in a bankrupt bank, which was unable to repay its depositors, I would know that I was at risk of losing some or all of the money I had deposited. If I had the advantage of a depositors protection scheme which was willing and able to compensate me in part or in whole for my loss, then I would have received an advantage.
In the same way that if my house burned down, whether it was my fault or not, I would have lost my home unless I had insurance or some other scheme to compensate me for my loss. If I had shares in a company, and it went bankrupt, I could expect to lose some or all of my investment.
Banks have gone bust before. Depositors compensation schemes are relatively new.
There is an alternative to letting the EU and others rescue the failing Cypriot banks by shovelling billions in. They can be allowed to go collapse. Apart from Norcon, does anyone think that would be better?
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Because Iceland was never liable for the debt in the first place, no interest was payable...
Which bit of that don't you understand 'soft in the head'...
(this reality lesson also applies to your dipstick 'cousin' JD...lol)
Btw Dipstick Cousin/JD...'Icelanders' didn't repay the debt - the banks did!
No-one has lost their life savings, so you are talking ourt of the same A*rs*e as your cousin A*rs*e...
Just to clarify what you think you are saying, are you telling us that Iceland never had a depositors protection scheme?
I know what i'm saying is true - you just don't seem to understand the legal position!
So to reiterate for you numpties...
But they are paying up anyway...
Not bad for a nation of terrorists...
The answer is obvious from what I wrote. The dumbed down version is that the ECB has pressured the Cypriot government to steal from depositors and give it to the the shareholders and bondholders.
I think you need to dumb it down even further for JD to understand....
Maybe so. I'm probably going to have to explain that it's an indirect flow of money rather than Euros passing through grubby hands...
so if a bank becomes insolvent, and an outside body pumps billions into it, so that depositors receive more than 93% of the money they previously held, what makes you think that the remaining 6.75% of the lost money is being stolen by the government?
the money isn't there. The government isn't stealing it. The EU and other bodies are pumping money in. They're not stealing it either.
The money isn't there because the bank is insolvent.
What makes you imagine that the money is being given to shareholders?
the money isn't there. The government isn't stealing it. The EU and other bodies are pumping money in. They're not stealing it either.
The money isn't there because the bank is insolvent.
What makes you imagine that the money is being given to shareholders?
Poor old ellal refuses to give an honest answer.
Note that I said "never"
We all know they subsequently reneged.
Note that I said "never"
We all know they subsequently reneged.
As to myself ellal, I said we got screwed, you have yet to disprove that statement, only prove it was done legally.
We haven't had the money back, we won't be paid interest.
Seems pretty screwed to me.
Except they are not paying up.
http://www.cityam.com/article/iceland-let-2bn-debt-uk
I'm the only one giving honest answers, and also not skewing quotes...
Iceland didn't owe the money - the private banks did...
The assets of thoose banks are paying off that debt, and no-one will be out of pocket...
Sadly you are too thick to understand the reality of the situation...
We have got 95% of the money back even though Iceland has been proved in law not to be liable...
So how do you propose we (aka the government) can claim interest on money we are not actually entitled to?...
You and your hick cousin really need to acquaint yourselves with the reality of the situation instead of beating your collective chests...
But do carry on digging yourselves in ever deeper as a dreary evening always needs a laugh...
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