Cyprus -Must pay money to deposit money in bank?

[Albeniz]

Was watching Channel 8 news. Today's stock market tumbled because of Cyprus's new policy.

 

Wait, did I hear wrongly? Instead of earning interest, you need to pay money to deposit money in the bank.

 

Looks like my great grandma's saving method is still the best - keep the money under the pillow.

 

 

[Lotr]

basically they are taking away 6 to 9.9 percent of bank deposits as condition for a bailout

[Nhyone]

It is a one-time levy to save the insolvent banks from bankruptcy.

 

Would you trust banks after this?

[Lala81]

it's theft on a national level.

How to trust the banks/people like that?

 

 

[Mockngbrd]

It is a one-time levy to save the insolvent banks from bankruptcy.

 

Would you trust banks after this?

i wouldn't even bother... keep in milo tin better.

[Watwheels]

The 6%-9.9% of the ppl's bank deposits is to be used for the exchange of 10billion euro bailout. It's the finance ministers of the eurozone who wanted this from their banks. Can imagine the country is totally broke, with nothing to use as leverage.

 

I feel that their bailouts are just dumping good money in a bottomless pit. How some of these European countries are going to get out of debt is anyone's guess. Italy dun even have a gahment.....LoL. Jialat man, Europe. I wonder whether this crisis will root out those weak countries. It's big fish eat small fish for the banks again.

[Mllcg]

The 6%-9.9% of the ppl's bank deposits is to be used for the exchange of 10billion euro bailout. It's the finance ministers of the eurozone who wanted this from their banks. Can imagine the country is totally broke, with nothing to use as leverage.

 

I feel that their bailouts are just dumping good money in a bottomless pit. How some of these European countries are going to get out of debt is anyone's guess. Italy dun even have a gahment.....LoL. Jialat man, Europe. I wonder whether this crisis will root out those weak countries. It's big fish eat small fish for the banks again.

 

write off all bad debts just this once.

 

start fresh

 

[Kusje]

write off all bad debts just this once.

 

start fresh

 

 

Split the bank's assets among its debtors.

[Aimnfire]

oh ok

what about compare to sg bank

deduct $2 every month if falls below certain amt

let say 1 million singaporean having below the required amt

thus kena $2 charge

the bank earn $2 million free money every month?

[The_Bear]

it's theft on a national level.

How to trust the banks/people like that?

 

Lease out the whole island for 99 years. It worked for Hong Kong.

[Mustank]

pay kee pay low hai, ang mo jiat kow sai

 

[Adrianli]

Lease out the whole island for 99 years. It worked for Hong Kong.

 

U been to their Consulate in SG before??? I've been to there and it was located in a warehouse!!!

 

https://plus.google.com/1087224420666035654...gl=sg&hl=en

 

 

 

But now located in CBD liao lah.

 

http://embassy.goabroad.com/embassies-in/singapore

[Mustank]

Lease out the whole island for 99 years. It worked for Hong Kong.

 

cannot like that say, these people may not have marnie but they are asset rich

to help them improve their lives, i propose the lease and buyback scheme

SG also got lease and buyback scheme mah you see:

 

 

[Boringchap]

They (Cyprus) are in a very bad shape with no end in sight.

 

http://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis

 

 

[Jamesc]

They (Cyprus) are in a very bad shape with no end in sight.

 

http://en.wikipedia.org/wiki/2012%E2%80%9313_Cypriot_financial_crisis

 

 

 

They spend too much money and Europe keeps

 

sending them more. What kind of crisis is that?

 

Its only a crisis when you spend a lot of money

 

and non one gives you any more.

 

[Wt_know]

Greece is joining Cyprus party soon .....