Cyprus would seek EU bailout money 'if necessary


#266

Turkey may challenge Cypriot use of gas reserves in bailout - -> reuters.com/article/2013/03/ … AI20130321

Could gas save Cyprus? If only it were so simple - -> economist.com/news/finance-a … le-hot-air


#267

rte.ie/news/2013/0322/377848-cyprus-bailout/


#268

Since they only joined in 2008 they probably didn’t decommission all the printing gear. There was an article maybe linked to here from about two years ago the angle being the Bank of england was concerned at the rise in orders for Currency grade printing presses by other central banks.

If they do resort to their own currency next week I wish the people of Cyprus all the luck and providence in the world.


#269

There really is no such thing as a ’ currency grade printing press ’ currency can be printed on any large format printing press . Cyprus could print up a new currency in a couple of days .


#270

Shhhh… :frowning:

Currency Grade / Class / Large format… ya knew what I meant!

Industry standard machines that not too many people order… we’re not talking about your average desktop inkjet :smiley: . Commercial customers, industry … There would have bee a rise in the ordering of supplies.

There is a pin user who knew someone who worked in I think it was a London ro UK based supplier of currency printing materials and said there was a spike in supplies ordered form Ireland round the time they where panicked into making a contingency plan for exiting the euro down central bank way. So there is more than simple printing press required. Though I imagine you could fire out what you needed and then upgrade some time later the quality of the notes issued with said security features. Course most of this money is electronic. :astonished:


#271

The Guardian’s Liveblog has details on some of the capital controls included in the bill to be voted on today:

guardian.co.uk/business/2013 … ussia-vote


#272

Tell me when the waters break! :frowning:


#273

Cyprus doesnt even print its own euros. It gets the Dutch to do it.


#274

Uh oh…


#275

"The general principle about free movement of capital is defined in Art. 63 TFEU. This Article stipulates that “…all restrictions on the movement of capital between Member States and between Member States and third countries shall be prohibited.”

Surely all a person has to do is open a bank account in a country outside Cyprus and transfer their money out

IF not then the founding tenet of the EU - free movement of capital is now gone and EU legitimacy is gone too.


#276

Well, yeah, but what I don’t understand was that it was obvious that capital controls would have to be introduced with haircutting all depositors in the banking system (instead of just those in the failing banks). Surely if it was obvious to a troll in a cave in Tullamore, it would be obvious to the ECB, the Commission, the FinMins and all their assorted highly paid lackeys?


#277

In many ways similar to wind up of Anglo here governments and regulatory authorities and now the EU adopt a “needs must approach” to law - effectively there is no law where it is an inconvenience to the powers that be and they can suspend it or set it aside completely

consequences of that are quite frightening


#278

No, a similar thing here would be that depositors in all banks and credit unions took a haircut when Anglo was wound up. It is not just the setting aside of law; it is the setting aside of, eh, natural law if you like and all common sense. That is what is scary.


#279

Is it really member state capital controls, if a bank decides that it can’t meet the obligation of its withdrawals, and stops outgoing payments? Like I get that member states can’t impose capital controls, but is Cypress really imposing this? Surely its the banks themselves no? Admittedly with the help of Government, but they are stopping outgoing payments to anywhere, not just other member states. Edit - isn’t the problem that there isn’t anything to control?

Although there’s an interesting Der Spiegel article which mentions this

spiegel.de/international/eur … 90394.html

The same article also has a quote from Merkel, which is at odds to what we were allowed do with our pension reserve fund.


#280

All those Civics lessons aren’t worth a flyin’ fiddlers now or maybe this is the new civics lesson of the Euro :nin

I was re-reading the Automatics Earth 40 ways to lose your future last night it’s all starting to look rather prescient. When I read it initially a few years ago I dismissed it as doomer porn but now …


#281

Ireland:

Rule 40? - Check!

It’s an interesting read. The idea of resource was was apparent to me in my mid teens. It kind of haunted me a bit. The wars will be predicated greater ignorance which means they can be averted as nearly that entire list. Not saying those in the centre of the powers hub won’t do their damdest to check off all the points on that list be they aware of it’s existence or not! :confused:


#282

Reports of deal done.

fiatcurrency ‏@fiatcurrency

*GUINDOS SAYS CYPRUS ACCEPTED PLAN TO TAX GUARANTEED DEPOSITS"

Edit - this is interesting:


#283

Makes you think that finding oil or some other scarce natural resource now could be a curse rather than a blessing for future generations.


#284

Second proposal - what it entails to be put the floor @6pm GMT
Last one lasted 2 hours
Id expect some fiery scenes but MPs likely to be cowered but the events of the last week.

guardian.co.uk/business/2013 … ussia-vote


#285

I have decided to favour the newer thread this time so all Cyrpus discussion can continue there.

Please continue here >>> viewtopic.php?f=19&t=58266&p=692523#p692523