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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 10:54 am 
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Open Window wrote:
If they do resort to their own currency next week I wish the people of Cyprus all the luck and providence in the world.

There would be an element of cutting off their noses to spite their faces if they did that though, surely? I imagine it will cost them a lot more in both the long and short run. Not to mention that they can presumably say goodbye to all their Russian cash too as that finds a home in some other Euro country with lax regulation...


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 11:02 am 
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Open Window wrote:
Blindjustice BATONEFFECT wrote:
http://www.rte.ie/news/2013/0322/377848-cyprus-bailout/

Quote:
Meanwhile, former Cypriot finance minister Marios Mavrides said if a bailout package was not secured by Monday, he was afraid the country would go back to printing the Cypriot pound.

Speaking on RTÉ’s Late Debate last night, Mr Mavrides, said going back to the Cypriot pound would lead to deflation and a lowering of living standards.

He also said he thought the Cypriot Central Bank would have considered the move by now.


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.


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 .


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 11:06 am 
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Shhhh.... :(

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 :D . 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. :o

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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 11:39 am 
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The Guardian's Liveblog has details on some of the capital controls included in the bill to be voted on today:

Quote:
We now have details of the 'capital controls' which Cyprus intends to vote into law (sometime) today, thanks to star blogger @YiannisMouzakis:

It's a remarkable set of restrictions on the usual nuts and bolts of the financial system - particularly given the final point:

•Restrictions in daily withdrawals
•Ban on premature termination of time savings deposits
•Compulsory renewal of all time savings deposits upon maturity
•Conversion of current accounts to time deposits
•Ban or restrictions on non cash transactions
•Restrictions on use of debit, credit or prepaid debit cards
•Ban or restriction on cashing in checks
•Restrictions on domestic interbank transfers or transfers within the same bank
•Restrictions on the interactions/transactions of the public with credit institutions
•Restrictions on movements of capital, payments, transfers
Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safetyThe full bill is online here (in Greek)


http://www.guardian.co.uk/business/2013 ... ussia-vote


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 11:45 am 
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Tell me when the waters break! :(

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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 12:17 pm 
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everybody knows wrote:
Open Window wrote:
Blindjustice BATONEFFECT wrote:
http://www.rte.ie/news/2013/0322/377848-cyprus-bailout/

Quote:
Meanwhile, former Cypriot finance minister Marios Mavrides said if a bailout package was not secured by Monday, he was afraid the country would go back to printing the Cypriot pound.

Speaking on RTÉ’s Late Debate last night, Mr Mavrides, said going back to the Cypriot pound would lead to deflation and a lowering of living standards.

He also said he thought the Cypriot Central Bank would have considered the move by now.


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.


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 .


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

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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 12:25 pm 
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Uh oh...

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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 12:58 pm 
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"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.


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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 1:05 pm 
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Tyler wrote:
"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.

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?

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 Post subject: Re: Cyprus would seek EU bailout money 'if necessary
PostPosted: Fri Mar 22, 2013 1:16 pm 
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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


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