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“My bank account's got robbed by European Commission. Over 700k is lost.”

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Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#171

Post by argonaut »

icebraining wrote: post #143
argonaut wrote: post #141

Earlier quoted context omitted.

> You are not generalizing, you are just making this up. Calm down. Firstly, one number states that 30% of deposits are foreign owned [1]. Secondly, the accurate description of Shenglong's error would be "exaggerating." > Nope. It impacted Cyprus because it participated in the Greece bailout and lost 4.5 bil to the haircut that followed. You just attacked a straw man by quoting Shenglong out of context. [1] http://ww…

Foreign and Russian are a little different concepts.

Now that's just semantics. Give me a citation if you want to refute me.

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#172

Post by qdog »

cinquemb wrote: post #167
qdog wrote: post #166

Earlier quoted context omitted.

If you ever read The Wealth of Nations, it has a long history of the value of silver(commonly used for money at the time), and the effect new mines had on the value (overnight 1/3 value loss not unheard of). There is essentially nothing in the world guaranteed to hold or increase in value that we use or have ever used as money. If you are lucky enough to have money over the limit, at least in the US, you can open acc…

>I don't offer financial advice, but it certainly would seem that maintaining bank accounts above the insured limit in any of the countries you listed is very high risk at the moment. I'd agree, but i'd like to add that one would have to be fooling themselves if this high risk is anything but contained to the PIIGS or the EU. ex: Some british pension accounts were hit: http://www.telegraph.co.uk/news/worldnews/europe…

It would probably be beyond my abilities and knowledge to really write about the banking system fully.

I would note, even the US has a long list of banks on the endangered list: http://www.calculatedriskblog.com/2013/03/unofficial-problem...

Some big banks in the US seem immune at the moment, but the recent revelations about Chase losing billions while trying not to reveal it to regulators is just par for the course.

I personally trust the US government to back my small deposits far more than any bank. It's not because the US government is so good, it's because the banks are so bad.

To me, it appears that without IMF prodding and EU intervention, Cypress would eventually have had a banking collapse that would have wiped out 100% of all depositors. The general operation of banks when losing money seems to increase leverage to try and make up for the losses, instead of acknowledging losses.

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#173

Post by icebraining »

argonaut wrote: post #171
icebraining wrote: post #143

Earlier quoted context omitted.

Foreign and Russian are a little different concepts.

Now that's just semantics. Give me a citation if you want to refute me.

About 37% of deposits are owned by foreigners, according to Barclays, and nearly 60% of that belongs to Russians, numbers compiled by Danske Bank (...) indicate.

So, nearly 60% of 37% is about 22%, not 30%.

http://www.forbes.com/sites/afontevecchia/2013/03/18/eu-take...

Re: “My bank account's got robbed by European Commission. Over 700k is lost.”

#174

Post by Guthur »

Paradigma11 wrote: post #150
Guthur wrote: post #81

It amazes me how many people mention tax evasion, and other excuses for apportioning of liability. The liability should lie with the people who bought the Cypriot/Greek debt in the first place. They are the ones that in essence lent the money to these two tiny countries when it was obvious it was out of control and would blow up. But where is the incentive not too when the liability is offloaded to people who had no…

the cypriot banks bought the greece dept, that is the problem.

And the Greeks bought the Cypriot debt maybe; humour attempt.

This doesn't really change my assertions, the Cypriot debt holders should take the hit first, let the pain filter through the whole rotten trail.

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