So much for Cyprus being a unique case.
#21
Posted 25 March 2013 - 12:08 PM
klh
#22
Posted 25 March 2013 - 12:52 PM
In about 30 minutes the President of Cyprus is due to address the Nation.
-tria
Tria
If you think there is something relevant to say
after that speech, I'd love to hear it.
Jack
#23
Posted 25 March 2013 - 12:55 PM
It's the equivalent of a Drone hit, collateral damage being the baker, butchers, hoteliers, all the small business... I thought we were the experts on that.
Semi, Tria - any info on how much the bond holders and shareholders have to pay first before they loot the accounts? IIRC they are not taking more than a 40% haircut? Ah, Argentina!
Sorry for my late answer, just noticed your question and I don't have all the details in any case.
From what I know:
The shareholders of the two major problematic Banks have seen their shares practically drop to zero.
Apparently there were only about 2 billion of Bonds issued and thus haircutting only the Bondholders could not solve the problem as the numbers did not add up. In any case, I suppose a total loss for them as well.
Initial estimates call for the big (more than 100K) depositors to suffer at least 30% levy.
-tria
In the world of 0 and 1: "austerity" is the right thing to SAY; "spent more, print more" is the right thing to DO.
"You miss 100% of the shots you don't take."
~ Wayne Gretzky
#24
Posted 25 March 2013 - 12:59 PM
In about 30 minutes the President of Cyprus is due to address the Nation.
-tria
Tria
If you think there is something relevant to say
after that speech, I'd love to hear it.
Jack
Haven't started yet, and do not know why or when he will finally address the Nation.
If something new/relevant will try to post.
In the world of 0 and 1: "austerity" is the right thing to SAY; "spent more, print more" is the right thing to DO.
"You miss 100% of the shots you don't take."
~ Wayne Gretzky
#25
Posted 25 March 2013 - 01:14 PM
#26
Posted 25 March 2013 - 01:16 PM
Haven't started yet, and do not know why or when he will finally address the Nation.
If something new/relevant will try to post.
He'll be begging Russians not to leave. Thats going to be the whole speech.
Without Russians Cyprus is done. Its going to be poverty and depression. Massive job losses and contracting economy as far as eye can see.
They should've left Euro and defaulted.
Edited by ogm, 25 March 2013 - 01:17 PM.
#27
Posted 25 March 2013 - 01:21 PM
Edited by ogm, 25 March 2013 - 01:22 PM.
#28
Posted 25 March 2013 - 01:26 PM
Agree with what they should have done but geopolitical issues such as having Turkey breathing down their neck made this option harder to take. Greece and Portugal should have left too.Haven't started yet, and do not know why or when he will finally address the Nation.
If something new/relevant will try to post.
He'll be begging Russians not to leave. Thats going to be the whole speech.
Without Russians Cyprus is done. Its going to be poverty and depression. Massive job losses and contracting economy as far as eye can see.
They should've left Euro and defaulted.
In the world of 0 and 1: "austerity" is the right thing to SAY; "spent more, print more" is the right thing to DO.
"You miss 100% of the shots you don't take."
~ Wayne Gretzky
#29
Posted 25 March 2013 - 01:28 PM
Edited by Data, 25 March 2013 - 01:29 PM.
#30
Posted 25 March 2013 - 02:28 PM
The shareholders of the two major problematic Banks have seen their shares practically drop to zero.
-tria
Thanks for the answer tria - I thought there was more money in the til - oh well....
klh