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 Cyprus bailout package secured

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Daryn
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PostSubject: Cyprus bailout package secured   Mon Mar 25, 2013 11:27 am

Dutch finance minister and chief of the eurogroup Jeroen Dijsselbloem after an emergency eurogroup meeting in Brussels (AP/Virginia Mayo)


Cyprus secured a 10 billion euro (£8.5 billion) package of rescue loans in tense negotiations, saving the country from a banking system collapse and bankruptcy.

"We've put an end to the uncertainty that has affected Cyprus and the euro area over the past week," said Jeroen Dijsselbloem, who chairs the meetings of the 17-nation eurozone's finance ministers.

In return for the bailout, Cyprus must drastically shrink its outsized banking sector, cut its budget, implement structural reforms and privatise state assets, he said.

More on this story HERE

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delboy
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PostSubject: Re: Cyprus bailout package secured   Mon Mar 25, 2013 12:58 pm

yes they are nicking 40% of savings from those that have more than 100,000 euro's

I predict a run on the banks tomorrow when they open, small saver's wont trust it will happen again and the big savers will move what they have left it away.
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DadsBarmy

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PostSubject: Re: Cyprus bailout package secured   Mon Mar 25, 2013 3:33 pm

But at least the Cypriot government are upfront about it, our government did it the sneaky way by quantitative easing (the new phrase for de-valuation) All our bank account deposits and cash have lost 12%, and I don't remember the British population making a scene about it
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delboy
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PostSubject: Re: Cyprus bailout package secured   Mon Mar 25, 2013 3:46 pm

well we are use to inflation where the government take out anything in the equation that rises and come up with a rock bottom figure to peg wage rises
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DadsBarmy

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PostSubject: Re: Cyprus bailout package secured   Mon Mar 25, 2013 4:38 pm

As Mark Twain said "Lies, damned lies, and statistics "
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Mick
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PostSubject: Re: Cyprus bailout package secured   Mon Mar 25, 2013 6:46 pm

The Russians & Germans are heavily involved, I heard on the Jeremy Vine Show today. With the German flag, being unceremoniously taken down from the German Embassy in Nicosia. eek

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