Cyprus agrees 20% tax on bank deposits - Sunday, March 24, 2013

Discussion in 'Markets & Economies' started by TeaPot&ChopSticks, Mar 24, 2013.

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  1. AgH20

    AgH20 New Member

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    Serious question: So is what we are witnessing with Cyprus the Black Swan event that is sailing its way to us even as we speak?
     
    AgH20, Mar 24, 2013
    #21
  2. southerncross

    southerncross Well-Known Member Silver Stacker

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    And is it incompetence or by design ?
     
    southerncross, Mar 24, 2013
    #22
  3. Midnight Man

    Midnight Man Member Silver Stacker

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    That is the big question, really. If this is actually by design, hold on to your hats folks, because we're about to get on a rollercoaster the likes of which hasn't been seen before!
     
    Midnight Man, Mar 24, 2013
    #23
  4. TheEnd

    TheEnd Well-Known Member

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    God help us then!
     
    TheEnd, Mar 24, 2013
    #24
  5. Clawhammer

    Clawhammer Well-Known Member Silver Stacker

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    From memory, Taleb defined a Black Swan event something along the lines of;

    "an event completely unforseen by anyone at the time, but in hindsight anyone could see the risks."

    So, Japan's Tsunami crisis would be classified as a black swan event. A 'tidal wave' combined with the country's nuclear power plants being situated right on the water line combined with a just-in-time inventory system... yadda yadda... everyone could see it was a recipe...but no one called it until after the fact..

    Whereas blind freddy could see (and had been warning of it) this european crisis coming for years...
     
    Clawhammer, Mar 24, 2013
    #25
  6. Holdfast

    Holdfast Well-Known Member Silver Stacker

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    It will be known as "The PIIGS" Bank Run!

    Even people in Australia are getting twitchy! :|

    It's a bluddy wake-up call for all bank depositors.

    Lets all hope for the best.

    [youtube]http://www.youtube.com/watch?v=OyEL3NJSHIk[/youtube]
     
    Holdfast, Mar 24, 2013
    #26
  7. goldpelican

    goldpelican Administrator Staff Member

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    So... what about accounts at Bank of Cyprus branches in Australia? There's a few in Melbourne.

    Are they going to touch deposits of Australian residents at these branches?
     
    goldpelican, Mar 24, 2013
    #27
  8. Pendragon

    Pendragon Well-Known Member Silver Stacker

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    You might find that bank branches of Cypress in Australia are branches of an Australian incorporated legal entity governed by Australian law not branches of the legal entity with the same name in Cyprus. Although two distinct legal entities the Australian entity might be affected by its commercial connection.
     
    Pendragon, Mar 24, 2013
    #28
  9. Contrarian

    Contrarian New Member

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    This just got waaaayyyyyy too close to home.

    Just bought some gold to calm the nerves.

    C
     
    Contrarian, Mar 24, 2013
    #29
  10. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    The Australian division was sold off to Bendigo a few years ago.

    They changed the name to Delphi but kept some of the Bank of Cyprus branding to keep the link with the local Cypriot community.
     
    Big A.D., Mar 24, 2013
    #30
  11. southerncross

    southerncross Well-Known Member Silver Stacker

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    Three Banks for the Elven Kings under the sky
    Seven for the Dwarf Lords in their Halls of Stone
    Nine for the Mortal Men doomed to die
    One for the Dark Lord on his dark throne
    In the Land of Mordor where shadows lie
    One Bank to rule them all
    One Bank to fund them
    One Bank to bring them all and in the darkness bind them
    In the Land of Mordor where shadows lie.
     
    southerncross, Mar 24, 2013
    #31
  12. TheEnd

    TheEnd Well-Known Member

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    TheEnd, Mar 25, 2013
    #32
  13. Jislizard

    Jislizard Well-Known Member Silver Stacker

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    Jislizard, Mar 25, 2013
    #33
  14. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    bordsilver, Mar 25, 2013
    #34
  15. willrocks

    willrocks Well-Known Member Silver Stacker

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    As long as it doesn't become a sub primula(daisy) trust. Where it's so secretive you take it all to the grave with you.
     
    willrocks, Mar 25, 2013
    #35
  16. SilverPhoenix

    SilverPhoenix New Member Silver Stacker

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    SilverPhoenix, Mar 25, 2013
    #36
  17. bordsilver

    bordsilver Well-Known Member Silver Stacker

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    Saw a couple of MSM news reports discussing the Cyprus situation tonight. They were like "it's all good a deal's been done" or "that sucks, but it's happening to a bunch of foreigners on a titchy island so she'll be right mate" type attitudes.

    Methinks only a small percentage who are open to the concept that all banks are insolvent will get a jolt and the rest will keep doing the same old thing and wait for their Obamaphone to come in the mail :(
     
    bordsilver, Mar 25, 2013
    #37
  18. spreadingtruth

    spreadingtruth New Member

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    spreadingtruth, Mar 31, 2013
    #38
  19. TheEnd

    TheEnd Well-Known Member

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    Is this all going to take effect asap? Maybe now there WILL be a bank run??
     
    TheEnd, Mar 31, 2013
    #39
  20. goldpelican

    goldpelican Administrator Staff Member

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    Enough of the spam! You don't need to repost your videos in every single thread related to Cyprus! PM warning sent.
     
    goldpelican, Mar 31, 2013
    #40
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