Quote:
Originally Posted by panicos81
lots of disruption.. things are extremely unstable and me (as abank employee) may lose my job in the next weeks..
the 10% cut on our savings is nothing. to be honest most cypriots would give that if requested to save our country. the problem is afterwards because foreign investors will not invest here anymore. if this happens the economy will collapse.
although i have very little trust on our president, i still believe in our parliament, and i hope they will vote No tomorrow.
this whole situation is created by Germany to make Russian investors to leave Cyprus and later on have the upper hand in the oil and gas reserves we recently found.
there are other ways to deal with this situation, the icelandic model being one of them. we will see..
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I wouldn't be so quick to blame Germany, at least not for the mess that the Cypriot banks got themselves into. I'd be more inclined to blame the Russians, although they don't run the banks either. In the end, it's your own bankers who should have known better than to allow the banks to get so big and then to make matters worse by investing in Greek bonds. Like bankers everywhere, the quick buck was more important to them than long term goals. Episodes like this make me wonder how anyone can think we need
less regulation in banking.
And I'm not beating up on Cypriot banks alone, either. Plenty of financial organizations in the US have suffered due to greed and short-sightedness. We didn't get taxed on deposits, but my retirement accounts sure took a beating in 2008.