Bitcoin Forum
November 19, 2017, 02:50:17 PM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Europe considering Cyprus model for all european bank failures  (Read 1167 times)
Spaceman_Spiff
Legendary
*
Offline Offline

Activity: 1638


₪``Campaign Manager´´₪


View Profile
April 08, 2013, 05:42:25 PM
 #1

The title says it all: Olli Rehn apparently said he is considering the Cyprus template for all future bank failures in Europe (depositos above 100k euros contribute).
More fuel for the bitcoin rocket.

Didnt see another topic about this. If this is a double-post, I'll delete it.
1511103017
Hero Member
*
Offline Offline

Posts: 1511103017

View Profile Personal Message (Offline)

Ignore
1511103017
Reply with quote  #2

1511103017
Report to moderator
1511103017
Hero Member
*
Offline Offline

Posts: 1511103017

View Profile Personal Message (Offline)

Ignore
1511103017
Reply with quote  #2

1511103017
Report to moderator
Join ICO Now A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511103017
Hero Member
*
Offline Offline

Posts: 1511103017

View Profile Personal Message (Offline)

Ignore
1511103017
Reply with quote  #2

1511103017
Report to moderator
1511103017
Hero Member
*
Offline Offline

Posts: 1511103017

View Profile Personal Message (Offline)

Ignore
1511103017
Reply with quote  #2

1511103017
Report to moderator
1511103017
Hero Member
*
Offline Offline

Posts: 1511103017

View Profile Personal Message (Offline)

Ignore
1511103017
Reply with quote  #2

1511103017
Report to moderator
bb113
Hero Member
*****
Offline Offline

Activity: 728


View Profile
April 08, 2013, 05:54:16 PM
 #2

Why make a thread like this without a source?
n8rwJeTt8TrrLKPa55eU
Hero Member
*****
Offline Offline

Activity: 588



View Profile
April 08, 2013, 05:58:37 PM
 #3

Would indeed be very significant, if confirmed.  Any links?
Spaceman_Spiff
Legendary
*
Offline Offline

Activity: 1638


₪``Campaign Manager´´₪


View Profile
April 08, 2013, 06:10:18 PM
 #4

If you know dutch, belgian national television:
http://www.deredactie.be/cm/vrtnieuws/videozone/programmas/journaal/EP_130408_JO7?video=1.1598543

newspaper website:
http://www.standaard.be/artikel/detail.aspx?artikelid=DMF20130408_004

Google translation:
The plan of Commissioner Olli Rehn to bring savers to pay for the rescue of banks is not always warmly received. SP.A Chairman Bruno Tobback talks about an "absolutely dangerous piste, and economist Paul De Grauwe, the plan 'stupid'. Minister of Finance Geens sees the plan, however, sit, like merchant organization Unizo and Banking Federation Febelfin.

SP.A Chairman Bruno Tobback finds it "absolutely dangerous slope 'to the big savers to help pay for a bank rescue. "This is contrary to the relationship between the bank and the depositor," he stated in a comment. Tobback also find it worrying that Finance Minister Koen Geens (CD & V), the idea is not unwilling.

Tobback indicates that the depositor expects the bank invests money wisely and safely. That he should pay for the mistakes of the bank, the world upside down. The recent banking crisis, according to Bruno Tobback lessons drawn. It is the role of government to banking supervision and rules to work out correctly.

Tobback finds it worrying that Finance Minister Koen Geens logical thinks big savers help with the rescue of a bank. "The Minister of Finance should provide supervision so that no accidents happen," he says.

Minister of Finance Koen Geens (CD & V) does not exclude large savers are addressed as a bank in serious trouble. For taxpayers, it is indeed "unfair" to help pay 'for wrong choices that some depositors have made. "

He finds it "not unreasonable" that the big creditors of a bank would contribute after a possible failure.

Febelfin does not comment explicitly on the measure Rehn. Who wants savings of over 100,000 euros guaranteed by Europe partly be used to finance the rescue. But the industry is pleased that work is of a uniform guideline for all of Europe. "We want to contribute to a European solution", it sounds a reaction in the Radio 1 news.

Unizo chairman Karel Van Eetvelt goes one step further. He calls the proposals 'logical'. "There is a choice between consumers themselves a part of the risk pay, either the taxpayer to pay for it there." From Eetvelt believes that both in Belgium and in Europe there is only little support.

De Grauwe

Economist Paul De Grauwe is not to speak about the European plans. "Such a measure increases the probability of a banking crisis," said De Grauwe. "When individuals and companies remove their caps at their bank, the banks are in trouble. If you go so far that you punish savers and banks as the abyss send, send on the duration of the entire economy into the abyss. "

De Grauwe calls the statements Rehn 'contradictory'. Rehn referred to the Cyprus crisis since as 'exceptional'. "If Cyprus was a special case, then you no tax on savings deposits above 100,000 euros for the whole of Europe."

De Grauwe is unlikely that Europe is so late sending by Germany, which in the case of Cyprus refused to German taxpayers to pay for the bank malaise on the island.
nebulus
Hero Member
*****
Offline Offline

Activity: 490


... it only gets better...


View Profile
April 08, 2013, 06:13:53 PM
 #5

Doubtful it's going to happen across the board in all EU countries.

Spaceman_Spiff
Legendary
*
Offline Offline

Activity: 1638


₪``Campaign Manager´´₪


View Profile
April 08, 2013, 06:16:16 PM
 #6

Why make a thread like this without a source?

I figured news like this would be all over the place fast, couldn't find a decent english source.  You heard it here first guys  Wink

Equilux
Sr. Member
****
Offline Offline

Activity: 340


View Profile
April 08, 2013, 06:17:35 PM
 #7

The European Union is currently drafting a some law or regulation which states that depositors with sums of money over 100k on a bank that needed help would also need to chip in a certain amount.

There is currently a fair amount of criticism towards this plan.

antibanker
Newbie
*
Offline Offline

Activity: 14

jail all bankers!


View Profile
April 08, 2013, 06:26:09 PM
 #8


the state mafia is out to rob us blind!


REVOLT NOW!

END THE FED !
Spaceman_Spiff
Legendary
*
Offline Offline

Activity: 1638


₪``Campaign Manager´´₪


View Profile
April 08, 2013, 06:27:46 PM
 #9

No idea how it happened but states have got damn good at pushing up to the point of revolt without ever actually crossing it these days. Now the precedent's been set they've all seen free money.

Yeah, first you do it in a small place that is 'exceptional', aimed at 'evil russian money launderers'.
But every cypriot with a deposit has to pay, so there is protest.  Then you change it so the small depositors don't have to pay. Much better right?  Most people aren't affected, they are small savers and they live in a 'normal' country, so they don't care that much.  
Then, when people have somewhat gotten used to the idea of deposits getting taken, you expand the area.  If it was fair in Cyprus, it's fair in other places too...

All things considered, I actually don't think it is fair to put the burden on taxpayers with bailouts, but if I understand correctly, they skipped the bondholders in the bankruptcy laws, which is not cool, not the mention the fact that everybody 'in the know' gets to transfer their funds to safety before the shit hits the fan, and bank executives still get their big-ass bonusses....
caveden
Legendary
*
Offline Offline

Activity: 1106



View Profile
April 08, 2013, 06:31:37 PM
 #10

Doubtful it's going to happen across the board in all EU countries.

Cypriots likely used to think the same...

18rZYyWcafwD86xvLrfuxWG5xEMMWUtVkL
Lieutenant_Bob
Newbie
*
Offline Offline

Activity: 27



View Profile
April 08, 2013, 06:34:02 PM
 #11

I am appalled. And very exited for the future of BitCoin! 

Owner of www.bitcoin-global.com
nebulus
Hero Member
*****
Offline Offline

Activity: 490


... it only gets better...


View Profile
April 08, 2013, 06:35:11 PM
 #12

Doubtful it's going to happen across the board in all EU countries.

Cypriots likely used to think the same...

Cyprus has had money invested in Greece. Most of Europe does not.

Lieutenant_Bob
Newbie
*
Offline Offline

Activity: 27



View Profile
April 08, 2013, 06:39:44 PM
 #13

Cyprus has had money invested in Greece. Most of Europe does not.
[/quote]

http://www.leimonis.com/2011/05/mainholdersofgreekdebt/

France beg do differ!

Owner of www.bitcoin-global.com
zeroday
Donator
Hero Member
*
Offline Offline

Activity: 784


EU: Welcome to the world of financial slavery


View Profile
April 08, 2013, 06:40:46 PM
 #14

Doubtful it's going to happen across the board in all EU countries.

Cypriots likely used to think the same...

Cyprus has had money invested in Greece. Most of Europe does not.

You will never know where your European bank invested money in, until it collapses.
Just a month before I lost 700K in Cypriot bank, I was assured by officials that my money is safe and protected by law and constitution. I was so naive...


freespirit
Full Member
***
Offline Offline

Activity: 170


View Profile
April 08, 2013, 07:07:36 PM
 #15

http://www.businessinsider.com/olli-rehn-cyprus-depositors-2013-4
Quote
Big bank depositors could take a hit under planned European Union law if a bank fails, the EU's economic affairs chief Olli Rehn said on Saturday, but noted that Cyprus's bailout model was exceptional.

"Cyprus was a special case ... but the upcoming directive assumes that investor and depositor liability will be carried out in case of a bank restructuring or a wind-down," Rehn, the European Economic and Monetary Affairs Commissioner, said in a TV interview with Finland's national broadcaster YLE.
Operatr
Hero Member
*****
Offline Offline

Activity: 798


www.DonateMedia.org


View Profile WWW
April 08, 2013, 07:29:50 PM
 #16

It actually wont matter in the long run, or short run depending.

As soon as China finally bottoms out the commodities market is going with it that is primarily driving the EU's economy as China needs a lot of things to keep building structures for no reason that add nothing of value to their economy. Once it pops there will be massive unemployment, bank failures, businesses suddenly burning down, in addition to the massive reduction in the price of assets like metals and minerals across the entire world. Oh, and the massive housing bubble that is going on across several countries that make the US's 2008 debacle look like nothing, also due to China's fake economy driving it all in a car made of ridiculous debt. Once the material flow stops for these pointless megaprojects when the Yuan becomes worthless from increasing "slosh" bailouts, the EU is going to get absolutely hosed.

I don't think Cyprus could ever "borrow" enough money from its own customers to fix that problem when, not if, it happens. The Euro is about to get the shaft.

Get your money out now!




Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!