RE: Cyprus: The EU blueprint for bank failures?

RE: Cyprus: The EU blueprint for bank failures? (Full Version)

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Politesub53 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 3:32:28 AM)
quote: ORIGINAL: Phydeaux Pretty much have to say that it really looks as if the EU zone will be going the route of cyprus. Britain has been loudly opposed, but is pretty much backed into a corner. As I keep saying, only the Eurozone Countries are affected by this, but it is still only a draft proposal. It is also worth bearing in mind they are trying to find ways to protect the taxpayer from bailing the banks out.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 3:46:10 AM)
quote: ORIGINAL: Politesub53 quote: ORIGINAL: Phydeaux Pretty much have to say that it really looks as if the EU zone will be going the route of cyprus. Britain has been loudly opposed, but is pretty much backed into a corner. As I keep saying, only the Eurozone Countries are affected by this, but it is still only a draft proposal. Wrong, yet again - quote: Greg Clark, the financial secretary to the Treasury, declared that Britain was happy with the new rules after securing concessions allowing governments flexibility on how to tailor bank “resolution” to national circumstances and existing British arrangements on banking levies. “Tonight’s agreement on the Bank Resolution and Recovery Directive is a major step forward. Our priority all along has been to agree resolution tools that work in practice and I am pleased to say that the rules of the game have now changed gone are the days when European taxpayers will be forced to bail-out a failing bank,” he said. “The agreement represents a big success for the UK.” EU makes bank creditors bear losses as Cyprus bail-in becomes blue-print for rescues You really ought to read things posted in your news occasionally, especially when they quote your fellow Torys.

Politesub53 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 6:00:21 AM)
Selective quoting doesnt make you correct. "Greg Clark, the financial secretary to the Treasury, declared that Britain was happy with the new rules after securing concessions allowing governments flexibility on how to tailor bank “resolution” to national circumstances and existing British arrangements on banking levies." And like I have said all along, this is all conjecture until it passes through Parliament. If you had done something you accused me of not doing, and read the link, you would spot depositors with less than £85,000 (100k in Euros) would be exempt.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 7:06:51 AM)
So you think the ineptocracy and the slugs in your Tory run parliament are going to oppose the new EU rules they are "happy with?"

tj444 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 7:08:26 AM)
quote: ORIGINAL: Politesub53 you would spot depositors with less than £85,000 (100k in Euros) would be exempt. I find it sorta interesting that originally Cypress was gonna take everyones money, so that would have made their deposit insurance nothing but a lie and a scam.. Now of course, its anyone that has more than the deposit insurance maximum... The fact that they were planning to do that in the first place (until the uproar & near riots) makes me leary of every country's banking system.. given that banks pay virtually no interest, money is probably safer hidden inside one's mattress.. at least that way you deny the bank profit from using your money to lend out..

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 7:23:19 AM)
Never mind that small and medium businesses, local governments, pension funds, etc. would all be subject to this "haircut" on their funds. When one of the pension funds in the United Kingdom, or one of the local councils, or a NHS trust gets their operating budget frozen and then "taxed" and "converted" to "bank equity" in the new "toxic bank" and pennies on the pound, the Tory will be singing how the "taxpayer" hasn't spent a dime.

Politesub53 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 10:52:37 AM)
quote: ORIGINAL: YN So you think the ineptocracy and the slugs in your Tory run parliament are going to oppose the new EU rules they are "happy with?" I dont think Cameron will win the next election, so your question is hardly relevant. Like i said, over and over, nothing is done and dusted.

Politesub53 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 10:54:32 AM)
quote: ORIGINAL: YN Never mind that small and medium businesses, local governments, pension funds, etc. would all be subject to this "haircut" on their funds. When one of the pension funds in the United Kingdom, or one of the local councils, or a NHS trust gets their operating budget frozen and then "taxed" and "converted" to "bank equity" in the new "toxic bank" and pennies on the pound, the Tory will be singing how the "taxpayer" hasn't spent a dime. You have no clue what I will be singing about, but nice try with the name calling again.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 11:16:40 AM)
quote: ORIGINAL: Politesub53 quote: ORIGINAL: YN Never mind that small and medium businesses, local governments, pension funds, etc. would all be subject to this "haircut" on their funds. When one of the pension funds in the United Kingdom, or one of the local councils, or a NHS trust gets their operating budget frozen and then "taxed" and "converted" to "bank equity" in the new "toxic bank" and pennies on the pound, the Tory will be singing how the "taxpayer" hasn't spent a dime. You have no clue what I will be singing about, but nice try with the name calling again. Certainly something both Tory and wrong. And you will certainly be voting Tory if Cameron is deposed by his party or not. Unless a new party representing "High Torys" and other revisionistic reactionaries is formed in the United Kingdom.

Wendel27 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 12:09:20 PM)
I don't know why you're being so intractably hostile to Polite Sub YN. What he's saying is nothing more than what is in the links that you yourself have provided. I'd also be interested to know what other options are available. If it's a choice between no money [if a bank is bankrupted] or taking a cut from people with over a certain amount of savings the choice seems clear. What alternative are you positing? As for your venom towards Conservatives it seems misplaced, unless you reserve such ire for both Labour and the Liberal Democrats.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 12:22:29 PM)
From all appearances there is little differences twixt any of your parties. and the lot are disparaged as LIB/LAB/CONs even in England. But since you obviously have not bothered to "read the dicta" here to date, you will see your own claims differ from what I have said so far. For instance I stated I would nationalize the failing bank and jail the bankers. And that Labour are "reactionary fascists" And is there some rule requiring I think highly of foul mouthed reactionaries, whom other posters refer to as the "ankle-biter" of CM?

Wendel27 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 12:29:19 PM)
Again bewilderingly hostile. There's a great deal of difference between the parties though not to the extent there once was. There's no difference in moral value though and it seemed you were singling out Conservatives for contempt which is highly unfair. Apparently though that is not your position. What claims have I made? You would nationalise a failing bank and jail the bankers. I can see plenty of pitfalls under such a scheme as well. The truth is that there is no comprehensive answer in such situations and no solutions without risk and hardship. You must recognise that simply nationalising failing institutions and jailing their employees is hardly flawless? No no rule...but then I didn't imply there was one.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 12:35:12 PM)
Passing the cost off to theuninsured depositors, many of who are likely, especially in the EU and the UK, to be governmental entities, pension and insurance funds or businesses isn't likely to be a good solution either. So the public is going to pay in any case, why not pit some of the pain on those responsible? You confiscate guns from gangsters and automobiles from drunken drivers, why not seize failed banks from those allowing them to fail and punishing those responsible in a similar manner?

Wendel27 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 12:42:11 PM)
I'm not suggesting the former is an option without pain and serious problems either. I'm only making the point that in such circumstances there are no easy options. At least there are certainly none that I know, or can think of. Becasue guns and automobiles are too simplistic an analogy. Certainly deliberate malpractice or indeed any illegal activity shgould be punished but that is quite a different proposition to simply nationalising failing banks and jailing the bankers.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 12:43:30 PM)
Punishing the responsible bankers seems to work for the Chinese.

Real0ne -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 1:47:17 PM)
the problem is that the government and banksters sleep together. we get people from the treasury and fed res literally exchanging jobs between them. If the banks lose so does the corrupt government who is also skimming. this whole institutionalized worldwide monetary system is a HUGE scam. what should be done is to bust that monopoly wide open and open it up to competition, and if not that, money should never be "lent" into circulation. If liquidity starts to dry, then they should on a certain day dump so much in and the whole world can re-valuate everything at the SAME time, not milk it in and skim it all the way. There is so fucking much fraud in the monetary system there is no place for refuge and rest assured the people will always get fucked because its birthright is corruption. untiol that is cleaned up NO system will work.

Politesub53 -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 3:47:47 PM)
quote: ORIGINAL: YN From all appearances there is little differences twixt any of your parties. and the lot are disparaged as LIB/LAB/CONs even in England. But since you obviously have not bothered to "read the dicta" here to date, you will see your own claims differ from what I have said so far. For instance I stated I would nationalize the failing bank and jail the bankers. And that Labour are "reactionary fascists" And is there some rule requiring I think highly of foul mouthed reactionaries, whom other posters refer to as the "ankle-biter" of CM? No rules about thinking anything. I think you are a pratt. Love the foul mouthed remark, it seem that you are suggesting being rude but polite is okay but foulmouthed is somehow wrong....... laughable stuff Others are starting to spot your spurious links for what they are.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 7:48:01 PM)
I think you represent the intellectual and social elite of England, and speak directly for your monarch.

YN -> RE: Cyprus: The EU blueprint for bank failures? (6/27/2013 7:53:36 PM)
quote: ORIGINAL: Real0ne the problem is that the government and banksters sleep together. we get people from the treasury and fed res literally exchanging jobs between them. If the banks lose so does the corrupt government who is also skimming. this whole institutionalized worldwide monetary system is a HUGE scam. what should be done is to bust that monopoly wide open and open it up to competition, and if not that, money should never be "lent" into circulation. If liquidity starts to dry, then they should on a certain day dump so much in and the whole world can re-valuate everything at the SAME time, not milk it in and skim it all the way. There is so fucking much fraud in the monetary system there is no place for refuge and rest assured the people will always get fucked because its birthright is corruption. untiol that is cleaned up NO system will work. Reform is the ultimate answer, but short of a revolution that is not apt to occur in Europe. As for the United States, it might go far enough off the road that some reforms are taken before it reaches that point, but who knows. S&P claims they are ready to take a bunch of EU/UK banks down some notches (one or two typically) as a result of this new set of rules.

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