Cyprus 60% haircut, about time too!

 Baz

'In your first post that started this of you said "I haven't been daft with my money"....Now you say you have lost more then 100k in lost deposits....Not deposit...But more then one.'

Correction, meant to say deposit + stage payements on ONE property only - my bad!

At the time I put down my deposit, Spain was flourishing and it wasn't daft to hope to retire in Spain - still isn't, but will be looking to rent instead of buy. My purchase fell through becuase nobody bought our UK house. There have virtually been no house sale in our part of grim north of UK for the last few years. Hope that explains my prediction better.

Being daft with your money means putting MORE than 100K into a bank when you know that it is risky. If you can afford to loose 60% of your money then fine, may be worth a punt. But most investors would be greatly afflicted by that level of loss and in that case you've been daft.

 Poppyseed

'Rymski, I think you'll find bad banking was going on  l-o-n-g  before 2008, but it was in 2008 that the s*h*t hit the fan.....If I had lost money in Cyprus I think I would probably now be in jail for attempted murder at least.'

You are right of course, banking has been rife with issues since whenever!! Just that after 2008 bad banking began to have worldwide consequences. 

rymski.  What about the family in the newspapers today who put all the proceeds of their house sale - about 200,000 euros - into the bank prior to transferring it to the UK and may have lost most of it?  Were they stupid?  Should they have asked for four separate cheques for 50,000 each to put into four different bank accounts?  Who, in the history of the world, has ever done that?  How could they possibly have known what was about to happen?  I'm really fed-up at the lack of empathy often demonstrated on this site and the suggestion that victims are responsible for the actions perpetrated against them.  How can what has happened to this family possibly be fair or the result of their stupidity in having over 100,000 in a bank account?

" Continued reward of bad practice will mean that bad practice will just continue. There is no reason for it to stop, is there!"

Absolutely agree, but surely punishing savers (or investors as you wish to call them) is hardly going to stop the bad practices of bankers and politicians who have brought us to this point? Somehow I doubt very much if any Cypriot politicians or bankers had any money in Laiki before this broke. Making the little guy (or even the not-so little but still ordinary guy) who in all innocence believed banks to be safe places to put your money the scapegoat and the one to pay the price for said bad practices, is only going to encourage more of the same. 

 Somehow I doubt very much if any Cypriot politicians or bankers had any money in Laiki before this broke.

Reported only last week that the top man in Cyprus told all his friends and fellow top dogs to remove all their funds from the banks....Told them 4 weeks before the fall out.