Boy oh boy people will dig up dinosaur bones to try and compare.
Anyone that wants to believe we will muddle through it like back in the 30s is disillusioned.
So you are saying they can shut down the banks and it wont matter at all just like way back then...Sorry I don't agree simply because very little buying and selling was based on wire transfer of funds compared to now and most dealing was done on a local level.I have seen people leave their food stamp purchase in the store because the food stamp card system was down temporarily and the transaction wouldn't go through.So I wonder how that will work out if the banking system is down and the credit card systems are down since the majority of the people don't pay for their purchases in cash.
I think many people wont to live in denial as to how bad it may get and its easier and happier to just believe nothing can happen.
I hope it doesn't but logically its very possible.
#48 Mar 30, 2013
#49 Mar 31, 2013
'It's robbery!' New Cyprus bombshell as Britons are told they may lose EVERYTHING over £85k
Bank of Cyprus will see 37.5% of deposits over £85k converted into shares
Laiki Bank customers are also reported to be facing the loss of 80%
Experts say there is a good chance that shares will be worthless
British expats in Cyprus face a near-total wipe-out of any deposits over £85,000 as the full nightmare of the stricken islands EU bailout became clear yesterday.
Although it was known that the wealthiest savers would take a large hit from last weeks 10 billion (£8.5 billion) EU rescue deal, the loss is far greater than feared.
The blow will fall on customers of the country two biggest banks Bank of Cyprus and Laiki Bank
Bank of Cyprus savers will see 37.5 per cent of any deposits over 100,000 (£85,000) converted into shares in the bank, with a strong possibility that these will prove worthless. Another 40 per cent will be repaid only if the bank does well in future, while 22.5 per cent will go into a contingency fund that could be subject to further write-offs.
Laiki Bank customers are also reported to be facing the loss of 80 per cent of their deposits above the £85,000 limit.
#50 Mar 31, 2013
come get it, hope they got imagination.
#51 Mar 31, 2013
It's a good thing we bailed out our banks when we had the chance.
#52 Mar 31, 2013
just a delay.They in worse shape now than they were when we bailed them out.
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