After Cyprus Bailout, a Run on ATMs

Mar 16, 2013 Full story: thestreet.com 19

Nervous depositors in Cyprus rushed to ATM machines on Saturday to drain their accounts following a bailout agreement with international creditors that includes a levy on all the country's bank accounts.

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Ursula Menelaou

Limassol, Cyprus

#1 Mar 16, 2013
I feel total shock and disgust regarding to take money from people savings ,to sort out the huge mess and debts the AKEL goverment got Cyprus into. They took over a perfectly healthy island and managed to run it into the ground in no time and most properly their bank accounts are full to the brim!!!! Iam sure if every minister of AKEL would put some of THEIR ( actually the islands money) for paying the debts they have created, half of the money would be paid . So instead it's the NORMAL people of Cyprus,who have been struggling to make ends meet, such as every day food prices,petrol, electricity ect are forced to give money to the goverment from their hard earned savings. I keep hearing that Cypriots are blaming the EU and Germany for all this,how short sighted can you be? The EU neither Germany created this MESS , AKEL did it all by themselves, shame on them! Also before last nights EU meeting, already our goverment knew the decision of what was to come today and in my eyes have tricked all the Cyprus people, so as usual the people are left to shovel big heap of filth and do the cleaning! How many parents have saved their money to put their children through university and now those kids are left in the lurch. Thx AKEL for screwing up a whole beautyfull island and put a heavy burden on it's nation but if there is a God out there, I sincerely hope and pray that he will deal with you. As an old English saying goes: What comes around , goes around
abc

United States

#2 Mar 16, 2013
Greeks and Cypriots have become EU's new gypsies.
Dont Cry

Enfield, UK

#3 Mar 17, 2013
Ursula Menelaou wrote:
I feel total shock and disgust regarding to take money from people savings ,to sort out the huge mess and debts the AKEL goverment got Cyprus into. They took over a perfectly healthy island and managed to run it into the ground in no time and most properly their bank accounts are full to the brim!!!! Iam sure if every minister of AKEL would put some of THEIR ( actually the islands money) for paying the debts they have created, half of the money would be paid . So instead it's the NORMAL people of Cyprus,who have been struggling to make ends meet, such as every day food prices,petrol, electricity ect are forced to give money to the goverment from their hard earned savings. I keep hearing that Cypriots are blaming the EU and Germany for all this,how short sighted can you be? The EU neither Germany created this MESS , AKEL did it all by themselves, shame on them! Also before last nights EU meeting, already our goverment knew the decision of what was to come today and in my eyes have tricked all the Cyprus people, so as usual the people are left to shovel big heap of filth and do the cleaning! How many parents have saved their money to put their children through university and now those kids are left in the lurch. Thx AKEL for screwing up a whole beautyfull island and put a heavy burden on it's nation but if there is a God out there, I sincerely hope and pray that he will deal with you. As an old English saying goes: What comes around , goes around
They should have paid their taxes.
Themistocles

Brisbane, Australia

#4 Mar 17, 2013
Dont Cry wrote:
<quoted text>
They should have paid their taxes.
yes, sob sob
John

Cyprus

#5 Mar 17, 2013
To any Spanish and Italian people reading this:

TAKE YOUR MONEY from the banks. What happens to Cyprus today it will happned to you.

Cyprus is just a laboratory for the rest of EU problems. It is the first country in EU that the savings are penalised.
Friendly Turk

Istanbul, Turkey

#6 Mar 17, 2013
Ha ha ha ha :)

Good move by GC leaders.

I feel no pity for GCs who lost their money, it is all their own doing. Spend, spend, spend, elect idiot politicians, waste billions only out of vengeance to fight off against Turkey, a giant which is not your match.

It is also a good lesson for Russians who d business with Greeks. They have learnt once again that Greeks, their orthodox brothers, are crooks, never to bee relied upon. Do busness with TRNC and Turkey instead, Turks are always true to their word.
Paul uk

Cyprus

#7 Mar 17, 2013
Friendly Turk wrote:
Ha ha ha ha :)
Good move by GC leaders.
I feel no pity for GCs who lost their money, it is all their own doing. Spend, spend, spend, elect idiot politicians, waste billions only out of vengeance to fight off against Turkey, a giant which is not your match.
It is also a good lesson for Russians who d business with Greeks. They have learnt once again that Greeks, their orthodox brothers, are crooks, never to bee relied upon. Do busness with TRNC and Turkey instead, Turks are always true to their word.
friendly turk your a knob!!!!!!!
john

Bartlett, IL

#9 Mar 18, 2013
Ursula Menelaou wrote:
I feel total shock and disgust regarding to take money from people savings ,to sort out the huge mess and debts the AKEL goverment got Cyprus into. They took over a perfectly healthy island and managed to run it into the ground in no time and most properly their bank accounts are full to the brim!!!! Iam sure if every minister of AKEL would put some of THEIR ( actually the islands money) for paying the debts they have created, half of the money would be paid . So instead it's the NORMAL people of Cyprus,who have been struggling to make ends meet, such as every day food prices,petrol, electricity ect are forced to give money to the goverment from their hard earned savings. I keep hearing that Cypriots are blaming the EU and Germany for all this,how short sighted can you be? The EU neither Germany created this MESS , AKEL did it all by themselves, shame on them! Also before last nights EU meeting, already our goverment knew the decision of what was to come today and in my eyes have tricked all the Cyprus people, so as usual the people are left to shovel big heap of filth and do the cleaning! How many parents have saved their money to put their children through university and now those kids are left in the lurch. Thx AKEL for screwing up a whole beautyfull island and put a heavy burden on it's nation but if there is a God out there, I sincerely hope and pray that he will deal with you. As an old English saying goes: What comes around , goes around
I agree that it is unfair to the innocent, decent Cypriots who pay their taxes and follow the law but in a country where people have preferencial treatment depending on their connections, in a country where people are more loyal to their politcal party more than the good of the country and in a country that is haven to money laundering, it is expected that the side affects of corruption victimize the innocent.

I doubt that the 6.75 goes through because it was just included temporarely to show that the target is not just Russian investors. They will come back with a compromise in that respect. The lessons that i hope Cypriots learned from this is that elections are not a joke and our choices should represent our interests and the interests and welfare of the country. Most of Cyprus politicians are incompetent, old fools, narrow minded and with big egos. They serve themselves and nobody else. They are the true enemy of Cyprus and one would think that people would recognize their personal agendas by now. They use Turkey as the scapegoat for their failures and preach hatred and regression.

Cypriots, like the Greeks from Greece tolerated corruption as long as they also benefitted from it. They became blind to what the outside world saw. Now Greece has refused to paid Cyprus for the money it loaned it and Russia is also ignoring the Cypriots need and sees opportunity. Russia doesn't feel sorry for its wealthy Russians who invested their money outside the country.

Cyprus crisis is Cypriot made and blaming Germany and others is counterproductive. Beggars can't be choosers and Cypriot should have learned from Greece, Portugal and others. Ignorance is not an excuse. Looking the other way and pretending you are above the law is criminal. Make the Church pay its dues to help out and rebuild the island's reputation with honest, constructive ways. Open prisons and throw in all corrupt individuals and enforce the laws to scare future violators. Start by investigating how many high profile politicians have already transfered their money overseas to avoid paying the tax
Greek Gypsies

Barrow, UK

#10 Mar 18, 2013
abc wrote:
Greeks and Cypriots have become EU's new gypsies.
I thought Romania and Bulgaria Had A Gypsie Problem
Say Hello To the ' First class Gypsies 'off the European Union .......... The Greeks
Joe

Surrey, Canada

#11 Mar 18, 2013
In general, I have found greek cypriots to be very selfish and greedy people. All this talk about such a friendly island is bull. The people are getting what they deserve, and I think the tax should be 30-40% to teach them a lesson about life. When you give you receive, and because the general population of Greek cypriots do not give with their heart, it is coming back on them which is what is deserved.
greek

Union, NJ

#12 Mar 18, 2013
Friendly Turk wrote:
Ha ha ha ha :)
Good move by GC leaders.
I feel no pity for GCs who lost their money, it is all their own doing. Spend, spend, spend, elect idiot politicians, waste billions only out of vengeance to fight off against Turkey, a giant which is not your match.
It is also a good lesson for Russians who d business with Greeks. They have learnt once again that Greeks, their orthodox brothers, are crooks, never to bee relied upon. Do busness with TRNC and Turkey instead, Turks are always true to their word.
Turks are true to their word my ass.Look at all the treaties you ignore even as you sign
YOU GOT TO BE KIDDING
Kantara2009

Turkey

#15 Mar 18, 2013
Guy wrote:
<quoted text>Trouble is Joe that it's the Innocents that suffer, How many politicians have transferred their vast funds out , whilst the common man has trouble withdrawing a meagre 50 Euros from the ATM's. Have you spent ANY time in Cyprus?
...stop procrastinating gay Guy,stick to Geriophile
No levy evasion allowed

Toronto, Canada

#16 Mar 18, 2013
http://www.guardian.co.uk/world/2013/mar/16/c...

"Cyprus will take immediate steps to prevent electronic money transfers over the weekend."

Rumour has it that the Cyprus banks are not allowing withdrawal of all funds. The amount that would be payed to the levy is being withheld! Is this true??
ipso fucto

Pittsburgh, PA

#17 Mar 18, 2013
thats one of the problems with the western model of SOCIOCAPITOINANCIO. when government blows ALL, YESTERDAYS, TOMORROWS AND A FEW DECADES HENCE TAXES...,YOUR WALLET IS next ON THE MENU. i just wonder if it will be "MEANS TESTED". some time ago on topix some one mentioned DIRECT DEPOSIT might be the precursor of DIRECT WITHDRAW.and sure enought ." E-TAXATION IS HERE".
cyprus girl

UK

#20 Mar 19, 2013
"I agree that it is unfair to the innocent, decent Cypriots who pay their taxes and follow the law but in a country where people have preferencial treatment depending on their connections, in a country where people are more loyal to their politcal party more than the good of the country and in a country that is haven to money laundering, it is expected that the side affects of corruption victimize the innocent"

Soooo true and this is the real problem in Cyprus. You reap what you sow!
sociocapitofinan cio

West Mifflin, PA

#22 Mar 19, 2013
whats the differance between "DIRECT DEPOSIT" AND "DIRECT WITHDRAWAL". its the fine line between what goes in and what comes out..also referred to as the, "TAINT".....as defined in the urban dictionary..
Kantara2009

Turkey

#23 Mar 19, 2013
sociocapitofinancio wrote:
whats the differance between "DIRECT DEPOSIT" AND "DIRECT WITHDRAWAL". its the fine line between what goes in and what comes out..also referred to as the, "TAINT".....as defined in the urban dictionary..
......For most people what goes in is their monthly salary , via their employer ,if it can't come out that theft and misery in the dictionary of reality!
GUZSMANN

Vandergrift, PA

#24 Mar 24, 2013
TAINT ASSET, TAINT ?????
GUZSMANN

Vandergrift, PA

#25 Mar 24, 2013
i have a feeling that the federal reserve, has a hand in every federal bank , SAVINGS account in the country, and god knows what else,,and uses it , IF THERE WAS EVER A bank RUN IN THIS COUNTRY, IT WOULD SPELL "TOTAL DISASTER". et tu

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