How to cause a run on the banks

[petergriffin]

So how do I make money on this?

Take your money out and short the banks. Soon coming to the UK, give it 6-12 months.

[MarillionFan]

So you're moving house in Cyprus, the money has just come in and the government locks your account and skims 10%. Ergo, no house move, chain collapses, house price crash in Cyprus, Russians lose lots of money, pull out of Greece, Greece collapses, Spain goes down, then Italy, then Portugal. France invades Portugal, Portugal fight back, Frances runs off to Denmark, San Marino beats Germany in the Football, Germany invades Italy, Cameron loses to Milliband, Milliband signs appeasement with Merkel, Scotland get independence, we invade Scotland, Ireland has a potato famine & they all fook off to America. WW3!

Mark my words, it's going to be DOOM!

[mudskipper]

Take your money out and short the banks. Soon coming to the UK, give it 6-12 months.

Shoebox under the bed. WIS

[KentPhilip]

So you're moving house in Cyprus, the money has just come in and the government locks your account and skims 10%. Ergo, no house move, chain collapses, house price crash in Cyprus, Russians lose lots of money, pull out of Greece, Greece collapses, Spain goes down, then Italy, then Portugal. France invades Portugal, Portugal fight back, Frances runs off to Denmark, San Marino beats Germany in the Football, Germany invades Italy, Cameron loses to Milliband, Milliband signs appeasement with Merkel, Scotland get independence, we invade Scotland, Ireland has a potato famine & they all fook off to America. WW3!

Mark my words, it's going to be DOOM!

[VectraMan]

Is this even illegal ? its almost equivalent to robbing in broad daylight. What about people with no savings ? Why are they not penalised.

It certainly is scary and I just hope does not happen here in UK.

See above, Re: printing money. Sorry, Quantative Easing.

So why is it Cyprus gets this, but the same didn't apply to Greece?

[centurian]

So you're moving house in Cyprus, the money has just come in and the government locks your account and skims 10%.

Even worse than that - the mortgage money comes into your account - you lose 10% of it, but still owe that 10% - and have to pay interest on that 10% for the next x years - and in some cases, the mortgage loan provider is government backed anyway

[suityou01]

Even worse than that - the mortgage money comes into your account - you lose 10% of it, but still owe that 10% - and have to pay interest on that 10% for the next x years - and in some cases, the mortgage loan provider is government backed anyway

How is this anything other than theft?

And they're a wee bit "rioty" in that part of the world.

[MarillionFan]

Frankly I blame Stavros Flatley.

[centurian]

How is this anything other than theft?

It's worse than theft - you might not have had any assets to begin, but are lumbered with a loan which you legally have to repay.

They had some chap on Sky News who claimed this happened to him with a student loan. The student loan system in Cyprus is a government scheme, much like the UK. So he borrowed £15K from the government, who paid the money into his account on Friday - and will now seize 6% of it, but he is still liable for the full amount, including interest - and now has to find the 6% from somewhere to pay the tuition fees.

[suityou01]

It's worse than theft - you might not have had any assets to begin, but are lumbered with a loan which you legally have to repay.

They had some chap on Sky News who claimed this happened to him with a student loan. The student loan system in Cyprus is a government scheme, much like the UK. So he borrowed £15K from the government, who paid the money into his account on Friday - and will now seize 6% of it, but he is still liable for the full amount, including interest - and now has to find the 6% from somewhere to pay the tuition fees.

I predict a riot.