Not A Member Yet? See All The Features Of The Forum By Clicking Here To Register For FREE! Or Members Login Below:

Cyprus Eastern Forum Index Cyprus Eastern Forum Index
Offering Free Help, Advice, Tips & Support for those buying or living in:
Paralimni - Protaras - Pernera - Kapparis - Agia Napa - Larnaca - Oroklini - Pervolia - Kiti - Xylofagou
Vrysoulles - Frenaros - Dherynia - Sotira - Agia Thekla - Liopetri - Ormidia & surrounding areas...

 
Main Homepage Cyprus Eastern Forum Index Register Directory Memberlist Search

  Ads By Forum Sponsors

    
Cyprus Eastern Forum Index » General » Just 6 cents on the euro for Laiki haircut victims
Post new topic  Reply to topic   View previous topic : View next topic 
Just 6 cents on the euro for Laiki haircut victims 
Post: #1   PostPosted: Tue Aug 13, 2019 4:26 am Reply with quote
Steve - SJD
Site Admin
Site Admin
Joined: 16 Jul 2005
Posts: 25007
Pictures: 55

 
Just 6 cents on the euro for Laiki haircut victims

Six years on from the demise of legacy Laiki Bank, its uninsured depositors
can expect to get about 6 cents on the euro for their savings used to bail in
the lender during the March 2013 financial meltdown.

Kleovoulos Alexandrou, the special administrator appointed for Laiki, has
said that to date approximately €220m has been raised from sales of the
lender’s assets.

He told local news outlet Stockwatch that an additional €32m could be earned
from the sale of Laiki’s remaining stake in Bank of Cyprus Holdings.

The total... [Read More]

Cheers

Steve
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

Re: Just 6 cents on the euro for Laiki haircut victims 
Post: #2   PostPosted: Wed Aug 14, 2019 8:20 am Reply with quote
Hudswell
Joined: 01 Mar 2012
Posts: 1016
Pictures: 0
Location: Kato Paphos and Lincoln

 
Steve - SJD wrote:
Just 6 cents on the euro for Laiki haircut victims

Six years on from the demise of legacy Laiki Bank, its uninsured depositors
can expect to get about 6 cents on the euro for their savings used to bail in
the lender during the March 2013 financial meltdown.

Kleovoulos Alexandrou, the special administrator appointed for Laiki, has
said that to date approximately €220m has been raised from sales of the
lender’s assets.

He told local news outlet Stockwatch that an additional €32m could be earned
from the sale of Laiki’s remaining stake in Bank of Cyprus Holdings.

The total... [Read More]

Cheers

Steve


I just cannot imagine any of those effected by this incident of “State Theft” are consoled by this statement. It was a disgrace when it happened, and it only happened because the EU experimented with Cyprus,, being such a small,country, would they have hit away with this in Greece? This is just adding insult to injury.

_________________
Hudswell

Mercury Rising
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Just 6 cents on the euro for Laiki haircut victims 
Post: #3   PostPosted: Wed Aug 14, 2019 9:00 am Reply with quote
devil
Joined: 28 Jul 2008
Posts: 5603
Pictures: 1
Location: Mosfiloti

 
Hudswell wrote:

I just cannot imagine any of those effected by this incident of “State Theft” are consoled by this statement. It was a disgrace when it happened, and it only happened because the EU experimented with Cyprus,, being such a small,country, would they have hit away with this in Greece? This is just adding insult to injury.


I cannot agree with you. It happened because the banks, especially the co-ops, threw money down the drain with irrecoverable NPLs. The EU came in only after the situation was impossible because the administration under the late Christofias and his profligacy ruined the economy, further weakened by the world recession.

_________________
Devil
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
Re: Just 6 cents on the euro for Laiki haircut victims 
Post: #4   PostPosted: Wed Aug 14, 2019 9:06 am Reply with quote
Hudswell
Joined: 01 Mar 2012
Posts: 1016
Pictures: 0
Location: Kato Paphos and Lincoln

 
devil wrote:
Hudswell wrote:

I just cannot imagine any of those effected by this incident of “State Theft” are consoled by this statement. It was a disgrace when it happened, and it only happened because the EU experimented with Cyprus,, being such a small,country, would they have hit away with this in Greece? This is just adding insult to injury.


I cannot agree with you. It happened because the banks, especially the co-ops, threw money down the drain with irrecoverable NPLs. The EU came in only after the situation was impossible because the administration under the late Christofias and his profligacy ruined the economy, further weakened by the world recession.


So Devil, why wasn’t the same strategy, a “citizen” funded bailout, employed in Greece? Or indeed any other EU country needing EU funds to stabilise it? Cyprus is a small, and in the grand scheme of the EU insignificant country, it was an experiment, that the “Centre” knew they could get away with. Of course that doesn’t mitigate the financial incompetence of the banks or the Government, but does that justify this act of “theft” ? Explain that to those receiving their 6 cents...

_________________
Hudswell

Mercury Rising
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #5   PostPosted: Wed Aug 14, 2019 10:46 am Reply with quote
devil
Joined: 28 Jul 2008
Posts: 5603
Pictures: 1
Location: Mosfiloti

 
Fairly simple, really. These guys are lucky to get their 6 c, because they have already stolen the other 94 c by not paying off their NPLs and other debts, not to mention accrued interest. It all boils down to a combination of greed by the borrowers and sheer incompetence by the lenders, aided and abetted by a bunch of ignorant legislators, parliamentarians and functionaries (including the Central Bank). All this happened before the EU stepped in, so they inherited from their own incompetence.

_________________
Devil
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #6   PostPosted: Wed Aug 14, 2019 11:28 am Reply with quote
Hudswell
Joined: 01 Mar 2012
Posts: 1016
Pictures: 0
Location: Kato Paphos and Lincoln

 
devil wrote:
Fairly simple, really. These guys are lucky to get their 6 c, because they have already stolen the other 94 c by not paying off their NPLs and other debts, not to mention accrued interest. It all boils down to a combination of greed by the borrowers and sheer incompetence by the lenders, aided and abetted by a bunch of ignorant legislators, parliamentarians and functionaries (including the Central Bank). All this happened before the EU stepped in, so they inherited from their own incompetence.


These guys? Are these the people that had over the guaranteed €100k, honest savers and business’s that lost their money? Their money not the banks that were mishandling it or the Government frittering it away purchasing Greek Bonds...what a callous comment, lumping the innocent firmly in with the establishment just because they had money.

_________________
Hudswell

Mercury Rising
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #7   PostPosted: Wed Aug 14, 2019 12:11 pm Reply with quote
devil
Joined: 28 Jul 2008
Posts: 5603
Pictures: 1
Location: Mosfiloti

 
If you subscribe to a 'savings' scheme where the apparent advantages seem to be too good to be true, then you can be sure it IS too good to be true. Be honest, if you had a spare €100,000, would you invest it on a village bank's promise of an annual return of >€8,000 cash over 20 years (plus the capital)?

I don't believe any financial adviser would suggest stashing €100k or more in an ordinary savings bank account, anyway. He would want the investment to work for you and your needs.

_________________
Devil
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
I know I shouldn't say this but......... 
Post: #8   PostPosted: Wed Aug 14, 2019 12:18 pm Reply with quote
Woodrow Why?at
Joined: 04 Oct 2008
Posts: 6539
Pictures: 0
Location: Ayia Thekla

 
..........the way Sterling is heading, it might not be be worth much more than '6 cents to the Euro' in the not too distant future!! Shocked Laughing

_________________
Don't blame me, I voted 'Remain'!
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel


Hide These Ads? Register for Free or Login

 
Post: #9   PostPosted: Wed Aug 14, 2019 2:14 pm Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7642
Pictures: 0
Location: kapparis

 
Hudswell wrote:
devil wrote:
Fairly simple, really. These guys are lucky to get their 6 c, because they have already stolen the other 94 c by not paying off their NPLs and other debts, not to mention accrued interest. It all boils down to a combination of greed by the borrowers and sheer incompetence by the lenders, aided and abetted by a bunch of ignorant legislators, parliamentarians and functionaries (including the Central Bank). All this happened before the EU stepped in, so they inherited from their own incompetence.


These guys? Are these the people that had over the guaranteed €100k, honest savers and business’s that lost their money? Their money not the banks that were mishandling it or the Government frittering it away purchasing Greek Bonds...what a callous comment, lumping the innocent firmly in with the establishment just because they had money.


Devil is this true of the people who were left looking after the children whose parents died in the Helios disaster , or indeed the widows and widowers of those involved.
There were many hard working honest people hit by this scandalous behaviour .
In actual fact many believe that the money of the very rich had disappeared before the haircut
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #10   PostPosted: Wed Aug 14, 2019 3:13 pm Reply with quote
devil
Joined: 28 Jul 2008
Posts: 5603
Pictures: 1
Location: Mosfiloti

 
scottie wrote:

Devil is this true of the people who were left looking after the children whose parents died in the Helios disaster , or indeed the widows and widowers of those involved.


The Helios disaster is a total non sequitur to this thread. It is something that has affected me directly as an elderly couple, with whom we were quite friendly, from this village, were victims. Please, do not bring this up.

_________________
Devil
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #11   PostPosted: Wed Aug 14, 2019 8:37 pm Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7642
Pictures: 0
Location: kapparis

 
devil wrote:
scottie wrote:

Devil is this true of the people who were left looking after the children whose parents died in the Helios disaster , or indeed the widows and widowers of those involved.


The Helios disaster is a total non sequitur to this thread. It is something that has affected me directly as an elderly couple, with whom we were quite friendly, from this village, were victims. Please, do not bring this up.


As it is the anniversary of the event and the people left behind had compensation money taken , I don't see why not. I don't think there was a village with more losses than this one may they R.I.P. and we knew and know many of those left behind but none them were safe.
By the way Europe was involved from the start
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #12   PostPosted: Wed Aug 14, 2019 9:11 pm Reply with quote
Hudswell
Joined: 01 Mar 2012
Posts: 1016
Pictures: 0
Location: Kato Paphos and Lincoln

 
devil wrote:
scottie wrote:

Devil is this true of the people who were left looking after the children whose parents died in the Helios disaster , or indeed the widows and widowers of those involved.


The Helios disaster is a total non sequitur to this thread. It is something that has affected me directly as an elderly couple, with whom we were quite friendly, from this village, were victims. Please, do not bring this up.


Actually it is very relevant response and exposes the total injustice of the haircut it’s consequences to innocents and this insulting compensation of 6 cents on the euro.

https://cyprus-mail.com/old/2018/03/18/helios-orphans-symbol-haircut-injustice/

_________________
Hudswell

Mercury Rising
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel
 
Post: #13   PostPosted: Thu Aug 15, 2019 3:28 pm Reply with quote
rivonia
Joined: 05 Jun 2012
Posts: 660
Pictures: 0
Location: Chloraka

 
This is very sad. However, we were hit when the BCCI suddenly closed their doors. Hundreds of thousands of people lost ALL there funds. We were one of the lucky ones who accepted an offer from the Dubai Govt. Those that decided to fight the case got nothing. The BCCI was a worldwide bank.

_________________
I am not always right but I am never wrong
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #14   PostPosted: Thu Aug 15, 2019 6:05 pm Reply with quote
scottie
Joined: 01 Feb 2012
Posts: 7642
Pictures: 0
Location: kapparis

 
rivonia wrote:
This is very sad. However, we were hit when the BCCI suddenly closed their doors. Hundreds of thousands of people lost ALL there funds. We were one of the lucky ones who accepted an offer from the Dubai Govt. Those that decided to fight the case got nothing. The BCCI was a worldwide bank.


Different altogether . When a bank goes bust this is what happens .
This time the country needed the money and just took it !!
Personal Photo Album View user's profile Cyprus News,Weather & Travel
 
Post: #15   PostPosted: Thu Aug 15, 2019 7:49 pm Reply with quote
DAC
Joined: 02 Feb 2006
Posts: 6877
Pictures: 9

 
From everything I've read Greece was a totally different story than that of Cyprus. Anyway, for a country where the bank is the place of last resort for depositors, a country where the black economy is seen as normal and tax avoidance is so high, then giving people even more reasons to not use a bank was probably not the brightest thing to do. But hey ho, that's the EU and the Troika for you, power is everything and the plebs are just the servants for the establishment.
Personal Photo Album View user's profile Send e-mail Cyprus News,Weather & Travel



Join Us Today! Register for Free or Login

Just 6 cents on the euro for Laiki haircut victims 
  Cyprus Eastern Forum Index » General
You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot vote in polls in this forum
  


All times are GMT  
Page 1 of 1  



  
  
 Post new topic  Reply to topic   
Search Tags: #cents #Laiki #haircut #victims



 Facebook Page    Facebook Group    Our Channel    Cyprus eBay Search    Shopping To Cyprus    Contact Admin   SmartFeed RSS Feed



BUYING PROPERTY IN CYPRUS? PLEASE ENSURE THAT YOU SEEK INDEPENDENT LEGAL ADVICE FIRST.
Cyprus forum covering Kapparis, Protaras, Pernera, Agia Napa, Agia Thekla, Paralimni, Larnaca, Oroklini, Pervolia & surrounding areas
Please note that the views expressed on this forum are those of the author and may not reflect the views of the management.
* Problems Logging In? Click To Contact Us | Powered by phpBB © phpBB Group Design Style: VTrushkin | View Lo-Fi Version