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Old 16th May 2018, 02:31   #1171 (permalink)
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Re: Watch The Lira Now

Quote:
Originally Posted by Michael Hanley View Post
You need to be aware of what happened to people who had money in Cyprus. This was the primary reason why I got my money out.
Well, you need to tell us: what happened?

Ian
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Old 16th May 2018, 07:08   #1172 (permalink)
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Re: Watch The Lira Now

Well looks like i will have to upgrade my prediction.... looks like it will be 7 to the by the end of the year!!...and for those of you who are about to say "never"...you are probally the same people who said "never" back in Feb when i said it would go to 6.....so watch this space...!!
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Old 16th May 2018, 07:13   #1173 (permalink)
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Re: Watch The Lira Now

Quote:
Originally Posted by immac View Post
Well, you need to tell us: what happened?

Ian
As I recall the Greek Cypriot government declared a financial crisis. Investors who had accounts in (at least) two named banks had their money frozen. Any amount over 100,000 Euros was confiscated by the government, this included expats and locals (but of course all of the 'in-crowd' had been given the tip off and shifted their funds before the big freeze).

Edit see link below:-
https://www.telegraph.co.uk/finance/...tyle-raid.html
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Last edited by IbrahimAbi; 16th May 2018 at 11:27.. Reason: To add link
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Old 16th May 2018, 07:40   #1174 (permalink)
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Re: Watch The Lira Now

Quote:
Originally Posted by gazzer View Post
Well looks like i will have to upgrade my prediction.... looks like it will be 7 to the by the end of the year!!...and for those of you who are about to say "never"...you are probally the same people who said "never" back in Feb when i said it would go to 6.....so watch this space...!!
6.04 already this am , you could well be correct , i never imagined 6 this year , but artee's timely intervention could not be forseen .

He must soon realise that his omnipposense ( sic ) whilst widely shared amongst Turks , is not appreciated as such by those without the country .

Petrol on the up again ?

Pity for poor Mehmet .

Steve
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Old 16th May 2018, 08:14   #1175 (permalink)
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Re: Watch The Lira Now

Obviously there is no doubt about the outcome of the election either. The cats are preparing as we write.

Turkish Lira slides after Erdo?an says he wants greater economic control
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Old 16th May 2018, 11:05   #1176 (permalink)
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Re: Watch The Lira Now

Quote:
Originally Posted by immac View Post
Well, you need to tell us: what happened?

Ian
I think they froze all bank accounts and deducted money for Govt use. a cash grab , i'm uncertain if they repaid the money later.
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Old 16th May 2018, 12:18   #1177 (permalink)
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Re: Watch The Lira Now

I dont think they did repay, but as much of it was hot money freshly laundered anyway who cares?

The ones who got stung in Cyprus were those who bought property with a foreign currency mortgage; quite a few bought with a Swiss franc loan and when the crash happened and the Swiss franc went sky high against other currencies all of a sudden they couldn't afford the loans any more and lots of property was repossessed. The banks had to write off a lot of debt, so they reduced it by creaming off the top of large cash deposits. If I remember rightly it was anything over 100k euros, or something of that amount.
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Old 16th May 2018, 13:45   #1178 (permalink)
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Re: Watch The Lira Now

Hmmm, i was respnding to an enquiry, not justifying anything and your explanation seems incorrect, all accounts were hit as this BBC article shows,
http://www.bbc.com/news/world-europe-21814325

Last edited by mollag; 16th May 2018 at 13:49..
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Old 19th May 2018, 20:31   #1179 (permalink)
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Re: Watch The Lira Now

All accounts were hit, as I said, there was a one-off take across all accounts, apologies if that was not made clear. Repayment was made in bank shares.

Depositors with under 100,000 euros deposited must pay 6.75%
Those with more than 100,000 in their accounts must pay 9.9%
Depositors will be compensated with the equivalent amount in shares in their banks
The levy is a one-off measure


One reason the banks were badly hit was because of the overheated property market financed through foreign currency loans, mainly Swiss francs. When the crash happened the Swiss franc rose against other currencies and borrowers were unable to continue financing their loans. This led to banks repossessing properties and losing out in many cases as they had to sell at a loss.
I was working in finance at the time, it was an awful couple of years even though my work was only on the periphery.
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Old 21st May 2018, 08:07   #1180 (permalink)
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Re: Watch The Lira Now

Could be Royal Wedding Bounce, but up to 6.11 first thing this morning.

Ian
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