Runs on Banks in Italy and Spain

[RSoovy4]

http://www.telegraph.co.uk/news/worldnews/europe/c...

So, with anyone with money in a Cypriot bank having a percentage of it stolen this week, it will be very interesting to see what happens on the street of Milan and Madrid.

The end of the Euro. It has started.

[Ozzie Osmond]

RSoovy4 said:

The end of the Euro. It has started.

Let's start with a, "No you are completely wrong".

And I shall of course eat humble pie in due course if things go the other way!

[RSoovy4]

Ozzie Osmond said:

RSoovy4 said:

The end of the Euro. It has started.

Let's start with a, "No you are completely wrong".

And I shall of course eat humble pie in due course if things go the other way!

I hope I am, but I can't see this being confidence inspiring for the Italian and Spanish people.

They'll pull their money OUT and the runaway train will start to roll.

[toxgobbler]

It would certainly make me nervous of my savings if I was in a PIGS country.... Suspect under the mattress beckons for many people of moderate means.

[RSoovy4]

toxgobbler said:

It would certainly make me nervous of my savings if I was in a PIGS country.... Suspect under the mattress beckons for many people of moderate means.

Or perhaps gold.

[gingerpaul]

I think it will be interesting to see how this develops as I wouldn't be surprised if the Italians and Spanish started to withdraw their funds just to be on the safe side. Did they only tax money in banks in Cyprus or did they apply the same tax to investments held too?

[RSoovy4]

gingerpaul said:

I think it will be interesting to see how this develops as I wouldn't be surprised if the Italians and Spanish started to withdraw their funds just to be on the safe side. Did they only tax money in banks in Cyprus or did they apply the same tax to investments held too?

Deposits - they are giving shres in lieu, but that won't help I don't think!

[liller]

I keep hearing people saying 'buy gold' Where would one purchase a bar of solid gold?

[RSoovy4]

liller said:

I keep hearing people saying 'buy gold' Where would one purchase a bar of solid gold?

Sovereigns?

Or Spread Bets on the price of gold - there's no need to actually purchase the underlying physical asset.

[Du1point8]

How does one think it will effect the GBP v EUR exchange?

I need to buy something in Euros and transfer the money across, but Im thinking waiting a few more days as I will get a better deal.

[Digga]

liller said:

I keep hearing people saying 'buy gold' Where would one purchase a bar of solid gold?

Gold coinage? Try a decent jeweller for a kcik off.

AFAIK, it's a bank holiday in Euroland today, so the real runs might only start tomorrow. Aparently, Cypriot cash machines are already empty though. More info here: http://www.zerohedge.com/news/2013-03-17/cyprus-wo...

Basically though, it's a clusterfk.

[RSoovy4]

Digga said:

liller said:

I keep hearing people saying 'buy gold' Where would one purchase a bar of solid gold?

Gold coinage? Try a decent jeweller for a kcik off.

AFAIK, it's a bank holiday in Euroland today, so the real runs might only start tomorrow. Aparently, Cypriot cash machines are already empty though. More info here: http://www.zerohedge.com/news/2013-03-17/cyprus-wo...

Basically though, it's a clusterfk.

No coincidence they did this on a bank holiday.

Mate from our Madrid office says queues outaside banks already.

[nikaiyo2]

liller said:

I keep hearing people saying 'buy gold' Where would one purchase a bar of solid gold?

http://goldbullion.harrods.com/gold-bars-c4.aspx

http://physicalgold-px.rtrk.co.uk/bullioncoins.htm...

http://www.thegoldbullion.co.uk/?gclid=CPuG54GLhrY...

[arguti]

RSoovy4 said:

No coincidence they did this on a bank holiday.

Mate from our Madrid office says queues outside banks already.

they are talking about extending the public holiday in Cyprus until tomorrow and possibly Wednesday.

Text from a Greek friend: "Money laundering...caught with pants down and Greece helping from the rear!"

[Sonic]

Tax feels like robbery, but this just takes the biscuit.

There will be bloodshed.

[RSoovy4]

arguti said:

RSoovy4 said:

No coincidence they did this on a bank holiday.

Mate from our Madrid office says queues outside banks already.

they are talking about extending the public holiday in Cyprus until tomorrow and possibly Wednesday.

Text from a Greek friend: "Money laundering...caught with pants down and Greece helping from the rear!"

You simply could not make this up. Mate can see out of the window of the office, says there are old dears queuing up with chairs and overnight stuff.

It's over.


Meanwile, in Ireland last night.




Riots are coming.

Edited by RSoovy4 on Monday 18th March 10:50

[anonymous-user]

Didn't the Argies try this savings stealing a few years ago, around the time they defaulted.

[gingerpaul]

Christ, they'd better nip this in the bud or there will be trouble! I might get Sky News on and see if they're covering the queues yet. If they're not isolated how long before people are doing the same here? At least the government has stepped in and said UK troops in Cyprus won't have to pay, presumably in part to provide reassurance that a similar tax won't happen here.

[ellroy]

To be fair Soovy they were queuing to get beer tokens out, it was St. Pats.

( Dear God my head.)

[Digga]

el stovey said:

Didn't the Argies try this savings stealing a few years ago, around the time they defaulted.

Reinhart & Rogoff's ears will be burning.