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Locked Topic Cost of Living (Read 279951 times)
Gem
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Re: Cost of Living
Reply #1102 - 15. Apr 2013 at 15:27
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There is a fundamental error with this theory! The size of your house is related to the size of your income or bank account - WRONG!
  
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Topdriller
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Re: Cost of Living
Reply #1101 - 15. Apr 2013 at 14:59
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Remind me again, it was us who won the war...?!

"Senior advisers to Chancellor Angela Merkel are pushing for better-off households to pay towards the cost of any future bail-outs for the weaker members of the single currency.

The proposals, from members of Germanys council of economic experts, raise the prospect of taxes being imposed on property in a country like Spain if its government was forced to seek a bail-out.

The council, known as the Five Wise Men, is often used to test new policies that are later adopted officially.

The German suggestion is the latest sign that Berlin is intent on imposing even tougher rules on weaker southern euro members in exchange for using its economic might to support their finances.

As well as inflaming tensions between Germany and its smaller southern partners, the suggestion could also mean that Britons with holiday homes are dragged deeper into the eurozone crisis."

http://www.telegraph.co.uk/finance/financialcrisis/9993790/Wealth-tax-to-pay-for...

Jon
  

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Re: Cost of Living
Reply #1100 - 15. Apr 2013 at 14:32
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I'm not sure what that has to do with a possible run on banks in southern European countries thanks to the idiots (Finance Ministers) who supposedly run the EU?

Nor am I'm sure I'd want to be a citizen of an EU country who had just taken 60% of all my savings above 100,000.

Then again, I'm not Russian...! Smiley

Jon

ps did you read that a significant number of "investors" and Cypriot MPs mysteriously removed their funds from the banks before the doors were closed?
  

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latsida
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Re: Cost of Living
Reply #1099 - 15. Apr 2013 at 13:26
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Re: Cost of Living
Reply #1098 - 15. Apr 2013 at 13:25
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Which means what?  Do you really think the ordinary Greeks aren't removing money from their bank accounts?

My good lady went into the bank a few days back and withdrew some funds we had sent over.  One of the bank personnel knows my wife very well and took her aside and asked why she was withdrawing the funds.  She has provided us with "pink slips" for the past six years and has been a god send when dealing with the bank.  My wife told her the truth i.e. we're uncomfortable keeping funds in the bank. 

She nodded sadly and said everyone was doing the same thing.

Jon
  

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latsida
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Re: Cost of Living
Reply #1097 - 15. Apr 2013 at 12:32
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that article was written a month ago  Wink
  
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Re: Cost of Living
Reply #1096 - 15. Apr 2013 at 11:53
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"But, still, not surprisingly, news that deposits in Cyprus's banks would be seized triggered an immediate run on the banks

And ... here's the important part ...

Other depositors at weak banks all over Europe, in places like Spain, Italy, and Greece, will rightly wonder whether this is the beginning of a new era of bank bailouts, an era in which bank depositors are going lose some of their money.

What do you think those other depositors in Spain, Italy, Greece, etc., are going to feel like doing when they realize that, if their banks ever need a bailout, they might have their deposits seized?

That's right.

They're going to feel like yanking their money out of their banks.

And if some of them yank their money out of their banks, well then the financial condition of those banks will go from weak to insolvent.

And the banks will go rushing to their governments and the Eurozone for help.

And if, god forbid, the Eurozone decides to seize the deposits of more bank depositors ...

Well, then, a good portion of Europe is going to suddenly experience a good old-fashioned bank run.
That, to put it mildly, could be a disaster.

It could bring the European financial crisis, which has lurched from one flare-up to another for most of the past five years, to a rather sudden head.

How much would it cost for the powers-that-be to bail out all of Europe's weak banks at once?

A lot.

More than the Eurozone has in its emergency lending facilities, certainly. And more than the International Monetary Fund has on hand.

So the U.S. would probably have to get involved.

And, regardless of whether the U.S. needed to get involved, the European economy would likely suffer the equivalent of a heart attack.

That wouldn't be good for the U.S. economy.

Or the Chinese economy.

Or any other economy that sells things to Europe.

So, you can see, this little decision to seize a little money from bank depositors in the little island of Cyprus could be a much bigger deal than you think.

It could conceivably precipitate a run on weak European banks.

And a run on weak European banks could hammer the European economy and then the economy of Europe's trading partners. And it could cause global markets to crash.

So keep an eye on what's going on over there in Cyprus.

It's potentially much more important than it seems."

http://www.businessinsider.com/cyprus-bailout-risks-europe-bank-runs-2013-3#ixzz...

Jon
  

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latsida
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Re: Cost of Living
Reply #1095 - 11. Apr 2013 at 11:48
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yes Jon we all know that money has been withdrawn from the banks here over the last couple of years that is well documented ,however your previous post concerned an "as yet unreported" mass exodus of funds in the last month.

Although I was just a "tourist" last week in Cyprus I have to say that there seemed to be an inordinate amount of wealth there, probably the Russians.

Fantastic cars ( first time I have seen a Bentley parked in a side street ) like this one http://www.guardian.co.uk/business/2013/apr/10/bentley-jaguar-land-rover-sales-b... and the taxis were all stretch Limousines.

the shops where I was staying basically catered for the Russians.

As an aside I see that a Rich Russian Oligarch has bought the Onassis Island of Skorpios for over 100 million
« Last Edit: 11. Apr 2013 at 12:05 by latsida »  
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Re: Cost of Living
Reply #1094 - 10. Apr 2013 at 23:35
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Strange though it may seem, I'm more inclined to believe that Spiegel's version is not only true but ongoing rather than believe the words of a government paid civil servant.

"Germany's Spiegel Online reported on 16 June last year on the eve of the second general election in as many months that 80 billion had been withdrawn from Greek banks since the start of the crisis - 5 billion in May alone - according to official figures."

Why would the wealthy Greeks be returning their monies here, particularly after the Cyprus fiasco, and why would the man in the street trust the coalition Government? The one year only 'property tax' springs to mind!

And just how would a bankrupt government repay any depositer monies lost, particularly when the EU finance ministers made it very clear two weeks back that those same bank depositors should bare some of the pain?

Jon
  

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latsida
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Re: Cost of Living
Reply #1093 - 10. Apr 2013 at 22:57
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er

"He ( Bank of Greece Governor) said that more than 1.5bn entered Greece in March despite the crisis in Cyprus that triggered fears of deposit outflows in other indebted southern European economies."


quote taken from this article

http://www.enetenglish.gr/?i=news.en.economy&id=603

as to the merging of the objective and market value that has been widely reported for some time Wink
« Last Edit: 10. Apr 2013 at 22:59 by latsida »  
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Re: Cost of Living
Reply #1092 - 10. Apr 2013 at 22:07
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Unreported because the last thing the Greek government wants is to publicise the fact more and more people are withdrawing their savings in ever increasing numbers.

As for the increase in property tax values, the adage blood and stone comes to mind.

Jon
  

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Gem
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Re: Cost of Living
Reply #1091 - 10. Apr 2013 at 16:26
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Great!!!!!

http://greece.greekreporter.com/2013/04/10/greece-will-reassess-property-values/

"objective values of properties set to soar in Crete"!  Sad
  
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Re: Cost of Living
Reply #1090 - 10. Apr 2013 at 11:10
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I wonder why it is "as yet unreported".

As to when the madness will end I suspect it might (only might) at least reduce a little after the German elections.

Really though it will only end when the project eventually unravels as it surely must do.

That will take one country to say "enough is enough" and realise that leaving the Euro need not be the disaster everyone is predicting.

I would very much have liked the UK to offer Cyprus support and a link to Sterling for a new Cyprus Pound but I guess that would not have been politically expedient and, given history, would probably have been subject to all sorts of imperialistic interpretations.
  
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Re: Cost of Living
Reply #1089 - 09. Apr 2013 at 12:50
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http://www.bbc.co.uk/news/business-22061879

Shares in Greek banks have plummeted by 30% as a proposed merger between two Greek banks (National Bank and Eurobank) has been halted.

At the same time, and after the debacle in Cyprus, there is an as yet unreported run on Greek banks i.e. savers who have not already removed their funds are now removing them because the EU Finance Ministers showed last month (Cyprus) that they are willing to sacrifice anything and everyone to keep the Euro project on track.

One wonders when this madness is going to end!

Jon
  

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Re: Cost of Living
Reply #1088 - 27. Feb 2013 at 20:42
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Panic and herd mentality drive all markets, as witnessed yesterday by the big fall in the DOW and the FTSE and the recovery today.

The Sterling / Euro conundrum will ultimately depend on which economy is seen as the sicker and therefore less likely to recover in the short term.

If unemployment is anything to go by, re the health of the economy, then Sterling should be ahead at the moment.

By the way, I write this in the shadow of Vesuvius, at least the Italians seem to have a reliable Internet service!

Jon
« Last Edit: 27. Feb 2013 at 20:43 by Topdriller »  

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