tag:blogger.com,1999:blog-36227136.post3997810814044401640..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: Let the guessing game continue: The Eurogroup's mixed messages on capital controlsOEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-36227136.post-69009908546483700152013-03-27T15:15:42.499+00:002013-03-27T15:15:42.499+00:00I am checking the serial numbers on my €notes. I d...I am checking the serial numbers on my €notes. I don't want them refused at a petrol station in Germany. John McClanehttps://www.blogger.com/profile/06169978301785097717noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-91511268519890455002013-03-26T14:47:11.476+00:002013-03-26T14:47:11.476+00:00Having got Cyprus to submit to the surrender it i...Having got Cyprus to submit to the surrender it is now clear that nothing is clear. Cyprus was unable to "read the small print" because it has not been written yet. <br /><br />Not only does the EU regard it as acceptable and normal to steal the private possessions of its SUBJECTS but it is dishonest and devious in the twists and turns of its nasty mind.<br /><br />The sooner Britain severs all legal connections with this monstrous dictatorship the better. It could well hasten the end of the EU altogether which would lift a curse now imposed on all Europe. <br />christina speightnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-3887440528592237452013-03-26T12:14:12.652+00:002013-03-26T12:14:12.652+00:00Welcome to Fantasy Land.
If it were not all so tr...Welcome to Fantasy Land.<br /><br />If it were not all so tragic for the millions of people caught up in it this pantomime would be laughable.<br /><br />When did I ever see such a succession of doomed propositions? Every time Clegg opens his mouth, certainly, but other than him?)<br /><br />Its complete nonsense, a huge par of Cyprus' economy hass effectively been closed down overnight, tens of thousand of job will be lost, what trade continues will be done in cash with that that means for tax revenue - and these idiots continue to meet to issue official statements that turn to ashes within days!<br /><br />Not even I ever dreamed that the euro, doomed as it was from the beginning, would get this bad or that the politicians who dreamed it up to force through the power of a Single EU state they knew they could not achieve by democratic means, would continue even when millions of people are rapidly becoming destitute and tempers are nearing boiling point<br /><br />As I said some months ago at your Spain, too big to fail? debate - does anyone seriously imagine that the peoples of these countries are going to accept the prospect of economic doom for a generation without (a) leaving if they can or (b) rioting if they can't?<br /><br />Given all this, does Open Europe STILL think the EU can be reformed into something benign and acceptable?<br /><br />If so, why?IDRISnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-50539518203034471172013-03-26T11:36:13.465+00:002013-03-26T11:36:13.465+00:00The messages are only mixed because none of the pe...The messages are only mixed because none of the people delivering them have the least idea of what they are talking about. Put the political class in charge of anything complex and they are lost for everything except words.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-60252314136675082432013-03-25T15:10:56.601+00:002013-03-25T15:10:56.601+00:00Hard to see it working.
- The currency itself is h...Hard to see it working.<br />- The currency itself is hard 9and therefor so is cash).<br />- It is a cash economy and more so as from now. Who will put cash he has in the bank with the possibility of not being able to get it out.<br />- It is considerably corrupt and has a lot of stuff smugled in from surrounding countries. Which usually means if the routes are reversed it will be easy to smugle it out as well.<br />- In other words strict measures are required. Which would kill business. If things have to work, there will be loopholes and they will be used.<br /><br />Via investment accounts, credit cards etc. Simply will be hard to make it work.<br /><br />Starting from there banks will be 'bankjogged' and there will be huge underfunding within a few weeks. From where the party starts again.<br />Assets will have to be liquidated and costs reduced, but usually that goes very slowly.<br /><br />Nutshell will slow things down but likley not very much, whatever the measures. Measures that will do the job will kill the economy in other ways (like high inflation), who wants to be paid in a bank that might not be there tomorrow and creates a 30-40% or more cut. You simply will price the whole thing in. From bank going bust, not being able to get to your money and use it in your business. <br />Riknoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-50038543726972169742013-03-25T14:59:12.003+00:002013-03-25T14:59:12.003+00:00Banks can either be funded by liquidity (cash on d...Banks can either be funded by liquidity (cash on deposit) or bonds. Converting some of the cash into bonds will lock that funding in for the bank. The owner of the bonds can then sell that bond for cash and transfer that cash out of Cyprus.<br /><br />Selling a bond at a discount will not affect the funding situation for the bank. <br /><br />In short: Capital controls can be removed if the uninsured deposits are converted to long term bonds.Jespernoreply@blogger.com