then again these banks owe more money than the government can cover. Cyprus is a small country, something like a half million. When I was in Nicosia it felt more like a small town than a nation's capital. (actually given the hostility between the Greeks and Turks in places Nicosia felt like a war zone). Since reunification the nation's economy really exploded with foreign investment. Then the local banks decided to be a tax haven and invested heavily in Greek bonds etc.
Real dumb. I hope they're able to resolve this. Its too darned nice of a country - it should end up being a tourist magnet given the beaches and history. The bars and restaurants are pretty good. I just did a google map of Nicosia and the taverna I used to hang out in is still there. larry On Fri, Mar 22, 2013 at 11:14 AM, Cameron Childress <[email protected]> wrote: > > On Thu, Mar 21, 2013 at 10:00 PM, Jerry Barnes <[email protected]> wrote: > >> Cyprus is embarking on emergency efforts to restructure its second largest >> bank and considering new rules to stop money flooding out of the country's >> banks when they reopen next week after being shut for ten days. > > > There is really very little they can do at this point to change this in the > short term. People are going to take their money out of the Cyprus banks at > the first opportunity. Eventually that will reverse, but they just made > their situation a whole lot worse by simply entertaining the idea of > seizing savings accounts. > > I am baffled at what other possible outcome they thought this action would > have? I haven't been following the situation super closely, but I really > can't see how that conversation could have gone with any sane people in the > room. Even a "robber barron banker" wouldn't shoot themselves in the foot > by making such an obvious and overt play for money. > > Perhaps this is a case of creating intentional backlash against Ridiculous > Choice A, so that when Ridiculous Choice B is announced, it's more > acceptable. Prepping the masses for a false choice? > > -Cameron > > ... > > > ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Order the Adobe Coldfusion Anthology now! http://www.amazon.com/Adobe-Coldfusion-Anthology/dp/1430272155/?tag=houseoffusion Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:362010 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/groups/cf-community/unsubscribe.cfm
