#VINB Mon 25/3/2013: Cyprus - problem solved?

Norman Bates

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Peter Brown, IIFT http://www.iift.ie/
Pearse Doherty, SF TD Donegal South-West Pearse Doherty - Wikipedia, the free encyclopedia
Sheila Killian, Lecturer, Accounting & Finance, University of Limerick Dr Sheila Killian | KBS
Karl Whelan, Economist, UCD Karl Whelan | Economist, University College Dublin

Cyprus struck a last-minute bailout deal, aimed at preventing it becoming the first country forced out of the euro.
The deal:
* spares deposits below €100,000;
* Cyprus's second-largest bank, Laiki Bank, closes. Its €4.2bn in deposits over €100,000 to be placed in a "bad bank". Those with deposits less than €100,000 to see their accounts transferred to the Bank of Cyprus. All lenders to Laiki see their investments wiped out, in a first for a eurozone bailout;
* Bank of Cyprus survives, but faces huge restructuring. No bailout money to be used to recapitalise the bank - its shareholders and bondholders to be hit instead. It is thought those with over €100,000 at the bank face losses of around 30%. Getting the bank to healthy EU-mandated capital levels is made harder because Bank of Cyprus inherits a €9bn debt Laiki had with the ECB.

So what does #VINB’s panel think of it all. A good or a bad deal? Expect some very interesting comments tonight …


Cyprus to introduce 'temporary' capital controls - RTÉ News
BBC News - Cyprus bailout: Dijsselbloem remarks alarm markets
Cyprus secures last minute bailout deal, but at what cost? - Channel 4 News
Counterparties
Cyprus deal pulls markets back from brink - FT.com


http://www.politics.ie/forum/economy/207922-cyprus-bailout-depositors-taxed-9-9-a.html
http://www.politics.ie/forum/economy/208314-who-got-better-deal-cyprus-ireland.html

Paper preview/mobility allowance cuts:
Eamon O’Dwyer, Disability campaigner

Previous #VINB: http://www.politics.ie/forum/backst...hur-21-3-2013-more-cyprus-mortgage-debts.html

Online: Aertv | Watch Irish TV live online Or tv3 catch-up through: Catch-up TV, Entertainment, News, Sport, Soaps and all your favourite Irish and International shows from TV3
 
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constitutionus

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needs more karen devine.

:D
 

carlovian

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Great op norm.

Decent panel and Karl whelan is always balanced.
 

hemlock

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glad to have Pearse in on this one
 

spidermom

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Is Vinnie back???
 

Cassandra Syndrome

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Sh1t just got real Vinnie...

 

jmcc

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So is it worth watching or is it better to switch over to Beavis and Butthead on 3e? :)
 

constitutionus

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Vinnie has been up to no good. But now it's back to work and no more nonsense....

that naughty boy !

:D

thing about a corporate run on the banks is if/when it happes ya wont see it

as its all done electronically. when deposits were flooding out of our banks all the big corporations/pensions companies had got out weeks before the grannies started stuffing it in the post office.

i remember when the mexicans took their pensions deposits out of TSB, 10 BILLION.

Nobody not interested had a clue.
 

ned green

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So very few Bondholders getting stung in Cyprus,according to Karl,the main target is those depositors with over €100,000.My heart bleeds for them:D
 

emulator

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Why does that Peter Brown chap end up on VB ?

Doesn't he have a school that suposedly teaches people how to invest.... he must be doing great if he can teach other people to make money !
 


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