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Who got the better deal - Cyprus or Ireland?


Whose government got the best deal on paper during their banking crisis?

  • Cyprus

    Votes: 35 28.7%
  • Greece

    Votes: 35 28.7%
  • Ireland

    Votes: 39 32.0%
  • Latvia

    Votes: 13 10.7%

  • Total voters
    122
  • Poll closed .

Disillusioned democrat

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Mar 16, 2010
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The Cypriot government put up a bit of a fight and changed the shape of the Troika's bailout proposal.

I'm just wondering do people think Cyprus got a better or worse deal than Ireland.

As a tax payer with very small "savings" as such I'd favour Cyprus deal instinctively, but can't be objective, but certainly wondering who Cypriot banks' bond holders burned whereas it appears ours couldn't be.
 

Burnout

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I have a life.
Germany got the better deal....anyway Ireland was a 'special' case as it was been incompetently run by Fine Fail. There have been seismic changes since they left but boy, are we still special.
 

jackryan

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The Cypriot government put up a bit of a fight and changed the shape of the Troika's bailout proposal.

I'm just wondering do people think Cyprus got a better or worse deal than Ireland.

As a tax payer with very small "savings" as such I'd favour Cyprus deal instinctively, but can't be objective, but certainly wondering who Cypriot banks' bond holders burned whereas it appears ours couldn't be.
Seemingly very few bondholders in the banks they didn't need them. As to better deal well that won't be seen till the dust settles the cypriot business model of off shore banking is finished, so there will be alot of pain and countries like Slovenia Malta and even Luxembourg will have to assess their models.
 

seabhcan

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Sep 3, 2007
Messages
14,327
Cyprus needed €17 billion to stop their banks collapsing - thats 100% of GDP. They came up with 35% of GDP as their contribution. They used a deposit tax.

Ireland needed 35% of GDP bailout from the IMF/EU. We contributed 10% of GDP by flogging our pension fund.

Who got a better deal? Ireland's better off, because we needed relatively less money.
 

ibis

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I don't think the Cypriots changed the deal particularly, though. The IMF wanted large haircuts on large depositors, and the breakup of Laiki. The deal agreed seems to be for large haircuts on large depositors, and the breakup of Laiki.

In one sense, I suppose that they got a better deal, in that Laiki is being broken up, which should probably have happened to Anglo - on the other hand, they don't appear at all happy about it.
 

Analyzer

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Feb 14, 2011
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46,201
As a Chinese Premier once commented...."it is too early to tell".
 

Analyzer

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Feb 14, 2011
Messages
46,201
The Cypriot government put up a bit of a fight and changed the shape of the Troika's bailout proposal.

I'm just wondering do people think Cyprus got a better or worse deal than Ireland.

As a tax payer with very small "savings" as such I'd favour Cyprus deal instinctively, but can't be objective, but certainly wondering who Cypriot banks' bond holders burned whereas it appears ours couldn't be.
Merkel (to answer the original question).
 

Aindriu

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8,702
Based on what Cyprus have doen to achieve their bailout I would say it is they who have the better deal. Only those citizens with bank deposits greater that €100,000 will be affected unlike here where every citizen has been affected.
 

henryhill

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Jun 2, 2007
Messages
520
They've both been shafted. It's difficult to say which one worse, because the situations are dissimilar.
 

jackryan

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Based on what Cyprus have doen to achieve their bailout I would say it is they who have the better deal. Only those citizens with bank deposits greater that €100,000 will be affected unlike here where every citizen has been affected.
But sure if you were to use that logic we got the better deal, No one suffered in Irelands case depositor/Bondholder etc. It is what happens next is what will tell, Cyprus has to rebuild its economy and that ain't going to be easy in the current climate.
 

seabhcan

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Based on what Cyprus have doen to achieve their bailout I would say it is they who have the better deal. Only those citizens with bank deposits greater that €100,000 will be affected unlike here where every citizen has been affected.
Its not just rich individuals who lose in Cyprus - its also companies. Think payroll accounts...
 

Spanner Island

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Feb 22, 2011
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24,203
Based on what Cyprus have doen to achieve their bailout I would say it is they who have the better deal. Only those citizens with bank deposits greater that €100,000 will be affected unlike here where every citizen has been affected.
Dunno about that tbh...

Nobody with any sense will put any money into Cyprus which means their financial sector is basically toast... with all that will entail... job losses etc...

The Cypriots basically have to re-invent a lot of their economy...

In the meantime I guess we'll see a rise in emigration from Cyprus...

All very reminiscent of various countries including our own...

The only people winning in all this are the 'Bastards of the Universe', the w*nker bankers and those in various 'establishments' and elites who are ensuring they and their cronies aren't affected too much...
 

Aindriu

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But sure if you were to use that logic we got the better deal, No one suffered in Irelands case depositor/Bondholder etc. It is what happens next is what will tell, Cyprus has to rebuild its economy and that ain't going to be easy in the current climate.
We have suffered through the application of swinging new taxes- USC etc. and increases in others such as 'carbon' tax, motor tax etc. I don't know about you, but I and my family are about 23% worse off since we got the bailout than we were before.
 

jackryan

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We have suffered through the application of swinging new taxes- USC etc. and increases in others such as 'carbon' tax, motor tax etc. I don't know about you, but I and my family are about 23% worse off since we got the bailout than we were before.

Well wait and see what life in Cyprus will be like???
 

Rocky

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Dec 9, 2004
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8,550
Based on what Cyprus have doen to achieve their bailout I would say it is they who have the better deal. Only those citizens with bank deposits greater that €100,000 will be affected unlike here where every citizen has been affected.
The Cyprus economy is going to shrink massively and every citizen will be affected and probably more so than ours are. Cyprus will see a lot of cuts and tax increases in the next few years, it will have to.

I think we got a better deal, but I think that's simply because we weren't in as much trouble as them.
 

Keith-M

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Jul 24, 2007
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www.allkindsofeverything.ie
Based on what Cyprus have doen to achieve their bailout I would say it is they who have the better deal. Only those citizens with bank deposits greater that €100,000 will be affected unlike here where every citizen has been affected.
Exactly, their deal has punished the wealthy and their bondholders. Ours hurt everyone in the country (and after the recent promissory note sell out, even our children and grandchildren) and left the bondholder untouched.
 

ibis

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Mar 12, 2005
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Based on what Cyprus have doen to achieve their bailout I would say it is they who have the better deal. Only those citizens with bank deposits greater that €100,000 will be affected unlike here where every citizen has been affected.
And the breakdown of deposits I saw seemed to show (if I could find the blasted thing again) that larger deposits are quite heavily foreign.
 

NeilW

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Dec 31, 2005
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The Cypriot government put up a bit of a fight and changed the shape of the Troika's bailout proposal.
Did they? All indications are that they are back at a deal that is much closer to what the troika originally wanted than the one their President fought for but their Parliament voted down. Certainly the "Cypriot" (or Russian) contribution to it all hasnt been reduced.
 

Sync

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Aug 27, 2009
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As a Chinese Premier once commented...."it is too early to tell".
Too early by far. Even after this, Cyprus is still being propped up by foreign deposits. I expect that situation to be self correcting. Then you're going to have a couple of budgets where the repayments on the bailout will need to be factored in. There's a lot of road left to run before people can look at the effects of each deal and judge which was better.
 
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