Daily Archives: March 25, 2013

Archives March 25, 2013 posted by

A failure to advise and failure to respond

My degree was in Chemical Engineering and so my interest in economics, social philosophy and in deriving a viable and sustainable ideology for mankind has been an extra curricula activity.
 About 10 years ago a eureka moment gave me the solution to how education should be managed, and this largely completed a comprehensive ideology which I have given the name Rationalism.  I am now more confident than ever that the ideology holds the key to a fulfilling and sustainable future for mankind. 

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Archives March 25, 2013 posted by

Tell them to go jump in a lake

Dear Cypriots. Since 2008 our country (Ireland) has felt the full result of allowing foreign corporate bankers run our economy.  Our society is being destroyed.  Indirect taxes have quadrupled. For your own sakes believe in your selves, tell the IMF and ECB to jump in a lake. Start new banks and leave the euro. The choice is between self reliance and succumbing to fascism.
Mussolini described fascism as the merger of state and corporate powers. That’s what is happening in the eurozone.
Best of luck to our Cypriot cousins. I hope you avoid the scenario in Ireland where debt chains through politicians have transferred to our children.  It’s not your debt. Leave it with the banks and start again.

Jim Flynn, Ireland

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Archives March 25, 2013 posted by

Second chance for BoC in draft deal

Cyprus and international lenders reached a draft deal in the early hours of this morning.
Details of the deal were sketchy but involved heavy levies on both of Cyprus’ biggest banks. Other banks appeared to have been spared. And no charges will be incurred against any Cypriot bank account with less than 100,000 euros in them, EU officials said.
Reuters reported that the deal involves setting up a “good bank” and a “bad bank” and will mean that Popular Bank of Cyprus, known as Laiki, will effectively be shut down.

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Archives March 25, 2013 posted by

Our View: Our inept Central Bank governor must go

REGARDLESS of what was decided at last night’s Eurogroup, on his return to Cyprus President Anastasiades should give serious consideration to removing the governor of the Central Bank, Panicos Demetriades from position. He may be an independent state official who has another four years of his contract to run, but a man who has caused such large scale harm to the country, either by accident or design, cannot remain in a post he has proved emphatically unfit for, for another four years.

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Archives March 25, 2013 posted by

Further limits on ATM cash withdrawals

TRYING to avert a further ATM run on Cyprus’ banks, daily withdrawal limits were further limited yesterday across the two biggest banks.
The Bank of Cyprus said on its website that the maximum withdrawal amount had dropped to €120 while the Popular Bank limited daily cash withdrawals to €100 daily from 1pm yesterday.
Previously on Thursday, Popular set a daily limit of €260 on ATM withdrawals to cope with high demands as customers queued to withdraw funds after rumours that the bank was closing down.
A Popular Bank spokesman, who was not named, told Reuters the daily limit would remain in place until the bank reopens as scheduled on Tuesday, or until confirmation of continued emergency funding from the European Central Bank (ECB).

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Archives March 25, 2013 posted by

Pushed to saddle BoC with Laiki’s debt

THE GENERAL view in Nicosia, after Thursday’s decision to restructure Laiki Bank, was that the road had opened for an agreement with the troika.
The legislature would approve the legal framework for the restructuring of the banks and the transactions’ controls on Friday night and the negotiations would then focus on how the remainder of Cyprus’ €5.8 billion contribution to the bailout could be raised.
There was another piece of ‘good’ news on Friday. The governments of Greece and Cyprus had reached an agreement over the transfer of the operations of Laiki and Bank of Cyprus in Greece to a Greek bank – Bank of Piraeus.

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Archives March 25, 2013 posted by

Fatigue and fear as Cyprus’ history is rewritten

OVER THE last week most Cypriots have watched the dramatic events unfold with morbid fascination, aware that their lives were about to change in ways not seen since the Turkish invasion.
Yesterday as the denouement approached and the island’s fate was being brutally thrashed out in Brussels, the public response was a combination of fear, anger and plain fatigue.
“Do you understand what’s going on? Cyprus is destroyed,” a 55-year-old Cypriot woman living in London said. “I’ve been crying for days now.“
“It’s all horrible. I keep watching the news. I am depressed,” 56-year-old Margarita Xenofontous said.
“No one knows what they are doing, with no exceptions,” said Christina Theophilou, a 33-year-old mother of two who is pregnant with her third.

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Archives March 25, 2013 posted by

Cyprus crisis boosts London house prices

HOUSE prices in Britain recorded their strongest monthly jump in three years in March partly as a knock on effect of the crisis in Cyprus, UK property analyst Hometrack said yesterday.
The 0.3 per cent rise was driven by a boost to London house prices, with concerns over the crisis in Cyprus and the eurozone likely to send more cash flowing into the English capital in the coming months, the study said.
The national increase in house prices this month marks the highest growth seen since March 2010. Prices soared by 0.7 per cent month-on-month in London, showing the strongest uplift since February 2010.

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Archives March 25, 2013 posted by

‘Secret plan’ to airlift penniless Brits out of Cyprus

REPORTS in the British press yesterday suggested the UK government was working on a plan to airlift penniless expats back from Cyprus.
According to the Daily Mail, senior Whitehall sources said that if the situation spiralled out of control, British citizens who wanted to go back the UK would be offered airline tickets, and if necessary be given transport to the airports by British troops on the island.
The paper said the officials refused to discuss details of the contingency plan for expats, but ‘a well-placed source’ told them: “We are confident we will not need to put this plan into action. But clearly, we have to be ready to help British citizens in all circumstances, wherever they are in the world.’

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