31 Mar 2013 1:06 PM:
Roberto, don't mean to sound smug! I'm just very, very angry that bad banking practices still seem to be going on.
Internet is rife with Cyprus tax evasion, money laundering and general malpractice. I'm genuinly sorry for the hardship it will cause to innocent Cypriots as the haircut will have a knock on effect.
BUT this is exactly what has happened to all of us, as myself and family are badly affected by the crisis, having lost more than a 100K in lost deposits with having to abondon our purchase of a retirement home in Spain.
Bad banking has been going on since 2008, the only way for it stop is if better off investors (speculators?) are directly affected. If losses are spread to all and sundry why should bad banking stop?
My point is that sad though it is, Cyprus hopefully is the warning shot that starts to bring banking into the real world. Continued reward of bad practice will mean that bad practice will just continue. There is no reason for it to stop, is there!
Thread:
Cyprus 60% haircut, about time too!
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