Effects of Cyprus bailout deal on Cyprus-based Brokers
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Thread: Effects of Cyprus bailout deal on Cyprus-based Brokers

  1. #1

  2. #2
    Should be interesting to try to withdraw funds from your broker's account Tuesday...
    At least today there's a valid excuse to delay incoming wires. I'd presume
    a lot of traders will want to find ALL their funds out in a 6.6 or 9.9% lien.

    As Bill Gross said, the return on capital is no longer a priority but instead to acquire your
    capital returned.

    Might be the death blow for all those Cyprus based brokers without bank accounts out
    Cyprus. Who is going to wire money today to a Cyprus bank?

    '

  3. #3
    Lets hope we Could get them back and they don't just disappear with it

  4. #4
    This is legalised theft, plane and simple. Just wait and see, EU's first bank run is under way.
    European bureaucrats only succeeded in destroying Cyprus financial industry.

  5. #5
    Quote Originally Posted by ;
    European bureaucrats just succeeded in ruining Cyprus financial industry.
    European bureaucrats just succeeded in ruining financial industry.

    Let the cacophony of all fiat fapping start...

  6. #6

  7. #7
    The inquiry is, whether my money is secure with foreign banks in Cyprus or not? I have account with FXPro and I know they have their cash with Barclays in Cyprus. Contemplating Barclays is not a local bank, is it secure or at enormous risk?

  8. #8
    .
    From the few remarks I simply wonder if anybody understood the article of the very first article

    Nothing related to Brokers, and reasons to postpone refunds, etc..
    Really, folks not understating what's going on is but actually cause Bank Runs.

    Before, the heavy issues of the Banking exposure on account of the problems about them
    has been going for a long time. Now, that they do a bond out and sorof secure depositor
    and incentive them.... Now fear comes ??

    Is not that all Broker at Cyprus belong to the Cyprus compensation fund anyhow?
    I do not trade with any there, but I believe everybody is secure around 20 000 euros.


    J.

  9. #9
    I exchange with fxpro and also have sent them an email asking whats happening and if accounts are effected, either way I figure I will find out at market open later.

  10. #10
    Quote Originally Posted by ;
    .
    By the few remarks I simply wonder if anybody understood the article of the very first article

    Nothing to do with Brokers, and motives to postpone refunds, etc..
    Actually, people not understating what's going on is but really trigger Bank Runs.

    Before, the heavy issues of the Banking exposure due to the problems around them
    has been going for quite a long moment. Now, they do a bond out and sorof secure depositor
    and incentive them.... Now worry stems ??

    Is not that Broker at Cyprus belong to the Cyprus settlement fund anyway?
    I don't...
    hello,

    you're right about Cyprus issues have existed. But because of this bailout difficulty happening, lots of people (including financial institution) have worries and begin to withdraw everything from the banks there that might cause huge instability to the banks. That's why im starting to have doubts but I dun no if people would withdraw their cash from foreign banks such as Barclays (that FXPro is utilizing)

    also, isn't that 20,000 euros thing just applies to Europeans?

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