Are any accredited casinos in danger from the events in Cyprus?

nikantw

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Jan 28, 2011
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EU
They are steeling 25% - 100% of all big deposits in Cyprus, so if any casino has money there, it is definitely going to be in huge trouble.

Are there any with deposits in Cyprus?

With the banking sector instability in south Europe, everybody else will transfer their money to the north.
 

clees42

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Feb 25, 2011
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oulu
They are steeling 25% - 100% of all big deposits in Cyprus, so if any casino has money there, it is definitely going to be in huge trouble.

where do you get your figures?

its 9-10% for big deposits and its not even decided yet.
honestly i dont think they are going to go trough with it anyway.
 

vinylweatherman

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Oct 14, 2004
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United Kingdom
It is 20% on deposits with the Bank of Cyprus, and only seems to be 4% on deposits at other banks. Seems odd that people are being taxed so much just for choosing a particular bank. It also applies only to deposits over €100,000

At worst, some face losing a fifth of their savings. Those that decided to spend rather than save during the good times are not going to suffer. This has been forced on them in order to secure an EU bailout. The alternative appears to have been expulsion from the Euro.

If banks are in trouble, then it does raise the possibility that businesses with money in Cyprus banks will face liquidity problems, even if only temporarily, and it has not been made clear whether this levy applies to businesses as well as savers.

There is "more to come", so this is still "breaking news". More detail may emerge by tomorrow.
 

nisosbar

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Germany is bluffing, IMO. They will never let a state exit the euro if it appears they are being bullies.

That's the price you have to pay for taking on the world and losing. They are going to have to back off.
 

vinylweatherman

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United Kingdom
I'm wondering about jackpot capital. They are liscenced in Cyprus

It's more a question of how much money they have there.

It seems this tax on bank deposits is similar to a 20% devaluation of the currency, an option unavailable to countries using the Euro. It has a similar effect of removing spending power from the public and placing it into the treasury.

The end result could be worse though. A devaluation would make imports more expensive, and the public would not notice the reduction in spending power if they bought locally produced goods. The deposit tax is going to get noticed, and as well as reducing demand for imports, will reduce demand for everything. Things that have to be bought like food and fuel are likely to be hit the least, but this means a disproportionate effect on non essential goods. This in turn could drive the businesses that supply such goods into losses, even bankruptcy. There are bound to be job losses, a drop in tax revenue, and an increase in expenditure on supporting the poorest in society.

Cyprus may be better off bailing out of the Euro and reintroducing their former currency, striking an exchange rate with the Euro that is best for their economy.

If they started to discuss this seriously in their parliament, we would quickly find out whether or not Germany was bluffing.

It seems to have cost the president his job, as I also read that a new president would be found.

It's still a proposal, and the EU has to accept this move as sufficient for a bailout. This may of course allow time for the very wealthy to minimise the effect, leaving the less well off to pick up the bill.
 

spoton

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Doesent seem like there are too many gambling sites that are licenced on Cyprus. Personally, i wont be sobbing if some of the casinos take a loss from whats happening over there, as i dont really like how they are hiding away in tax havens. Theres no question that gambling do hurt alot of people(eventhough one can discuss whos fault it is), and in the end it's us around them and the state that has to help them back on track again, and then i feel it is a bit disgraceful that some or alot of the casinos hide away in the tax havens not contributing with a single dime in tax.
 

vinylweatherman

You type well loads
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Oct 14, 2004
Location
United Kingdom
Doesent seem like there are too many gambling sites that are licenced on Cyprus. Personally, i wont be sobbing if some of the casinos take a loss from whats happening over there, as i dont really like how they are hiding away in tax havens. Theres no question that gambling do hurt alot of people(eventhough one can discuss whos fault it is), and in the end it's us around them and the state that has to help them back on track again, and then i feel it is a bit disgraceful that some or alot of the casinos hide away in the tax havens not contributing with a single dime in tax.

This is gradually coming to an end. The industry is set to fight the new UK regulations that would see them paying UK tax on revenue derived from UK players as this, if implemented, would remove any advantage of hiding away in tax havens.
 

nikantw

Banned User
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Jan 28, 2011
Location
EU
Right now the loss is 30 - 100% on deposits over 100.000 on the 2 "bad" banks.

This will bankrupt any business with funds there. Of course players won't get a penny, and most likely now they get promotion offers! Like Purple Lounge.
 

bsilva028

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its not nothing decided yet

if this tax there advances (even only to deposites above 100.000€) it will be the end of many things, some german industry have business in cyprus too, so they will be taxes too in case of advance., and they dont want that for sure

i think that with this the MERKEL KINGDOM will finish (for good of most of the countries)
 
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