Do You Think Thailand Could Go The Same Way As Cyprus

[taff33]

1

Booming tourism

2

Banking sector flourising

3

Booming number of foreing vistitors were thousands of Russians

4

Throughout the past decade Cypres gained a reputation as a centre for money-laundering while the banking sector flourished

5

Cypres has become a place for shady people

Any view,s like for like.

[Thai at Heart]

Tanks will roll before anyone touches 10% of anyones savings in this country

[up-country_sinclair]

Ridiculous.

Edited March 18, 2013 by up-country_sinclair

[Mosha]

Cyprus's problems were caused by the Euro Zone. They were doing well until the Greek debt slate was wiped clean.Cyprus had bought a lot of that debt.

[Soutpeel]

Europe and the UK will go down the road of Cyprus long before Thailand would

[Chicog]

The shady people were in Thailand long before you arrived.

[davejones]

Question isn't very clear. Any country in the world COULD go the same way as Cyprus. What time scale are you talking about - the next month, year, decade, century. So, yes it could, but the chances are so tiny that it's not worth considering. They have very low debt and the economy is booming. Nothing like some of the failed Euro states.

[davejones]

Cyprus's problems were caused by the Euro Zone. They were doing well until the Greek debt slate was wiped clean.Cyprus had bought a lot of that debt.

Wrong. Cyprus caused its own problems by putting all its eggs in one basket. They put the whole country at risk by investing in one dodgy country (Greece). A country that everyone knew was dodgy. But they didn't care. What did they expect to happen? People have been warning about this for years before the current crisis. No excuse for their bad decision.

[davejones]

Europe and the UK will go down the road of Cyprus long before Thailand would

If you mean taxing people's savings, I doubt the UK would ever take that option. They would rather print money. The UK can print money, but Cyprus can't. That is a huge difference. Same with Thailand - they can also print money.

Having said that, I still have more faith in financial institutions in UK than Thailand. If I had £1 million in cash, I'd sleep better knowing it was in UK rather than Thailand. I think Thailand is fairly stable, but you never know when things will kick off. Thailand has a small possibility of falling apart. I doubt the UK would.

[worgeordie]

Maybe if the keep on buying rice and stockpile it ,instead of selling it,

Is this correct, they are going to steal up to 10% of peoples bank savings

to prop up the same banks !.

I am a simple man, so could anyone explain where all the money went,

or was it all smoke and mirrors, and who has gained by the misfortune

of so many.

regards Worgeordie

[MrWorldwide]

The 'money' you refer to never existed, other than in the stock valuations that underpin so much of our 'wealth'. The people who oversee that system defrauded us on a massive scale, and the people who are supposed to oversee their activities failed us on a massive scale. Bankers, developers, bureaucrats, politicians - the movers and shakers - just couldn't take their snouts out of the trough long enough to consider that their actions could bring the whole house of cards down. Remember 'too big to fail' ? I believe that was the turning point, and it could come back to haunt us all. Obama had the biggest bankers in the country lined up in front of him, anxiously wringing their hands like schoolboys, and he let them off with a 'Dont do it again, fellas' speech. A sad day, IMO.

[bartender100]

British expats have just had 10% taken from us, no need to deduct it straight from the bank

[Soutpeel]

Europe and the UK will go down the road of Cyprus long before Thailand would

If you mean taxing people's savings, I doubt the UK would ever take that option. They would rather print money. The UK can print money, but Cyprus can't. That is a huge difference. Same with Thailand - they can also print money.

Having said that, I still have more faith in financial institutions in UK than Thailand. If I had £1 million in cash, I'd sleep better knowing it was in UK rather than Thailand. I think Thailand is fairly stable, but you never know when things will kick off. Thailand has a small possibility of falling apart. I doubt the UK would.

If you had 1 million quid you would be a very silly person to keep it all in one financial institution in one country anyway...eggs in one basket etc etc whether Thailand or the UK, but would morons in the British goverment try and pull a stunt like cyprus...of course they would if they thought they could get away with it

[chiang mai]

The OP should take two Tylenol and retire, without further thought or action.

[Payboy]

Best part of being a "shady person" is that cute young chicks hang around you at bus stops and assorted sunny places.

[ghooper]

What with all the backhanders and double dealing that make any business dealings more expensive than necessary...see governments infastructure proposals....anything is possible. I can understand why Thais are like this as they don't have much and are surrounded by wealthy foreigners on holiday

and they want a piece of the pie. Consequently the state is paying more for improvements and where will the money come from? Either borrowing or printing

which will ultimately have to be paid back..I can see the country going into a big hole similar to that which was left in the UK by Labour.

Thailand is a beautiful country and I am happy to be able to live here. I don't think we will see anything drastic happening in the forseeable future.

As far as the future goes, watch this space.

[BlackPuddingBertha]

Cyprus got itself into exactly the same mess that Iceland did. Tiny countries with no visible means of support, no real industries and an international banking sector larger that the entire value of the rest of the economy. Cyprus also had a Spanish-style residential building sector which also didnt help it.

Thailand may have a dodgy residential building sector but it has no international banking sector worth mentioning. It also has several industries that function and isn't an unimportant little island that hardly anyone could point to on a map. And having ~70million population and not 1+M (Cyprus) or a few hundred thousand (Iceland) is also an advantage in this instance.

[soi41]

Europe and the UK will go down the road of Cyprus long before Thailand would

If you mean taxing people's savings, I doubt the UK would ever take that option. They would rather print money. The UK can print money, but Cyprus can't. That is a huge difference. Same with Thailand - they can also print money.

Having said that, I still have more faith in financial institutions in UK than Thailand. If I had £1 million in cash, I'd sleep better knowing it was in UK rather than Thailand. I think Thailand is fairly stable, but you never know when things will kick off. Thailand has a small possibility of falling apart. I doubt the UK would.

When will people ever learn ? Moved here 10 years ago, put my money in Thai banks, invested on SET, opened a business here. And today I am in a situation, where I don't have worry for the rest of my life. Not Champagne and kaviar, but a good normal life without financial worries. Have an English friend, very cautious economically, who actually was brave enough to listen to me, so he bought CPNRF about 3 years ago @ around 11, today the unitprice is 20, and is still giving a healthy yield every 3 months. Have recomended CPNRF here on TV a few times in the past and ofcourse no one took notice! Your loss.

BTW UK is falling apart already, so open your eyes and realise, that this is going to be the century of Asia. So why not look for investment-opportunities here ? Right in front of you.

[lazygourmet]

To the Op:

Maybe...

Ten years ago Ayia Napa was quoted as the new Ibiza... and nowadays apparently that is Chaweng.

So yes, maybe at micro economics level, shit might happens !?!

[Briggsy]

No need to place levy on bank deposits, just devalue the currency.

Edited March 18, 2013 by Briggsy

[witchhunter]

Cyprus is living from money laundering for Russian mafia and only in a smaller part they are getting money from tourists while Thailand is earning money from agriculture, tourists, and production. In Cyprus locals do not work even in hotels. They use Philippians to clean after the tourists.

[Mosha]

Cyprus's problems were caused by the Euro Zone. They were doing well until the Greek debt slate was wiped clean.Cyprus had bought a lot of that debt.

Wrong. Cyprus caused its own problems by putting all its eggs in one basket. They put the whole country at risk by investing in one dodgy country (Greece). A country that everyone knew was dodgy. But they didn't care. What did they expect to happen? People have been warning about this for years before the current crisis. No excuse for their bad decision.

FWIW Cyprus was the last Net Contributor to join the EU. The Euro was an idea based on idealism instead of finance.

[yourauntbob]

Any country that does the same will see the same, massive withdrawals and a complete distrust for the banking system. it would be a good way to kill banking activity and the economy in the process.

[taff33]

The shady people were in Thailand long before you arrived.

How would you know how long I have been in Thailand?.

[taff33]

The OP should take two Tylenol and retire, without further thought or action.

I have retired,and tyenol plays hell with my ulcer.

[Billmont]

No need to place levy on bank deposits, just devalue the currency.

Unfortunately Cyprus does not have it own currency, it is in the Euro zone. This is the main problem with countries such as Greece, Spain, Portugal, Ireland and also Italy in addition to Cyprus. They cannot use interest rates to help their ecomomy, they cannot devalue, they are stuck with economic decisions made outside their own borders. These countries were not exactly successful before they joined the EEC and later the Euro as they saw a situation for easy money, subsidies and financial support. All is not well that does not end well!

Edited March 18, 2013 by Billmont

[Billmont]

Sorry but the poll is stupid! The situation in Cyprus and in Thailand is as different as chalk and cheese. Thailand did not lend Billions to Greece, they have not lost Billions in poor banking loans. Thai banking sector is the envy of many nations caught up in the Euro dept problem. Thailand has an inflow of funds hence the strength of the Baht. If Thailand implodes and I cannot see any reason why it would then it certainly will not be because od the problems being experienced by Cyprus!

[Anon999]

Cyprus is living from money laundering for Russian mafia and only in a smaller part they are getting money from tourists while Thailand is earning money from agriculture, tourists, and production. In Cyprus locals do not work even in hotels. They use Philippians to clean after the tourists.

Cypriots are basically Greek and the banks invested almost exclusively in Greek debt that is the reason their banks have failed and put the island in a big hole everything else has been a contributory factor, including the money laundering.

[BrianCR]

Oh God! What are you all talking about?

[khunken]

Cyprus is living from money laundering for Russian mafia and only in a smaller part they are getting money from tourists while Thailand is earning money from agriculture, tourists, and production. In Cyprus locals do not work even in hotels. They use Philippians to clean after the tourists.

Cypriots are basically Greek and the banks invested almost exclusively in Greek debt that is the reason their banks have failed and put the island in a big hole everything else has been a contributory factor, including the money laundering.

You are right about the cause of the crisis but only around 75% are Greek-Cypriots with almost 20% Turkish-Cypriots. This is a crisis in the Greek-Cypriot part of the island and the Turkish-Cypriots are probably happy (in this case) that integration has failed. They use the Turkish Lira.

As for comparing Cyprus with Thailand - ridiculous. Italy would be a better comparison. This levy 'idea' is absolutely stupid and the EU are using a sledgehammer to crack a nut.