Paphos People

hi paphos people,

This euro is getting quite scary, i can see it being £1 -1euro soon. Its the worst thing that cyprus could have ever done. Next year i reckon it will be a ghost town unless the people in the euro money market visit, i suppose there money will get better value !!!...Its just us poor silly sods who's ansestors have fought for the country, we've all paid our taxes but!!!!...THE WORLD WALKS IN AND GRABS THE BENEFITS !!!!! AND SADLY THERE IS NO PENSION LEFT FOR US !!!!!!....Its all doom and gloom here, I think we could all do with a bit of sun!!!!!!... See you soon.!!! Val

The problem isn't with the Euro, but with Sterling which is a basket case currency, and made worse every time Gordon Brown opens his mouth. Britain is borrowing money at the sort of rates that if you or I were to do it, we would be heading for bankruptcy and it is lowering interest rates which causes a run on the pound.

None of this has anything whatsoever to do with Cyprus's decision to adopt the Euro. Cyprus previously had the Cyprus Pound which was independent of Sterling and the exchange rate against Sterling had risen and fallen over the years. The lowest level it reached would equate to a Sterling/Euro exchange rate of 1.025. We are still a long way from that. Nevertheless we are a long way also from the 20 year average which would equate to approximately 1.30.

Could the exchange rate hit parity with the Euro? Yes. Will it? My instincts say no as the disparity is hurting Eurozone members too. The only reason Brown is faffing around the world trying to get more responsible countries to lower their exchange rates is to try and protect the pound.

The problems are world wide, caused initially by greedy American bankers, but exacerbated in Britain by reckless borrowing on artificially inflated house prices. Giving tax breaks to the poor who will thus buy stuff (probably mainly imports) and lowering interest rates to encourage yet more borrowing are hardly solutions likely to have more than a momentary effect. The problems are deep seated and will take a few years to resolve.

Cyprus is a cash based society and not riddled with the same debt problems that afflict the UK. Its people will pull in their belts a couple of notches and weather the difficulties. And here in Cyprus it is not sun we want, during one of the mildest Novembers I can remember, but rain ... and lots of it.

Sterling has been recovering very slightly the last couple of days - 1.19 this morning, but with the markets still in turmoil it could be a rollercoaster ride for a while yet....

where did this mass hysteria come from that it`s cyprus`s fault that all of a sudden stirling has gone down the toilet! "the masses are the asses" springs to mind

_________________
Born in Cyprus, a Greek, brought up to support Sunderland!

Just born lucky I suppose

What are you on matey? try reading the post again - nowhere will you see a mass hysteria rant about cyprus, in fact quite the opposite - please don't make an argument out of nothing, or do you just like doing it?

chris

_________________
Merda taurorum animas conturbit

To get back on track, I suspect if Cyprus hadn't adopted the euro it would be in a lot worse shape than it is now. Now is not a time for small currencies.

This situation isn't the fault of the UK government, the Cyprus government, feelthy foreigners etc. It is clearly the fault of those who make a living by predicting what will happen in the money markets. In effect, gambling with our money.

_________________
Only two things are infinite, the universe and human stupidity, and I'm not sure about the former. - Albert Einstein

try some prunes mate, they may help you with your ailment

Dino, just trying to help

_________________
Born in Cyprus, a Greek, brought up to support Sunderland!

Just born lucky I suppose

There you go again

_________________
John S

thanks for pointing that out mate, otherwise i would have never known

_________________
Born in Cyprus, a Greek, brought up to support Sunderland!

Just born lucky I suppose

Hey lads,
Anyone can start an argument, it takes a man to end one.
Move on.
Gary

_________________
So close yet so far away

Sooner or late it has to level out.Everyone has to ride it.It seems to happen every 10 years or so.

_________________
Life is short! Break the rules! Forgive quickly!
Love truly, Laugh uncontrollably
And never regret anything that made you smile Warning Internet forums may contain nuts

fair enough!

_________________
Born in Cyprus, a Greek, brought up to support Sunderland!

Just born lucky I suppose

Exchange rate hit 1.14 today....

How low can it go??

Have you thought of running a sweep stake to see what it is on New Years Eve?

_________________
John S

The Sunday Times had estimates of it climbing to...... 1.20 by end of Q1 next year, then 1.26 - 1.28 by end of 2009.....

_________________
My other half likes it 'infrequently' - I am pushing to make it two words.."

Don't give away any clues.

_________________
John S

1.1006

_________________
Life is short! Break the rules! Forgive quickly!
Love truly, Laugh uncontrollably
And never regret anything that made you smile Warning Internet forums may contain nuts

Exchange Bureau at Paphos Airport this week: £1 gets you.......€0.95 cents !!!!!.

OMG that is disgusting........

_________________
Molly

Treat others as you want to be treated

from uk 1.0194

_________________
Life is short! Break the rules! Forgive quickly!
Love truly, Laugh uncontrollably
And never regret anything that made you smile Warning Internet forums may contain nuts

It could be seen as a good time to buy sterling!

_________________
Straight talking, no Gimmicks.

Live your dreams.

Been a bit up and down - bottomed out around 1.02 over Christmas, recovered as high as 1.14 at the end of last week and settled back around 1.10 again now.

Most predictions I've read seem to suggest a gradual recovery over the next few months back to around 1.25-ish.

Checked my Nationwide account last night to get a true picture of what the euro/pound has done.

29 January 2008 - 1.341

252 December 2008 - 1.070

Hopefully up a bit now - will find out this week when todays transaction goes through - will let you know.

_________________
Jean

Retirement - harder work than working - But much more fun

1.0813

_________________
Life is short! Break the rules! Forgive quickly!
Love truly, Laugh uncontrollably
And never regret anything that made you smile Warning Internet forums may contain nuts

Just checked my Nationwide account, and, as at yesterday, the rate was 1.111

So an improvement - slow but steady.

_________________
Jean

Retirement - harder work than working - But much more fun

M & S for all those UKer's going on hols 1.0668

_________________
Life is short! Break the rules! Forgive quickly!
Love truly, Laugh uncontrollably
And never regret anything that made you smile Warning Internet forums may contain nuts

_________________
Life is short! Break the rules! Forgive quickly!
Love truly, Laugh uncontrollably
And never regret anything that made you smile Warning Internet forums may contain nuts

1 GBP = 1.11908 EUR according to XE.com

It will come up again, and when it does we will all be so appreciative

Jo

_________________
Because you never get a second chance to make a first impression

Currently trading at aorund 1.12, but I believe from what I've been reading this morning that the UK government's decision to try quantitative easing measures is likely to put more downwards pressure on Sterling?

Anyone have a better understanding of how this works??