Cypriot Banks

[Valmave]

Does the Turkish part of Cyprus have its own banks and if so are they also subject to the recently announced levy ?

[emmie]

yes, as per link, and no they won't be as far as i can see, they are not in the EU, so no Euro.

http://en.wikipedia.org/wiki/List_of_banks_in_Turkey

[DangerUXD]

I'd imagine they do have banks and no they they will not be subject to the "levy". Turkey must be delighted they didn't qualify for the EU!

[emmie]

until they join the EU of course, which seems likely.

[jake-the-peg]

Do you think EM?

The UK Tories especially William Hague seem the only ones really keen on Turkey joining

http://cfot.org.uk/

Greece will dig their heels in and France is against - personally I don't see it happening

[New Judge]

The general situation with Northern Cyprus (or the Turkish Republic of Northern Cyprus as some would call it) and its relationship with the EU is somewhat strange and a bit of a shambles, and not only in relation to banking.

Only Turkey recognises Northern Cyprus as an independent sovereign state. The rest of the world (including the EU) sees Cyprus as a single EU member state with its northern part under military occupation by Turkey. Taking a typical stance which ignores reality, the EU espouses that EU regulations operate across Cyprus, whilst in fact the free movement of goods and sevices, people and capital are somewhat restricted. (although the movement of people between north and south has become a little easier recently). The euro does not officially circulate in Northern Cyprus, the Schengen agreement does not operate in Cyprus at all and the people of northern Cyprus believe that Cyprus joined the EU under false pretences as they were not consulted.. It goes without saying that deposits in Turkish operated banks in the north are not covered by EU legislation (and are also not likely to be seized under any baleout terms).

Although some progress has been made in recent years the situation in Cyprus remains a huge stumbling block for Turkey to join the EU. Of course if the EU had managed the situation more sensibly it could have insisted that the division of the island (or the military occupation if that’s what they call it) was resolved before Cyprus was allowed its membership. But I don’t recall Common sense being high on the list of attributes displayed where EU expansion is concerned.

[Gromit]

Turkey are a long standing member of NATO and are a solid ally of the United States and the UK. Which is why we are on different terms with them than France which in the past has opted out of NATO.

Turkey is divided, and the Northern Turkish part is not in Europe, not in the EuroZone and its banks are not subjected to any levy (theft of savings).

[sandyRoe]

If Turkey ever does join the EU the situation in northern Cyprus will need to be addressed. Anyone who has bought property there, from a Turkish Cypriot, might find the original Greek Cypriot owner wants it back.

[emmie]

i wouldn't want them to join, but my suspicions are that they will one day.

[Gromit]

Turkey will not join the EU within the next 20 years. (if the EU hasn't imploded before then).

My Turkish friends were really keen on membership 10 years ago. Since the EuroZone came about, tourist visitors from Germany, Portugal, Holland and Ireland have significantly dropped and they are now very wary.

Fortunately, they have gained tourists at Greece's expense, and they now get a lot of Russians.

[emmie]

they would have no rights to join seeing as they are not Europeans, then again look at the rest of the shambolic set up...

[boxtops]

Some of Turkey's in Europe, em.

[emmie]

Mr Greek friends can't get over the fact that their country is going to hell in a handcart, that everything rose in price once they adopted the euro, and that it wasn't the saviour that it was made out to be... it was once a favoured destination of mine, fabulous country, islands, inexpensive eating and accommodation, from what i hear that is now long gone...

[emmie]

boxy, it's more east than west, and should never be considered for inclusion in any plans for joining the EU. Perhaps this whole EU mess will implode and we can all breathe a sigh of relief, except of course not before Cyprus, Greece, Ireland, Italy and probably Spain has suffered enormously economically

[boxtops]

Yes I know :-)

[Gromit]

Em10

Cyprus is in Europe and Asia. The area in Europe is 5 times the size of (the whole of) Cyprus.

Turkey applied to join the EEC in 1959. They are inlikely to be accepted into the EU for a very long time due to French and German objections. The UK has always been a strong supporter of their application.

[emmie]

has it, do you have a link to that fact...

[emmie]

i haven't read it all, but it's quite succinct.


http://politics.stackexchange.com/questions/607/why-does-the-eu-keep-turkey-out