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Europe Does It Again: Cyprus Depositor Haircut "Bailout" Turns Into Saver "Panic", Frozen Assets, Bank Runs, Broken ATMs
Europe has done it again.
Late last night, after markets closed for the weekend, following an extended discussion the European finance ministers announced their "bailout" solution for Russian oligarch depositor-haven Cyprus: a €13 billion bailout (Europe's fifth) with a huge twist: the implementation of what has been the biggest taboo in European bailouts to date - the impairment of depositors, and a fresh, full blown escalation in the status quo's war against savers everywhere.
Specifically, Cyprus will impose a levy of 6.75% on deposits of less than €100,000 - the ceiling for European Union account insurance, which is now effectively gone following this case study - and 9.9% above that. The measures will raise €5.8 billion, Dutch Finance Minister Jeroen Dijsselbloem, who leads the group of euro-area ministers, said.
But it doesn't stop there: a partial "bail-in" of junior bondholders is also possible, as for the first time ever the entire liability structure of a European bank - even if it is a Cypriot bank - is open season for impairments. The logical question: why here, and why now? And what happens when the Cypriot bank run that has taken the country by storm this morning spreads everywhere else, now that the scab over Europe's biggest festering wound is torn throughout the periphery as all the other PIIGS realize they too are expendable on the altar of mollifying voters and investors in the other countries that make up Europe's disunion.
Bloomberg's take on the sacrifice of Cyprus' savers:
Officials have struggled to find an agreement that would rescue Cyprus, which accounts for just half of a percent of the euro region’s economy, without unsettling investors in larger countries and sparking a new round of market contagion. Policy makers began meeting at 5 p.m. yesterday in a hastily convened gathering, seeking to overcome differences on bondholder losses while financial markets were closed.
“Further measures concern the increase of the withholding tax on capital income, a restructuring and recapitalisation of banks, an increase of the statutory corporate income tax rate and a bail-in of junior bondholders,” according to a communique released by ministers after the talks. It didn’t specify whether bank or sovereign bond holders could be affected.
The European Central Bank will use its existing facilities to make funds available to Cypriot banks as needed to counter potential bank runs. Depositors will receive bank equity as compensation.
Finance Minister Michael Sarris said the plan was the “least onerous” of the options Cyprus faced to stay afloat.
“It’s not a pleasant outcome, especially of course for the people involved,” said Sarris. The Cypriot parliament will convene tomorrow to vote on legislation needed for the bailout.
Needless to say, the locals are delighted:
In the coastal town of Larnaca, where irate depositors queued early to withdraw money from cash machines, co-op credit societies that are normally open on Saturdays stayed closed.
"I'm extremely angry. I worked years and years to get it together and now I am losing it on the say-so of the Dutch and the Germans," said British-Cypriot Andy Georgiou, 54, who returned to Cyprus in mid-2012 with his savings.
"They call Sicily the island of the mafia. It's not Sicily, it's Cyprus. This is theft, pure and simple," said a pensioner.
For the real response, look to Russia:
The island's bailout had repeatedly been delayed amid concerns from other EU states that its close business relations with Russia, and a banking system flush with Russian cash, made it a conduit for money-laundering.
"My understanding is that the Russian government is ready to make a contribution with an extension of the loan and a reduction of the interest rate," said the EU's top economic official, Olli Rehn.
Almost half of [Cyprus'] depositors are believed to be non-resident Russians, but most of those queuing on Saturday at automatic teller machines to pull out cash appeared to be Cypriots.
While "saving", pardon the pun, yet another insolvent country merely has the intent of keeping it in the Eurozone, and thus preserving Europe's doomed monetary block and bank equity for a little longer, this idiotic plan will achieve two things: i) infuriate not just Russians but very wealthy, and very trigger-happy Russians. The revenge of Gazpromia will be short and swift, and we certainly would not want to be Europeans next winter when the average heating level of Western European will depend on the whims of Russian natural gas pipeline traffic; ii) start a wave of bank runs first in Cyprus and soon everywhere else that has the potential of being the next Cyrpus.
Sure enough, here come the bank runs:
While the tax on deposits will hurt wealthy Russians with money in Cypriot banks, it will also sting ordinary citizens. Some ATMs in the country have run out of cash, Erotokritos Chlorakiotis, general manager of the Cooperative Central Bank, told state-run CYBC.
Forzen assets and "national bank holidays" are baaaaack:
Funds to pay the levy were frozen in accounts immediately, ECB Executive Board Member Joerg Asmussen said. The levy will be assessed before Cypriot banks reopen on March 19 after a March 18 national holiday. Sarris said electronic transfers will also be limited until then.
Europe's response: this is a unique situation. Just like the Greek bailout was unique; just like the Irish and Portuguese bailouts were unique; just like the bailout of Spanish banks was unique.
“As it is a contribution to the financial stability of Cyprus, it seems just to ask a contribution of all deposit holders,” Dijsselbloem said, noting the country’s financial industry was five times the size of its economy. The plan includes “unique measures” that address the “exceptional nature” of Cyprus and show “inflexible commitment to financial stability and the integrity of the euro area.”
Curiously, even everyone's favorite liar, former Eurogroup president, Jean-Claude Juncker, has a warning that this "bailout" is the worst thing Europe could have done:
Skeptics including Luxembourg’s Jean-Claude Juncker had said that imposing investor losses in Cyprus risked reigniting the financial crisis that has so far pushed five of the euro zone’s 17 members to seek aid. Last year, the euro area took what officials called a unique step to ask Greek bondholders to absorb losses.
But fear not: Europe has promised this absolute resolution taboo won't repeat itself...
When asked if a deposit assessment could be ruled out for future rescues, Rehn said in an interview: “It can and there is no concrete case where it should be considered.”
... Until it does repeat itself of course - after all the fundamental problem for Europe has never been resolved: the continent is still broke, and it still is running out of good, unencumbered assets (which as being repledged by the banking oligarchy) with every passing day.
Now the only thing unknown is Russia's response:
Corporate tax rates in Cyprus will rise to 12.5 percent to 10 percent as part of the deal, Dijsselbloem said. Rehn told reporters that Russia, whose banks have loaned as much as $40 billion to Cypriot companies of Russian origin, would ease terms on its existing loans to Cyprus as the rescue unfolds. Cyprus’s finance minister is scheduled to fly to Moscow on March 20.
What is known, however is that Cypriots have taken the news in stride.... and to their local ATM machine, which sadly is showing the following message: "Your transaction has been cancelled due to a technical issue. This ATM cannot complete withdrawals at this time" (courtesy of Yannis Mouzakis).
It didn't take long before the Cyrpus Cooperative bank issued a statement saying "some ATMs run out of cash" - by some they likely mean all as the entire country is now gripped in a full force depositor run.
Some other snapshots of what is currently happening in Cyrpus, where locals are using excavators if not to force the ATMs into "compliance" then to block bank entrances out of blind fury. From Philenews:
Indignant citizen who has the testimony of the Cooperative Credit Society Kyperoundas, cut the morning the entrance of the branch of the SEA, located on Avenue Nikos and Despina Pattichi in Limassol.
He said he believes that deceived by the assurances that the relevant deposits are insured citizens and decided how to express his protest, parking the excavator outside the entrance of the branch of SEA
And more from iefimeirda:
With the first light of day after the unprecedented decision to the Eurogroup on the terms of the Memorandum of Agreement and the taxation of savings, hundreds of people flocked to Cyprus stores credit cooperatives Larnaca to withdraw their deposits.
With the opening of stores found they could not withdraw all their money, because the electronic system of credit cooperatives was not working. And when it became possible, writes the Daily Cyprus, the system seemed to finally hit the appropriate amount of the new tax, which provoked strong reactions. Even after the government ordered the stores eventually closed.
At the same time, according to information or ATMs of banks give no money so that there is a huge inconvenience.
After lunch return to Cyprus President Papadopoulos Nikos Anastasiadis from Brussels in the morning reached political agreement on the rescue of the economy, while in the meantime the Presidential prepares emergency meeting of ministers of the government.
According to all the information, will this weekend be submitted and voted on bills in the form of urgency, before the banks opened Tuesday morning.
In the text of the agreement, with the characteristic title "We caught napping," the website says Sigma Live Nicosia agreed terms "under threat of closing banks." painful Describing the agreement, Sigma relies on sources from Brussels you speak of night thriller and roll jams, and the Cypriot delegation warned even withdrawal from the negotiations.
Congratulations Cyprus savers - you were just betrayed by both your politicians, and by Europe - sorry, but you are the "creeping impairments" in the game known as European bankruptcy. And so is anywhere between 6.75% and 9.9% of your money, which you were foolish enough to keep with your banks (where at least you were compensated with a savings yield of... 0%).
More importantly, as of this morning Europe has finally grasped that there is a 6.75% to 9.9% premium to holding physical cash in your mattress rather than having it stored with your local friendly insolvent bank.
Luckily Cyrpus is so "small" what just happened there will never happen anywhere else: after all in Europe nobody has ever heard of "setting an example". Or so the thinking among Europe's unthinking political elite goes.
And congratulations Europe: just when people almost believed you things are "fixed" you go ahead and prove to the world that you are as disunified (because size doesn't matter in a true union), as confused, as stupid and as broke as ever.
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The media seems relatively silent on this. This is a significant step in erosion of faith in the Euro and the ECB. I expect that there will be significant contagion as the impact of this soaks into the other European countries. Combine this with over 50% youth unemployment and there is enough unhappiness out there that we can expect more surprises like the Italy election that manifest in grass roots rebellion against the ECB.
Things appear to be getting pretty interesting. They will calm down, then get interesting again as more money is confiscated.
IMHO you have to hedge against all of the following, if you can:
1) hedge against bank holidays and electronic shutdown and fees by keeping physical cash outside of the banking system
2) hedge against physical cash being declared obsolete by keeping a simple bank account
3) hedge against the breakdown of the entire system by keeping physical gold and silver outside of the system, and making preparations so you can survive/barter for a few months
It goes without saying that retirement accounts will be raided and even brokerage accounts are probably unsafe, as the exchanges will be shutdown.
Most of all remember that they will come after you eventually in some form or the other.
322 arriving this coming Friday !! Woohoo !!
How will the rest of the PIIGS react to the canary in the coalmine (Cyprus bank robbery)?
sad... the only people that know of cyprus's where abouts, are history/ geography teachers and russian oligarch
question: isn't cyprus sitting on a goldmine of 'aqua`blue-gold' waters? [*Levant Basin]
This has all the makings of a Credit-Anstalt event...
http://www.businessweek.com/magazine/content/11_18/b4226012481756.htm
Banking and money, like religion, are faith-based. That’s why banks often have adopted temple-like architectures to convey the impression of god-like strength. This event has little real economic significance but it has incalculably great psychological consequences. Religion is about to be tested.
This has nothing to do with “socialism” since most of southern European countries were running budget SURPLUSES or minor deficits prior to the crash. This has to do with insuring that the European banking system and associated “elites” will be comfortably seated when the music stops.
Who was really profligate? Was it the poor? The middle class? Or, could it be a banking system gone wild all the while jiving about “free markets?”
Say "goodbye" little guy.
oops
Trends:
The economic trends in Cyprus have been very positive, especially in the recent year. In the year 2008, Cyprus was named by the IMF as one of the 32 most advanced economies in the world. The IMF further forecast that Cyprus would be the only developed economy that would record continuous growth rates through the 2009 financial crisis. The economy mainly indulges in the government service sector and the agriculture sector, with the tourism sector contributing to a major part of the economy.
http://investineu.com/content/invest-cyprus
I think the IMF removed this report from its archives...funny that
IMF report eh ... why are we not surprised
Cyp-r-us
Jip-r-us
Oh well, time for another Irish Poem:
Semper The Virens
A Cyprus is not just a tree.
It's an isle near the Aegean Sea.
Where the ECB jerks
Screwed the Greeks and the Turks
By seizing their money with glee.
Squeeky Fromm, Girl Reporter
Hey Squeeky! - Haven't seen you around for a while. Just noticed your posts a few days ago and I see you've taken up the hobby of "Irish Poetry" lol. You're going to give the WB7's buddy the Limerick King a run for his money!
Cheers
Hi Angus!
Thank you for missing me!!!
Squeeky Fromm
Girl Reporter
LoL: I'm embare-assed that I couldn't think of where I knew the name Squeeky Fromm. I'm old enough to know she was one of Charles Manson's deciples... but that was a really long time ago... so I just searched the name now and guess who came up on top of the search?... your little blog!
FYI ZH'ers: Squeeky is NOT the actual Charlie Manson deciple. She explains that on her blog in a very humorous way.
This is a true LOL moment. Squeeky on ZH has beaten the search rankings of Charlie Manson's killer GF. And the ZH Squeeky seems to have a pretty slick looking blog, although it appears to be still in the works but there is some content for you ZH'ers to check out. There's even a comment from WB7 on the blog from way back in 2011.
I have nothing to do with Squeeky's blog but here's the link: http://squeekyfromm.wordpress.com
Hey, if Banzai posts a link on YOUR blog ya gotta know Squeeky is the dog's bollocks! (pardon the refernce Squeeky).
If they don't walk this back today, there will be bank runs in Spain and Italy Monday morning.
I thought all these guys had a giant unlimited automatic mouse clicker? If so ... er, why do they need other people's mouse clicks? It's a constant struggle to try and understand the rules of this modern-money stuff.
I realize Cyprus don't have their own sovereign mouse anymore, but didn't the ECB say they didn't need to re-deploy a mouse, because the ECB could provide an infinity of supplemental mouse clicks to any non-sovereign that was hard-up for clicks? ... so again, why do they need to actually steal other peoples private clicks held in sacred-trust against just such a bank robbery?
Has anyone called the police yet? Did the ECB mouse take a dose of rodent bait and die or something? Is it on annual vacation to the moon and can't be reached at this time?
They don't need to do this, they could just click or print or dump more debt upon everyone. Here they are trying to set a precident for predators-DBA-government and predators-DBA-banksters everywhere on the planet.
However, they might need to reverse this one, because of where it might lead.
What this event should cause is an absolute rocket-ride into outer space for gold, silver, platinum and other real, physical, private assets. They don't want this result, of course, because it exposes their worthless fiat scams even more clearly.
At some point maybe even sheeple will realize that holding fiat, fake, fraud, fiction, fantasy, fractional-reserve debt toilet paper is suicide... and decide not to pull the trigger themselves.
MAYBE. The degree of stupidity exhibited by humans seems to reach greater heights every day. Who knows what humans will swallow. Most likely they'll keep swallowing until they die. Morons.
+ 80 quintillion
If this were Iceland 2008 they'd beat the bankers to death with a star picket and burn their houses down.
And that would be that.
7 out of 9 of TD's latest pieces on one issue - Cyprus - smells like world financial trouble to me, but don't look for a mention of it anywhere in the corporate press tonight or tomorrow, where reports will be less than zero out of a hundred...
Hey! A couple folks were killed in a bus crash in a flyover state! Have you no heart?
Words can't express my concern for coverage of above-the-fold domestic tragedies such as that, but I'm also interested in coverage of bank name-change announcements, such as the new Nine-Tenths Bank, First Tithing and Trust, the new Dime-A-Dollar Bank, and maybe the Ten-PerCent-Solution Bank...
Ah ... so the Cyprus deposit confiscation is 'tithing for state worshippers.'
Too bad there's no exemption for non-believers.
Agree, what folks don't know won't hurt 'em. And critters too dumb to run, can't be stampeded.
This probably isn't it.
If it is, well, it's about time.
I have chosen to be "unbanked" for many years now. 2008 should have been a major wake-up-kick in the goaltender for even the most dumbest among us who still thought banks were a safe place to keep your fiat or do business. It's now 2013 and I am constantly amazed at how "shocked" people are when they finally realize their bank has been robbing them!
I vaguely recall from years ago a comedian describing his vasectomy (I'm going by memory here & can't recall who he was). The doctor told him he might experience some discomfort for a while that might feel like he was kicked in the balls. He asked the doctor, "Is that just one kick in the balls and the pain lingers??... or is it like being repeatedly kicked in the balls for a while"?? I've never had a vasectomy but I have dealt with banks a long time ago... and I always felt as if I was getting punted in the goolies repeatedly when dealing with a bank for even the most minor of issues.
It was easy for me to say "bye-bye" to the banks when I finally, completely, woke the fuck up long before Cramer said Bear Sterns was still safe. I have no wife or kiddies to worry about, and haven't had a bankster-induced pain in my G.I. Joe for about a dozen years now. Anyone who still has their life savings in a bank, or trusts a bank in any business dealing, will surely feel the "repeated kick in the balls" eventually.
Yet another example of the fact that the megalomaniacal sociopaths from the political-parasite class actually think that depositors' money is theirs to do with as they will (bear in mind that for the average Cypriot, savings represents what they are able to put aside after their taxes have been paid - that is to say, their mythical obligation to fund the social contract' has been fulfilled.
If I was a Cypriot politician, I would be very VERY careful about whether I said "Ni" to the proposed legislation: .gov information systems leak like seives, and if I voted in support of this poposal I would be very scared of winding up dead in a very horrible way.
Also - not for nothin'... shows what happens when the bottom 50% of the intelligence distribution gets a vote: shitbags proliferate, budgets go to shit, and before you know it everybody's gold is confiscated (FDR much?).
As to the Euro-cunt who says that "it seems just to ask a contribution of all deposit holders" - the key word is ASK (ignore the fact that a political parasite would not know the meaning of 'just' if you held a gun to their head).
That euro-cunt had really best hope that a highly pissed-off Cypriot doesn't use the same definition of 'ask' for a 'contribution' of euro-cunt skull fragments.
Oh, and not for nothin' - why do you think that the parasite classes have been inexorably forcing the peons to have their wages deposited directly into bank accounts for over a generation? (Here in Oz, it is almost impossible to receive your salary in cash unless you're doing it clandestinely: the days of pay envelopes with bills in them ended in the late 80s).
i smell a 'one thousand' comment post...
my eye's will be tired this evening
CNBC's coverage is very informative.
"(Here in Oz, it is almost impossible to receive your salary in cash unless you're doing it clandestinely:"
Same shit is being proposed here. Just hasn't sprouted legs yet.
My good Professorlocknload: Things are similar in Canada. I haven't participated in corporate employment in many years, therefore my pay packet (electronic or physical) cannot be robbed by any tax collector before I even receive it. I haven't had a bank account in many years, and I don't take checks (cheques for us colonists, lol). Years ago I started brushing up on skills I let rust due to me becoming lazy in a corporate world... "fat on fiat" as I call it. During the past 5 years I have re-stocked and upgraded my various tools and I contract out my various skills on MY TERMS... none of which involve a bank at any stage of a PRIVATE CONTRACT between me and another party.
I can't explain everything I do here on ZH. I can assure you that in my part of the world business is changing. Example: I know a highly successful mechanic here in my town that had his own big shop and finally got fed up with the gov demanding more of his income every year. He shut it down and now makes more money fixing cars in his one-man mobile van than he did when he had his big shop. And it's ALL CASH. Due to the massive shortage of skilled labour here in Canada he can actually demand and get CASH payments from large corporations before he even shows up to do a vehicle diagnostic. Priceless...
The parasite politicians and their police protectors will realize in the very near future that the slaves simply won't support their luxuries any longer.
Why is there a 'massive shortage of skilled labor' in Canada?
Is it going south? Or just not being created as fast as it's retiring? Or something else?
pay is too low from corporations, many people with skills as described above are hiding off the tax system because being a debt-slave and tax-slave is pointless. And yes, some fools are moving to the USA but many are realizing that's a boarding pass for the Titanic so that's pointless. A wandering canuck isn't going to find amazing work in the USA compared to the Mexicans flooding in to the south in the USA and the corporate chest-bursting aliens excoriating your middle-class. May as well move to Alberta to work the tar sands.
I think I'm going to head down to the atm today and to the bank on monday.
I'm not going to withdraw it all, that's a bit foolish. Just enough to fuck with them.
From BBC
The levy itself will not take effect until Tuesday, following a public holiday, but action is being taken to control electronic money transfers over the weekend.
Co-operative banks, the only ones open in Cyprus on Saturday, closed after people started queuing to withdraw their money.
At one bank in the Limassol district, a frustrated man parked his bulldozer outside and threatened to break in.
You better get there real fast.
Cool. I did that yesterday. The little bank NAZI got in a snit when I told her it wasn't her damned money that my cancelled debit card wouldn't let me have. Told her I'll just go over to the teller window and see if I can get it there. She end ran me, to be sure I didn't "upset" the rest of the customers there. No prob, I took 5k in cash and told her I'd transfer the rest out on line.
Funny, several of the customers in line asked me what they should do, because their Debit cards were cancelled as well.
Told 'em "You can trust yourself or you can trust this f'ing bank."
Don't think I'll be getting anymore free cashiers checks around there. It was also recorded by a dozen cameras, so, the tsa probably has copies as well. (wear a hoodie) But it FELT good!
Next week, I will be closing out the accounts at Big Assed Bank and depositing my transaction money at a small local bank. I know where the manager of it lives.
I'd be careful of those small local banks too. I moved money into one because I was impressed with the president of the bank, saying on a local radio show, that they took no money from the government. Well guess what, when the list of banks feeding money at the trough came out guess the bank that took some of that money. Banksters lie, whod'a thunk it.
I think you'd be better of depositing at least half in the bulllion gold bank of Your Own Fucking Pockets. Jus' sayin
Same here. I do it at every scare...Fives, tens and twenties lately (staying away from the c-notes)...I feel these will be in most demand during initial stages...
Anyone who has ANY money in ANY bank ANYWHERE in the world... is a complete moron. How much evidence do people require before they understand the nature of the "system", namely:
predators DBA government
predators DBA corporations
predators DBA [central] banks
BTW, will the mainstream media report which accounts are not stolen from? I thought not.
honestann: You could have stopped right there. The MSM does NOT REPORT on anything.
Cheers
Everyone send a link to this article as a tip for drudgereport.com and breitbart.com
They get 200 - 300 tips, they may blow the story wide open.
Whew! Good thing none of these are Russian Mafia... oh wait...
:D
this is gonna be one hell of a pig roast. I think we'll see bankers hanging from lamp posts after all.
100 armed people already attacked the presidential palace in Cyprus. This is called SHTF big time. Watch and learn. It is soon to be playe here. Pitch Fork time bitchez.
Metal detectors and tsa at every branch, stat!
Okay, I'll be that guy...
What relevance or importance might there be to the fact that most of the "Russian" oligarchs, literally most of them, have been Jewish - and that many flew off to Israel or Britain, hiding their money here there and everywhere, when Putin started essentially disgorging them of their ill-gotten wealth?
http://www.fpp.co.uk/online/04/05/Oligarchs_180504.html
http://rense.com/general68/rise.htm
Note that in Ukraine, it was the same story - Jews were/are under 2% of the population, but seemed to swoop in after the collapse of the USSR, bought up previously nationalized assets, and of course, a rise in wholly baseless and irrational antisemitism followed.
http://www.iamthewitness.com/Ukraine.html
My point here isn't to be Francis_Sawyer - but it's pretty well established the oligarchs, and by the way the "Russian" mafia is mostly Jewish. So if they're tying up their money in Cyprus, wouldn't this tend to show that the banksters, in general, aren't under the exclusive control of the eee-vil joos, but it's about money, money, money - not tribe?
Or is there anything to this idea of "Jewish Happiness, Russian Tears?"
Don't shoot - I'm asking.
The Jews are done and they know it. They collapsed the golden goose, America, and with it will go Israel as the Arabs will have their way with it.
They'll "Settle" on arab land, protected by 500 nuke delevery systems and the Sampson Option.
I envy the devil who will have the privilege of torturing the banksters with a hot iron stuck up you know where - for all eternity.
too soon, Cyprus? (and it's gone!)
I've often found the comments on articles in the Daily Mail to be quite instructive as to Joe Average in the UK's thinking, the most popular comments:
and
Similar comments at an article at the Economist. I wonder if this could be the last relatively normal weekend in a while.
Well, when JPM needs a cover ------------------ They sure know how to do it .
Wait ! Look at that fire - it's much bigger !!
(sound of shuffling away through a convenient sewer drain)
THAT was funny!
My analysis of developments in Cyprus suggest one solution:
???????? ?? ???????? ??????!
buy the fucking dip
above was supposed to have the actual greek translation cut/paste. damn google translate. my aplogies.
BTFG
BTFS
I would rather insure Kim Kardashian's butt against the long term effects of gravity than any ECB bureaucrat's skin right now (unless they make an exemption for Russian Mafia deposits).
"As far as I am concerned, the Spanish banking system is running under absolutely normal conditions," a spokesman for the bank said.
Nuff said, really.
"The European Central Bank will use its existing facilities to make funds available to Cypriot banks as needed to counter potential bank runs. Depositors will receive bank equity as compensation"
So....Do I read this right...? The 6.75%/9.9% loss will be made up in bank shares.../equities..?
Huh.?
Russian mafia Cypres money getting confiscated by european central bank criminals. The 8,000 bank employees on Cypres need to keep a low profile.
It is not just the Russians, it is every single account including anyone inside the EU and outside the EU. They are stealing non EU personal/business savings also in this grab.
I'm sure that the illustrious lawfirm of Dewey-Cheatem&Howe must be a bit cheesed at the EU handling, what should be a legal issue, by using predatory financial tactics . This runs completely around any legal system - there is no law but by those who control the money . As is stated, some of these accounts belong to entities not beholding to the EU . Have the Cypriots no Courts that hold no pledge but to the Euro symbol ?
And do remember the little arab spring we are experiening started with some dude who completely had enough of his governments corruption and put himself in flames. These idiots just lite the match.
The scary thing is you may be right on that. There is definitely going to be some blow back over this one and not just in Cyprus. This is going to be an interesting week...
There is even a bigger issue at stake here for the whole EU not just Cyprus and that is that by doing this they are reneging on previously agreed upon government deposit insurance.
http://www.forbes.com/sites/timworstall/2013/03/16/the-cyprus-bank-bailo...
The author is being a bit of an apologist for the EU's actions here but the point is made either way.
..
There’s nothing particularly bad about making depositors carry some of the load of a bank failure. Indeed, it has something to recommend it: if it happens occasionally then people will take more care over where they put their money and what the banks do with it.
However, there’s a very great difference between allowing depositors without government insurance to take losses and actually reneging on the previously promised government insurance. And it’s that second that they’re actually doing here. Here’s the description of the Cypriot government deposit insurance scheme:
Note that last number. Under the system until yesterday all depositors in Cypriot banks were insured up to the value of €100,000 with any one bank. Today that solemn and governmental promise has been shown to be false. And not even the European Union nor the European Central Bank are going to make them stick to it. Indeed, very much the other way around. The EU and ECB are insisting that the Cyprus authorities breach this deposit insurance provision....
...The problem is when government has said “we’ll insure this” and when push comes to shove they say “err, no, we won’t”. And the problem with this is that it makes all future EU deposit insurance worth that much less.
Think through why we have deposit insurance? Banks, simply because of fractional reserve lending, are vulnerable to bank runs. If all the depositors turn up at the same time looking for their money back they cannot have it: it’s out in the loans to businesses and mortgages to consumers. This is a known fragility of the system. The only possible solutions are either to have full reserve banking (a bad idea for other reasons) or to have deposit insurance. In that insurance the government stops bank runs stone dead. By promising that depositors (up to some level) cannot lose money. Thus a run does not form and become self-fulfilling.
The point isn’t to make the depositors whole: it’s to stop a bank run forming in the first place. But, what if the government then reneges on a promise to insure depositors? Then the insurance isn’t going to stop bank runs, is it?...
...Even when Iceland and all its banks went bankrupt the Icelandic government did keep its promises under the deposit insurance scheme that it had. And breaching that principle just seems to be obviating the whole point of having deposit insurance in the first place.
I certainly wouldn’t want to be a central banker trying to deal with a banking liquidity crisis now that it’s been shown that government promises aren’t worth the paper they’re written on, that’s for sure.
It really does strike me as an extraordinary decision, one that will have unpredictable long-term effects.
If they pulled this shit in the USA the people would revolt especially when they are told the FDIC insurance is no longer valid right after they shut down the atms and declare a bank holiday. You know them fucking assholes will use this a justification for another bailout which is not that far off at this rate.
We'll revolt right after we see if Angie wins on American Idol. And can wait for the iPhone 5s? The revolt will look so much better with a faster connection.
Good point.
And good luck suing a gov't in its own courts to enforce a contract.
'Sovereignty' means 'We can unilaterally alter or repudiate contracts at will.'
That's what used to piss off Native Americans so bad.
We're all Native Americans now, comrades ...
No it is worse than that the Cyprus parliment sold their own people along with anyone else with accounts along with the banking system out for a bailout. They could have said no or at least honored the deposit insurance somehow. I don't know the answer all I know is it stinks plain and simple.
The Supreme Court of Canada decided in favour of the Metis in a 140 year land claim against the govt that was in the courts for 30 years. It will cost only around $4.5 billion though and the Metis aren't getting their land back. It could take another 30 years to get the money.
Sir, let me guarantee you one thing, the reaction of citizernry will not be to run to there local lawyer. They will 1) attack the bank and 2) go after the policiticians with the police/military/homeland having to make a decision. I think they made it already. They did buy all those bullets didn't they.
I want people to let that thought sink into your heads long and hard especially those in the EU nations right now. People here in the US should be taking a long hard look at that one also since this sets the table for them to try and declare FDIC insurance null and void with no warning or law change.
Fuck them come Monday morning all my accounts are being closed except for the checking and that will only be used to pay bills and small purchases.
Fuck every last one of them I've had enough of their mismanagement and lack of self control........
One has to wonder if this news is allowed to permate into the matrix without the Baghdad Barry spin, if the state media allows it hoping the savers panic and move their money into something more safe (sarc) like stocks.
The banks should raise deposit interest rates if they want the deposits.
You've got the wrong part of the fishing expedition.
This is not the part where they bait the hook.
This is chow down on chowder time.
Hehe someone junked me for this article, I think we know who's interests they represent. It is a big club and they ain't in it, they only take 9.9% skim off the top without your permission.
Junked by Churnham and Burnham.
A commentor on Naked Capitalism thinks this is a test run to see reaction. I admit, I fell for the Russian mob bashing. I now see it should be a completely separate issue.
NC commentor Claudius says:
"While I’m sure Cyprus-based banks have their own fair share or AML issues and dodgy customers. Why would the offshoring anyone’s money to in order to Cyprus banks avoid domestic tax be seen as any more of an issue than Romney, GE, Citi Bank et al off-shoring (or not on-shoring) their money to avoid domestic US taxes (not that I think it necessarily justified)? It is pure deflection, and the majority of commentators have fallen for it
The single most important issue recognizing that it’s the financial élite starting the process of grabbing someone else’s money to make themselves whole, and asking the question: “So, what are you going to do about it?”. And, when it’s nothing, they continue onwards with Greece, Spain, and Italy……..
Read more at http://www.nakedcapitalism.com/2013/03/cyprus-bank-deposit-bail-in.html#HQ5hio3WzjLDW7xC.99Where is the "Deer in the headlights"...?
Would be fitting.
There had to be some in Cyprus that saw this coming. They probably bought precious metals and bitcoin. A store of value and a way to pay for goods, or vice versa.
Is Cyprus the sacrificial lamb? Scare the heck out of depositers to get their money out and spend. Housing etc.
More like a trial balloon.
It's neither.
It's stupid politicians making decisions, which will have ramifications much farther than they expect.
I love how all the media make it sound so devastating to go through the normal channels for bankruptcy using words like crumble etc.
This will be great when this happens in the USA.
Banklauf, meine Herren.
Bank run bitchez,
or not ?
EU FinMins must be fucking insane alltogether.
Check out this competent consultant on Europe.
Blondie's braking news:
CYPRUS BANK RUN 16 MARCH 2013
http://www.youtube.com/watch?v=nCFE71pH8DU
Now, what if - other folks in Europe outside Cyprus also reconsider the usefulness of a bank deposit ?
If they do not... well meeeehhhhhh meeeeehhhhh - sheeple ready for the big fleece...
Lieb Vaterland, magst ruhig sein.
Lieb Vaterland, magst ruhig sein,
Fest steht und treu die Wacht am Rhein!
NYPD Public Advisory - 9:00am EST Monday March 18th
- Anyone standing within 100ft of an ATM will be pepper-sprayed.
- Anyone standing within 50ft of an ATM will be tasered..
- Anyone standing within 10ft of an ATM will be droned..
I have 60 dollars in the bank. When this comes to America the banks are going to keep my direct deposits for their own uses and still send me a Visa bill.
You can prevent it happening to you here, just take you money out of the bank and into stocks.
Binny would agree with that.
They save you the hassle by doing it for you. In Cyprus anyway those taxed will get equity in the bank.
Does this mean that bank stocks rise?
F%&k that, they give us nothing for putting money in the banks to risk losing 10%, way NO WAY... Mattress.myhouse is far safer
The Grapes of Wrath revisted
I'll go through the comments later but if no one hasn't said it yet let me be the first in true ZH style.
Bank run bitchez.
How long will the banks be capitalized when they open? Really?! This is so moronic.. Obviously if this goes thru, cypress is down the toilet and all jew/russian funds will be in the US equities. Which conviniently had a little hiccup,.. Great time to buy!
You really have to wonder if the whole thing is being orchestrated on a world scale. You know the IMF, EU etc didn't do this without letting the FED, Treasury and Oreo House know what they were up to. It is just to big of a decision to have been done in a vacuum with no feedback.
Either that, or it was just a coincidence that BAC announced a buyback on Friday.
There won't be any clawbacks from the FED, all it means is they can redirect some of that QE funny money back into American banks that was backdoor subsidizing the EU through foreign banks operating in the US.
oreo house LOL.. They all talk, what else bankers do? Work?
I am sure the idea was discussed and approved. It is risky for them though, but they are trying to do this relatively quietly.
Every mainstream news outlet plays down this story by calling it a tax.
"STABILITY LEVY" dammit.
Didn't you get the talking points memo!
When the levy breaks ...
Will they at least give depositers a Spiderman Beach Towel?...
Politicians licking their chops at the prospects of such a move here in the states. Won't be long now.
Because a literally life saving asthma inhaler is $45 in the US and $12 in India. If you can get the $12 to India. So, any chance of buying with PMs? It's not even laughable..
Dollars, yes. It's illegal though, so Paypal or Mastercard will grab your money if they even think you might be smuggling drugs. Yup, albuterol inhalers are smuggled drugs.
Bitcoin doesn't care. slide your casino chips from one 256 bit address to another. It's a currency as solid as cowrie shells or wampum. And it goes where gold does flippin' not.
Cyprus became the slush fund of Russian oligarchs and their KGB friends who robbed their own countrymen and used Cyprus to channel money everywhere.
Most of the bank deposits in Cyprus are from this illicit thieving two faced lying hateful oligarchy and its KGB. Yes, Putin. You too.
The 6.7% taken from small accounts is the price the little people pay for living beyond their means by collaborating knowingly with international gangsta banksta sick Russian oligarchs and KGB.
Collaborate with fascists, and pay for it.
However, is it theft to raid private individual bank accounts in order to bail out a bad government and bandit banks? Yes.
Best mind the company you keep.
Lets give a round of applause to EU for their works of justice, peace and prosperity.
/sarc
"Most of the bank deposits in Cyprus are from this illicit..."
Trully?
Just like the Vatican's IOR deposits.
Apparently they haven't ratified the levy yet according to this.
http://www.globalpost.com/dispatch/news/afp/130316/cyprus-govt-race-rati...
The Cypriot government was in a race against the clock on Saturday to push through a deeply unpopular levy on all deposits in the island's banks that it agreed to in return for a 10-billion-euro ($13 billion) EU bailout.
The government has to get the necessary legislation through parliament to ratify the unprecedented tax before banks reopen their doors on Tuesday after a holiday weekend on the Mediterranean island.
The levy, which is expected to raise 5.8 billion euros, will apply to everyone from pensioners to Russian oligarchs, and angry tweets and comments multiplied on the Internet even though the Brussels agreement was reached too late for Cyprus newspapers.
And this little under reported tidbit was part of the conditions
Those with deposits of more than 100,000 euros will be hit with a 9.9 percent charge. Under that threshold, the levy drops to 6.75 percent.
A "withholding tax" will also be imposed at source on interest earned in Cypriot banks in a further hit imposed in return for the bailout of the island's near-bankrupt government and bloated banking sector.
Looks like the politicians gave themselves and out just in case the heat got too hot. Typical.
And in damage control to not undermine the Squid's tentacle Carney in Britain.
http://www.telegraph.co.uk/finance/financialcrisis/9934937/Treasury-reas...
Government sources stressed that deposits held in the London branches of Bank of Cyprus UK and Laiki Bank would not be subject to the new levy.
Treasury sources said that “deposits in UK subsidiaries and branches [of Cypriot banks] aren’t affected” by the new measure, part of a drastic series of measures imposed by the eurozone against Cyprus in return for its aid.
The sources were backed up by a statement from Bank of Cyprus UK which stressed it is “a separately capitalised UK incorporated bank, is subject to UK financial regulation, and eligible depositors are protected by the UK’s Financial Services Compensation Scheme." Laiki Bank placed a similar statement on its website.
However the fate of savings belonging to British-born Cypriots and their descendants who deposited their money directly into Cypriot banks seemed less clear.
Sharon Bowles MEP, who chairs the European Parliament’s economic and monetary affairs committee, said she was appalled by the Cyprus bail-out.
“This grabbing of ordinary depositors’ money is billed as a tax, so as to try and circumvent the EU’s deposit guarantee laws. It robs smaller investors of the protection they were promised. If this were a bank, they would be in court for mis-selling,” she said.
"held in the London branches"
Hahaha that's a good one.
If deposits are "held" in the branch where I deposited them, why does my bank tell me it never has more than a few thousand available for withdrawal in cash from that branch at any one time?
Here is some more current reports on the situation looks like President Anastasiades is leaving an out to back down.
http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied-Cyprus-save...
President Anastasiades held emergency talks with his cabinet and other party leaders last night and is expected to make a televised address today explaining the situation.
Because of tomorrow’s public holiday, he has two days to pass a law to enact the Brussels deal in time to seize the cash from bank accounts before Tuesday morning.
In a statement he said: ‘We either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis.’
It is understood savers will be offered shares in Cyprus banks as compensation for the raid on their savings, but it is unlikely to appease those who have lost hard cash.
Take your cash for IOU's. Even more devious, imagine the Treasury reneging on FDIC depositors insurance, taking 10% of your savings then issue bonds which the FED turns into cash for the same banks aka your savings just got twisted into equities against your will in shares in a bank like a JPM right before they blow it up..........
I am "shocked" the IMF is involved.
And in more ironic damage control, I guess even IMF, Germans and ECB have limits to their sadism or this is a new way to get their rocks off.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_16/03/2013_488205
Greeks who have deposits in local branches of Cypriot banks have been assured by the Finance Ministry that that their money will not be taxed after the Eurogroup decided that savings in Cyprus should face a one-off levy as part of the country’s bailout.
However, reports suggest that the Greek branches of Bank of Cyprus and Cyprus Popular Bank are set to be absorbed by a lender in Greece as early as next week.
Sources suggested that officials from the Bank of Greece and the Greek bank privatization fund, the Hellenic Financial Stability Fund (HFSF), were in talks on Saturday with a view to the absorption of the Cypriot banks in Greece being completed by Tuesday.
The Greek branches of Bank of Cyprus and Cyprus Popular Bank have an estimated 13.5 billion euros in loans and 20 billion euros in loans.
Of course we don't know who that lender is. Jesus fucking christ just put a bullet in their heads and be done with it. Stop toying with the dog after you've already kicked it when it is down then hooked it's testicles to a car starter afterwards.
Rumor is the lender in question is the state-owned Hellenic Postbank.
Everyone can follow the money....
I am SHOCKED more people don't BUY gold/silver as Insurance... You must be kiddin me. Wake up People.... Your $$ not safe in a bank.
The government will tell you what you WANT to HEAR ......No you cant buy food with gold/silver. But you SELL it for shit paper to BUY food etc.
This one has some good commentary also on this topic from Greece. It is good to get a perspective from someone close to the action.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite3_1_16/03/2013_488221
The implications for people’s trust in their government and financial system are obvious. It would be remiss to think that this wariness will be contained just to Cyprus. While many will be watching next week for signs of financial contagion from the Cypriot decision in other parts of the eurozone, with Spaniards or Italians possibly withdrawing savings from their banks, there is a more insidious infection that could spread.
Cypriots will be given equity in their banks in return for the tax but what value will this have when they no longer have faith in the banking system? Cypriots will be told that the deposit tax will stave off further measures but they only have to look to Greece or Portugal to see that promises of no more taxes or cuts have little value. They will be told that there was no alternative but then they will hear about pressure from other single currency members and concerns about the upcoming German elections.
And, all the time, citizens in other troubled eurozone countries will watch and grow warier. They will interpret the policies advocated by the stronger members as punitive for the weaker. They will consider the hypocrisy of leaders who cry foul about money laundering in Cyprus but turn a blind eye if it is happening in Lichtenstein, Switzerland, Luxembourg, the City of London or anywhere else in Europe. They will realize that their government’s promises carry no value when measured against the ideas, motives or obsessions of the single currency’s big players.
This is the point at which the political and social sectors will experience a complete disconnect from the economic and financial. Restoring the connection will be an immense task.
Then, these same citizens will begin to ask themselves where their interests lie, what’s in the euro for them and whether other options would be better. And, as they are mulling over these thoughts, they will look to other parts of Europe and see people like them but also analysts and policy makers wondering what all the fuss is about. They will hear others who have not had to suffer any hardship or financial losses wonder why there is such a negative reaction to wages being slashed, taxes being hiked or deposits being taxed.
This is the point at which the links within the eurozone will begin to pop apart, when citizens will turn to Beppe Grillo-style solutions, to nationalists, extremists or to anyone who promises a different path.
This is the point at which the vehicle stops functioning and the road ends.
http://www.forbes.com/sites/ka...
This may not be the best solution, but at least now everybody is getting the message. By making people part of the solution, they will now be forced to realize the severity of the issues at hand. Even the tax evaders, who had stolen tax money in the bank, which belongs to the people, are forced to kick in. At least Cyprus is getting some justice. So lets say this, Wake up Greece... We need to deal with our issues and make what ever sacrifices are necessary to restore our economy to health or else our government will be forced to do the same thing. "Ah, but I am smarted than the government, I will withdraw all my money" Don't worry, if and all your smart friends do this, the monetary union will collapse and the currency will be worthless, maybe you could use it next winter instead of heating oil....
(Comment by YanniMetropolis from below the excellent article above.)
Me: The Banks et al should forgive the majority of all loans. If we can save TBTF banks, they can save nations. There surely can be put together a formula that could satisfy the vultures on this planet and then we'll be certain this never happens again; this is beyond comprehension unless this is happening because it was the goal.
And lastly since I am still skimming through the articles on ekathimerini this one gives an idea of what the consequences are if the savings theft is not allowed to happen.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_16/03/2013_488222
In a written statement he issued on Saturday afternoon, Anastasiades said “Cyprus came across a previously made decision, a fait accompli.” In his defense he said that the emergency situation “did not arise in the last 15 days that we have undertaken the country’s administration.”
He added that without the bailout both main banks of the country would crumble on Tuesday and his government would have to compensate depositors, eventually leading to a possible exit from the euro and a currency devaluation of 40 percent.
That would be the responsible thing to do.......
People or the banks matter more, people or the banks matter more. I don't think the IMF and ECB even repeated that statement twice let alone gave it a single thought.
we crossed the rubicon, to find ourselves adrift in the straights of 'scylla and charybdis', knowing our anchor was moored upon a fait`accompli... as we pondered our faux`naif capitulation upon a deaf and nadir reality...
'all for the banks and their cohorts, they speaketh... and as for the swine-- let them eat cake!... shant be repeated without a crimsom tidal wave of re`venge!'
'What happens in Cyprus, stays in Cyprus?'... if only there were no 'ZeroHedge'!
Bravo Tyler!!!
All I have to say for the Cypriots and the rest of the people in the EU. Give em' hell.
Moneylending to Cyprus by the foreign banks and lenders was a commercial decision whereby they received a higher interest rate to compensate for the risk they took in lending to Cyprus. The losses of this mess ought to be borne by lenders who enjoyed supernormal profits in good times and knowingly took the decision to lend to Cyprus banks. The losses should not be borne by the depositers and taxpayers of Cyprus or the taxpayers of other European countries by funding endless bailouts.
http://www.marketoracle.co.uk/Article35345.html www.letstalkmoney2012.in
Run, Forest, Run!
I can't see this news on bloomberg.
Must have been "moderated"
+5
Brings home the reality that none of us peasants actually own anything, they can take our liberities, jobs, home and savings with a stroke of a pen.
Bet all the politicians and bankers got their savings out of Cyprus before the theft, maybe someone should investigate this.
Cypriots just got Corzined !
King Obama Couldn't Eat At GOP Meeting Without 'Food Taster' [AUDIO]
FDIC: "Do not put your money in a shoebox!"
http://www.youtube.com/watch?v=JhrCPhYk5m8
this is truly brilliant if it were an snl skit. the banks couldn't get inflation ramped up fast enough to steal the savings of the savers the old fashioned way so they just stole it, the older old fashioned way.
if soemone responsible for this theft doesn't get their head seperated from their torso in any creative way because of this i will have lost faith in the human species.
Extremely Overvalued - Dollars, Pounds, Euros, Yen
Undervalued - Gold
Very Undervalued - Silver
Extremely Undervalued and Risky - Bitcoin
Extremely Undervalued and Extremely Risky - Litecoin
There, I did it for you. I think you'd sleep pretty soundly with a 5%,55%,35%,4%,1% allocation. Did you notice no stocks or bonds in there? That's not counting beans and bullets either ;-)
Silver For The People
"Cyprus's parliament has postponed an emergency session on a controversial bailout deal for the country's banks."
http://www.bbc.co.uk/news/world-europe-21819990
My not be a done deal yet.
In other news, UK to compensate troops and government workers for Cyprus bank levy.
http://www.bbc.co.uk/news/uk-21820237
Or, in other words, Cyprus bailout partially funded by UK (non-EU) taxpayers.
Somone has to act as the police force to shoot the mob when they decide to riot over being blatantly robbed. This is how the Squid roles, now you know why Carney is in charge of the Central Bank of England.
Sure people are angry - they put their money in weak banks that only survived thanks to the money laundering activities of the Russian Mafia - that was stupid and people get angry when they suffer the consequences of stupid choices freely made. This is capitalism folks, whose basic rules were suspended by Hank Paulson in 2008 to bail our his friends and ex-colleagues. The rules of capitalsim are being gradually reimposed. Thanks to....the EU! Surprising I know. I don't understand the "Socialism" accusation. A socialist solution would be to nationalise these banks and let the European taxpayer pick up the tab. What is happening here is that the depositors and shareholders of an unsound institution are suffering for their poor investment decision. That capitalism in its rawest form.
I want to see zh do an article on money flows; A History from WWII forward of where money has fled from and fled to during times of financial crisis ie... Germany to Switzerland , Grand Cayman, Mainland to Hong Kong post Mao, from France to Russia present day, Argentina to Uruguay etc... Seems like the world still can't figure out that socialist policies are nothing more than dictatorships masked in populism. Whenever a govt. says something will be "good for the people" it actually means the people are going to get hammered for the sake of those at the top ie.. the ruling, financial and political elites. While the elites eat their caviar and drink their Dom, the masses must stand in line and wait for their next loaf of bread and bottle of rot-gut vodka and figure out where they can safely put their pittance of a paycheck valued in fiat.
Nope, in that scenario is is EQUITY INVESTORS LOSE EVERYTHING then BONDHOLDERS lose everything, THEN and ONLY THEN do Depositors LOSE something. Please brush up on Capitalism 101...
The interesting question is who owns the bank debt and what connections do the bank CEOs and OWNER have...
I think the Germans are going to quietly restart their nuclear reators. Or at least make them ready to go at a ~"moments notice".
This is Socialist. And it is Nationalist.
20 years after being allowed to reunify,
Germans have gone National Socialist once again ;)
Over 78,000 reads so far, well done ZH.
Popcorn anyone?
"Puff....it's gone!!"
You'll wake up one morning and find your deposits---your life-time savings...all that hard work.....GONE!
It will happen in the middle of the night while you are sleeping, just like in Cyprus....scary.
Have we done this yet:
http://www.skai.gr/news/finance/article/226595/epistoli-dioikiti-kedriki...
Letter from Governor Central Bank to banks: Freeze everything (upd)
Letter of the Central Bank of Cyprus to banks stating that temporarily freeze orders and funds transfers.
Rougn translation via google
http://translate.google.com/#el/en/http%3A%2F%2Fwww.skai.gr%2Fnews%2Ffin...
ECONOMY
Letter from Governor Central Bank to banks: Freeze everything (upd)
Letter of the Central Bank of Cyprus to banks stating that temporarily freeze orders and funds transfers.
Published: 17/03/2013 - 14:03 Last updated: 17/03/2013 - 14:03
Command to temporarily freeze all bank transactions-even the inter-bank-within the territory of the Republic sent to the banks by the Central Bank of Cyprus to a confidential letter from the governor. Not affected subsidiaries of Cypriot banks on foreign soil. Letter were publicized by Cyprus portal 24H.
O Central Bank Governor Panicos Demetriades not specify when to apply this command.
The British government will compensate soldiers and government officials living in Cyprus and are affected by the decision of deposits Shearer said in the meantime the Exchequer George Osborne.
Eurogroup's decision to levy on deposits in local banks not these branches in Greece, explained Saturday Finance Minister Yannis Stournaras. A similar statement was made by the member of the Board of the European Central Bank Gergk Asmousen.
The central banker's letter:
The official govt. documents on the site would need to be scanned and OCD to translate unless a native speaker would like to read and provide a translation.
All I can say for sure on the document is it is dated March 16th.
... and, as the entire world wakes up to this catharsis reality-- what if ?? What if, this 'Cyprus Moment' is not a moment, but a preeminent 'Basel' induce'd 'Ides of March-- `this arching`duke reincarceration Ferdinand`Casus belli',... this new world order?