• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Cyprus Bank Holiday Extended Through Tuesday As Confusion Spreads

Tyler Durden's picture




 

For those who read the previous article on the topic of last minute chaos and confusion in Cyprus, and Europe, it will come as no surprise that the previously scheduled Monday bank holiday (aka Green Monday) has been extended into Tuesday. So prepare to not be surprised.

From Kathimerini:

The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

 

Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.

 

There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.

 

Skai radio reported on Sunday that the Bank of Greece has sent between 4 and 5 billion euros to Cyprus in order to help Cypriot banks respond to cash requirements by their clients.

So, if the official name of the March 18 holiday was "Green Monday", will the March 19th ad hoc holiday be called "Red Tuesday"? Inquiring minds want to know.

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Sun, 03/17/2013 - 10:09 | 3337865 Croesus
Croesus's picture

Yakov Smirnoff: "In Soviet Cyprus, bank robs you!"

Sun, 03/17/2013 - 10:12 | 3337868 knukles
knukles's picture

The Law of Unintended Consequences is a Bitch

Nukies Law #1 Never step on own dick with golf spikes

Sun, 03/17/2013 - 10:18 | 3337903 AlaricBalth
AlaricBalth's picture

From discovercyprus.com:
Bank sources said a run on bank ATMs started from Friday night – while the Eurogroup was in progress –peaking yesterday morning as soon as news broke from Brussels.

“The ATMs are running out of cash,” a source said.

The frenzy of withdrawals was triggered by savers likely thinking that by reducing their bank balance they would reduce their taxable amount.

However understandable, it was probably an exercise in futility, because the taxable amount will apply retroactively, from the moment the deal was struck in Brussels.

Sun, 03/17/2013 - 10:20 | 3337913 goldfish1
Sun, 03/17/2013 - 10:26 | 3337944 kaiserhoff
kaiserhoff's picture

Beware the Ides of March.

             Edward de Vere

Sun, 03/17/2013 - 10:31 | 3337953 flacon
flacon's picture

It's a Wonderful Life in Cyprus:

The [fractional reserve] Bank Run:

http://www.youtube.com/watch?v=qu2uJWSZkck

 

 

Sun, 03/17/2013 - 10:57 | 3338079 derek_vineyard
derek_vineyard's picture

spx futures up locked limit?

Sun, 03/17/2013 - 11:11 | 3338128 NoDebt
NoDebt's picture

Where did Greece get 5 Billion to send to Cyprus to prepare for the soon-to-come bank run?  Shouldn't they be saving that for their own soon-to-come bank run?

I'm not saying nothin'.  I'm just sayin'.

 

Sun, 03/17/2013 - 11:15 | 3338153 So Close
Sun, 03/17/2013 - 11:32 | 3338225 francis_sawyer
francis_sawyer's picture

I don't know what they'll 'call' it over there...

~~~

But in the US... This event will come to be remembered as 'SELECTION SUNDAY' & 'MARCH MADNESS'... Obama will will hold a candlelight BRACKET filling ceremony to mark the occasion...

Sun, 03/17/2013 - 13:15 | 3338690 american eyedol
american eyedol's picture

obama usually fills out a bracket doesn't he?

Sun, 03/17/2013 - 16:21 | 3339514 francis_sawyer
francis_sawyer's picture

Are you fucking kidding me?...

~~~

Obama's BRACKETOLOGY gets more "eyes" than the SOTU address...

Sun, 03/17/2013 - 19:19 | 3340220 TwoShortPlanks
TwoShortPlanks's picture

I just love Fictional Banking Systems.

Sun, 03/17/2013 - 18:23 | 3338922 All Risk No Reward
All Risk No Reward's picture

All you people that thought deflation was nothing more than a lowering of prices, take note!

This is an Art of War, asymmetrical military operation to bankrupt your pretend sovereign nation and hand control of it over to the international banking cartels controlelled corporate fronts.

The monetary system is a debt based system - prima facia fraud.

Debt Money tyranny

http://www.keepandshare.com/doc/4768883/debtmoneytyranny-6-1-pdf-60k?tr=77

Sun, 03/17/2013 - 12:31 | 3338479 ronaldawg
ronaldawg's picture

Re:  Texas style - now that is a way to open a video - TWO smoking hotties.,,,

Sun, 03/17/2013 - 12:47 | 3338544 zerozulu
zerozulu's picture

Cyprus is a canary in the mine test.

Sun, 03/17/2013 - 12:51 | 3338565 smlbizman
smlbizman's picture

and the question for the test is....." is it better to be 2, 3, or more years early or 1 day late?...

Sun, 03/17/2013 - 13:04 | 3338643 zerozulu
zerozulu's picture

not 2 or 3. I say right now hang these banksters.

Sun, 03/17/2013 - 15:03 | 3339175 Lost Word
Lost Word's picture

Edward de Vere = Shakespeare? Author of the play "Julius Caesar"? Caesar assassinated Ides of March.

or better evidence that

Sir Francis Bacon = Shakespeare

Sun, 03/17/2013 - 12:23 | 3338453 glenlloyd
glenlloyd's picture

Doesn't it seem odd that the banks were able to lock down the levy so quickly? I find it hard to believe that some form of levy (confiscation) was not decided long before the eurotwit meeting.

Retroactive on an account balance of zero doesn't get the govt very far.....

This is a perfect example of why one should not, and never should have, trust the banking system.

Again...long safe manufacturers.

Sun, 03/17/2013 - 15:08 | 3339191 Lost Word
Lost Word's picture

Retroactive on zero balance If they let you take your money out.

Sun, 03/17/2013 - 14:00 | 3338869 Element
Element's picture

 

"However understandable, it was probably an exercise in futility, because the taxable amount will apply retroactively, from the moment the deal was struck in Brussels."

There are withdrawal limits on ATMs, so what are they going to draw out, e1K to save e100?

No, not very likely that many people would bother with such a small sum from an ATM. This is people pulling out whatever emergency cash they can get their hands on before its ALL potentially gone.

Sun, 03/17/2013 - 14:14 | 3338932 toys for tits
toys for tits's picture

I suspect they could also by a bunch of little shit with maximum cash back.

Sun, 03/17/2013 - 10:20 | 3337906 King_of_simpletons
King_of_simpletons's picture

Bernanke should have spent $85B in Cypress this month instead of here. The economy is great here  ;-p

Sun, 03/17/2013 - 10:29 | 3337961 flacon
flacon's picture

"Cyprus"

Sun, 03/17/2013 - 10:24 | 3337931 maxmad
maxmad's picture

This IS the Black Swan you've all been waiting for...

Sun, 03/17/2013 - 10:31 | 3337969 maxmad
maxmad's picture

Here is how I see it breaking down:

 

Panic will hit the streets tonight in Cypress, Greece, Italy, Spain and Ireland...  People will be rioting and looting banks this week!

4:00 Cypress time:  The official declaration will be made.  Banks will be closed in Southern Europe for the entire week, while they wait for panic to subside.

Stock Markets will close in most Southern Eurorpean markets as people scramble to unload, hoping to get out before the mass rush out/and potential taxing of funds.

Merkel and the EU will need to decide whether to close banks throughout Europe and the stock markets...

Within 72 hours, the Euro will collapse... This will lead to a USD and UST safe haven investment... But that wont last...

By next Friday, we could see most Global Banks going on a Bank Holiday..

 

The Global reset will happen within 2 weeks, if the EU does not reverse this decision!  IMHO

Sun, 03/17/2013 - 10:39 | 3338002 maxmad
maxmad's picture

By Tuesday we should know the fate of the Euro... Just remember if they are pulling the pin "this was all set up"

Sun, 03/17/2013 - 11:39 | 3338252 dick cheneys ghost
dick cheneys ghost's picture

pre-meditated.........It does seem that way

Sun, 03/17/2013 - 10:40 | 3338006 Coke and Hookers
Coke and Hookers's picture

This can also be looked at as a window of opportunity. The elite's final solution is total control of all assets and currencies and then a unification of the world's financial system through a centrally controlled currency. This confiscation business in Cyprus is just a new and logical step in that process. The final solution, however, can only be imposed when there's no other choice and the people have been totally stripped and psychologically broken. What needs to be done now is to break that process and the only way is a continent wide Euro bank run to create an event that can't be controlled by the elite. That's what they fear most because you can't impose the final solution on people that are rebelling (unless you declare martial law and institute military tyranny). Only broken people will accept the final solution. So I say, let's do a run on the banks next week and collapse the system before it's too late. Let's leave scorced earth for the system and accept the pain that follows.

Sun, 03/17/2013 - 11:09 | 3338121 DoChenRollingBearing
DoChenRollingBearing's picture

Carpe diem!

 

Actually it is not even necessary to have a full scale bank run for the people to stay reasonably whole and for the banksters to be stymied.  A mini-bank-run would be good enough.

If everyone takes out $500 (or 500 euros) each day for the next day or two, that will squeeze the amount of currency (if the money is hoarded, which is what I am doing in part) in circulation.

Of course it might alos be a good idea to release back into circulation some of that currency by buying gold.  I'll be doing that as well.

Sun, 03/17/2013 - 11:30 | 3338216 merizobeach
merizobeach's picture

So I should take my money out of the banking system?  Oh, wait, I did that years ago.

Sun, 03/17/2013 - 12:04 | 3338355 DoChenRollingBearing
DoChenRollingBearing's picture

I have been easing my way out for a decade as well.  Still, having some money in the bank is a diversification too....

Sun, 03/17/2013 - 11:53 | 3338323 Overdrawn
Overdrawn's picture

I've started my online bank run, paid all next months bills, booked and paid for my holiday and bought some new clothes. Stocked up the freezer and found a working ATM, so have cash.    Maxed my interest free overdraft, so lets see the bastards try to tax that.

Sun, 03/17/2013 - 14:45 | 3339056 ChacoFunFact
ChacoFunFact's picture

Death Knell For the Republic.  We are being prepared.  See the below video, at the 18 minute mark, taken from Rosa Koire's blog on a related subject:

 

http://youtu.be/8t3zwg3MKkU?t=18m3s

It's not at all uncommon for dictators to tell you exactly what they're planning to do; Hitler wrote Mein Kampf, Mao, Stalin, and others wrote extensively on their ideology and future vision.

So here is the voice of the technocrat to tell you what the plan is for your future. In a speech to Joint Venture Silicon Valley/Silicon Valley Community Partnership, a consortium of wealth and technology overlords in California, 'futurist' Paul Saffo (formerly of The Institute for the Future (IFTF) a Palo Alto CA–based think tank established in 1968, as a spin-off from the RAND Corporation, to help organizations plan for the long-term future, a subject known as futures studies. --Wikipedia) speaks the vision out loud:
CITY-STATES and NEO-FEUDALISM.
 
Especially important to know about this speech is that it is sponsored by the co-creators of Plan Bay Area, also known as One Bay Area, the regionalization plan that combines all nine counties and 101 cities into a mega-city.

This speech was given in February 2013 but an earlier 2007 speech captures Saffo saying that in 50 years the United States will be erased and city-states will have replaced them.

Saffo is a professor at Stanford University.
He gets into it at about minute 18 on this video.

YOU ARE BEING PREPARED FOR THIS FUTURE.

Sun, 03/17/2013 - 10:57 | 3338076 Antifederalist
Antifederalist's picture

Maxmad

That is what should happen. I fear that the sheep are asleep.

Time will tell.

Sun, 03/17/2013 - 11:50 | 3338309 THX 1178
THX 1178's picture

I really hope so. I really hope so. I've been waiting for fuckin forever.

Sun, 03/17/2013 - 12:16 | 3338431 JOYFUL
JOYFUL's picture

Like the extremely strange iconography which appears on your US $ bill, most events of this day n age revolve around the chronic infighting between rival groups of esotericists...and their archaic rituals. Cyprus, the home station of the Knights Templar, and their leader De Molay himself, was a nest of intrigue for centuries...the Knights valued it for it's closeness to the "Holy Land"...the 26 tons of gold which they removed from under the Temple there was the cornerstone of their banking empire, and their ill treatment at the hands of penurious French Kings and their puppet Popes set the stage for a major rearrangment of the medieval stage...for that was not the only 'treasure' which they dug out...

a set of extremely mutilated copper scrolls would prove to be the foundation upon which the Kabbalists of Guilhemid Provence would build their empire of majical mathematics and eventually create the mystery of fractional banking which their descendants now use to create a new 'world order.' Their competitors and sometimes allies in the worship of Satan and the Golden Calf, the Scottish Freemasons who still hold the balance of power in the "City" have used Cyprus in the modern day as their listening post and advanced weaponry forward station in the new "Great Game" which has always centered on outfoxing the Russian Eagle - the land of the Czars being the inheritor of the Bzyantium laurels once Constantinople fell to Khazarian wiles via their "Obamaite Candidate" Alexius I Comnenus...and now, as Puppet Popes pop up n down, and events rush to their climax in a France fallen once again into penury -

nothin new under this ol sun.

As the new Byzantium of the Golden East rises to challenge the hegemony of the Phariseeutical West, banksters stage their last stand on the island were it all began. Russian mobsters??? lol...

as Bankster Milburn Drysdale was wont to say: "When I give my word, I expect you to keep it." Try...'the usual supects' - Khazarian Kooks in Savile Suits!

Sun, 03/17/2013 - 16:00 | 3339305 Lost Word
Lost Word's picture

Russian Eagle nobility much the same ancestral genealogy as the German Eagle nobility.

Teutonic Knights of Eastern Europe versus Templar and Hospitaller Knights of Western Europe.

Templars became Freemasons, and factional variants spread all over Europe.

Khazars = Eastern European Ashkenazi Jews?

Sephardic Jews = Western European Jews?

Some say there is a racial dispute between Sephardic Jews and Ashkenazi Jews.

I was under the impression (falsely?) that London Jews were Sephardic Jews.

Kabbalah origins obscure, some say it started in Italy or Germany then to France and Spain and then back again to Italy and then Eastern European Jews and all around the world.

In any case, Freemasons are De Facto Jews.

And as said, Freemasons control London "City".

Many conspiracy theories.

All Banksters.

Sun, 03/17/2013 - 13:07 | 3338655 smlbizman
smlbizman's picture

and metals will be smashed like never before....showing that losing 10% is your best deal....

Sun, 03/17/2013 - 12:58 | 3338605 Mae Kadoodie
Mae Kadoodie's picture

Let's just call it Ruby Tuesday.

Sun, 03/17/2013 - 10:27 | 3337952 kaiserhoff
kaiserhoff's picture

Lordy knuks, I've never had that problem.

I hope you show the girls a little mercy;)

Sun, 03/17/2013 - 10:44 | 3338026 MsCreant
MsCreant's picture

Must be an impressive member to need such a law, and to rank it #1

Set and spike?

Sun, 03/17/2013 - 10:49 | 3338050 Svendblaaskaeg
Svendblaaskaeg's picture

Hint: very short legs

Sun, 03/17/2013 - 11:39 | 3338254 AlaricBalth
AlaricBalth's picture

Bingo!
I found a video of knuks golfing.
http://www.youtube.com/watch?v=OSqcfHIPhBg
Knuks Dorf on golf.

Sun, 03/17/2013 - 10:56 | 3338073 zorba THE GREEK
zorba THE GREEK's picture

This could be the event that wakes up euro-sheeple and causes a run on European banks.

U.S. sheeple are still too busy watching Dancing with the stars and Honey Boo-Boo.

Sun, 03/17/2013 - 13:51 | 3338824 Buck Johnson
Buck Johnson's picture

This is a freaking joke, and if delaying the banks from opening is supposed to stop "bank runs" then they are living in a delusional world.  The longer they take to open the banks the more it's a guarantee that they will pull their money.  People know that if you can arbitrarily decided to close on a day that should be open because of fear of savers getting their money out, that should scare the savers.  Hell banks closed early or entirely on Saturday when they should have been open.  And now they are extending it.  Monday is going to be a bloodbath.

Sun, 03/17/2013 - 14:14 | 3338909 Element
Element's picture

And don't forget, as Reggie pointed out awhile back, the bank runs in 2008 were electronic, and it wasn't depositors doing it, it was banks and counter-parties running on other banks, so the system itself froze solid.

That's what a real bank run will produce.

Has anyone got some string left to push on, in that case?

And I'm pretty sure printing solves nothing, given what has transpired in the interim.

Sun, 03/17/2013 - 10:17 | 3337891 TheGardener
TheGardener's picture

Have the bank robbers been apprehended yet ?

Sun, 03/17/2013 - 11:20 | 3338167 AlaricBalth
AlaricBalth's picture

As if getting robbed isn't bad enough. To get robbed retroactively...that's just cold.

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