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Cyprus Bank Holiday Extended Through Tuesday As Confusion Spreads
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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"It's survival of the fittest Max, and we've got the fucking gun."
Excellent use of Zugzwung, and the irony is that these Eurocrat fools can't see more than two moves ahead in any case.
NO WORRIES!
Don't get your balls in an uproar. Wait for Muck To Market to publish a dispassionate analysis of these developments ASAP.
Worse thing they could have done - REALLY STUPID!
Close the banks for an extra day! Like throwing a can of gasoline on a fire to try and put it out!
As Gump's Mom said, "stupid is as stupid does." The damage done, has just gotten worse.
The bank runs have just started. You ain't seen nothin yet!
Haircut doggy style.
http://girlfromthehills.files.wordpress.com/2011/01/funny-dog-pictures-l...
I suggest "Black Tuesday".
[If it isn't already taken.]
Actually, somebody got the name of the day wrong. The festival is actually called, Clean Monday which is already pretty fucking apt since they just cleaned all their bank accounts
I wouldn't worry about length in time. I would worry about depth.
Greek bank holiday anyone? Italian, Spanish, Portugeese?
If there was a better way to wake the sheeple in to realizing what is coming right at them, I can't think of it.
Send Ben and his fleet of helicopters to to the EU to start dropping money!
Yeaaaah... Those banks can never open again. They already announced they are insolvent. No bailout without printing is big enough. As soon as they open the doors, the bank run starts. They are done.
Amazing, but predictable.
Bloomberg.com
Cyprus not even on the front page.
Move along folks, nothing to see here.............
Drudge caught on more than a full day late.
ZH #1.
Green Monday, Red Tuesday...
Wipeout Wednesday??
Improvement Thursday
All fixed Friday.
Next up week from Monday
FLASH UPDATE: Archduke Ferdinand has been confirmed killed in a shooting in Nicosia.
In an unrelated event there appears to be a run on the Credit-Anstalt Bank in Austria. Authorities say there is no reason to panic and that they have the matter well contained.
No reason to panic. Will this be the bernak saying it in future:
buthttp://www.youtube.com/watch?v=zDAmPIq29ro
Those events were 20 years apart.
The interwebz have made everything faster! :>D
This is Socialist. And it is Nationalist. 20 years after being allowed to reunify, Germany has again gone NationalSocialist!
The true meaning of "Bank robber".
" Proudly to be your bank that Robs you."
Same war, different front:
http://www.reuters.com/article/2013/03/16/us-usa-fed-fisher-idUSBRE92F09...
+1 for Bingo avatar
For all we know they have.
Start the bulldozer every few hours to keep the engine warm.
Nothing more fun than laughing at corupt, evil bankers when it finally catches up with them...
Their day is coming....soon
It is a bit more amusing when one is mostly out of the system, isn't it?
Kevin Henry's just gotten a weekend assignment.
Weekends and especially weekends with Monday holidays are going to be very dangerous the rest of the year.
+1 Bad news on Friday, good news on Monday...or Tuesday. Always been like that.
the best way to rob a bank is to own one,,,, bill black.......
Any coincedence that the "special levy" news came after Friday's Option Expiration and all the Fed's Short put postions and Short VIX Futures for March expired worthless?
the eurocrats had better start selling this as a one-off, and they had better start selling it hard.
I don't think "better than the alternative" is going to play this time so one-off is the only angle they have left to work. of course, the serfs in the PIIGS might not be so easily taken in givin their already exists a less than favorable view of the EU in those countries among the populace.
they might simply say "if they can do this once, not only can they, but we expect them to do it again."
in which case, it really won't matter what the eurocrats say, the siege on banks will commence and it's bank holidays all around.
this week could be intense and who knows?
we might even see the deer.
Let's get ready to rrrrrummmmbbblle...
Ya, bank-runs lack contagion like coughing in your sleeve protects you from ... EBOLA.
Let's think this through. Everyone knew that the announcement of the 'deal' would cause a bank run, that's why it was announced on Friday late on a 3 day weekend. Everyone also must have known that whether the deal was approved or crashed by the Cypriots, a bank run would still occur when re-opened. So, the only conclusion is that this is planned to achieve some broader goal than securing 9.9% of Cypriot Bank Deposits. Ergo, the million dollar question is: What is the broader goal?
+1 ...Yes the master stratagems have their Machiavellian plot that almost every time backfires and makes the situation worse..
But they live another day so all is good. Next week is going to be hilarious to watch. They are running out of bullshit stories to calm the tribe.
They're going to have HELL to pay...
What Quantum did to BoE, would make Cyprus look like a Cake Walk. Some so called Russian Mafia or Hedgie wouldn't mash Cyprus for a quick fortune, would it? Inside privilege on this event could be lucrative, maybe?
Stupidity? Or Coyote cunning? Any way it's cut, I'm out. All the fundamentals are gone. These Einsteins (Oligarchs) believe they can front run Human Action/Time. Nobody consistently bats 1.000.
double or triple dereferenced (cough) 'degrees of separation' pay-routes for Iranian oil to enter east-European / Greek markets? Thereby smashing the route by smashing all currency confidence / banking confidence in the region?
this event is the butterfly wing flap in japan causing a hurricane in europe.....there is absolutely no good outcome to this affair....it is pure contagion - cyprus is not alone - it was merely exposed first.
and ... it's gone!
http://www.therundown.tv/videos/misc-videos/south-park-and-its-gone-scene/
What is this term "bank holiday" you speak of? My American Idolized ears and eyes have no concept of this term. Why does my bank card not work and where did my measily savings go?
Guys, don't shoot the messenger, but...
If you are a Priority customer at some large banks, you can go online and transfer your holdings into a different currency. In almost real time (15 min delay). Apparently "membership has its privileges".
Plan and hedge accordingly.
They should have stayed with the stealth theft of purchasing power... The straight money grab was too obvious...
Wow, this really feels like the Sept 1939, the invasion of Poland all over again...
They just now do it with Euros instead of Panzers... I wonder how long until we witness the City of London Blitz No2...
Yes, close Tuesday, too. Because there is no better way to calm people down than to tell them you are stealing from them and not let them have their money for 4 days instead of 3.
That should definitely help.
They've got 'THE THREE STOOGES' marathon queued up on National Cypriot Television to keep the people occupied... If it goes any longer, they'll switch to Benny Hill...
Just fire up the dang dozer, slam it in low-low, tie the sticks forward and run!
They'll just steal another 10% to rebuild the destroyed banks.
The longer the holiday, the more likely the contagion.
Yes, the damage has already been made to Cyprus. Now it is unimportant if the bill passes or not. People will cash out anyway, move their money ASAP.
Well, we knew actions like this were just a matter of time.
It's not just the depositors, but all the other creditors to Cyprus banks. At this point, you just have to assume it's gone.
Funny, how the US got Germany to fold to FATCA just a few weeks ago, and then bam, Cyprus. Watch how fast they fold now as well. Nothing is coincidence.
+1. Correct! Ironically enough, Cyprus was one peripheral EU country I was looking at a few months ago, to open a bank account. Well, I guess this solves the issue for me: TPTB don't want us to bank anywhere but with core players. Bastards!
Cypriot’s moneylenders, namely the European Union and the International Monetary Fund, seek to get hold of the natural gas deposits that have recently been discovered south of Cyprus in the Mediterranean, but they will get nothing, the Hierarch of the Cypriot Orthodox Church, Archbishop Chrysostomos, said in a live interview with Cypriot government television.
“Greece, Cyprus and Israel focused on the possibilities of cooperation, including their interconnection via an underwater electricity cable and the construction of a Mediterranean natural gas pipeline.”
There is also a major IT treasure there in Cyprus. Heard tell, during the early days of the Iraq invasion, this Fiber Optic net was "tapped" by "security entities." A way to intercept Mainland Europe .com with ME, without getting wet. Just my Conspiracy Nutter contribution.
http://www.cyprusbroadband.net/internet-usage-cyprus.html
I think it is it safe to say that Cyprus is an experiment.
What CAN a central bank and the IMF actually do? Steal 10% of bank depositors wealth?
'Let's try it over a long weekend.'
If IMF/German banksters and their Cypriot counterparts in parliment and banks are not cut down like pigs in the street and all that money is seized, then you can be sure THEY will try the same program EVERYWHERE.
There are a ton of British expats in Cyprus. Curious to know how much they get burned and what the Bank of England has to say about it.
They will go to Greece. They will go to Spain. They will march on - all the way to the USA.
This is why DHS buys 2 billion bullets and 2700 MRAP.
Too much "debt" in the form of bank "losses" yet the banks are NEVER allowed to go bust, unlike your daddy's steel mill and your mom's travel agency.
Take your money out of the bank system now before your mutual funds get converted into Obomba's National Socialist Bank Holding Company.
If only! I dare them. I frikkin double-dare them!
Long before they start this stuff in the US, my cashish and IRA will be Gone In 60 Seconds.
Is there a way of finding out if the politians in Cyprus took their money out of the banks before announcing this? Me thinks such measures are only intended for the masses.
Slandered practice is that usually politician do not keep money in their own country.
Maybe someone put it in their Fnord Escape.
I wonder how long till the City of London Blitz No2 now....
I bet Mr. Schauble having his Financy Ministry in the former Luftwafe headquarters was a choice dictated by an unconscious preference for both National Socialist aesthetics and politics...
Extending it another day is like telling your wife, "Your ass is as wide as a barn" and expecting things to return to normal in a day or so...
ROFL....
My vote for quote of the day !!
Another one gone. I'm so popular with my keyboard supplier, he sends me calenders!
Isn't this about the point where we send over the troops to defend human rights and democracy?
Oh wait, my bad, I forgot Cyprus doesn't control any oil.
I love the Icesave reference. Put a gun to your own head and the progreesives come running with money. Then, turn the gun on them snd refuse to pay it back.
No moral hazard when the victims deserve it.I
Edit - tablet keyboards are crao.
Dear ponzi,
I'm slightly bewildered and astonished. Your latest machination leaves me in the end simply curious as far as what designs you, in your omnipotent wisdom seek to manifest?
I am hoping that a EUR crush and a YEN surge are among your intentions?
Lotsa stops to be stolen and it will make this monkey quite 'rich'
Thank you.
Who in their right mind is ever gonna put a dime in any of these banks again?
Bingo! Now you're getting close to part of the Strategic Intent: Dear sheep and holders of Gray money (undeclared income), do not think of using peripheral banks again! Use only TPTB-approved banks.
Wow, this feels like Sept 1939 and the invasion of Poland all over again...I hope Frau Merkel locks up those dark skinned, money handling, usurious Jews…ehm sorry..Cypriots to the Nicosia Ghetto and through away the key… Nothing like the scapegoating of dark skinned Untermenschen to satisfy German instincts and win an election...
Apparently, the "tax" deduction has already started...even without the ratification...as per here: http://www.cyprusliving.org/phpbb/nfphpbb/viewtopic.php?f=1&t=47033&sid=...
Black Swan Saturday, Green Haze Sunday, Golden Dawn Monday, Operation Oligarch Tuesday ~
well, looks like there must have been loans falling due in the last week or next week for this to have come ot a head last thing on friday.
i wonder who was on the hook to pay the money back or receive it, to escalate it at this time
paraphrasing one ZH'er on another thread "cyprus just got tongue punched in its fart hole"
only half the money being confiscated was probably russian criminal by origin
this is an illegal action in every country with a banking system. foreigners cannot garnish the deposits of another country, not even a country can garnish the deposits of its own citizens withou due process via the courts.
expect a lot of cypriots to resort to claiming to have british passports, since the british are saying they are going to make good any losses incurred by its ex-pats and military personnel based in cyprus. god only knows that the british have oodles of money they can blow out their own deficit by to make good those who have ceased paying tax in britain and run off to a banana republic.
expect a lot of russians to claim that they should let the two shitty cypriot banks to fail and that their deposits in non big-2 shitty cypriot banks should not have to pay for the sins of the shitty.
cui bono - we have had no transparency on the big 2 shitty banks, i.e. their balance sheets, their depositors, their loans.
there has been no due process within whatever goes for a regulatory authority in Cyprus. if it is so apparent that cyprus is being used for money laundering, why not send in a team of 500 from the regulators within the eurozone and russia to get to the bottom of the money laundering, fraud, proceeds from drug and gun running, tax avoidance etc etc
this is not something that falls under the jurisdiction of Europe, since it is not their money being laundered in the form of loans to other russians and east europeans.
it ought to be apparent that if Cyprus cannot satisfy the rules for adherence to banking, audit and regulatory requirements, it cannot qualify to be within europe and should be trhown out.
imagine
all those who have put down money on a house (10% deposit) into a laywers trust account - 10% of this money (presumably) is confiscated
all those companies with working capital in banks which has now been reduced by 10% - 10% of this money is confiscated
all those with credit card debt who were about to repay their credit cards - 10% of this money is confiscated
now
there are criminals involved. lets get GW's take on this. the corruption has brought down the country, because sure as chips is chips, 899,000 out of the 900,000 living on the island did not collude with criminals or break any laws or act imprudently.
seems to me the two shitty banks should be investigated by a multi-national team of investigators
it is obvious to me that not all the money of the criminals involved in the corruption of the island will have been "invested/laundered" in cyrpus so the gains to the russians and the europeans will be way in excess of the loan being sought from europe and russia.
get that? cyprus needs 10 billion: the criminals who have bankrupted cyprus have assets of (probably) 50 billion, so the "authorities" should go after them and the 1,000 cypriots who facilitated their crimes.
europe should grow some balls before it tries to fuck the innocent.
get the cia and the russian regulator to give the soft cocked europeans a hand.
Given the USA has now lost 465 failed banks since Lehman's crapped the bed and the FDIC went insolvent and thus is itself deep in debt, so scarcely a credible banking system insurer (just like the US itself, who's only 'guarantee' is an inkjet - but I digress), why then does it matter so much to Europe if the Cyprus Banking system craps the bed and goes away?
What's really freaking-out the Eurozone about this?
ummmm...cyprus is rich compared to spain, italy, greece and the UK?
and France and
and then
portgual
and then
latvia
and then
AND THEN
AND THEN
AND THEN
AND THEN
AND THEN
Michael Sarris, finance minister for Cyprus:
Reported March 4, 2013: "Really and categorically - and this doesn't only apply in the case of Cyprus but for the world over and the euro zone - there really couldn't be a more stupid idea," Sarris, a widely respected economist, told reporters last week. (Source: http://www.cnbc.com/id/100516812 ) "It is something unhead of and I cannot understand where these ideas come from." (http://www.daily-sun.com/details_yes_03-03-2013_Cyprus-finmin-says-depos...)
Reported March 16: "I wish I was not the minister to do this," the Cypriot finance minister, Michael Sarris, said after 10 hours of late-night talks in which eurozone finance ministers agreed the package. "Much more money could have been lost in a bankruptcy of the banking system or indeed of the country." (Source: http://www.guardian.co.uk/world/2013/mar/16/cyprus-eurozone-bailout-anger )
"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"
Wut DaFuq is wrong with this picture, Greece has cash to loan to another pool of idiots ?? In other news Gold will hit $3,000 if the contagion flies all throughtout the EU like a bad flu.
<cough, cough>
Where's MillionDollarBonus_ to let us know it's all a libertarian scam that gold will ever be secure money and that banks can't ever fail? Only the truly paranoid would believe there will be bank runs, right? Doomer goldbugs?
Congratuatlions - today is the day.
ancient econo-naut scholars conclude ... it was LIBERT-ARIENS
odd, but predictable....
So how can I participate in a bank run with an online bank that I actually owe more than I have (Credit card...)???
Say whutt???