#Cyprus Depositors Vent Fury Through Social Media

Tyler Durden's picture

The incredible reality that so many Cypriots woke up to this weekend (after the late Friday NY time announcement of their deposits taking a haircut to save their precious banking system) has spurred the citizenry to take to Twitter to vent their anger and frustration. As we asked just as few days ago - has the European Spring begun, perhaps it is time for someone to launch social media guillotines as the 'elites' seem happy to say "let them eat Lokmades (Cyprus Cake)"...




From @1974NIKOS


and Via BBC:

BBC News website readers in Cyprus have been sharing their concerns on the news.

Alan and Janet, from Cyprus

This is robbery and we must get the EU to stop this. We retire and bring our savings to a bank in Cyprus and they can just take our money away without permission and then say we have shares in a bankrupt bank.

Cyprus is finished, is crooked and illegal. Anyone thinking of coming, go back and take your life, your holidays and your family somewhere else!

We had a government guarantee on this money we'd invested and now as pensioners, how can we possibly recoup this money? It's currently a holiday weekend here and ATMs aren't working, so people aren't able to take money out. It's as if the money has been locked down.

By all means the rich developers in this country can afford to pay but us expats should be excluded from this as our savings have nothing to do with the general economy as we already give money to Cyprus both in taxes and in buying things to live.

We take nothing from the state. Two weeks in government and this is what they do to us pensioners from the UK. How can the UK government support stealing from its citizens? Cameron and Clegg must step in and do something. My wife and I are currently creating an e-petition on the Number 10 website to draw attention to what's going on here.

Maria Zembyla, from Nicosia, Cyprus

It is robbery! People like us have been working for years, saving to pay for our children's studies and pensions and suddenly they steal a big share of this money.

I was shopping this morning when my husband told me the news, I thought it couldn't be correct. We've been watching the news all morning and will continue to do so throughout the day.

This decision will make a big dent in our savings, but worse than that, it will have a huge effect on the economy of Cyprus.

It will erode the investor confidence and money will leave Cyprus. Russians that currently keep the economy afloat will leave the country along with their money. Add to that increased corporate taxes and Cyprus is dead as a corporate service centre. Confidence in the Cypriot economy will evaporate.

Christos Koukides, from Limassol, Cyprus

The joke is that our politicians up until 24 hours ago were assuring us that there is absolutely no possibility for any levy on our deposits.

The whole thing looks like a plot. The previous government didn't take a decision, so as not to take the blame. The new government makes a decision and blames the previous government and will say "sorry people we had no room to negotiate, but it's not our fault" and everything is thrown upon us on the Friday night before a three-day weekend.

It feels like the people have to pay for the mistakes of the politicians and the banks. We work hard and earn our money and are forced to make up for the mistakes of others.

The feeling within the Cypriot people is that the game is about who is going to get hold of the natural gas resources that have been found in the Cypriot sea bed.

At the end of the day, we as a small country do not have a say for our future, others decide for us. Whoever was in power didn't have any option really. The Cypriot president was given orders he had to follow.

We will survive. Cyprus, with its entry in the EU, has safeguarded its future as a free country in the European political arena and if this is a price we have to pay then my opinion is that we have to do it - and pay. However the feeling of disappointment is overwhelming at the moment.

Howard Skelton, from Limassol, Cyprus

This is too little too late. Most wealthy Cypriots have moved their money out of Cyprus where they feel it is safer and it cannot be taxed.

I've been affected by the economic trouble as have most people on the island but it is not stopping the continuance of a massive 'black economy'. Cash rules in Cyprus. People only want cash! On the property front I have seen my own property devalue by 40% since 2009.

Corrupt banks and the Land Registry that colludes with the banks has left many property owners unable to get their title deeds. In many cases the owners are being held to ransom by the banks to repay the developers loans that have been taken to fund the said developments.

The only people who will benefit in the long term are the banks. It will be many years before the man in the street begins to feel any benefit from this bailout. The sooner I can return to the UK the better.

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flacon's picture

I really think this is it - the genie is out of the bottle now and there is no going back on this fractional reserve gravy train to hell. 


What will happen to the EUR, the USD and Gold is the main question. Clearly there is high demand for physical paper Euros but everyone may try to get out of electronic EUR..... I don't know what will happen in the immediate term at this failure of fractional reserve system. Are they going to print Million Euro bills, Weimar style to satisfy the physical demand?

Banksters's picture


Merkel: Cypriot depositors must share responsibility http://ekathimerini.com/4dcgi/_w_articles_wsite1_1_17/03/2013_488307 Spoken like a former east german stastibitch. It's on, muthafuckas!



Rustysilver's picture

Never trust a former east german frau. I should know.

Brit_Abroad's picture

Never trust a former Stasi informer

I M Erika  look it up folks.

You didn't get high up in the former DDR without getting dirty

max2205's picture

A euro is a euro. Pretty bad when you have to worry about what country to deposit it.

They are fucked. The curtain has gone up folks

holgerdanske's picture

Indeed. This could be it. Just imagine we would live to see the collapse of fiat money.

But if you think this thing through, the whole house of cards could collapse. And that includes the Swiss Franc, and for sure the dollar.

The fuse has been lit. What, how and who will be quick enough to step on it. ?

Glad gold doesn't burn, especially after my unfortunate boating accident!.


Brilliant banking robber cartoon. 10 of 10!

Fucking bastards.

otto skorzeny's picture

bernanke's nightmare-dollar to the moon

Lore's picture

Note the tweet above from Jim Rickards. It's pretty clear which side he's on. 

"Those who think Cyprus is the end of the Eurozone don’t understand. This cements the Eurozone; shows they will stop at nothing to survive."

In other words, the author of Currency Wars fully advocates outright THEFT to serve a stinking corrupt Nazist-Leninist SWINDLE.   


Stand up, people of Europe!  Shut down the stupid Euro before it turns your home into a COMPLETE hell hole.

aka_ces's picture

Rickards's tweet reads like an observation, not an advocacy.  Why do you see it as the later ?

Non Passaran's picture

Calm the fuck down.
He stated the obvious and that is that the EU is lead by a group of totalitarian fanatics.

Lore's picture

"This cements the Eurozone" doesn't sound like a value judgement to you?! 

ManOfBliss's picture

No he doesn't you dumbass.

He's very much AGAINST these gigantic central bank cartels.

In fact, you must've conveniently over-look his 3 different tweets where he calls for DEPOSITERS to go unpunished.

In the world of financial media, Jim Rickards is on our side 99% of the time.

Lore's picture

Thank you for clarifying. I haven't looked back, but if you are right, then I sincerely apologize to Mr. Rickards.  I read his book and was surprised by the wording in that tweet. Rgds

disabledvet's picture

first off if you're a Cypriot and you didn't see this coming...well, clearly you haven't been reading the Hedge...let alone me...indeed ESPECIALLY me. I've been on this thing since day One...and if you believe your deposits are worth 12% annually "paid monthly" i've got a bridge to sell you in Brooklyn. the EZ (tm, copyright, all rights reserved, patent 2008 disabledvet) has been lacking ALACRITY since DAY ONE of this thing. "this is right where that CONSISTENT behavior leads." everyone involved in the EU FIATSCO (tm, copyright, all rights reserved, patent-2008 disabledevet)knew this was coming...and i do agree "it's a tough call." clearly there are bigger problems however and by definition "they are political." http://en.wikipedia.org/wiki/Carl_von_Clausewitz

zerozulu's picture

Cyprus fiasco should keep Simon quiet for some time.

Buck Johnson's picture

As the man toward the end of the article said, most of the rich have already took their money out of Cyprus banks along with many of the Russians and other entities.  And if you don't believe me then why tax all the bank accounts when you could tax anybody over 100,000 euros.  Thats because there isn't enough of the wealthy left and so they are going after everyone.

Matt's picture

Was the withdrawl of deposits in the first place, the thing that set off the "margin call" that required them to do something to prevent the banks from collapsing?

Big Slick's picture

Seriously, fake subtitles from that Hitler's Bunker scene never get old!

smlbizman's picture

it cant happen here, it cant happen here, it cant happen here,..back to you cramer...it cant happen here,...it cant happen here,... it cant happen here....over to you steve...it cant happen here,.... it cant happen here, ....it cant happen here...over to you rick, what the fu...were sorry we lost our feed, now for an exclusive with warren in the tub....it cant happen here, ...it cant happen here,... it cant happen here....

hey slow mo, did u hear about the bank problem on that island?  yeah i did ,   but it cant happen here

notbot's picture

"...over to you rick, what the fu...we're sorry we lost our feed, now for an exclusive with warren in the tub..."

I'm dying...too funny

mick_richfield's picture

Flacon --

I completely agree, but I want to point out that you missed a chance for some really good mixed metaphors there.

May I suggest:

I really think this is it - they've let the genie out of the bag now and this fractional reserve gravy train is on a slippery slope to hell in a handbasket!

I feel that if we are going to be able get any humor out of this -- we'd better do it fast.

prains's picture

and the leviathan awakes........and no




(hope i'm wrong)

PUD's picture

Would be good to remember that the cops had accounts too.

It is a bargin my friend's picture

True Dat...I like the sound of Alan and Janet, must have them over for dinner soon

Tinky's picture


AustrianJim's picture

I love the reasoning of the lady towards the end. Why did they have to steal from the very poorest people? If they had left them alone, then it would have been OK.



EscapeKey's picture

My favourite comment is this one:

The joke is that our politicians up until 24 hours ago were assuring us that there is absolutely no possibility for any levy on our deposits.

The whole thing looks like a plot. The previous government didn't take a decision, so as not to take the blame. The new government makes a decision and blames the previous government and will say "sorry people we had no room to negotiate, but it's not our fault" and everything is thrown upon us on the Friday night before a three-day weekend.

As if that's by accident. The presidential election was held on the 17th of February, 2013. The former President did not seek re-election; "I wonder why" said many naive voters. http://en.wikipedia.org/wiki/Cypriot_presidential_election,_2013 They essentially knew the outcome in advance. The former president didn't want that on his CV, and the EU didn't want this pre-announced so as to influence the election. And it would suit the new President to announce this very early on, as electors have the memory of goldfish, and will likely have forgotten about this next time around.
e-recep's picture

err, the whole idea of bailouts is to steal from the poorest.

Racer's picture

That cartoon is exactly what it is... a bank robbery and it should be called by no other words

yabs's picture

wow they vent the nager on twitter

yeah that will scare the banking scum

why don't ehy vent their anger and start hanging bankstas from lamposts


where is hitler when we need him



A Nanny Moose's picture

They are watching greek soccer matches.

Whoa Dammit's picture

Here's the quote of the day:

"Now the faith in Cyprus as a place where it is convenient to keep one's money will be undermined," Anatoly Aksakov, president of the Association of Regional Banks of Russia, was quoted by the Interfax news agency as saying.


Aksakov also suggested that some of the Russian money now deposited in Cypriot banks will move back to Russia."


slackrabbit's picture

Dont know if people have read this but note these bits:


'Tax on interest will amount to between 20 and 25 percent.'

'Cyprus state broadcaster CyBC reported on Saturday that German Finance Minister actually entered the Eurogroup meeting on Friday proposing a 40 percent haircut on Cypriot bank accounts. Sarris stated on Saturday that this had also been the proposal of the International Monetary Fund.'

 It will be intresteing to see if the media can confirm this....


full article:


buzzsaw99's picture

A little haircut will cause a big bank run causing a much bigger haircut causing... The EU is kaput and they don't even know it.

Downtoolong's picture

It's kind of like that line in the book Shadow Divers about deep water divers who come up without proper decompression. "They're already dead, they just don't know it yet". And about three minutes later they're wishing it could happen sooner than later.

NervousRex's picture

Dude, thanks for the book reco. :-!   (shadow divers)

imaginalis's picture

Lucky we live in the US where everything is just peachy

EscapeKey's picture

some do, and we will be blamed when it all goes *kaboom*, despite having had no real influence over the situation.

scapegoats are always high in demand.

Ancona's picture

The technocrats in Brussels don't seeem to have done their homework. Right now it is the weekend, but tomorrow is not, and the fury of the people will certainly be felt when they can no longer access their money. Part of me wants to see these banks totter and fall, but another part of me knows that we will all be "taught a lesson" by the bankers if it is permitted.

Either way, the Cypriots are fucked, and I fear many will also be fuck3ed in Spain, Italy and probably the rest of the union.

flacon's picture

Governments have the power to extend weekends. Mondy is a bank holiday in Cyprus and the government has said that Tuesday the banks won't open either. One solution is for the government to make a permanent bank holiday [in the sun] in Cyprus for all eternity. 


This is what happens when people become the servants to money. 

disabledvet's picture

"carried interest...carried to the extreme." Russians have saying: "never have coup on Monday." (in reference to the failed attempt to overthrow Gorbachev. He's still alive btw.) so now we will see. i am revising my "eh" analysis from yesterday.

Joe A's picture

Sorry for the ordinary saver on a Cypriot banks but why should tax payers in other EU countries otherwise pay for the whole amount? Out of a warm feeling of solidarity?

Sandmann's picture

So in Cyprus we get  to see how a depositors haircut looks. We could have seen how a bank collapse looked instead. Clearly the Bankocracy didn't want to risk anyone picking that option !

Joe A's picture

Well, then these people would have lost all their money. But the Troika handled this really badly. Next time a crisis pops up somewhere we will see people redrawing their money from the banks in droves and a subsequent bank collapse. Cause that is the message they sent. The troika set a really really bad example. Instead, the Troika should have taken the potential gas and oil reserves of Cyprus as collateral for a bank bailout.

nonclaim's picture

I like financial voodoo... If we take 10% you can keep 90% and be glad but if we leave you with 100% you will have zero when the bank opens next (if ever).

There a lie in there and it is not buried deep enough.

Matt's picture

Based on the original request for 40% of deposits to be taken, it seems the banks only have $0.60 in assets for every $1 in liabilities. Or worse, they need $0.40 on the $1 just to meet collateral requirements?

Non Passaran's picture

The law says depositors are protected.
Why should other countries' taxpayers pay? Because the idiots voted to join the EU and eurozone. It's socialism. Pay up and shut up.