Complete Eurogroup Statement On Cyprus
One key, and very important, thing to note per the statement below, is that nowhere in the statement does the Eurogroup say that no levy will be taxed on those with €100,000 and less in deposits. What is said is the following: "The Eurogroup continues to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below EUR 100.000. The Cypriot authorities will introduce more progressivity in the one-off levy compared to what was agreed on 16 March, provided that it continues yielding the targeted reduction of the financing envelope and, hence, not impact the overall amount of financial assistance up to EUR 10bn."
Bottom line: it is absoutely not clear what the levy on small "insured" deposits will be, if any, and it will be up to the Cyprus government to define it: a decision which will make or break the parliamentary vote, whose passage this statement will hardly make any easier.
From the Eurogroup
Statement by the Eurogroup President on Cyprus
The Eurogroup held a teleconference this evening to take stock of the situation in Cyprus I recall that the political agreement reached on 16 March on the cornerstones of the adjustment programme and the financing envelope for Cyprus reflects the consensus reached by the Cypriot government with the Eurogroup. The implementation of the reform measures included in the draft programme is the best guarantee for a more prosperous future for Cyprus and its citizens, through a viable financial sector, sound public finances and sustainable economic growth.
I reiterate that the stability levy on deposits is a one-off measure. This measure will - together with the international financial support - be used to restore the viability of the Cypriot banking system and hence, safeguard financial stability in Cyprus. In the absence of this measure, Cyprus would have faced scenarios that would have left deposit holders significantly worse off.
The Eurogroup continues to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below EUR 100.000. The Cypriot authorities will introduce more progressivity in the one-off levy compared to what was agreed on 16 March, provided that it continues yielding the targeted reduction of the financing envelope and, hence, not impact the overall amount of financial assistance up to EUR 10bn.
The Eurogroup takes note of the authorities' decision to declare a temporary bank holiday in Cyprus on 19-20 March 2013 to safeguard the stability of the financial sector, and urges a swift decision by the Cypriot authorities and parliament to rapidly implement the agreed measures.
The euro area Member States stand ready to assist Cyprus in its reform efforts on the basis of the agreed adjustment programme.
(8 votes)
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Who the fuck is the Eurogroup?
Bottom line: it is absoutely not clear what the levy on small "insured" deposits will be, if any, and it will be up to the Cyprus government to define it: a decision which will make or break the parliamentary vote, whose passage this statement will hardly make any easier.
Bend over!
I'm sure this made everyone with money in a Cyprus bank account feel all warm and fuzzy inside. It's not like everyone with a brain will line up and take every stinking euro out of their bank account as soon as the bank "holiday" end. I'm sure they'll be whistling holiday tunes during the BANK RUN, BITCHEZ!!!!!!
Cyprus needs to tell the EU to fuck off.
At least their peoples' currency won't go off a cliff, like Iceland's did.
Yeah, I hope they do! And go bankrupt the next minute as they fully deserve it! Cyprus' business model for the past 20 years has been money laundering, tax abuse and getting large subsidies from the Eurozone. Off that they have made so much money as to offer their depositors generous interest with virtually no taxes on it. And now they cry about, what, a 10% penalty? WTF??? They should be thankful that other countries bail them out at all. Let them vote it down - and let them go bk in turn. So that people can finally learn the lesson. We are fed-up over here in Germany and Austria of everybody and his dog milking us dry! Greeks shouting at us because we handed them out 150 billion € - but refuse to repeat that exercise to eternity! All this talk of "confiscation" and "neo-colonialism" is utter crap by people who seem to feel entitled that someone always care for them and their needs.
i think the central confusion is banks/governments vs. depositors. the "bailouts" have gone to the former when particularly the banks (and managers, shareholders, bondholders) should have born the losses via (orderly fdic style) bankruptcy. the depositors, insured by government to some limit, should be, well, insured. the folks over the insurance limit are what could be called "fair game" but as much of that money in cyprus is kgb, and they are among the most skilled assassins in the world, perhaps, re: fair game, that snuffling sound in the tall grass behind jamie is a water buffalo, maybe more than one.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
Eurogroup? Who voted for them?
Less rapeage, but rapeage nevertheless!
Any relation to the Blue Man Group?
http://www.youtube.com/watch?v=mGiX9qTrfnE
Eurogroup = euro-zone country finance ministers (like American Treasury Secretaries)
People who should be very worried now about their personal safety when some Russians want to discuss why their bank deposits were taken away ...
From the latest King World News interview with Jim Sinclair:
« “Taking Russian money is very foolish. You have to understand the culture of the people you are dealing with. The government leaders in Cyprus have no ability to protect themselves from the retribution of the former Russian KGB agents, including Putin himself.
The government leaders in Cyprus are trying to back-pedal right now in order to save their lives. Let me say it again, they are trying to save their own lives. Remember, ‘revenge is best served cold.’ This means the revenge never comes at the moment of the miscreant act. But it will come in time.
To take money from the leading economic entities in Russia, is to take money from the former KGB officers, and taking money from them is extremely dangerous. I think the reality has quickly set in for the leaders of Cyprus that they have aided in the confiscation of the most serious and dangerous money you could possibly touch. It has these leaders more afraid for their lives than their bank accounts. »
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Si...
Cue Archduke Franz Ferdinand.
Either way this turns out... even if all the technocrats and politicians involved start backpedaling and completely fold on the idea... I wouldn't be surprised if some felt that a few examples had to be made so that this "idea" doesn't bubble up again any time soon.
This movie has already been made. It's The Dark Knight.
Gambol: You think you can steal from us and just walk away?
The Joker: Yeah.
Gambol: I'm puttin' the word out. 500 grand for this clown dead. A million alive. So I can teach him some manners first.
The Joker: You’ll see, I’ll show you, that when the chips are down, these uh… civilized people, they’ll eat each other.
BINGO.
the time line for depositors....they are now evil russian mafia guys...who within a day or so will have porn saved in their saftey deposit boxes and on their computer....than we will move on to child porn and finally a video of them kicking puppies....so you see, they deserve it....travelling oceans all around the world....for GOOD....
Bodybags looking pretty bullish
Everybody should note how fast the bankers and politicians back pedal when confronted with the prospect of real violence and retribution from Russians for their crimes. Leave it to the Russians to know how to get things done.
Truly ironic that perhaps only the prospect of Cypriot assassinations by Russians is needed to re-establish rule of law and property rights there. Apparently, that is the threshold and how far TPTB are willing to go. They are truly disgusting.
It's all good. The 50 people I paid to...ahem..."deposit 100,000 and 100,000 only" are "now clear to receive my continued (albeit mere thousands) largesse." Thank God the Greeks didn't just invent democracy...but understand it action as well.
It certainly won't stop the people of Cyprus Russian to the ATM...
2 words- FUCK YOU
It would appear that they are the old national socialist democrats.
Eurogroup - sponsored by KY
Cypriot Russians
http://i50.tinypic.com/20u3jpe.jpg
http://i46.tinypic.com/2lbncz6.jpg
http://i48.tinypic.com/33zfevb.jpg
http://i45.tinypic.com/2z5j0a9.jpg
They kinda look like pussies to me.. but we'll see I guess.
http://i49.tinypic.com/2jh6aq.jpg
http://i47.tinypic.com/m79c9u.jpg
All show no go...(Unless we see heads rolling...literary...)
http://i47.tinypic.com/m79c9u.jpg
Your last picture there received a Super Bowl ring. From Bob Kraft who said he wasn't going to ask the former head of the KGB for his ring back after he let him look at it.
hmm they like the hubbly bubbly...I did not know that
Did Germany complain when they were buying Mercedes from them?
Probably a UK import. We drive on the left here. :)
Just Say it, Eurogroup:
You fucked up! You stole from the KGB, and destroyed the confidence level that everyone has in your paper scam.
Bank Runs, here we come!
Gold run, here we come!
Run, Forrest, run!
Coming soon to a USA near me:
http://www.fromthetrenchesworldreport.com/argentina-makes-grab-for-pensi...
It's only a matter of time.....once "government", ANY government gets an idea in their head, they do not let it go. It might change a little, be titled differently....but the idea is "here to stay".
@ Tyler:
Could we start a ZH poll on "Who will be the next country to shave their citizen's bank accounts?"
You don't get it, they're *ALL* doing it already. Its just that some of them call it taxes and others deny that their inflation rates are that high.
Oh, I get it perfectly well. This is just very blatant, whereas the average sheople doesn't pick up on the concept of 'confiscation through inflation' that easily. I'm betting it will start happening in other countries soon, especially in places where people are very politically passive.
i think lebron james was traded today for 10 billion dollars for lil' wayne to perform at the grammys
along with whitney houston who was a free agent and agreed to a 4 trillion dollar wage cut
in order that kim kardashian wouldn't appear on the same show, but obama is busy golfing
with tiger woods, so the first lady will appear instead. the nobel institute has simultaneously
agreed to create a new award titled 'gold prize in apparent stupidity while being able to
amass millions in paychecks whilst playing childrens games with no apparent intellectual value'.
and there we have it. the USA. wait.
If there isn't a bank run the day they reopen, then they deserve the loss.
No one should trust anything from the ECB or IMF.
sorry for the DP fucking touchpad.
If there isn't a bank run the day they reopen, then they deserve the loss.
No one should trust anything from thge ECB or IMF.
Exit the Euro now.
JFC - anybody holding any more Euros in a bank than they absolutley need to pay bills is an idiot.
Kinda reminds me of that joke where the Lord keeps sending rescuers to the person on his roof in a flood waiting for God to save him. . .
Full-scale banks runs (not the limp-wristed half-assed ones they've had so far), riots, and maybe a civil war or two in europe by the end of summer. ja, ja, ja. das ist gut!
Didn't the initial Greek bailout plan envision an amount of some ten billion dollars, too? Now we're at more than twenty times as much, with no end in sight.
Cyprus is the new Greece. Soon enough in Greece : 60% unemployment for 18-25 years old... big pharma not sending drugs or blood into the country... people cutting every tree in sight to heat their homes...
Yeah this is gonna be good...
Astroglide is the new Vaseline.
"I'm walking behind you."
Like watching a monkey try to fuck a football.
Ha! ROFL
10 monkey's 1 football.
New York Times Headline Next Week: Cyprus Exits The EU. Merkel Gloriously Fingers Herself. Berlusconi Caught Fucking a Unicorn.
http://wallstreetfool.com/2013/03/18/vix-bid-gold-closes-above-1600-eur-...
I hope it passes and destroys the EU. This scam has gone on long enough.
If it passes, it will also piss off the mob... and the mob will off people for way less than a few billion $$$...