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Cyprus "Bank Holiday" Gets Another Extension, Bank Reopening Now Set For Thursday
What was initially a single-day Bank Holiday has now morphed into three days as the farce that is the wealth tax in Cyprus will now keep the citizenry from their money until Thursday according to the latest from the Central Bank...
- *CYPRUS CENTRAL BANK SAYS BANKS TO BE CLOSED UNTIL THURSDAY: AP
Which begs the question "Which Thursday?"
Via AP,
Cypriot central bank: Banks will remain closed until Thursday amid talks on savings seizure.
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Well...there you go...bank run fixed.
I'm sure confidence is skyrocketing.
I will gladly pay you on Thursday for a souvlaki today.
beat me to it...;)
Dear Bank Customers: The bank will now be closed until a future Thursday, as we need more time to steal your money!
People of cyprus, make more stupid signs, that will show them.
Sarc/ off
Get the Molotov cocktails ready and man up to the bankers!
People better start drinking wine (for the bottles).
All I have are plastic milk jugs.
Money is being funnelled out of Cypriot banks as we speak right now, for the people in the know...the earliest is thursday for all the common folks.
I'll take the 7 day derivative for $1000 alex.
Germans working on a new name to replace "Thursday"
I think they'll just remove Thursday and make it a 6 day week.
French already did that so many times all's left is August
_
bulldoze some banks.
bulldozing some banks wont do, now bullseyeing some bankers head will prob be more effective.
You have to wonder if its even viable for these banks to open and trade again. How can they remain solvent or liquid if the major source of recapitalization is a sizable contribution from the deposits supposedly held in secure trust? (if we use that word very loosely)
1 + 1 does not equal 73
Thursday? Somebody installed Microsoft's Silverlight on my PC last Thursday, without asking for permission, on a day when I was out of town and did not use it. Check your PC's log file.
I miss the Fourth Amendment.
Check Windows Update Settings and uncheck automatic updates. You are using automatic updates, that is „who” installed silverlight.
If you are so suspicious of Silvelight you will actually have no idea when you have spy software running, or what child porn your ip is ”watching”.
Set up a linux server, a firewall, right the rules yourself :)
write*
Yeah? Well, there used to be laws against that sort of thing.
Really, where is that damn deer? He missed his chance. Now it's so fucking obvious what happens next that he has missed his chance to be in the spotlight.
OK, for those hacktivists out there, the MSM doesn't see this coming. Maybe the deer in the headlights needs to go on every MSM webpage. I'd actually click on those websites, only once, just to see that it happened.
'ere you go.
http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2...
"Dear Bank Customers: The bank will now be closed until a future Thursday, as we need more time to steal your money!"
And...we banksters need time to get the heck out of town before you burn us down!
Whenever the banks open, the first 50 customers will drain them of the tiny amount of cash they have. Everyone else will get zero. Ah, the beauty of fractional reserves /sarc
It will be interesting to see how this plays out. How many customers get 10% haircuts, and how many 100%. Then the question is -- do other Europeans see that lesson and bring down their banks as well.
No doubt this will be positive for USD and stocks and bearish for gold in USD. Safe haven for the time being.
Nah...they're gathering up "physical" paper all over Europe and flying it to Cyprus to avoid running out of cash when they finally do open the doors.
Beautiful!!!
How can you have a run on the banks when the banks are phucking CLOSED? Absolutely beautiful! ;-)
Looney
Thursday seems like a long time off in the future to me...
Tick....tock....tick....tock....tick....tock.........
Which Thursday? The Thursday when all the bank accounts are empty. Duh.
And Americans are asking, "what is a savings account? Is that like a pre-paid credit card?"
Americans; "whats a bank run? is that a fund raiser?"
Bank Diarrhea, as in "I got a bad case of the bank runs."
Luck for us the Bernaking is printing up a bunch of USA FRN's to help us out with the runs
Nice follow up!
I found this clip of the Bernank and Geithner, 15 seconds
http://www.youtube.com/watch?v=qqaKi9NTzS4
Americans; "Cyprus? You Mean Miley?"
I just googled the topic, typed in C-Y-P, the auto-complete reads: MILEY CYPRUS ON HOLIDAY HAS RUNS
Something like 1,000,000,000 hits already, with images. Scandalous!
you mean "Cypress Hill" ,
yeah i know those people.
its a gruling run ... 100K will need to carbo-load from now til thursday
Bank Runs in america are like a 10k reduced to a 5k ...
One more "small detail", all these zillions dollars removed from China and Russia by corrupt politicians, government bureaucrats, and organized mafia bosses are suddenly as secure & safe as Muammar al- Qaddafi money before them. At best, these money (hundreds of billions dollars) will be "frozen". At best...Now, it becomes very interesting!
It is just a matter of time before "Bank Holidays" will come here to America. It will be really interesting.
As for physical gold, it is always there and tax-free safely stored in your backyard.
PS
It appears that a gold rush is just about to start all around world and all Powerful Zionist-owned Central banks will not be able to do a shit about it.
Will we get those days off? Not fair to have bank holidays while the rest of us work /sarc off
I don't think you should have included the /sarc tag phalfa5.
How do you decorate for a "Bank Holiday?" There's just no GUIDANCE on the internets when you google "Bank Holiday Decór" or "Bank Holiday Decorations" or "Bank Holiday Centerpieces." I mean, WHAT COLORS do you use? Eggnog? Ham or Turkey?
This is just UNCHARTED TERRITORY and Gawd knows, I don't want to commit a Social Faux Pas!
There's a pinata involved...and it is you.
Plenty of Tequila. That's priority number one. The others begin to matter less after a few shots.
I am SO sorry I could only give you one greenie for that!
This has GOT to be the earliest Friday humor column yet, and certainly one of the best. So good to see so many ZHers in top form on a Monday morning.
Damn, still laughing my ass off as I type.
But seriously, I have never been to Cyprus and don't know the customs: Do they hang the bankers before or after the politicians there?
Open Thursday ..... yeah well once the appropriate capital controls are in place. 50 Euro maximum withdrawal per 24 hour period anyone?
Exactly!!!! 50 Euro max withdraw limit for another 10 days I predict, it's just fucking amazing how much they treat us like cattle, but then again, we have been acting like cattle collectively for decades now, so it's no wonder they treat us like it!!
The bankers are just sitting around chuckling and proclaiming if they can just weather the initial storm, people will break, forget about it, and business will be back to normal!!! Hense the delay in reopening the banks, and soon the capital controls on withdrawals!
The bank will be opening some time between Thursday at 10:00 AM and .............. December.
I could never get the hang of Thursdays...
Hmm, the day after hump day. That seems fitting now that I think about it.
Day before payday so they get even mo money...
They are delaying the inevitable and they made a big mistake this weekend by thinking this would work. Also with all the talking heads saying that Cyprus isn't important and such and won't effect the markets, then why are the markets down. People are all out talking this up and/or saying it's not important, you don't do this if it isn't important you do this when you are worried about something.
Repost from earlier today
Yesterday the following was reported by discovercyprus.com:
"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."
After reading the Cyprus Constitution, I believe there may be multiple constitutional issues with proposed "wealth tax". The most glaring issue is in reference to the retroactive nature of this tax.
According to Article 24, Section 3 of the Cyprus Constitution:
No tax, duty or rate of any kind whatsoever shall be imposed with retrospective effect: Provided that any import duty may be imposed as from the date of the introduction of the relevant Bill.
A retrospective law is one that is to take effect, in point of time, before it was passed. Article 24, Section 3 clearly nullifies any ex post facto provision of the Cyprus "wealth tax".
Secondly, there may be a breach of the Cyprus Constitution equal protection clause. Article 28, Sections 1 and 2 state the following:
1. All persons are equal before the law, the administration and justice and are entitled to equal protection thereof and treatment thereby.
2. Every person shall enjoy all the rights and liberties provided for in this Constitution without any direct or indirect discrimination against any person on the ground of his community, race, religion, language, sex, political
or other convictions, national or social descent, birth, colour, wealth, social class, or on any ground whatsoever, unless there is express provision to the contrary in this Constitution.
In my opinion, the proposed "wealth tax" discriminates against Cyprus citizens who, unfortunately, have bank accounts. The tax does not attempt to confiscate funds from those citizens who were astute enough to pull their money out of the banking system prior to the tax proposal. It is a tax that impacts only those citizens with money in the system. It could be argued that the equal protection clause should apply in this case.
Cyprus Constitution link:
http://www.servat.unibe.ch/icl/cy00000_.html
Where is the Cypriot John Roberts?
If a tax is prohibited, we'll call it a penalty instead.
It's 'all legal' cuz we said so.
A penalty for having a bank account... that seems appropriate somehow.
Banks; "We're holding it for you so you dont have to, now eat your peas"
AlaricBalth
Great catch re the constitutional rights of Cypriots.
But, we all know that their government can and will do what they want. Wealth confiscation is a bitchy subject..., who gets the pain, who gets the shaft?
Any news on the PIGS bank withdraws?
You've got it wrong because they had a new sign made:
European policy is made on the spot to fit the occasion.
What do you want to bet that those lucky few Cypriots who were able to get their money out before this "temporary" bank holiday will be dinged for the full amount of the "one time" tax they owe, end up with their accounts overdrawn, and rack up overdraft charges? Win for the government, win for the banks. The Cypriots? Well, they're fucked no matter if they were awake or asleep.
Fucked yes. But there is a fine line between being taxed and not having your money in hand and being taxed and having money in hand. If I'm going to be fucked either way, I'll take the latter.
meh, constitutions are so 20th Century. New World Orders trumps 'em all.
"I believe there may be multiple constitutional issues with proposed "wealth tax"."
Is this constitution like ours; "just another G-D piece of paper"
Extended bank holidays imply a disaster has happened. Details to follow. Too much debt, too much credit, and an asteroid full of CDS ready to come crashing down on your head. Anybody know what the CDS position is?
Hmm, good thought. We'll be watching.
Holidays are supposed to be festive times for all involved. The banking scheister ponzi masters are the only ones have fun here.
Whatever happened to that bulldozer that was supposed to be crashing into a bank yesterday? Now would be a good time, no?
This will feed upon itself as well. The longer they are closed the more people will realize that "their" deposits are theirs only due to the benevolence of the banker masters.
I see this one growing legs not only in Cyprus, but Europe as well.
pods
Cant wait to see The Putin Put
He aint happy that his buddies' and his money is being held hostage with a 10-20% haircut pending.
And he doesnt taken being ripped off lightly
Ask Kyle Bass.
if they are not rioting by now, fuck em.
Rioting, yesterday they had Carnaval in Cyprus and Greece and it was full with people..
Blame it on the Russians scenario?
No shit. Riot, Cypriots!
People of Cyprus, you are being raped in front of the rest of the world. Will you fight back or be submissive slaves? I still hold out a bit of hope for Americans, so I'd like to think we'd have at least a spot of violence if this happened here.
There's a time for being polite and civilized. That time has passed.
FDR gave banks a one month vacation. (In the US 'holidays' are called 'vacations').
Bankers only seen 25 people protesting so they decided to double the "tax". No one cares so fuck um right?
Yes, apparently the Cypriots are more or less cool with it, so carry on bankers, who's next? You now know you can steal with impunity, don't even have to go through the trouble to invent acronyms and complex stories about 'how this is going to work'. Just help yourselves to the public's money - straight from the 'vault' as it were.
Agreed. If you have your money in any weak bank in Europe now I don't want to hear you bitch when they "Cyprus you" at some point in the future. In fact, this is going so swimmingly I see no reason to delay doing it elsewhere in southern Europe at their earliest opportunity.
Fonz- you get the gold star for your call yesterday that we will close flat at 4:00 today. "We're well off the lows of the session" says Maria Bartiromo. Indeed. Indeed. Just another BTFD opportunity that you had for about 15 minutes when the market opened this morning.
The lady on teevee said its a holiday. Everyone is having picnics with family. Noone lining up at ATMs. Whats all the hype for? Carry on!
Oh boy, this is going to get interesting. What if you needed to buy formula or diapers? Someone needs a good beheading over this.
Just the reason to keep a couple thousand euros (or dollars) in cash at home. It can sit right there on top of all the shiny stuff, oh, I mean you should keep the fiat at the bottom of the lake too.
permanent bank holiday or cypriots...you've been...corzined!
With the Russians on the way, they just might become "vaporized." MF Global clients take note.
naah its no seizure maaan...its a way to send other savers a message....spend or else!
well european savers will just move their assets out of the banking system, not spend it.
Long Serta and Posturepedic.
How will this affect the economy, now that people do not have access to their money for almost a whole week?
Thursday, April 1st, 2099.
I can see a lot of anger building up here mind.
Who the fuck do these people think they are? Denying the citizens of Cyprus access to their money, and stealing it at the same fucking time?
Here my Cypriot friends, go fucking postal on the politicians and banksters, they clearly dont give a flying fuck about you lot.
Fucking criminal wankers.
This is beyond fucking insane.
+1. Don't let some locks and alarm systems keep you from your money. Some heavy equipment and blowtorches oughta do the trick. Loot it then burn the motherfucker down.
Interesting meat hammer,
I cannot wait for this to happen here in Blighty. A lot of folk on here think everyone wears a suit to go to work, I personally know no-one who does. And to be fair, the clowns in parliament are gonna get these arses handed to them on a plate when it kicks off here, people dont understand the significance of an event like this kicking off.
What about the poor fucker living week to week just to make ends meet? What the fuck are they gonna do without access to their fucking wages to pay the gas or electric? Buy food? Kids?
I am fucking livid that these fucking ponce cunts have got the world on their knees, and when it does go pear shaped here watch out, the English are a nasty hateful bunch when their back is against the wall.
This is gonna be epic, fucking grade'A' mental when it arrives here.
Good luck mate, and remember, kepp calm and carry on.
This is absolutely insane what they are doing. It will bring into question the whole idea of "electronic money" in many peole who never gave it a second thought.
And the longer this goes on, the worse it will get.
People all over Europe will ponder whether it can happen where they live.
And realize there is NOTHING to stop it except empty promises.
pods
Sod that Pods.
This shit goes down here, watch out, it will be fucking biblical. These ponce cunts try this on here there will be murder in the parliament, and thats not a threat mate.
Its a fucking certainty.
Blue blooded, in-bred cunts are gonna get fucking brutalised friend, fucking brutalised.
This is the real reason for all those billions of hollow point bullets, weapons, tanks, nonlethal weaponry, and the militarization of the police and local sheriffs. They have known this bank holiday and currency devaluation has been coming for a long time. It is planned by the banksters, and long prepared for. They know the armed people in the USA will go ballistic in a heartbeat after this happens, and it scares the hell out of them.
There is still time to go after the TBTF banksters and stop this somehow, right?
We are never more than 3 days from total anarchy. When the SHTF, most people only have enough food and water for three days. After that, it's every man for himself.
I will glady pay you Tuesday, er I mean Thursday, for a hamburger today.
Happy Holidays, Bitchez.
could someone briefly explain bank holiday in practice: branches closed; cannot withdrawal cash; atm empty (i guess); on line banking frozen as well ? permanent transfers (for rent for instance) frozen as well ?
thx in advance for clarifications
A bank holiday is when the banks lock their doors because they don't have the cash in hand to give to the owners of said cash when a bank run occurs. They just don't have it. Most cash these days is little ones and zeros in a computer somewhere. They don't have enough physical cash. So the doors are locked, the ATMs are not refilled, electronic transfers are frozen, and if you're a Cypriot right now who didn't withdraw the whole paycheck every payday, you're fucked.
One of the reasons for the holiday extension is because they don't know how much to allow to be withdrawn. According to one of Tylers latest articles, they are considering a zero tax below 20K and in excess of 15% over 100K. Until these figures are agreed upon they won't open the banks, IMO.
A bank holiday is when the bankers bending you over there ATM and rape you. Thats all that needs to be said.
you walk away from the ordeal poorer and Violated. It later becomes an Addiction to the banker, he will Continue to rape you until your financially dead.
sometimes it seems that the EU incompetence is on purpose..
Only Russian oligarchs have bank accounts...don't make yourself suspicious by asking questions.
So you live with empty ATMs until Thursday. Get used to it Americans....this is the dry run
Damnit. Anybody else unable to open Paypal.com?
Mine works.
Wouldn't know...haven't used paypal in about seven years, since they started getting all confiscatory with seller money. Maybe Anonymous got them, they've tagged everybody else by now.
i would be pissed
HOW LONG ALL YOU SERFS GONNA JUST SIT BACK AND LET THE BANKERS HOLD YOUR WORTHLESS PAPER CURRECY HOSTAGE????
NOTHING WILL CHANGE, ONLY WORSEN UNTIL THE BANKERS ARE HUNG FROM THE STREETLIGHTS........
BANKERS MUST BE ERADICATED..........
Wonder what would happen if someone had a loan from a Cypriot bank. And used the bank stock they were given in exchange for part of their savings account, to pay down the loan?
Who said they are allowed to sell the bank stock?
Bank stocks:
http://brennigjones.com/blog/wp-content//stocks.jpg
The Argentinian people (not the politicians) know a thing or two about this. Wake up, Cypriots!
BTW, I hope Simon Black didn't include Cyprus-based safe deposit boxes in his list of secure locations for storing your gold overseas...
Indeed, Cyprus is to Russia as the Bahamas are to the U.S.
Yet another message being sent to offshore havens / private banking.
As if the whole banking rock of Switzerland being overturned wasn't enough.
Sh!t keeps getting more interesting, doesn't it?
People of Cyprus, lead by example and roll the motherfucking guillotines already. You "leadership" has driven you into the ditch and now they want to keep their wealth and confiscate yours. Execute them now. Real consequences for bad behavior bitchez...
Comrade, you aren’t zheenking creatively enough!
A list of bankers, parliament and their homes, gps, satellite views, all sent to Muzzher Russia vith love
THAT will make them wish the guy with the bulldozer was all they had to deal with. They’d beg for guillotines.
How much KGB & Russian mafia money was in Cyprus?
And that's why the Government wants workers to use electronic direct deposit. LOL
Once they've eliminated cash, they can just confiscate it all and issue you a card that they fill with however much they decide you OUGHT to be paid.
I guess that a single day of bank closing just didn't gather enough media attention, so it's being extended until it does. It was obviously supposed to accomplish some specific result, which it didn't - therefore the extension....
Free, gratis, duplicate entry removed....
The whole point seems to be to avoid a bank run, correct? So if they just keep the banks closed, then there'll never be a bank run, the media can report the problem as 'fixed', and everybody can carry on as if there are no problems. Much like improving the customer service stats by disconnecting the helpdesk phone.
well as soon the trashes they call banks reopens they'll be over ...
Gives even greater CONfidence in a system which is stealing your money and then not letting you have access to the money they haven't yet robbed.. yeah sure, well if it didn't provoke a bank run by taken a percentage, denying access for days makes the bank run all the more inevitable
Why not just print a load of IOU's out on paper, let's call them Future Euros or Feuros, hand them out to all the idiots that don't fell safe leaving their hard earned cash in these bank,then just void the Feuro and tell the holders of these feuros that they should of asked for gold, problem solved.
I here Krugman has suggested that they force everyone to sell their houses and give 50% to the Govement as this will stimulate growth of 101%.
"Cook me up a hamburger. I'll pay you Thursday." -- J. Wellington Wimpy 1931
My cash would already be out of my account and in my possession if I were in Italy, Spain, Greece, etc. Ane then preferrably converted to something physical because from what I can tell the Euro needs to get its ass kicked another 10-20%, and thats not taking into account this "small" event snowballing into something seriously problematic.
In a parallel universe Merkel visits Cyprus today to express her solidarity to the Cypriot people..
Government is so trustworthy.
....and you don't believe we're on the eve of destruction.
Dominos anyone? And I ain't talkin' pizza.
Aaaaannnnnd its gone!
Well, it appears that today is a public holiday in Cyprus and Greece, called "Clean Monday", the first day of Lent. So, maybe the banks would have been closed today anyway, which would explain why they lowered the boom on this particular weekend.
Lent? More like taken
Which begs in some sense the philosophical ( with real consequences ) question: Is this a paid or unpaid Holiday for the bank employees?
This entire thing wreaks of a controlled top down alpha event... for what -- to set in motion what? What else is going on which this event displaces?
It just does not smell organic...
Let's see, without it we would be reading about JPM's happy but inconsequential foibles and watching the market go up 2 %.
Trust in banking system anyone? Now with TBTF/J at an even higher plateau.
Once again, lets all review "the scariest presentation ever"
http://www.zerohedge.com/news/big-reset-2012-and-2013-will-usher-end-sca...
Ignore this presentation at your own peril.
Things look right on schedule to me...
Nice one, Hulk. I remember that one grabbed my attention. I couldn't get the document to load, so I found the PDF since I wanted to read it again. Simple, but powerful.
http://images.businessday.com.au/file/2012/06/06/3353844/endgame.pdf
And don't forget Hedgeless Horseman's priceless article on preparing to fight for your life someday (perhaps soon):
http://www.zerohedge.com/contributed/2012-19-10/fear-we-are-returning-time-history-where-it-common-occurrence-fight-ones-life
good one tyler
Does anybody really know how much of what is owed to whom in the Cyprus case.
I keep seeing phrases like; "a pool of creditors," "a last minute group of bondholders," "people close to the negotiation."
Is all this new security going to support JP Morgan and GS claims, because if so it really does reorient what is going on here.
ZH. Do you guys have an exact bearing on what group of Cypriot bondholders (is it even bonds) that have the ECB securing their interests?
The wider conspiracy consists of the Cypriot banks buying Greek bonds and the EU chasing away Russian capital
Why bother opening at all...allow ATM withdrawls of $100 per week no matter the size of your balance...the rest can be penciled into the bank books as capital...problem solved.
Rich on Friday. Begging on Monday. No warning huh? Banks aren't very safe I guess.
Thursday 11 Days from now. Don't you watch Green Hornet films?
This "Russian oligarch" label is annoying and insulting to all true Russians.
Nearly all of the rich, parasitical, blood-sucking oligarchs from the former Soviet Union are Khazars, NOT Russians!
the longer they are closed, the better for the algo markets, quarter window dressing ahead!
Alex Jones just now announced he is only taking calls from all financial people, traders, stock brokers, etc on this Cyprus bankster raid subject live on radio call in show that just started.
http://www.infowars.com/
I'm looking forward to Rick Santelli this afternoon:)