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.

Comments

[WallowaMountainMan]

my hunch is that the thursday extention was done so that when the cypriots go to russia to try to get them to roll over the russkie loan, the cypriots will have 'something' that they can appear to use to get 'bettor' terms from the ruskies and go back home as 'winner' (less of a loser).

all moves planned ahead. (see the shift in flows of deposits starting jan 1; first month of net outflows for cyprus in awhile, feb #s unavailable yet (blmbrg).

'retro active' not in play, date for accounts frozen, time not moving.

i call those applications 'continuity time bubble' . happens all the 'time' in law.

trademarked   :)

[Quinvarius]

Those banks can't ever reopen unless there is a complete infusion of freshly printed money.  If they opened they'd be hit with runs and forced out of business because the ECB already said they were broken and they are going to steal your money.  This is going to go Europe wide unless someone hits the print (QE5) button ASAP.  If no printing and bank runs, counterparty risk kills the rest of the globe.

[Joebloinvestor]

Anyone with money in a EU bank after today deserves to enjoy the loss.

[Nobody For President]

In solemn solidarity with the people of Cyprus, I am going to my bank this afternoon and withrawing a shitload of cash...