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Cyprus President To Rehn: "I Told You Tax Wouldn't Pass. Regards To Mrs Merkel"
Update: German chancellor, Cypriot president discussed Cyprus rescue, official says. Merkel told Anastasiades that Cyprus can negotiate on rescue package only with troika: official.
To say that the tensions within the European "Union" are getting unbearable would be an understatement.
First, courtesy of Reuters, we get a detailed narrative of what happened before this Saturday's announcement of a deposit levy, where we learn that the deposit confiscation was initially Joerg Asmussen's idea, and we also learn that Atanasiades stormed out in anger when he learned what was about to happen.
Under a promise which still appears on the website of the Central Bank of Cyprus, deposits in its banks are insured up to 100,000 euros. Cyprus has about 30 billion euros in insured deposits, a large amount for a country of just 1 million people.
But because of its status as an offshore financial hub for foreigners - including large numbers of rich Russians - it also has 38 billion euros in uninsured deposits in bigger accounts.
Cyprus could have offered full protection to those with insured deposits up to 100,000 euros and still reached the 5.8 billion euro target by taxing uninsured deposits at a rate above 15 percent
According to three sources, European Central Bank board member Joerg Asmussen and euro zone finance ministers' representative Thomas Wieser had worked on a plan that would require just that - a high levy on only uninsured deposits.
But when the plans were presented to Anastasiades, several participants said, he balked at any suggestion that uninsured depositors should pay more than 10 percent.
Since his limit meant uninsured depositors would pay no more than 3.8 billion euros, those with small savings would have to pony up the other 2 billion euros.
The meeting was contentious, participants say. Schaeuble, Dutch Finance Minister Jeroen Dijsselbloem and negotiators for the ECB, EU and International Monetary Fund broke off several times to talk separately with the Cypriots. Other ministers hung around in the corridors, playing games on their mobile phones.
In the early hours of Saturday morning, Dijsselbloem, who serves as head of the euro zone minister's group, proposed that uninsured depositors pay 12.5 percent, a level which would require insured depositors to pay only 3.5 percent or so.
Anastasiades stormed out of the meeting in anger. He returned only when senior negotiators told him that if he left, Cyprus would have to default and shut its banks altogether.
Finally he agreed to the levy, but insisted on capping the fee for uninsured depositors at no more than 9.9 percent.
Exhausted officials did the sums. To raise the other 2 billion, insured Cypriot depositors with small accounts would have to pay a 6.75 percent levy on their savings. The deal was done.
Turns out it wasn't. Moments ago Kathimerini reported what happened later today, after as we first reported it became clear that the Cypriot parliamentary majority had swung against the deal, and shows that the bad blood between the Cypriot leader and Germany's Merkel is now boiling:
Cypriot President Nicos Anastasiades held a telephone conversation with European Economic and Monetary Affairs Commissioner Olli Rehn on Monday night to inform him that there might not be enough parliamentary support for a deposit tax on the island.
Cypriot MPs were due to debate on Tuesday a tax on deposits but it looks like Anastasiades will not be able to get enough votes to approve the one-off levy, which was decided at Eurogroup meeting in the early hours of Saturday.
Anastasiades is also reported to have spoken to German MEP Elmar Brok, a member of Chancellor Angela Merkel’s CDU party who is close to the German leader.
According to Mega TV, Anastasiades is reported to have said to Rehn and Brok: “When I warned you that there would not be a parliamentary majority to pass the agreement, you didn’t want to listen. Give my regards to Mrs Merkel.”
We eagerly wait to hear back what message Frau Merkel has for the Cypriot leader now that the entire plan to punish Russian billionaires and generate political brownie points for Angie come September, while in the process using innocent Cypriot savers as collateral damage, is about to fall apart.
Incidentally, why is any of this happening? Because a few rich eurocrats have decided that this is what is "fair."
They know best...
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Doesn't change the fact that they thought about it, and announced it......so where does it happen next?
Anyone keeping their money in the banks, is asking to get hurt. jmo
Once confidence dies, it's game over!
$2,500 Gold by fall.
By fall? How about by July!
“the tensions within the European "Union" are getting unbearable”
Just wait until they find out that there is no honor among thieves/bankers and that their "bail-in" for the Fed is 100% of any gold that may or may not be left here.
"Other ministers hung around in the corridors, playing games on their mobile phones."
These are your deciders Bruce.
Just be glad they had a distraction, lest they decide other unpleasant things.
"Germany's leader is Angela Merkel - she's a lady!"
I smell a bondy default a brewin. This is getting good.
This is a good time for Ben to the rescue. More ink boys, keep it coming.
Time's man of the year 2013, coming up.
Benny pisses out the money Cyprus needs every other day.
The issue is that thisis NOT a liquidity problem ... duh. Cypriot banks are insolvent.
Rehn is another motherfucker with a Ph Dee.... fron an Ivy League univeristy Oxford. Fuck him! It's no wonder he lacks common sense.
somewhere on this planet, jon corzine is shaking his head and saying, "amatures..."
yeah where is that guy, shouldnt he be in jail forever or something?
......annnnnnd it's GONE!
though the banksters may yet come to regret taking ten percent of the money of some of the very best and least forgiving assassins on planet earth:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/KWN_DailyWeb.html
that's why jamie dimon may not be as much richer than you in the future as he was in the past.
He got the award last time for (allegedly) bailing out planet Earth ... that's what I'm referring to.
"We have to pass this deposit tax in order to find out who's getting phucked."
Angela Merkelosi
Breaking - It's gettin' real in the Chase bank parking lot...
NBC Southern California - 33 minutes ago
Confiscation code accidentally deployed to the production servers.
Usually already well into development of a follow-on version. I'm thinking that the next version is going to have the ability do display those fancy negative signs...
'Breaking - It's gettin' real in the Chase bank parking lot...'
Time to repeat the remix. Aaaaaaaaand it's gone. It's all gone.
http://www.youtube.com/watch?v=4TlPo0yCSa4
Party down like you're the 0.00000000000000000001%.
"Breaking - It's gettin' real in the Chase bank parking lot..."
Testing...1..2..3.
Lets see how these Americans react to their funds being stolen.
Oh, it's too early you say? OK, we will wait a month.
Here's an idea:
Putin comes to the rescue with an offer to recapitalize the entire cypriot bankng system with rubles backed by gold and russian energy. Who needs Euro's anyway?
That'll teach Euro-cratic NWO pukes to fuck with Russian Billionaires
Why would he do that?
Let the fucker collapse, Cyprus will come begging and he'll pick it up for pfennig on the euro.
WW I, and why 'Russia' ? 'The Last Tzar now resides in American Politics?'
http://www.en.wikipedia.com/wiki/Nicholas_II_of_Russia
Emphasis on 'Wealth and Family Ties' throughout Europe?! Scroll - 'Family Background'
Hint: Rothschild's?!?!?! Bolshevik's rebellion insues...
Why would he do that? Are you kidding?
A. A deep water port right in the middle of the Mediterranean.
B. Cyprus (and Israel) are sitting on one of the biggest gas fields in the world (recently discovered). Right now, Europe is beholden to Russia to not turn off the gas. Were Cyprus still a part of Europe, and they were developing and exporting their gas to Europe (which is a whole lot closer than Russia, by the way, and no pesky Muslims astraddle the pipeline either).
Why would he do that?
Obvious reasons. In fact, one might almost wonder if Putin didn't somehow infiltrate the European bodies making these decisions and orchestrate this little fiasco.
And all for a few billion Euros (of someone else's money)? Not a significant amount of money in light of the above.
Finally, you can be sure that some got their money out in advance, and others are still waiting for the banks to reopen. That, I am sure, was icing on the cake for someone, probably Putin and company.
Oh, sure. He whined that he wasn't consulted.
How many troops does the U.S. have in Europe?
And why?
oops, posted by another below (nat gas)
Pretty much as you say. Cyprus can't marry Russia without first getting a divorce from the EU. Bankruptcy = divorce from the EU.
The affair has already gelled in the back-rooms quite some time ago. What we're now seeing is a nasty break-up. Cyprus and Russia would have long ago run off if not for this divorce thing, which will mean subjecting the Cyprians to a bit of pain first (have to make the divorce look straight up, can't introduce the groom yet).
How do we know Putin isn't delighted that these guys are getting singed?
He has his enemies too, you know.
Sounds like a job for "The Shadow Banker" Caped crusader of shady shit and financial buggery. Picture Bernanke dressed up like the hamburgler
. . . spewing $trillion coins from his rectal oriface .
Eeeeeeyyyyyeeeewwwwwwwwww
"According to Mega TV, Anastasiades is reported to have said to Rehn and Brok: “When I warned you that there would not be a parliamentary majority to pass the agreement, you didn’t want to listen. Give my regards to Mrs Merkel.” We eagerly wait to hear back what message Frau Merkel has for the Cypriot leader now that the entire plan to punish Russian billionaires and generate political brownie points for Angie come September, while in the process using innocent Cypriot savers as collateral damage, is about to fall apart." '
'Dear Anastasiades, I stand humbled by your leadership. Feel free to tax your citizens to fund the bailout (or not) as you wish without further involvement from the German taxpayers. Regards, Angela.'
I just got the official Russian Mob response. Here is a rough translation from Yuri.
Oh, yes, go ahead and vote for the 'tax'. BTW, how is the family? Good, Good. Too bad they will die a painful death in the near future.
It seems like a lot of people in countries all over the world have finally had it with banksters and their ilk. I can only hope this portends many banksters meeting their untimely fates at the hands of angry mobs in the near future.
What are the odds Rehn and friends didn't listem when told the votes weren't there? Or they didn't have a clue on what the Russians might think? They probably had a better vote count than anyone in Cyprus. They certainly know what a screwed Russian mobster is going to think. They are playing a deeper game than most are giving them credit for but I for one don't see their goal. They put this out there knowing what was going to happen and had a reason to do it this way.
Perhaps you're correct, but maybe somebody (or several people) miscalculated, got drunk on a toxic mix of arrogance and hubris or whatever. Sometimes we give these NWO types more credit for being smart than they deserve. Given the current level of backpedaling, it appears to me that somebody just fucked it all up.
so it appears. if they do backpedal on hitting the small depositors, they'll have to hit the uninsured big depositors harder. yet, as jim sinclair notes, that means the kgb and those people, if you steal their money, will fuck you up. maybe not today, maybe not tomorrow, but soon and for the rest of your life.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Si...
The EU has been one big bluff. In total it's a collection of entities that are very limited in natural resources- PHYSICAL. And in a world that is placing higher values on PHYSICAL (because it's all limited, unlike cheesy EU money [and USD for that matter]) this is problematic. Now that the smoke has cleared and we understand that the banksters can no longer deliver skittles and unicorns we get to meet the new bosses...
No miscalculation occurred. The Ponzi is failing. These folks were without ammo a LONG time ago. If nothing else one should commend them all on an amazing acting job, pulling "wealth" out of thin air!
Going forward it means that most will fall from high places. The BAD is that all the shit they we're toss aloft wi going to come down with them, all on top of us...
I say, let Putin work his magic on them.
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/18_Sinclair_-_All_Hell_Is_Breaking_Loose_After_Cyprus_Catastrophe.html
Paratroopers?
Thanks TSP for the good article by KingWorldNews.com
If I were the Cypriot PM, I'd be reconsidering that wealth CONFISCATION plan.
Still, the unintended consequences may be bank runs when the banks open on Thursday in Cyprus, and perhaps earlier in Italy, Portugal, Spain........
"That's not a lady - its a man!"
Austin Powers
This is the distraction.
Exactly. Watch the other hand.
Meanwhile, back in China...
It will surely catch their attention, when Asmussen and Wieser get strung up on each other's guts, unless they pay out swiftly the russian mob bosses from their own pockets.
Cyprus President Explains To The People Why It's OK To Steal
they made google play lots of euros
Perhaps they find it hard to differentiate between games and real life?
Yup. And this is what they are playing:
https://itunes.apple.com/us/app/grand-theft-auto-vice-city/id578448682?m...
Amazing. And this kind of shit could one day determine whether we can afford to put food on our tables.
Lemme guess.. they were playing DEFCON. Which continent is the best one to go in smoke next.
I wouldn't want to be one of those Cypriot politicos. You're either pissing off major amounts of Russians (mafia or not), or Frau Merkel will make sure that you won't be taking any [successful] small plane trips or car drives on high mountain roads...
she answers to the banking cartel like the rest of the puppets... focus on the man behind the curtain, not the strawmen (or women) they put up for you to see.
What banking cartel? Seems to me they're answering to the oil cartel actually. "Crimes are expensive"...and fiat destruction only makes it more so. Time to "take in the Russian Navy"? On which part of the island?
I'm trying, but I can't figure out what in the hell they're trying to do.
They're either a lot smarter than I am, or a lot stupider than I can easily believe.
Think about a drowning man, grasping at straws, then some fool tosses him an anvil...
so without giving it a lot of thought...
+1
Believe it...they are that stupid.
Remember, we're talking about politicians & common thieves here ;-)
That's one view, problem is Lehman's and Bear Sterns before it were taken down by a concerted systematic naked-short play by a particular player in both cases. That was absolutely planned and entirely deliberate - those 'banks' were literally assassinated.
This could be the same sort of thing.
Yes, could be. In my view Lehman for sure, Bear not so much IMO. Bear was the toxic bag holder.
I'll post again what I posted below (from the above article)...
"But when the plans were presented to Anastasiades, several participants said, he balked at any suggestion that uninsured depositors should pay more than 10 percent.
Since his limit meant uninsured depositors would pay no more than 3.8 billion euros, those with small savings would have to pony up the other 2 billion euros."
That my friend is blind stupidity or evidence of corruption all the way to the top if true...it is Reuters afterall...lol...the "several participants" would have to be identified, deposed of course and stand by their statements.
But there it is...he threw his own people under the bus...always stupid.
Well I strongly suspect he was reaching out to the Russians at the same time (i.e. when he left the room etc), see this comment;
http://www.zerohedge.com/news/2013-03-18/cyprus-president-rehn-i-told-yo...
Look at his 'offers' in that context, for now, plus the fact that he said he didn't think it would pass a vote anyway, so what did it matter what he offered? Let's see where this goes from here, when the dust settles a bit more, before presuming he actually seriously proposed to throw depositors under the bus.
The larger reality is that the EU-German proposal is what has binned those banks and the deposits within them (plus the fact that the Cypriot finances were shot to bits long before this).
Well I think we both know the entire government of Russia has become an oligarchs dream come true, with the occasional beat down of a petty boss to keep up some appearances...kinda like the DC-NE corridor here, just on a more massive scale.
The Gazprom angle is interesting as its controlled by the Russian government...so same same, in my opinion.
The larger reality is, as you say, the EU & IMF are doing exactly what they've always done, sucking the last drop of blood. Maybe its time to remove the patients from life support?
Whats odd in all this, is no one has brought up the Turkish side of the island, they seem completely oblivious to it all ;-)
Oh, I think the Turks are VERY concerned about what may happen in the region, and are being as discrete as possible lately, and hoping the Russians don't decide to take a very dim view of them, which I suspect they already have.
I think the Germans are very soon going to have to make a back-channel offer to refund the lost Russian deposits (and I don't know how they can open those banks again so it may have to be a 100% refund) and quell Moscow with some diplomatic concessions and hope like hell they can avoid a full-blown 2008 style meltdown developing as a result of this debacle.
Well, nothing has been confiscated yet.
Everyone can agree this is confiscation of principle, of savings after taxation, not digits in the ether. And thats what the issue really is, the jockeying for position of the monied class against the worker class as to who will lose the most after the monied class made the decision to buy insolvent Greek debt in the first place. I really don't care if monied class Russian nationals take it up the ass from Cypriot Greeks...really, I don't.
The game of thrones ;-)
What I do care about is that fruit vendor/baker/fisherman on the corner with under 100k euro in the bank that Anastasiades is/was planning on fucking in the ass to the benefit of foreign nationals. He has been exposed here as a conniving thief posing as that fruit vendor/baker/fishermans champion and defender.
To even entertain the thought of division of savings from those completely uninvolved with governments prior decisions is to make a mockery of governance itself.
Or maybe this is the real deal. The EU and IMF know exactly what they are doing, and that is stealing from the Russians. There will not be any back door pay-back. What thief ever brought payment back? Either they are so completely debt exhausted that taking honey from the bear is worth the risk, or they are provoking the Russians on purpose. Will not end well for any, except the bankers.
Putin has made an offer to bail out Cyprus for the exploration rights to thier natural gas deposits found offshore. Putin may well get this for pennies.
Yes, Putin could get the rights for pennies, but is it plausible that the EU and IMF would just sit back and let that happen? There are too many unknown vairables to know what their actions really mean. But one thing for sure, a sociopathic mind is capable of anything.
I'd offered this in previously related threads. I'm amazed that people here (even the so-called bright ones) keep missing this.
We're NOT in conflict over money of today. It's a conflict for FUTURE money. Seems pretty obvious where That would come from!
EU is energy short.
EU is money short. (Germany is/will be in rapid decline due to export drops- where is the growth markets?)
Russia is energy long.
Russia is not money short. BUT... if the West gets its hands on the NG fields off of Cyprus then that's a hit to Russia's exports.
Putin will only back the oligarchs as long as they help feed the State: like this is any different than anywhere else? If he doesn't see them contributing for share of support they will be left high and dry (or, very low and wet as the case would be).
Tell the folks what Russia (would) wins:
1. Happier oligarchs.
2. More stable revenues to the State (happier apparatchiks).
3. More influence in Cyprus with which to hold off US military control of the area.
4. More cooperation from the locals.
And if the milk-toasty EU wins?
1) More debt.
2) Promises of better price controls on energy (NG).
3) Increased US military presence in the area.
4) Dead EU bureaucrats (consequence?/benefit? of Russia losing and or Cyprians).
Make no mistake, this IS a conflict. The real game underneath is about energy. People are being "pawned."
http://www.defencegreece.com/index.php/2012/12/russias-motives-in-cyprus...
Seer
I'm going long on what you posted - very good Seeing!
Thanks for this one, Seer.
As a follow up, and this from just a few days before the Cyprus shit started going down.
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_11/03/2013_487084
They're either a lot smarter than I am, or a lot stupider than I can easily believe.
Always bet on stupidity.
Not that I disagree, but I'd frame it this way: Dumb or smart, competent or incompetent -- it matters naught -- I always bet on self & career interest above all. The others come into it as 2nd and 3rd tier factors in a hierarchy of drivers/factors.
Nothing's more predictable than the laws of Nature :-) and Human nature. ;-)
The Russians are being squeezed. Hard. In Syria, now in Cyprus as well. There will soon be 3 or 4 US carrier battle groups in the Eastern Med. Only one Russian carrier. Putin will have to back off...then retaliate by freezing Europe.
Yes Merkel answers to the banking cartel, but she has an election coming up in September. Like any politician, that is her #1 priority now. She knows the German people will throw her out if she doesn't change the trajectory of the bailouts. The German people are sick of recession to bail out Southern Europe and their deficit spending. Merkel is telling all of Southern Europe the pain is coming. She hopes the threat will allow the EU to just keep kicking the can. since that is what the bankers want. But if not, Merkel is also saying it's every country for themselves if the EU unravels. This German election is going to be epic, unless the EU unravels before then.
She doesn't know for sure she'll be thrown out in the election, she watched the US reelect the Kenyan guy after he proved what a bought-out bozo he was. She has to know she could win no matter how how bad she is.
I don't think she is confident. Her party got shellacked a few weeks ago, and that was a major slap to her face. I think she knows the winds of change are blowing against her. She has to change the trajectory or she is done.
Something is not right. Why would the Troika force a country, whose GDP is nearly half of only ONE quarter of Apple's revenue, play games with depositors? Someone's testing the waters. And if this is some kind of test, why would anyone screw with KGB deposits? Now, that's stupid. Last time I heard, these guys kill for less.
I agree. There's something going on here that we don't know about, and is not obvious at all. I mean ... yeah, maybe if we were talking about trillions of dollars. But to do this for a few billion euros?
Something is going on here that has nothing whatsoever to do with money.
Maybe it's as simple as Angela Merkel's political ambitions, but this ... I dunno. Seems to hurt the situation more than it helps.
Went in the kitchen and while grabbing a bite, it occurs to me that this is like a scene from Animal House. You know. When Blutto exclaims, "Hey. I know. We'll take the money from the depositors accounts." And all the toga wearers agree it's a great idea.
Then, later, it turns out that the money is hot money from the mob.
Ha ha.
Actually, I think there have in fact been a few movies more or less just like that.
Comes to mind one by Madonna's ex about money in the trunk of a car.
Another, too, but I can't recall.
I like that better, but I tend to air on the conservative side.... :)
I tend to air on the...
BTW - and this is not a snipe - the word is spelled err - the root of error.
Fucking Englesh teacher..
I think it just means he tends to fart to the right.
2500 by July... nice thought. But stakes very high in the metals market. That kilnd of uptrend would cause fiat to explode. No way that will happen without a fight... and I still do not believe that bullion banks will jump onto the long side of the trade.
On the other hand... massive hedge fund shorts to be unwound... and the upside stops will start to trip somewhere around gold 1620, and silver 29.30... that along side such black swans as Cyprus could ignite the PMs... been a battle for weeks now at 1600 and 29...
If that happens good bye to a top heavy equities market...
In any regard, I am long metals and mining... stayed away from the short side of equities though as I have developed a healthy respect for the criminal enterprise...
That 29 silver is crazy. Day after day, it's a battleground, not sure who's getting slaughtered. I would like to see it lift-off this week.
It sounds to me like Anastasiades was thinking about the forthcoming horse head in his temperpaedic. Mob bankers usually have more balls than that. They know fucking with a Russian mobsters wallet is a sure way to a Spetsnaz enema. The window dressing was the token little fish depositors. I'm glad he caved though. Having this farce exposed is a giant step towards the hangman's noose for these banker pricks.
OK, the Russian mobsters on one side and the "mob" AND the EU/West banksters on the other side. Clearly this guy wasn't very smart getting elected... this is pure suicide. His best route is just as it is- put on a BIG show that you tried and then step down because you don't have support.
"Look, officer, it's true that I threatened to shoot my neighbor. And it's true that I have a gun. And it's even true that I loaded the gun, walked into his driveway, and pointed it at him. But come on... Since I ended up not actually shooting him, can't we just forget about all this? Pretty please?"
YEAH BUT YOU WHERE CARRYING A 16 OUNCE COLA WHEN YOU WALKED INTO THE STREET TO HIS HOUSE!!!
AND IT WASN'T EVEN A COLA LIGHT!!! HOW DARE YOU!!
IT'S THE CHAIR FOR YOU BUDDY!!
NEXT UP:
Expand TAX to all ECB Banking Institutions.....and throw Switzerland into the mix also. That way it's fair and equitable. Get it done by Thursday
/sarc
Switzerland's already there (negative interest rates - think about it).
And you were smoking a butt.
Fucking hanging crime.
Yeah, but when you were the pointing the gun at me, I did not then hear you offer me shares in insolvent banks as an apology, so....try to plead down to a disturbing the peace charge?
Is anyone else having trouble with their cosmic bunny hole, too?
I get the feeling that Christine Lagarde is about to have some trouble with her "cosmic bunny hole"....
I am presently incarcerated, imprisoned for a crime I did not even commit. "Attempted murder," now honestly, did they ever give anyone a Nobel prize for "attempted chemistry?"
They gave Krugman a Nobel prize for "attempted economics".
They gave the Kenyan a Nobel for, hm, wait. What did they give him a prize for. Peas? Oh, yeah. Eat your peas. Or something like that.
Clearly, what I had was a "GUB!"
http://www.tcm.com/mediaroom/video/224555/Take-the-Money-and-Run-Movie-C...
It could also be a game to lure Russia into the bailouttrain.
russian depositors... russian money... you do the math.
Apparently, Gazprom already made an offer. Bailout for natural gas exploration rights: http://greece.greekreporter.com/2013/03/18/gazprom-offers-cyprus-restruc...
nice!
and gazprom is owned by...
The Russian Billionaire's Club will make them an offer they can't refuse. A whole lot of drilling can be done around that big island. Then they can over-charge all of Europe for the BTU's.
Consider this strategy more like the professional sports team that opts to pay out for a very expensive player that really doesn't add to their team. Sometimes it's not so much what you get as much as it what someone else doesn't get. As this article suggests Russia might be trying to keep the EU/West from getting access to the NG fields, something which would cut Russia's exports. Russia doesn't so much want MORE, it just wants to keep existing exports going; so, Russia would like be very slow about tapping the NG there.
http://www.defencegreece.com/index.php/2012/12/russias-motives-in-cyprus...
OMG ... on Sunday night? ... they didn't waste any time LOL ... need a comment from Gazprom to confirm this ... looks like the Russians also had advance or concurrent knowledge of what was going down ... as well as the mysterious proposed greek purchaser of the Greek arms of the banks in question.
So it appears a lot of other people heard about this at least concurrently to the Cypriot PM, who heard the proposal early Saturday morning.
Lay down with dogs, you get up with fleas.
This also makes it very interesting given Merkel's response to "give my regards to Merkel" from Anastastiades. Merkel warns:
"Cyprus can ONLY negotiate with Troika on rescue package."
Is Cyprus seeing red? They might just give the EU the finger.
Yes, that is interesting ... ominous even.
Thanks for all the fish!
Cyprus ejects from the EU and into the arms of the Russians. EU collapses. What the Russians DON'T figure is that their big energy markets are going to be severely throttled and that this will really put downward pressure on Russia's energy exports.
At the end of the day you have to ask yourself what is more important, to side with a bunch of banking oligarchs or side with a bunch of energy oligarchs. Got PHYSICAL?
And Germany, though it might be glad to not have to provide the bailout funds, HAS to realize that their energy costs are going to do nothing but become greater and greater (as pertains to affordability), not good for a big energy importing nation like Germany (now where is your industrial superiority, bitch!?). Just like risk, energy costs cannot be made to disappear...
http://www.geni.org/globalenergy/library/national_energy_grid/germany/Ge...
Figuring this stuff out is as easy as shooting fish in a barrel, with a shotgun, point blank.
I agree, but I'm not entirely sure they are ready to roll a grenade like that into Brussels quite yet, but I'm 100% sure they are seriously evaluating their options. In the end they're physically a lot closer to Europe than to Russia, and that matters. And Greece and Turkey are also big factors in this.
The Russians need the Greeks on side, and you know what? I think they'll get it with a few inducements, and that is going to bitch-slap the EU banksters and Brussels so hard it's going to look a whole lot like payback for "the depression we had to have." Default time and contagion follows.
Greece still gets fuel. (push me - shove you! oh yeah - says who?)
But will they really go that far? Logic, circumstance and desperation suggests they may.
"So long, and thanks for all the 'bailouts'."
"In the end they're physically a lot closer to Europe than to Russia, and that matters."
But what does Europe really have to offer? It's BROKE! What does Cyprus have to offer Europe? NG.
I'm sure that Cyprus would prefer to deal directly with Europe because dealing with Russia will mean that Cyprus NG won't be ramped up quickly.
The EU structure effectively has handcuffed Europe from making a better trade relationship here. Rather, "global trade" has done so. But... the EU is broke (that's why the big hissy-fit- they KNOW that they can't "rescue" Cyprus because they cannot afford it [and they can little afford to face higher priced NG as well, but this is going to happen regardless]).
The banks were insolvent due to losses on Greek government bonds. So anyone who read their annual reports, and could do arithmetic, knew they were insolvent after the Greek haircut. How many months ago was that? And why didn't someone do something when they first became insolvent, before the deficit grew to 20 billion Euros?
True, we can take that a step further though, insolvent due losses on GGBs ... whocouldaknowed?!
I think we can call these losses a symptom of drinking EU Commission koolaide. There's a whole lot of stuff that should have and and should not have happened. But via the first Greek 'bailout' in May 2010 they transmitted this Greek virus to the entire eurozone, via those GGBs. So now what? Because there's a lot of this about, not just in Cyprus. That's without even mentioning the sovereign bonds from the other PIIGS that were bailed out. The haircuts that lead to this were a sovereign default, and now there's more of them coming. i.e. Green Shoots ... NOT!
This time is NOT different.
Gazprom, Gazprom, Gazprom! Just like I told ya, bitchez:
Mon, 03/18/2013 - 10:58 | 3342428
Mon, 03/18/2013 - 10:32 | 3342301
:-)
Uummm,... lures,.. tastey.
Winner................. a new russian republic anyone....?
This is becoming obvious this it no more than an attack on Russia. The Cypriot politicians are not that dumb, they know they will have to live with body guards for the rest of their lives if this measure ever got passed.
Merkel will cave in by the end of the week, stating it was all a misunderstanding.
Went to four coin shops yesterday and they had a total of 2 ounces of gold. called 2 others and they hd four stores with 3 ounces. Getting difficult to buy physical so the paper ponzi scheme may be ending sooner than I thought
Went to four coin shops yesterday and they had a total of 2 ounces of gold. called 2 others and they hd four stores with 3 ounces. Getting difficult to buy physical so the paper ponzi scheme may be ending sooner than I thought
Greek style baby
Olive oil for everyone! or not
The German political calculus is simple:
Preserve the euro at the cheapest cost.
http://dareconomics.wordpress.com/2013/03/18/german-politics-and-the-cyp...
Your street level Germans hate the euro like the plague. Only Merkel, Schaeuble and the like have a yet to explain fixation with it.
The Euro started life as Currency Drawiing Rights. Big bills traded among banks, governments, and Rothchilds. No surprise the street-level European doesn't get much out of it.
The Euro started life as Currency Drawiing Rights. Big bills traded among banks, governments, and Rothchilds. No surprise the street-level European doesn't get much out of it.
Nothing happens until they actually open the banks. When is that? I think it will be a nice show.
They shoud put it on pay-per-view.
Like small depositors, cheapos only get the pics on phone or tablet for $9.99 but peole of means pay for it on the big screen for $49.99.
Could raise a lotta money, especially if there were surprise cameos with EU, EBC and IMF folk, chopping blocks, 4 horse teams, etc.
I'm pretty sure if any bankers were quartered live on TV we would have a significant drop in the current bullshit.
Agreed.
But lets not forget this little gem from the article...
"But when the plans were presented to Anastasiades, several participants said, he balked at any suggestion that uninsured depositors should pay more than 10 percent.
Since his limit meant uninsured depositors would pay no more than 3.8 billion euros, those with small savings would have to pony up the other 2 billion euros."
Meaning, the boy was looking out for the big money interests over supposedly "insured accounts" under 100k euro held by the "peasants".
I'm thinkin the fruit peddler down on the corner will not be impressed...nor will his brother the butcher, the one with the sharp meat cleaver ;-)
Meaning, the boy was looking out for the big money interests over supposedly "insured accounts" under 100k euro held by the "peasants".
I'm pretty sure that at this point it is implied that all financial, business, and political decisions are made based on this "philosophy".
+1
Sadly so. Still no honor among thieves it would seem...lol.
"Why do you rob banks? Because thats where the money is." - attributed to, Willie Sutton, bank robber.
"This is a stock exchange. There's no money you could steal."
"Really? Then why are you people here?"
A great American said it best...lol.
"Its a racket"-Al Capone
When they showed Capone the New York stock exchange and explained how it worked, he said "I'm in the wrong racket".
It was Lucky Luciano:
http://arlingtonhall.com/i-joined-the-wrong-mob
"Around the time of his deportation to Italy, mobster Lucky Luciano granted an interview in which he described a visit to the floor of the New York Stock Exchange. After he visited the floor of the NYSE someone explained to him the role of the floor specialist, he commented, “A terrible thing happened. I realized I’d joined the wrong mob.” "
"Bulldozers and Banks" - new reality show! sponsored by CAT
I'd rather watch "Bulldozers versus Banksters" - and name your Pay Per View price, I'll pay it, preferably in Ag or Aug, I don't hold much fiat anymore.
It will actually be a real nice show, once the street robbers know the money is on the street, and not in the bank, all of a sudden it's plan b ready or not.
What will be the conversion rate to rubles?
The real question is how in hell can they ever re-open those banks. Unless they jack interest paid on savings to 20%, guaranteed somehow, money is going to flee the moment the doors open.
These banks can't survive, now.
Tut da dah dah!
Give the man a cupie doll!
Step right up, watch the panic, right before your very eyes...
A cupie doll and an illegal 64 oz "Big Mike" soda!
spiderman towels......all they need are free spiderman towels.......................
Tyler
Will you be hosting the live cams showing bank customers lining up/camping out on Wednesday night to get at their money on Thursday morning?
HA! 20%? And where are they going to get that? Hahahahahaha!
Backed by NG Bonds?
print baby print
Jim was chuckling about that earlier. This may be delayed, a few days at a time, forever.
Only last week there were lots of long faces, people saying Ben could go on printing another four or five years without much change in anything. How do you like Benny's odds now? Lots more plates to spin.
Well he could, just in a more punctuated equilibrium emergency response mode, after all this. ;)
The banks were already insolvent and prepared to default.
In some ways, all this episode did was give depositors a fair warning to head for the hills.
Come Thursday (or whenever TPTB get their courage up) the jig is probably up for Cypriot banks.
Heh. Can't have Cypriot without riot.
A problem of their own making methinks.