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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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Is anyone anywhere reporting how much of a bank run this Cyprus affair is having on other Euro banks outside of Cyprus?
Are the people of Greece, Italy, Spain, etc pulling their personal deposits in reaction to this story? If so how much?
No bank run. Vested interests.
The average Greek, Italian or Spaniard has no vested interest in the welfare of the Central bankers - only in their own small to medium deposits.
Are those poeple yanking their money out?
Well they can feel free to leave the Euro
They can't withdraw any of their Money...
The Banks are on Orthodox Shrove Monday (Greece)
and St. Patrick's Holiday in the rest of the world.
but they can try again later, much later...
once the Banks feel it's safe to open...
No bank run in Spain todayhttp://www.guardian.co.uk/business/2013/mar/18/eurozone-crisis-cyprus-ba...
The Guardian headlines it like it's a big relief... then you read the first sentence:
Spin.
It is all a blatant violation of Cypriot and EU banking and tax laws, anyway. WTF were these criminal asswipes even thinking? They never had, nor do they now have, any authority to even do what they did and try to blackmail Cyprus Pols into this.
But nice try boys, at trying to grant yourselves new unholy powers that you were never given, for good reason. If the EU is really this desperate then it deserves to die a slow painful death. RIP EU.
Obama treats the US Constitution and rule of law in America same way and it doesn't work. As soon as everybody sees the people at the top going gangsta, it is a license for millions of everybody else to go nuts. And they will. And they are.
Violent urban flash mobs fighting at Chicago & New York ATMs when the Obama's 'banker holidays' hit the USA will be MRAP-worthy sights to behold.
A fine tale of dramatic emotions and tensions among thieves. What of the victims?
Victims? There are no victims in this game. Well yes, the European taxpayer is a victim if this criminal country is bailed out. Should be renamed Cyprus Sucks.
Fresh shipments of polonium are heading to Berlin as we speak.
The Reichstag about to become a cancer village?
Wrong address, send it to Paris.
again Tyler Durden and Zero Hedge are doing
an excellent Job getting straight to the very cause
of the problem.
Fact is, Banks are now more weak and more corrupted than before the Global financial crisis of 2008
and they are now holding even more Junk bonds on their books, classed and marked as secure AA, or even AAA,
hoping all the while to be bailed out by some Idiot working Tax-payers deposits and Life-savings,
just so the 100% guaranteed Gambling Casinos can continue their rip-off scams they shamelessly call "banking".
Deposit taking banks is what traditional banking should be.
This should be seperate from any risky investment banking, or Junk Bond trading etc.
Obviously banks have remembered all the scams that led up to the GFC and Lehmann in 2008,
but have done NOTHING since than, to become safe Institutions for the average citizen,
who trustingly deposit their savings and hard earned cash into a savings-account with the 100% guaranteed "Bank".
They would have gotten better odds at the local Pawn-shop.
Banks need to be reformed and split into 100% guaranteed deposit-holding banks,
and others like Goldman Sachs, that want to take part in high risk casino trading,
by dealing in Junk Bonds and expecting double digit returns, while at the same
time hoping for bail-outs when the shit hits the fan !
Banks should be Banks and Hedge-funds like Goldman Sachs should be Hedge-funds
and rated as such!
If they hold Junk, they take the full risk, theres no bail-out!
Junk-bond holders and Hedgefunds are NOT Banks.
Stop bailing out Junkbond holders and Hedgefunds
that call themselves "Banks".
They are Casinos -
Banks are supposed to be safe for deposit holders !
but NOT if they are backed by Junk assets marked to some Idiots fantasy
and hopeum of more tax-payer funded bail-outs, via their hard-earned deposits.
This is just fucked and it is high time we put a stop to this bullshit!
I don't even know why we are still talking about this shit.
wr;)
Why don't they just PLAY THE FUCKING RULES.
When a bank is insolvent let it fail. Share the losses as follows.
1). If there is any equity value, the shareholders take 100% of the write down.
2). If all the equity is worthless, bondholders take 100% of the write down.
3). If all the equity and all the bonds are worthless (worth zero), then depositor take 100% of the write down. But depositors are then recapitalized via the respective SovX Market.
DO NOT SKIP STEP 2). JUST BECAUSE THE BONDHOLDERS ARE GERMAN. THEIR BANKS BOUGHT THIS SHIT, THEIR BANKS ARE ON THE HOOK FOR THE BONDS.
Why are they trying to fuck about with seniority?
Why open a savings account when corporate bonds are being treated as more senior to deposits!
It's a total cluster fuck. It's coming apart at the seams.
THERE ARE NO RULES ANY MORE.
If we could apply those rules to the last 30 years worth of banking woes, we'd be lightyears ahead of where we are now.
Reinstate Glass-Stegall. Isn't that what helped send Keating to jail in the S&L crisis of 198x?
Glass-Stegal was done to protect the people from scurrilous bone-head bankers that only shoot for the moon with Other-Peoples-Money!
Oh yeah, the politicians that allowed these travesties are TBTF (Too Bought To Function), duhhhhhh.
Stop talking about new legislation and reactivate that which is proven to be effective!
Don't you get it? We have lost the rule of law.
You've just put your finger on it. How many rules can you change before you destroy the confidence in a rules-based system? We're going to find out.
Reinstate Glass-Stegall. Isn't that what helped send Keating to jail in the S&L crisis of 198x?
Glass-Stegal was done to protect the people from scurrilous bone-head bankers that only shoot for the moon with Other-Peoples-Money!
Oh yeah, the politicians that allowed these travesties are TBTF (Too Bought To Function), duhhhhhh.
Stop talking about new legislation and reactivate that which is proven to be effective!
Well if you want bailment banks, you have to pay them to hold your money.
Otherwise it's not your money and they loan it out 10 -> 30 times. Even with Glass/Stegall the fractional reserve system is unstable. This has been the law since 1830something.
If you want it safe do something else with it, buy a safe & put it in. Sounds to me like you are crying because you can't have your cake and eat it too.
Unelected trash vs. elected trash. No differnece!
key point is political - Merkel did not want to bail out russian depositors and now she tells cypriots not to negotiate with russian but with troika only ?
What a joke
LMAO
Merkel has signed her own death warrant this week.
Stiffing over Russian super villains? Is she fucking stupid or what?
No, because Putin wants the same. And believe me, a couple of thousands tanks are more powerful that these super villains. They are in for a winter holiday in Siberia.
Interesting point.
So far we've assumed that Merkel's actions in Cyprus have angered 'the Russians'. But if it's only the oligarchs and she's still on good terms with Putin, that may explain a thing or two. Perhaps she is planning to dump the EZ and look towards Moscow for Germany's future. She speaks fluent Russian.
Yes, do you think Putin is happy about Russian money going to a tax haven? He benefits most. The oligarchs are not Mr. Putin's closest friends. Well it depends on their behaviour. But generally Putin prefers Russian money under his supervision.
Yeah...the separation between Putin and the oligarchs is important and makes a lot of sense. Because there are rumours around that Merkel is planning something ahead of her re-election campaign in September. It may be, just may be, to pull Germany out of the EZ. If that happened, she'd need a big friend somewhre to sell BMWs/Audis to because Germany's name will be mud in Europe. Putin's Russia may be that friend.
The money won't end up under his supervision anyway.
If it by some chance does (however unlikely), it'll be less than it'd be without the partial confiscation.
Putin's whole angle during this game is to get Russian money back into and under the control of Russia. It's that simple.
Perhaps Putin tricked her by saying-- I've got your back. And then he didn't. And perhaps he got control of natural gas in Cyprus as a result of Merkel's plan backfiring? Or perhaps he just liked to have a little fun with those EU bureaucrats?
Russia isa member of the IMF and thus a member of the Troika
Make yourselves and yours happy, my friends!
The only money secured is the one you spend for you and yours! All the rest, including properties, they can take it all from you by force.
Sex and drugs and rock'nd roll bitchezzzz!!!!! /sarc... Almost.
Someone has been dumping gold and continues to dump gold to keep it artificially low IMHO. Any guesses who? Fine by me. I'm broke, but the longer it stays low, the longer it gives me to by some, even if it's only an ounce.
Why Au and not Ag?
The GS Ratio is 3.75 x historical average.
55:1 is the usual ratio and that's exactly what it is today.
Broaden your timeline by 1000 years and you've gonna see approx 15.5 to 1. I think that's what was meant, by Ted.
http://en.wikipedia.org/wiki/Abundance_of_elements_in_Earth%27s_crust
The abundance in the earth is somewhere between 19:1 and 63:1. What you get out depends on how economic it is to extract, beginning with the most abundant.
I swap everything to silver if the gold/silver price ratio gets above 60. Otherwise might as well just hold gold for saving.
What we are seeing here is incredible, but not surprising. Readers of ZH have been following events in this blog long enough to know that more and more cracks in the world financial system would become apparent. Some intellectuals have been predicting the collapse for years and it has yet to happen. Other intellectuals say that everything is under control and we are on the road to recovery. I did use the second "intellectuals" here very loosly. I agree with the first, even though I know that timing such events is near impossible.
We live in a cause and effect world and I am also of the opinion that we, the world, are going to experience some effects that will devastate and destroy individuals and countries alike. Please prepare accordingly...
Deeper and deeper and steeper and steeper.
The lip of the cliff was loooong ago.
Maybe the current financial situations in some of the Euro countries were nearing explosion with more bailouts required soon and Cyprus is going to be the example of all citizens losing their life savings when the banking system goes down DUE to the people "causing it" via bank runs.
The thinking of the troika being that the other PIIG countries will decide to accept the European union's dictates out of a greater level of fear.
After all, polls still report that a large percentage of citizens want to remain with the euro.
Honestly, people are going to have to grow a backbone and be willing to take what comes otherwise it is slave status for most. At least rebellion might yield more dignity than slavery.
No they can always return to the Cyprus pound. Then they are free to print whatever they like to print.
odds of closing gap in EURUSD look attractive from here.
closing the EURUSD gap should have happened long ago.
however Bernanke won't let that happen, since the Feds last bit of advantage left is:
Zirp and Twist and devaluing the USD below all else in the last attempt
to sell overpriced Apples and White Elephants like the F35 Lightning that can't fly near a Thunderstorm,
and Boeings that can't fly because the batteries are too hot....
so what's left ?
Attack Syria and Iran, and in the meantime bugger thy Neighbours in the hope
they buy some more crap they never wanted.
bugger thy Neighbour will keep the USD 20% lower than anything else....forever
to help export inflation ( cost of Fuel,Food,Energy) to other Countries.
That's why Bernanke will keep the USD at Zirp forever...
that's what Bernanke's protectionism and the race to the bottom is all about.
Bernanke has got nothing else left except 17 trillion USD in Debt Obligations,
he bought off himself.
Bugger thy Neighbour is Bernankes last card.
So he keeps on buggering his Neighbours...
far and wide, including the poor Chinese.
wr;)
Take from the makers and give to the takers...........
Global Hoax and Chains!
"Make it .... or take it !" .... sung to the tune of "take it or leave it" !
The Cyprus peoples are a proud peoples?
I hope so, starting with their own currency will make them free.
From the mid eighteen hundreds to the founding of Israel, Cyprus was viewed by such notables as Benjamin Disraeli (Britain's first Jewish Premiere) to Theodor Herzl as a possible colony for Diaspora Jews because of its proximity to Palestine. It was repeatedly considered as a potential homeland by early Zionists until their dream of a Jewish state in Palestine was realized.
When I finished reading the book, it was the middle of the night. I turned off my reading light and drifted off to sleep, content in the knowledge that there had been a significant Jewish presence on Cyprus for perhaps three thousand years even though, at the present time, there were few sites and little remaining to show for it.
Postscript:
I am happy to report that since my visit the Chabad community has been very active. A Jewish Community Center has been established, with the first and only synagogue in Cyprus. There is also a mikvah, a Jewish school and a tourist center. There are services on Friday evening and on Saturday morning. Kosher food and catering are available. There is a weekly Torah class on Wednesday evenings. For complete information see: www.jewishcyprus.com
http://www.chabad.org/library/article_cdo/aid/746303/jewish/A-Jewish-Det...
This narrative will not do for the United States of America whose jews came here long before zionism was founded by the money grubbing Rothschilds/Bauer of Germany who funded socialism, communism, fascism: the world's biggest killing machine.
Zionism might be right for Europeans and others. Their choice. It is irrelevant for the USA, the people of the Tora and Bible.
Putin is a patriot, and I hope he will do what is right for his country, against the wishes of the Russian mafia, and gangster banksters.
Cyprus took Russian money, and now it must choose.
No one knows country more than an honest soldier.
Yes, but an honest soldier is as rare as an honest politician.
We must agree to disagree on that point.
No one loves country more than a man who will and does die for it, right or wrong.
Politicians talk. Soldiers do. Voters whine.
Merkel:
Ja, es geht kaput.
English:
Yes, It goes kaput.
Something VERY IMPORTANT is MISSING here.
Why would smart, clever and very rich Russian Oligoths put more than 100,000 in individual accounts in insolvent banks whose stocks trade at .5 cents even before all this?
It doesnt make sense......During the S&L Crisis people had to make decisions which banks to purchase "INSURED"
CD's knowing that it's possible these banks would go under and have to wait a year before the insurance money would come back....
THis makes no sense.....
It made a lot of sense for them. Because Brussels usually tends to rescue every broken bank in the universe. Given higher interest rates there virtually was no risk. As it seems now, maybe there is some risk. If gamma omega 7 starts to cry, Mr. Rehn we are in the Euro, we have the Euro we are broken, no doubt that Mr. Rehn will launch a rocket loaded with a couple of billion Euros. Guess where he holds his banks accounts? Planet gamma omega 7 is a good bet.
Possible reasons:
1. Some Cyprus banks were paying interest rates of up to 12.5% for large deposits.
2. To get the best interest rates required a deposit agreement of typically 5 years. Some of the money may have gone in as much as 5 years ago when people were much less concerned about Cyprus bank solvency.
3. People may have been gambling on an EU bailout.
4. 100,000 eu may be just pocket change for some of these guys.
Clearly, you do not understand the Russian mobsters. Cyprus is the money laundering place of all Russian money post 'glasnost','perestroika', and all the other bull$hit words used by rootless cosmopolitans: zionists, founded in Germany among its biggest moneychanger: Rothchild, formerly Bauer.
Yeah. Look at that name: Bauer, Rothschild and the Trilateral Commission which buys warmonger politicians like Kissinger, and boys like O'bomba and Bush.
"Cyprus is the money laundering place of all Russian money"
When one takes one's shirt to the cleaners, to the "laundry," does one LEAVE it there after it's washed?
Laundering is the mechanism for conversion. You put "F" in and you get "C" out. Some of the value assigned to "F" gets kept at the "cleaners," but the "C" doesn't hang around at the "cleaners."
Putin is a patriot for his country, in my opinion. He will do what is required for his country. This is the way of honest leaders.
Putin is a patriot for his country, in my opinion. He will do what is required for his country. This is the way of honest leaders. Negotiation with others.
That is an interesting point.
My thought is that it must be that as something like illicit accounts it must have been too involved to manage many accounts?
So if the deal has in fact fallen through potentially they are looking at serious trim.
Was the deal essentially intended to fall though. Hard to imagine that is the case as it exposed the would be perpetrators as smucks. But they tried to hide behind the fact that they left it to a popular vote as if eveything is ok when 51% of the population accepts it.
So I guess the bullish view as: At least the deal fell through now can we all go back to the party.
smart, clever and very rich Russian Oligarchs did not put their money into deposits,
however they used some of their money from their Cyprus accounts to buy Greek Junk bonds,
in the hope that they then would be bailed out out by the ECB and IMF in the very likely event
of a Cyprus default threat (as was the case with Greece) which triggered a bail-out.
Those Hedgefunds that had bought into Greek Bonds cheaply made a killing
in a very short time and no doubt some " oligarchs" were rushing in to get some
borscht with Bratwurst .
However this time, all that's left in the bottom of the barrel
is Austerity and Sauerkraut.
wr;)
http://www.thesmokinggun.com/buster/sidney-blumenthal/hacker-distributes...
Problem solved.. futures green:
S&P 500 +3.20
DOW JONES +23.00
Problem solved: the Cypriot calamity is the opening gambit for negotiation over gas claims offshore.
Ordinary Cypriots were so busy counting their money from the Russian oligarch money in their midst that they ignored bigger issues. Now,, they will lose their land, resources. Pets. I have no sympathy for their cynical calculations.
Surely Bankster Ben would have made unlimited loans to these idiots. Did anyone bother to ask?
He did. It's called swops. Do pay attention.
This is all bananas......
There's as yet no Minsky to quantify "the moment", but we need one to define when the ratio of banks deposits/GDP makes the bank system vulnerable (because some banker/borrower will do something woefully stupid with the excess). Cyprus has a GDP somewhere short of $25 billion, but had combined insured/uninsured deposits of nearly $70 billion. Imagine trying to get a yield on that total, then calculate what the GDP growth rate would have to be to help earn the vig.
Recall Iceland had lured foreign deposits to the tune of 10x Iceland's GDP, which is now the standard for absolute guaranteed failure. All that cash sloshing around, enticed by a high yield, needs to outperform the promised yield, and the only way to do that is to do something stupid. Iceland ended up with a world class property bubble and ownership of a lot of external assets about which their new Icelandic owners hadn't a clue (Imagine Justin Bieber buying Intel, or Jamie Dimon loading up on CDX IG9). Cyprus banks, among other things, invested in Greek sovereign debt.
Since Russia is so intimately involved in this, I'm going to coin this deposit/GDP problem area as the Chindit Country Choke Point, or CCCP.
A eurogroup spokesperson must have been lasered down to conform with theft.
U.S. Navy Laser Weapon Shoots Down Drone in Test .
Wow check out bitcoin surging!!! if it's like this with Cyprus what's it going to do when Italy blows.
Yeah and I was sure that bicoin was total BS.
Welcome to the matrix - virtual friends virtual sex virtual money your every word and transaction monitored it just keeps getting better
24 hour security cameras under Blackfriars bridge ,London,please.
Oh,and all depressed Cypriot bankers please leave a note.
And no cleaning pistols for the foreseeable future....
More justification for a ONE WORLD CURRENCY, which of course would fix everything in the "Great Reset" something your great grand kids will learn about remotely while a few of their injected RFID chips are being reprogramed en mass to show historical doctriniztion 7Un45r677 has been completed.
Fear not, Choco rations are up!
### TO EVERYONE EVERYWHERE ###
Get ALL your money out of banks and financial institutions while you still can. They will simply find other ways to achieve the same results, and if your savings are held by ANY corporation, they will be stolen. Whatever you do, don't assume you are now safe!
"Loaning niggers money .... is not a good business plan !" .... Monedas 1929 Comedy Jihad Tellin' It Like It Is World Tour
Shouldn't it be more like, "loaning irresponsible sovereign governments with a somewhat strange alliance involving all promises and no delivery, is not a good business plan?"
'Nor, depositing in their banks!
'"loaning to irresponsible sovereign"s, that is.
Yeah, that what I meant, I use the word nigger in the generic post racial world sense ! I got my silver and my social suck direct deposit debit card .... that's it .... that's all I need !
Banks open (some indetermined future date) banks get run electronicly, as well as physically. Banks collapse. London and American banks get derivatives options calls, stuggle to raise funding, turn to Federal Reserve. More and more derivatives calls begin to flood London and NY counter-parties, the "markets" turn into pink mist vapor...in 1 hour.
Bingo. Bank runs in Europe can take down the global financial system in a heartbeat. Let's get it fucking over with already.
Cyprus is not China.
not yet
but it's next on the list...
From an earlier ZH post with the "USA" added for proper context:
Democracy is a fiction when no matter who you vote for, the banks and bondholders win control of the national income stream and private wealth. Democracy in Europe and the USA is a travesty of a mockery of a sham, an absurd play which is acted out as a form of blood-sport circus to distract the masses from their powerlessness and debt-serfdom.
Democracy is a fiction when the policies protecting banks and bondholders from losses remain in place regardless of which political party, coalition or politico is nominally in power.
The German and American taxpayers' private wealth is being expropriated via taxes to bail out core banks (too big to fail) and bondholders; how is this any different from the blatant expropriation of private assets in Cyprus?
It is only a difference in technique; the result is the same: the forced transfer of wealth from those who earned it from their labor -to banks and bondholders which in a truly capitalist economy would be immediately forced to absorb the losses of their leveraged, highly risky bets.
The ideological fiction of capitalism is dead in Europe and the USA. Capitalism is a fiction if capital that is placed at risk for a return cannot be lost.
It's a little concerning when even Noam Chomsky would appear to agree with your concerns regarding the privatization of profits with the simultaneous socialization of losses being a big part of, if not, the problem.
All this PIGS austerity bluster .... is pure trial balloons .... they never follow through .... they always kick the can ! The Germans will work harder, retire later, die younger ! Mein hund hat mir ausgeleben ! ( My dog outlived me ! popular German epitaph ) Meine tochter hat ein Taliban geheiraten ! (My daughter married a Taliban !)
Excuse me, Sir, but you obviously have no clue of neither of german linguistics nor german proverbs whatsoever, otherwise you would not state such complete nonsense. Neither of both citations you quoted above are valid.
My dog me outlived have ... my daughter an taliban has marrying ... oh yes, you know german and its grammar, one can see it instantly ...
Good piece , get’s ya up to date.
Anastasiades 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.”
And then he said:
“It’s too bad she won’t live. But than again who does!?
(No he didn’t. That’s just my fantasy :) http://youtu.be/bAZqE2DnxUI )
'What a flic!
Seriously, what burglar calls your home and tells you he is going to rob your house tomorrow - there is something fundamentally unsound with that approach, it has to be the child of severe desperation....
Sheesh. How many times does this have to be pointed out to you people.
Central banks = central control= central agreement. One world government wannabes. Putin and others will comply.
Buy gold and silver, physical not paper.
The political theater and bank dramas are for amusement and diversion tactics.
Politics is showbiz for ugly people, and they get uglier every time they confiscate and wage war for their paymasters: the Zionists.
It's a bit naive to think that any gold currently privately held in banks won't be at least partially if not wholly confiscated.
Sad but true - history has a way of repeating.
In fact, confiscating (stealng) gold by making it illegal to privately own gold and making amnesty returns worth only say $50 an ounce is much more socially palatable than stealing from the peasants bank accounts. Once they get all the gold back then they can open the market again - simple.
Unlikely.
A thief admires the one who won't give in, and they both proit.
In it to win it. The gold and silver market are tiny in sum, and huge in importance.
Pet.
Gold is the only thing to balance the losses of insolvent banks and governments. Gold is owned by the few, not the many sheeple.
It is more likely that gold and silver will be brought in by the Fed putting a price on it far beyond your imagining.
Gold 'in banks' is gone.
Hey, no fair! This is the wrong crisis!
http://www.bbc.co.uk/news/world-asia-21840080
18 March 2013 Last updated at 23:25 ET
Power failure hits Fukushima spent fuel ponds
A power failure at Japan's tsunami-hit Fukushima nuclear plant has affected cooling systems for spent fuel ponds. A statement from operator Tepco said the cause of the power failure, which began at 18:57 on Monday (09:57 GMT), was still being assessed.
The outage had hit ponds at reactors 1, 3 and 4, it said, but cooling to the reactors themselves was not affected. There was no immediate danger as it would take four days for the hottest pool to hit safety limits, Tepco said. "We are trying to restore power by then," Tokyo Electric Power Company (Tepco) spokesman Kenichi Tanabe said.
Sadly, Japan is the wasted state of the new world order experiment. Dead men walking.
Hey ho. O'bomba et al party on for the zionists, and their Nazi scientists brought to the West under 'Operation Paperclip'.
Ironic. A power utility is going to try to restore power ... in four days ... to itself.
The deal was so stupid and doomed to failure that maybe it was just some kabuki dance to set up act two. What would be the next trick? Were they just trying to spook people next in line to hit the ATMs and measure the amount of panic. If i had money in the PIIGS banks, i would have ran , not walked to my nearest ATM.
You probably "would have run" also.
I heard on Greek radio one radio host offer a hypothesis about the method to Merkel's madness. It doesn't matter to her whether or not this passes Cyprus' parliament. The damage has been done. Now all the rich foreigners will take their money out of Cyprus' banks and put them in more secure locations, like German banks in Switzerland... Seems plausible, although there are probably better places to keep the money, I suppose... This theory would tend to support the answer of "evil" to that age old questions about EU leaders (among others)-- Are they stupid or evil?
Check this article in hindsight:
http://www.zerohedge.com/contributed/2013-01-09/russian-%E2%80%9Cblack-m...
Seriously who even bothers with the MSM anymore, Tyler got all the plays covered.
I get a pretty suspicious feeling that they will flush this whole Cyprus (or) deal trough the toilet as soon as possible. It’s too toxic in too many ways. First off Anastasiades will not be able to get enough votes to approve this blunt action.
But the EU and the IMF have shown their real undemocratic, authoritarian face now. The IMF is infamous for it’s crony capitalist, asset stripper way of dealings even worse than many hedge fund hyena’s. The EU got on the same bandwagon now.
What Joerg Asmussen, the initiator of this toxic confiscation plan, probably never realized is that he was sticking his hand in a bees-nest not just in a few ordinary private pockets. You know the ol spook’s saying: Once KGB always KGB.
A few unelected EU oligarchs bluntly try to steel private property of Cyprus citizens without any debate, legislation or Parliamentary agreement while that same property suppose to be protected. This will have a ripple effect throughout the world. The so-called unintended consequences of behaving like a dictator or doing unsavvy business.
The loss of confidence in the system over all when fleecing ordinary savers can’t be measured against short term motives in money or political feelings of revenge. That’s very short sighted way of doing political business. If it can be called ‘business’ at all.
ok, so let's Cyprus deal on its own with the depositor guarantee it has provided. I am completely ok with that. Up to 100 000€ equates to 100% of Cyprus last year GDP, so probably a few hundred percents of next year GDP, and beyond that probably everything is lost. I promise I will try to shed one tear for the poor tax evaders who parked their money at 9% interest rate "risk free".
Big money is up against this as this "taxation" is the first step in years against all these states that provide shelter for tax evaders and mafias.
And I am not the only one:
Cyprus crisis will soon blow over – John Dessauer says that crisis is overblown
18 March 2013, by Mark Hulbert - Chapel Hill, N.C. (MarketWatch)
http://www.marketwatch.com/story/cyprus-crisis-will-soon-blow-over-2013-03-18
Excerpt:
The Cyprus banking crisis that over the weekend so agitated the markets will have largely blown over by later this week.
This relatively cheery outlook doesn’t mean he is absolving European and Cypriot central bankers of making a major miscalculation.
They are guilty of “just not getting it” in believing that a tax on Cyprus bank deposits wouldn’t risk precipitating a bank run not only in Cyprus but across the other weaker members of the European Monetary Union.
But, Dessauer continued, he has little doubt that those bankers over the weekend learned their lesson.
He’s confident that they will very soon come up with some other plan that bails out weak Cyprus banks without imposing a deposit tax or some other haircut on bank deposits.
Those central bankers now realize that the alternative to coming up with that solution is simply intolerable.
Panzers or Polonium. Make your choice.
"What difference, at this point, does it make?!?!?!"
Well, if we're going to open this thread up .... how about CNN saying Kirchener is hitting the Pope up for support against the Falkland Islanders .... what a slimy socialist bitch !
The degenerate scum cretins over at CNBC post the following headline:
Will Cyprus Derail Draghi's Good Work?
The fucker should be at nuremberg alongside Holder and locked up with Bernie Madoff Ben Bernanke and the Geitner. M'Fer. Lock that terrorist up in Gitmo for Christ's sake.
They should give him a cell with the London cabbie and put it on pay per view. I'd pay in silver to see that, lol.
I call bullshit on this biased presentation !
Why don't ZH recall that deposits in Cyprus have a 3% to 9% interest rate ? 9% interest rate with no risk is too good to be true, and as always in this case, it wasn't true. There was a risk, and depositors accepted it. Now it seems that since the risk has materialised they have to be bailed out. Is this the new ZH line ? Bailing out investors who took too much risk ? As a european citizen, I don't agree that my money is employed for this. Already 10 billion € lending is too much, as I don't have any confidence in Cyprus (see the various articles on testosterone pit), but having no participation from the poor cyprus guys who have on average 40 000€ on their savings account (I don't have this in cash, to begin with) would make this inacceptable.
I don't bank in Cyprus, so I'm not going to spout off a bunch of crap and talk out of my ass. Let me ask a basic question that I have not seen an answer to in the bounty of articles on ZH since Sat am on the banking situation in Cyprus:
Why are the banks in Cyprus insolvent ? Where did all of the money go that caused them to be insolvent in the first place?
In unraveling the tangled web of motives and to see through the smokescreen from the EU and the Russians to me this is a basic starting point.
you forget that deposits up to 100,000 Euros were insured under a federal insurance program. The precedent has been set, the deposit insurance in the western world and particularly EU member states in the eyes of its unelected oligarchs is meaningless.
I challenge you to find one person who deposited savings and knew of, and accepted, a higher risk at a Cypriot bank in return for the higher interest rates you mention. I'm sure that for the vast majority, they were simply depositing their savings in a bank for safekeeping. Banks are safe places. Right?