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Eurogroup Folds: Tells Cyprus To "Safeguard" Depositors Under €100,000 Euros; Angry Russians To Get Even Angrier
Reuters headlines crossing the closing tape, supposedly out of a (very credible) Greek source, according to whom the Eurogroup will give Cyprus more flexibility on bank levy, and that Cyprus should safeguard depositors under €100,000, even as the full €5.8 billion deposit goal must still be hit. Well, at least they were not kidding with the whole plan. This was not unexpected - as we tweeted last night:
Quite possible that before morning Cyprus will be giving free money to those with under EUR100,000 in deposits
— zerohedge (@zerohedge) March 17, 2013
And while after all this, it is perfectly obvious that ordinary Cypriots just can't wait to start depositing money again with their local friendly bank, there are two very key questions which remain woefully unanswered:
i) how will Europe restore the confidence it has lost by even contemplating insured deposit impairments, and
ii) a deposit haircut is still a deposit haircut, and as noted earlier, the majority of Cypriot parties have announced they would vote against any bank levy, not just that which is determined to be "fair" by 10 European bureaucrats, and supposedly only hurts those evil, evil Russian billionaires.
In other words, the final word still remains with the Cypriot parties. Let the horse trading begin.
Finally, the Russian response to the discovery that haircuts on big deposits just rose from 9.9% to over 15.6% will hardly be warm and cuddly. Now may be a good time to ban gun (and plutonium) sales to angry Russian billionaire oligarchs.
P.S. All of this coming from a Greek finance minister source (speaking on behalf of Europe) means it is all 100% accurate, credible and true. We can't wait for the refutation.
P.P.S for Cypriot banks, if you see this man coming to make a withdrawal, it may be a good idea to run.
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Other reports actually said it was planned before the Italy elections, but was held back to sway the Italy elections, and afterwards it was blown up because of the Italy results that did not go the bankers way. So this was the logical fallback position for the bankers, but it is blowing up in their faces.
I still think the reason why it was done was not to just see if they could get away with it. I think it was Merkel protecting herself politically because she knows she is not going to get re-elected if she doesn't change the trajectory of German taxpayers enduring recession to bail out the parasites that lie and refuse to change their deficit spending. It was a big hail mary pass that fell with a thud. The bankers will desperately do anything to re-write the deal to get it to pass the Cyprus Parliment. Failure to do so, and things start to unwind They need some control to kick the can, versus no control over the unwind. If Cyprus says no, the banks will sacrifice them to try to make an example of them to the rest of the EU to maintain extortion over the masses. The next country will then be the final battle.
still a "test run" or a "small market sample"
Trouble is, the experience and the samples are not independent.
- Ned
{Metastasize comes to mind. Think Ginzberg invalidating auto company bonds in a "constitutional" decision. That was the earlier situation, more before and since.)
{{Poor Locke, --no, NED, not Locke, poor us, we gotta' do some a-studying}}
{{{well, I did say a-studing, but, trust me, that was a keyboard thing. I'm not like the others.}}}
Phew! That was close. Now that it's only depositors above €100,000 who are affected, we can stop calling it theft.
Right?
Three cheers for class warfare.
From Obama's perspective, 'the rich' is anybody who's got a job and 99 dollars.
The deposits were gauranteed by the State up to 100,000 Euros per bank. Anyone putting more than 100,000 Euros into a fractionally reserved bank account was knowingly accepting the risk that if the bank becomes insolvent, they are only covered up to 100,000.
The way this should work is that the ~16% deduction should only apply to the balance exceeding the 100,000 insurance limit.
If Cyprus cannot afford to insure accounts up to the 100,000 Euro limit, they should not be making that gaurantee.
Nothing to do with class warfare. People have to accept responsibility if they choose to go uninsured, and the State has to accept its responsibility to actually provide the insurance it has been gauranteeing.
You are falling for the "class warfare" with this statement. No one should be "seizing" anyone's money. Done. End of it. It is theft.
You are thinking about this wrong. No one is siezing anything. From what I can tell, the banks are insolvent.
They are not TAKING AWAY ~6.75/9.9/15.7% of the money. The people are only getting back their money MINUS a portion. ALL of their money is already gone, becuase the banks somehow went broke from having too much deposits (WTF?).
Under 100,000 is supposedly insured by the State of Cyprus. If they take that money, they are openly saying that their guarantees are worthless. All deposits over 100,000 are caveat emptor; you were told when you opened the account that anything over 100,000 is NOT insured. Nothing to do with Class Warfare; I am sure there are many English Expats who sold homes in England for ~400,000, bought a place in Cyprus for 200,000, and have 200,000 in savings in a bank that is their retirement, plus their pension money each month.
You are incorrect. This is not part of a bancrupcy, where the institution is parted out like a corpse and funds are apportioned to depositors. From the beginning this has been stated as a tax as dictated by the ECB and IMF, forced on the Cypriot government whose job it was to enforce the theft.
Please know what you are talking about before correcting someone who knows what they are talking a about.
Why is this "tax" being applied? Is it not to bail out the banks in Cyprus? If so, why do they need to be bailed out, if it is not due to insolvency?
Spigot, I would say that this is what happens when the govt bubble pops. The Banks in Cyprus have huge deposits compared to their economy. The deposits were used by the banks to bet on greek and cyprus govt bonds. The greek bonds got hit and the banks took a big hit from them. But this isn't about making the bank solvent this is about the govt bubble. The cyprus govt has to pay their bills and bonds and does not have the income to do so. The ECB/IMF are telling them that in order to give them more loans they need to pay up first on a portion of what they owe. The idea was at first to tax all deposits at 40% in the banks. This is not only a hit to the depositers this is also a hit the banks of cyrpus. The depositers have already loaned that money to the banks. the banks loaned that money to greece and lost it and have also loaned the money to the Cyprus govt with the expectation of being paid back. The govt can't pay them back without getting loans from the IMF/ECB. So the Banks will have to use all of their reserves from deposits but also have to sell their Greek banks and accts to come up with the 8.7 billion in order to pay the govt. The govt then pays this money to the ECB/IMF.. the IMF then loans money back to the Cyprus govt. who then pays the banks back for the loans the banks made to the govt. The issue is that the people who still have deposits will not stand for it and the bank run will commence thus bankrupting the bank. The assets will be sold at firesale prices thus ruining everything else the depositers have left in those banks. The govt then has to come up with the cash to pay those insured accts. With what though? another loan from the ECB?.... Bank runs end all fun for bankers. The govt would be better off taxing the accts at 60% paying off everything they owe to the ECB with it, then paying all those insured depositors up to 100K and would still have a healthy budget for a year or so. The banks burn no matter what the question is does the govt go down with them.
Wow, if this is true, that it is the Cyprus government that cannot make the payment on it's bonds, it is pretty serious. They should consider the Gazprom offer.
The Russians will consider that the Euro pansies brought a knife to a gun fight, look for (deposit) confiscation of Euro Company assets in Russia or Environmental Violations (again).
They've probably got guys turning the valves on the natgas pipelines into Germany right now. And Cyprus is probably going to sell every bit of its natgas to the Chinese.
It's Russian money in the banks it will be Russia that developes thr resources.
Fiat is free to the ECB, so giving away a few trillion is not a big deal.
The real reason Russia made some naval/troop deployments a stone skip away? "Where's my money Cyprus? Ya got till five o'clock..." Vlad
Previous ZH commenter dropped a link to a report of a major (multi-ton) heroin "sting" by Russian agents in Afghanistan.
Say, I thought American soldiers were in Afghanistan...
Can't be related...
EDIT: link:
http://english.ruvr.ru/2013_03_12/Russian-Afghan-drug-police-seize-20-to...
So, was that the CIA stash?
In all the fluff on Afghanistan, I can tell you that one thing I haven't heard is "US-Russia Security Collaboration". Whoever it belonged to before, it's Russia's now.
That heroin will be on European streets by April.
Report dated 3/12/13. Is this cause, effect or no matter? Perhaps the EU is upset their fix wasn't coming in? 20 tons will kill a lot of pain.
So is that 15% on everything in the account or just the piece above 100k?
Oh well, if they are only seizing the property of people owning accounts over 100K, that's all right then.
Aren't we all getting tired of swaggering hundred-thousandnaires, strutting about like Little Lord Fauntleroy?
Poor shmuk with a 100,001 balance ...
Even the Cypriot with 100,000.01 youre screwed.
Thats gonna leave a mark on small businesses there that have thin margins.
So that means there's no need for a bank holiday, right? Everything's fixed! Now open those banks and let's see the truth of fractional reserve banking. If the Cypriots don't, en masse, pull all their money from depository institutions and tell the banks to pound sand, there's no hope for them.
That's what I'm waiting for. Facta non verba. As long as those banks stay closed this Cyprus story is still smoking hot.
The riot that will burn Cyprus to the ground will start in some bank lobby Thursday morning.
Next likely news flash - Cyprus ATM withdrawl fees are increased to $25 per transaction.
.
By the Spaghetti Monster - that could work!
A fee for an honest day's work is a fee for an honest day's work!
Clearly, you have been blessed by the touch of His Divine Noodly Appendage.
Yarrrrr.
with a $30 dollar limit per transaction.
So what. Even if they do that... they will still get a loan from the EU that will make their debt to GDP rise from 90% to 140% overnight.
Cyprus is the new Greece... it will suffer TILL the Cypriot people wake up and elect an anti-EU party.
Cyprus banks took the haircut on the Greek bond default . Now when it's Crypruses turn to default on their bonds the EU goes after bank deposites. It should not even be consider by the parliament ,vote everyone out that gives a yes vote.
I absolutely can not wait for Nigel Farage on this. Should be a rant for all times.
Maybe this time we can get him to say "caw, blimey".
Money for nothing and Cyprus for free.
And for those 100000 + euro depositors:
http://www.nakedcapitalism.com/2013/03/you-too-can-live-the-galtian-fant...
“Blueseed will station a ship 12 nautical miles from the coast of San Francisco, in international waters. The location will allow startup entrepreneurs from anywhere in the world to start or grow their company near Silicon Valley, without the need for a U.S. work visa.
Read more at http://www.nakedcapitalism.com/2013/03/you-too-can-live-the-galtian-fantasy-12-miles-from-san-francisco.html#yhTrMWC4gTWYj53G.99 You can leech, I mean live, tax free!!!!!!Funny. Got Dramamine?
It would be interesting to know the total account value of Putin's individual deposits there.
Any Pol who votes to carry this out will be on a hit list. Just too large of an amount for them to ignore.
Oh, and some bankers may finally have a sentence imposed.
<<Oh, and some bankers may finally have a sentence imposed.>>
To every cloud a silver lining.
Jailhouse justice I think they call it?
Doesn't Western Europe depend on the Russki's for their natural gas? brrrrrrrrrr
This just keeps getting better. Good thing I bought some popcorn with my FRNs that I withdrew from the thiev--err, bank today.
So now they're just actively going after the Russian depositors, who, by the way, don't live in Cyprus and don't get a vote on how the gubmint (over)spends its tax dollars. Germany, didn't you learn about the Russians yet? I mean, you had a whole world war to learn that lesson.
Good Luck guys.
Every Russian mobster with skin in the game will be writing up a very large list of names about now.
bank holiday until everyone promises not to pull all their money out of the banks. sometime after xmas is my guess
I love large depositors.
I hate large depositors.
I love large depositors.
I hate large depositors.
I love large depositors.
I hate large depositors.
I love large depositors.
I hate large depositors.
I love large depositors.
I hate large depositors.
May this is how the Fed plans to unwind from QE Forever.
Denninger has a pretty good piece on this angle, though not directly mentioning the Fed, http://market-ticker.org/akcs-www?singlepost=3161751
10% Haircuts Coming Soon to Your IRA/401Ks in an Aspiring Banana Republic Near YOU!
FDR did confiscate Gold back in 1933; today's lifeblood is fiat - hedge accordingly.
How safe are the safety deposit box assets of those depositors in Cyprus? Do they open the boxes and tax that as well? PM is shining a bit brighter today.
I think the EU should close down and open up under a new brand name. Works in corporate America.
I don't know what the name should be (who cares) but the symbol should be a long brown turd, on a white porcelein background. Is there any way the EU could have screwed this up worse? Any?
EURidiots ... please don't make us think! (SM)
Banging and Banking: Sex is like a bank account. You put it in, you take it out, you lose interest.
voilà
And in this case are you going to forgive them if they shave off 15% of your 'account'? Is your wife/girlfriend going to miss it? I think so. I've been trying to grow my 'account' bigger my entire life...no way I'm giving back 15%...they got 10% during my circumcision dammit!!!!
that's a lot of schmuck
They can back-peddle all they want, the damage is already done.
If you have deposits anywhere in Europe or the U.S. your money is not safe.
Your money is now their money; not just via bailouts or currency debasement but outright theft.
Churchill: Madam, would you sleep with me for five million pounds?
Socialite: My goodness, Mr. Churchill… Well, I suppose… we would have to discuss terms, of course…
Churchill: Would you sleep with me for five pounds?
Socialite: Mr. Churchill, what kind of woman do you think I am?!
Churchill: Madam, we’ve already established that. Now we are haggling about the price.
The debasement thing was becoming drawn out and tedious.
+1 Their machine is in place and the bases are covered.
This gets more ridiculous by the minute. Appeasing the sheeple was the easy part. Pissing off the Russians by a further 50%. WTF
Massive Russian money outflow in 3.....2.....1.....
Plus they will be really pissed. Taking their money out of Cyprus is one thing. Fuckin' Europe over will now be the end game. Eurocrats ... Eurotwats.
any outstanding accounts with the russians will be settled at a later date, by them
LOL! The money laundering ladies and gents at the National Association of Realtors must be very happy. Those Russians must learn their lesson about lobbying.
Maria Bartiromo on CNBC to interview John Thain, remember him? Golden toilet boy from Merrill Lynch and Bank of America if I remember right.
She's going to ask him about the health and safety of U.S. Banks (*cough*).
Fucking asshole.
"how will Europe restore the confidence it has lost by even contemplating insured deposit impairments?" - by promising never ever to do it again, of course. lol
Restore confidence ; fire everyone involved in the scheme . Let the bond holders take the hit .
Only firing the lot would send the right message to those who have bank deposits
Putin " my money or taste my missiles, punk"
As we're constantly told by fire-breathing socialists, most of the deposits are with a small group of accounts. It doesn't take much to run on a bank. Even if the situation diffuses, not worth sticking around. Plus, fuck that bank. They made a stability fund in the event you pull your money out. Don't let it go to waste!
Seems like it's only a matter of time before Russian plutocrats start assasinating Western plutocrats.
Keep yer eyes on the Polonium.
Between equity of some insolvent financial institution and a basket of nat gas-linked bonds, of the yet to be financially identified, and therefore inapplicable for collateralization, deposit, as reparation for stealing my money, I can barely sustain myself from bursting into an explosion of fucking jubilance.
Danke assholes.
P.S. LOL-ed hard @ the ZH tweet.
Just speculating, but do you think the EU would be slapping Cyprus, and Greece, around like little bratty children, if these countries had nucs?
Just wondering.
It's not a matter of nukes. It's just about balls and brains: those are very scarce commodities
What they will try to pass off is this is a one time event...NOT...you can bet everyone who wants confiscation is hoping this works...or at least does not cost "too" many lives...the bankers and leftists love this idea...redistribution overnight....as only the "rich" have bank accounts...all the others just have a SNAP card....
If when these banks reopen and there is not a run..i will be amazed....they will have to put limits on what you can take out...no way it will stay in a bank right now....a
PM´s..if i could have a hot dog stand on a corner but instead of food sell PM´s...i think I could make several billion this week....so you get your money out..what do you buy to protect it..EURO´s....NOT...probably the dollar by default..but we will have no problem shitting on foreign holders of our courrency when our time comes..you think the Russians are getting a bad deal on this...wait until the dollar tanks...all that reserve currency crap will all hit the fan....
Cyprus planning to charge $25 ATM withdrawl fees with any max one time withdrawl linit set to $20. :) :)
btw why would someone withdraw money from ATM when they can get a cashiers cheque and drive across the border to deposit the same. The bank which cannot honor its cashiers cheque will become insolvent.,,,
You can't get a cashier's check when the banks are closed.
Wonder if our comrade Putin has any cash stash of his own in Cyprus? hmmm
If somebody could explain to me, in reality, how is it this different from devaluing USD by about 20 % sicne 2008-2009 and stealing from the American depositors even more ?
Fundamentally, it is not much different at all. It is simply a much more in-your-face theft.
And faster. It reeks of desperation, otherwise they'd just run the inflation game.
My guess is they need the money deployed in a highly localized way rather than the broadly distributed way inflation works, and need it right now.
its like the ending in trainning day except a whole country.
"*EUROGROUP SAYS CYPRUS MUST STICK TO EU5.8 BILLION DEPOSIT GOAL"
I do hope they confiscate 15% of Russian bank accounts... it will do 2 things :
- kill the EU
- piss off the Russian mob... which could lead to some VERY interesting things happening... a few scumbags Eurocrats could lose their heads over this... LITERALLY.
I say DO IT.
It's amazing how pissed people get when 1 billion of the 7 billion they stole gets stolen.
Do you think the Russians are reading ZH?
Hey Russian Mobsters, your true enemies are JP Morgan, Goldman Sachs, HSBC, etc.
It's those with deposit accounts over 100,000 euro that can afford the most yellow metal. The re-re-distribution of the wealth tax is super bullish for physical gold......thought the paper peddlers will try to dissuade them with a paper smash........
OH, I am just sooo in an Irish Poem mood!
ON WAIL STREET
"IZ NOT FAIR!" complained Launderer Boris,
"Giving in to the Cypriot chorus."
"If it was the case,
We were Goldman's or Chase
"Then the Banksta Elites would adore us!"
Squeeky Fromm, Girl Reporter
this speaks well for eu sovereign debt. they're guaranteed....by the E gang....
Report: Russian Company Offers to Bailout Cyprus in Exchange for Gas Exploration Rights
Hmmm. Gentle reminder about....energy.
Japan is paying 6x the going rate for LNG right now... Putin might be very happy to take this deal, and since the Russian got the bankster shaft, they will be allowed to dictate Cyprus gas royalties?
And the Cypriots that want to keep their coast pristine as a tourist destination- too bad, russian mobsters are scarier so the pols say, Fuck you, we're eating (at Carl's Jr.)
Why not just apply the fee to all those who were not born on Cyprus?
Because the EU/IMF/Mafia is demanding Euro 18 Billion, and hitting only the out of towners ain't gonna make the extortion nut. Granny's knees are going to HAVE to be broken.
how do you say, " i'll make them an offer they can't refuse" in russki.
the dumbfucking bankster dudes just gave advantage to putin and his crew.
I had a laugh watching SpongeBobSquarePants. The restaurant has no milkshake licence and there are no more milkshake licences. The inspector says "do you know why there are no more milkshake licences?" and SpongeBob answers, "They ran out of ink?"
Do not let anyone ever think this is not solely being orchestrated by those in the Western/Anglo/CIA hidden union as anything but a covert attempt to give the Russian power structure (The only other superpower in existence) a chop off one of their chair legs.
This is being done purposely and I have said for over 5 years now the true challenge to the anglo/banking heirarchy will an can only come from Russia in the coming decade...fear not the brown men in caves, Iranians or even the Chinese. The only nation large enough, battle hardened, rich with resources and military technology are the Russians and they more intelligent , calculating and prouder than most would prefer they are. You won't find endless welfare entitlements being handed out in that nation anytime soon and they have the nukes to not be bullied aside from China and Iran.
They know war. They are responsible for winning at bare minimum 50% of WW2 with the most lives lost both at first defending Stalingrad and repelling the Germans when they were withing visual sight of the Moscow spires and then forcing them back into Berlin and invading Berlin and lost more lives then any nation throughout the war decimating their male to female ratio.. Well the ratios are stabilizing.
Why do you think Cyprus was the testing groud for the EU grab of deposits? Russia has lacked only two things that prevents their dominance on par with America and discipline is not one of them..
1. Arable land to grow crops
2. Warm water ports to launch sub and naval vessels. Cyprus of quite the warm water stretch and that is why Russia played a heavy hand in Greek assistance.
These powers are playing global chess as they always will be well after our children leave this planet. WW3 will come from a conflict with Russia..not impoverished shabbily built China whose military are decades behind us and surrounded by multiple nations.
Remember Chinas false wealth comes from sellin goods to the U.S. without us their is a vacuum. At any given time if need be the American populace can come to their senses under proper leadership and manufacture and consume amongst ourselves...China cannot.
Well said..........
Battled hardened Russians today? More likely alcoholics. The Russians have repeatedly shown how they are culturally friggin' incapable - after hundreds of years - of getting their political shit together. You think it laudable that they sacrified tens of millions against the Nazis? Buddy, get a grip! That's called stoopidity (especially since they enabled Hitler in the first place).
As I recall, the lowly Afghanis did that "battled hardened" Soviet army in without a single nuke and the Russkies returned with nothing to show for it but a generation of dope addicts.
Guys. I know you get a hard on contemplating WWIII, but let's try to keep it real.
Also, time and demographics are not on there side. They are a dying culture with one of the lowest fertility rates on the planet. Only people from the former Soviet sphere having babies are the Georgians.
This could pose a short–term problem though as Putin knows this too. He may be just be deparate enough to approach things with a "what do we have to lose" mentality.
“ A little war will be good for Russian people, yes?"
Hey, ZH'rs, lately I've been real pissed about your attitude. Remember, I called all of you chilitos... little dicks! Then, I told you, "Only babosos do the Mexican Hat Dance in front of recently whooped, and only retards warn they’re going to punch you in the mouth." Entonces... escucha...the IMF-EU-Western Luchador Combat Center just strapped on their giant burrito and are proclaiming ownership of the ring.
Now that I soiled my chonies, we got to talk. Uh... this whole thing about that Cyprus place, with all those mediterranean mexicans running round trying to pull their dinero out of los bancos. O.K., es muy importante! The KGBLuchadors put their prize winnings in esos bancos. This is not a mistake by the IMF-EU-Western Luchador Combat Center.
This is a call out! Ya know.. like, "Hey, pussy, your mask looks like your mamas face."
No mistake about it. There's gonna be some sangre spilled around the mat in the comin' rounds. I recommend not to sit too close to the ring if your wearing your whites.
Oh, and regarding the audiences dinero.. they get what they deserve. Huh? Not like bank deposits are su propiadad when ya loan them to a bank for interest.
Te sabes... in the end, it's all an illusion. But in the meantime... the game is so fun. Fiat money being stolen... Fiat cars stolen and being brought down to the chop shop in TJ. Aye aye aye...and the audience doesn't even know the entire show is a scam to keep you from seeing your fiat soul.
Viva El Luchador!
http://www.askchumba.com
lol
this afternoon i cleaned out my bank account minus 25 cents . 32k in cash .Went douwn the street and bought 10oz's of gold and kept the rest in cash .
'
'
'
Did you happen to ask how much they had on hand? Or did you clean out the SM, like I did a few years ago, with an frighteningly small purchase on a Thursday afternoon?
•J•
V-V
You can keep that heavy, yellow shiny stuff in a safe place in my basement. I won't charge you a dime. :)
If the money was illicit, where's the evidence? What ever happened to freezing the asset, taking the alleged criminal into custody and proving it was 'mafiiosi?' This isn't about russian hot money. This is about pigmen banksters not wanting to take a haircut on their bonds.
I agree! "Evil Russian mobsters", maybe, maybe not, but its still not right to take their shit based on rumor and innuendo without some form of due process.
Whose the next bogeyman going to be that needs a "haircut"?
It will be "billionaire fatcat bankers" taking advantage of "loopholes",ie, anyone who has saved their money.
Because if you only steal from the rich, it will stop the bank runs.
Julian Carlton gave us the solution to the Banks and Bankster problem back in 1914.
Old things come new again. Perhaps it's time to give it a try. Since the Rule Of Law no longer applies to Banks and Banksters, the Julian Carlton approach makes the best sense.
If it were US billionaires getting douchenozzled by some no name island in this hemisphere you can bet carriers and a marine expeditionary unit would be under way to "liberate" the oppressed natives.
.
Who knows what Cypriot President Nicos Anastasiades is up to. Initially the plan was for a 15% tax on deposits above 100K euros (which are not insured) and people with insured deposits would have no haircut. But Anastasiades decided to help out the large depositors, and so the small depositors were required to make up the difference.
Why did he do that? Is he a tool of the Russian mafia? Or is he deliberately trying to trigger a European bank run in order to punish the Europeans for not coming up with a full bailout for Cyprus? Or maybe both?
probably he had a gun at his head over it
Does Gazprom get the Cypriot exploration rights offshore...or not? If not, Does Putin raise rates effective immediately? 30K Russians in the Cyprus and who knows what they will do. Will the money exodus have prohibitions on foreign transfers? Does Russia see a 2% GDP whack out of this? And what of the 40B Euros in loans to Russian shell companies stuck in Cyprus? How will Pooty-poot (W's nick name for him) take all of this?
Pass the popcorn, everyday is just more interesting than the previous.
The one angle in all this that nobody has covered is that Russia controls the EU gas supply.
My guess is that the next winter in Europe is going to be very very cold.
Good on ya, mate for the Gazprom angle. It's out there, but largely the euro press is talking about it since they seem to be having the "oh shit" moments a few hours ahead of the US presstitutes. I believe the NYT is on it, but not in the retribution angle. Just looking at Gazprom as being affected, not as being able to effect. They'll get it eventually.
Maybe cut supplies by 10 percent, raise prices by 10 percent
Lol this is OBVIOUSLY A PLOY, THEIR GOAL IS TO TELL THE DEPOSITORS " O OOO DONT WORRY WE ARE NOT TAKING YOUR MONEY JUST THE RICH GUYS MONEY"
At which point when the morons leave their money in the bank, it all goes POOF.
The bank runs they caused with their stupidity is has already stabbed the banking system their in the heart.
ask any ordinary russian - everyone will be for 100% wipe out of oligarchs money in ANY FOREIGN BANK let alone Cyprus ones
So Cyprus please go and do it - garantee deposits under 100000 euros and wipe out the rest at any level necessary
Angry Russian is a redundancy. You wouldn't say "wet rain" or "hacking Chineses" or "spendthrift Barry." The anger is just assumed when referring to the Russians.
I once described a politician as a "lying, thieving, money-grabbing idiot socialist".
A debating colleague said to me "calling him a socialist is perfectly adequate. All the rest is assumed."
Does Mitt Romney have money there?
But what about no-fee checking and bonus gifts? I’ll take the free tote bag for mine, and put all my money in it please, so I can carry it out before you change your minds again.
I think it’s a little late for amends. I wouldn’t put my money in that bank at this point if they were giving away a free BMW with every new account.
Funny, I haven't seen or heard much about this going on...
AUSTRALIA SET TO SEIZE "INACTIVE" ACCOUNTS...
http://www.abc.net.au/news/2013-02-26/banks-warn-customers-government-se...
Thanks for raising that, I hadn't heard previously.
Just another government stealing from its people, because they haven't the money to fund their spending.
pity the poor chumps that have 102,000 that they cant take 2,500 from
its either
9.9% times 102,000 = 91,902 for a marginal theft rate above 100,000 of 10,098 on the extra 2,00 compared to 5.6% otherwise on the below 100,000 of 5,600
that extra 2,000 over 100,000 cost the poor sap an extra 10,098-5,600 = 4,498!!!!
or if the theft on the <100,000 gets to 15.6% with zero theft on balance below 100,000 its
15.6% times 102,000 = 86,088 divided by the cost of having the marginal 2,000 above 100,000; the extra 2,000 costs 15,912!!!!
put in your own numbers for staggered threshholds
remind you of staggered commision rates yet?
Layer Cake, great flick.
Are you referring to the photo?
If so, it's not from Layer Cake (which is a great flick).
That shot is from Snatch (another great flick) - that's Boris the Blade.
You can just barely see Turkish (Jason Stratham) in the back.
Hey Merk' It would be shame if something were to happen with your gas supply this next winter, wouldn't it?
Now, dog gone it. What if them babylonian banksters throw this card into the pile? Could this "tool" for the "final solution" make all this go away fast? Or, could they both coincide somehow? How could an attack on innocent Iran be a game changer for the crashing euro, and all the Cyprus bank heisting going on?
Just tinking aloud.
http://news.antiwar.com/2013/03/17/israel-will-press-obama-to-attack-syria/
Always pray there is less war and more of this...Shalom.
Humm. Evil Russian money presence in Cypriot banks? Attack on Russia's pal Syria urged? Big Fiber Optic cable running through Cyprus from Europe to the Middle East? Maybe under this UK base? My, my.
http://famagusta-gazette.com/british-bases-in-cyprus-supporting-syrian-r...
East meets west...in Cyprus?
This is how the Kremlin operates in this day and age.
http://en.wikipedia.org/wiki/Poisoning_of_Alexander_Litvinenko
Slient, deadly, slow and painful.
Russians moving their money out as soon as the Cyprus banks opens..the trust is gone, gone forever
In round one, the Russians got sucker-punched by the Germans in WWII, they went back to their corner, MOVED their industrial base to the east, then came out swinging and KO'd the Germans in the next rounds. I'm tell'n ya, you don't mess with the Ruskies...They love their children and their money and you best not mess with either of them!
They are just working to soften up the crowd. They can't just dump this all at once and expect to not get hung for it. They have to implement it a little at a time. First wipe out all of the bondholders in Greece with a "voluntary" haircut while managing to avoid most of the CDS's and now they are working up to the next big heist in Cyprus. They will surely have to back off a bit from their initial grab, but as always ask for more so you can settle for less. They go after the small fries first and couch the whole thing with public sympathy that its Only Russian mob money. They are just trying to alter perceptions of fairness and keep moving the goal post. By the time they get to Spain and Italy, they will have upped the game even more. Let's see what they do next. This is a war of attrition, where they are working towards their end goals one step at a time. Like every other Euro crisis, this will blow over like it never happened until the next one, with each crisis taking a bigger bite of people's wealth and freedoms. The EU will gain strength with each atrocity, just like Hitler and so many others have done it. Power through destruction while aggregating wealth, be it from their gold fillings or the contents of their bank account.
Introducing the new Cyprus Bank Reverse Savings Plan. Get 10% off your entire savings account! This is an unlimited-time offer. So, act now.
But wait. There's more. If you're one of the first 1000 people to visit the ATM machine, we'll take an additional 30% off your account.
did not russia
just sieze 20 thou kilos of heron
street value 9.9 % of Cyprus held
russian bank assets
phys silver prices on russian ebay:
http://molotok.ru/serebro-5-dollarov-kanada-puma-1-sht-i3099847304.html
http://molotok.ru/10-yuanej-kitaj-serebro-panda-2012-1-sht-i3099835523.html
http://molotok.ru/10-yuanej-kitaj-serebro-panda-2013-1-sht-i3099836904.html
http://molotok.ru/georgij-pobedonosec-2010g-3-rub-1-sht-i3099835979.html
This might work out quite well for Putin. A) He gets rid of some Russian oligarchs. B) He can act really pissed and increase gas prices to Europe. Sounds like win-win for Vladimir.
Want to bet that several billion Euros were 'withdrawn' from Cyrpriot banks on Friday but were somehow not recorded...
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!
LOL
The pic of Boris the Blade is perfect.
It is funny because the money being stolen was stolen any way.This talk of Russian pay back I really would like to see that.They may be a bunch of staunch pricks in their own country however its a bit like muslims trying their jihad shit in Australia really quite funny.
Just think of all of those little mini giraffes that will go without homes.
HAS ANYONE REALIZED THAT IT IS NOT ONLY PEOPLE WHO HAVE DEPOSITS, BUT ALSO BUSINESSES? HAS ANYONE THOUGHT THAT IN FACT IT MUST BE THE BUSINESSES WHO HAVE THE MOST MONIES IN THE BANKING SYSTEM AND SURELY ABOVE EUR100K? THEY CANNOT WITHDRAW AND PUT UNDER A MATTRESS, UNLESS ONE DAY THEY CAN AND THE WHOLE FUCKING ECONOMY BECOMES A BLACK MARKET AND TAX REVENUE GOES BAUMGARTNER.....
i have
The issue is the EU's previous informal deposit insurance, up to E 100K. This weekend's decree destroys that and threatens to cause a system-wide run on euro banks. A single guarantee has to be applied consistently across the system.
However, the Cypriot banking system is not a "normal" banking system. It's more like what Iceland's was like before 2008. The banks' assets, all told, are seven times Cypriot GDP. The banks have little capital from shareholders and bondholders -- no one there to take the losses. Almost all the banks' capital comes from deposits. Ergo, the depositors will have to pay much or most of the bill. No way the Germans are going to write the whole check to save such a dubious system.
But the rule of law and basic fairness dictate that the levy, if there is one, should apply only on excess account balances above 100K. Otherwise -- see my first paragraph.