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Majority Of Cypriot Parties Refuse To Support Deposit-Loss Law

Tyler Durden's picture




 

Update: Just as we predicted - Cyprus president Anastasiades to tell Eurogroup he lacks support and votes to pass levy - Antenna

Moments ago the state-run CYBC media reported perhaps the most material news ahead of tomorrow's Cyprus parliamentary vote, which at this point will likely be rescheduled once more, for the simple reason that yet another key Cypriot party, DIKO, has come out and decided to vote against the depositor-loss law on the Parliament's docket tomorrow. This is notable because while yesterday JPM, in its "bazooka" assessment speculated that DIKO would vote for the law which made sense previously as DIKO had supported president Anastasiades in his election bid, which gave a pro-bailout vote a one vote margin. As a result of today's flip, the party's 9 votes will now be aligned with the "anti" votes of AKEL  and EDEK, whose combined 33 votes mean the proposed bailout law has no chance of passing as they have the needed 29 votes to block any bail-in out proposal! The Eurogroup better come up with some very convincing adjustments to the deposit haircut scheme in its ongoing conference, or else tomorrow's vote will be quite painful for the Fed's "wealth effect creation vehicle", once upon a time known as the S&P 500.

 

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Mon, 03/18/2013 - 15:05 | 3343760 Seasmoke
Seasmoke's picture

The dikes flipped .., 69 bitchez !

Mon, 03/18/2013 - 15:09 | 3343793 Momauguin Joe
Momauguin Joe's picture

20 guillotines. Check.

Mon, 03/18/2013 - 15:22 | 3343884 CrimsonAvenger
CrimsonAvenger's picture

See, it's that kind of profligacy that got us into this mess. We just need one, plus a good blade sharpener.

Mon, 03/18/2013 - 15:25 | 3343903 Manthong
Manthong's picture

Hmm.. judging by those very recent red handles this might be some real news.

Mon, 03/18/2013 - 15:35 | 3343925 fockewulf190
fockewulf190's picture

9 horse heads sent via Vladimir Expressivski took care of that.

Mon, 03/18/2013 - 15:58 | 3344110 TerminalDebt
TerminalDebt's picture

dikes dont like merkel anymore?

Damn, now nobody likes her

Mon, 03/18/2013 - 15:59 | 3344120 Stackers
Stackers's picture

So now they bring in the ex-Goldman patsy to replace elected PM and do it anyway ?

Mon, 03/18/2013 - 15:38 | 3343988 a growing concern
a growing concern's picture

Why the fuck would you want to sharpen it? Dull that bitch up and leave it in salt water for a few weeks. Then proceed.

Mon, 03/18/2013 - 15:10 | 3343800 DoChenRollingBearing
DoChenRollingBearing's picture

Cyprus looks like, as predicted from the onset Saturday, that it will be the gift that keeps on giving and giving.  Scratch that: taking and taking!

Mon, 03/18/2013 - 15:34 | 3343959 AlaricBalth
AlaricBalth's picture

It seems as if the recent developments concerning Cyprus are of a punitive nature, with Washington pulling the strings. I find it hard to believe that the EU would take such a risk of bank runs, without prodding and implied financial guarantees from the US.

"A mysterious Russian cargo ship limped into the Cypriot port of Limassol, this month, forced to seek shelter from a violent storm.

Hidden on board the MS Chariot were four containers packed with 60 tonnes of ammunition for AK-47s and for rocket launchers. The shipment had come from Moscow's state arms company, Rosoboronexport; its shadowy purchaser was none other than the Syrian government.

Cyprus, an EU member since 2004, was supposed to seize the cargo. The weapons flagrantly breached the EU's strict embargo on military supplies to the Syrian regime, which since last year has been violently engaged in shooting and killing its own citizens and anti-regime protesters.

Instead, Cypriot officials allowed the ship to leave after receiving vague assurances it would alter its route. The captain refuelled, left and then set a brisk course for the Syrian port of Tartus, where he delivered his dubious cargo."
http://m.guardiannews.com/world/2012/jan/26/cyprus-russian-invasion

Mon, 03/18/2013 - 16:15 | 3344195 One World Mafia
One World Mafia's picture

Leaked video showing free syrian army blowing up a mosque to accuse the syrian army of doing it

http://www.infowars.com/leaked-video-showing-free-syrian-army-blowing-up...

Happens a lot. Not surprising since al-Qaeda R Us

July 2011: Clinton Announces al-Qaeda terrorist organization as Legitimate Government of Libya
http://www.infowars.com/clinton-announces-al-qaeda-as-legitimate-governm...

Hillary Clinton Admits US and Al-Qaeda (aka al-Nusra / radical Islamists / Syrian rebels, etc) On Same Side in Syria (video from the horse's mouth)
http://www.infowars.com/hillary-clinton-admits-us-and-al-qaeda-on-same-s...

Al-Qaeda's amazing CIA credentials
http://www. infowars.com/syrian-oppositions-amazing-cia-credentials

Mon, 03/18/2013 - 16:35 | 3344319 Panafrican Funk...
Panafrican Funktron Robot's picture

Yeah, this may end up being the WWIII trigger mechanism.  The West basically just said to Russia, "We're gonna straight up take your shit."  This is a direct affront to Putin's manhood.   

Mon, 03/18/2013 - 18:45 | 3344732 Element
Element's picture

What's going on is mind blowing. Where do they go from here? Imagine if both Cyprus and Greece decided to pull the pin on the Euro and Germany, at this point. Their banks are roadkill already, so what's the incentive to keep playing along anymaw? Even if they did vote to accept this proposal, their banks are already kaput.

So the vote doesn't matter and this is only moving deck chairs on the Titanic, whilst (very temporarily) being distracted from the more significant fact of still being on the SS Titanic.

How does either a pro or a con vote help them? Frankly they should just forget this vote entirely and start to deal with where they go from here.

Tue, 03/19/2013 - 04:19 | 3346007 StychoKiller
StychoKiller's picture

You my friend, are no politician (too much of a realist!)

Mon, 03/18/2013 - 15:06 | 3343766 astoriajoe
astoriajoe's picture

Let me guess, the DISY party voted first.

Mon, 03/18/2013 - 15:09 | 3343790 ThunderingTurd
ThunderingTurd's picture

Their phones are ringing off the hook from Russian mobsters.  There will be no votes by morning.

Mon, 03/18/2013 - 15:21 | 3343880 McMolotov
McMolotov's picture

It's come down to a choice between getting wacked by the Russian mob or droned by the Banker mob.

Mon, 03/18/2013 - 15:26 | 3343908 ThunderingTurd
ThunderingTurd's picture

Cue Viggo Mortensen in "Eastern Promises" (before you found out he was undercover)

Mon, 03/18/2013 - 15:37 | 3343980 css1971
css1971's picture

My money's on the Russians. They don't screw around and it's a really, really bad idea to go anywhere near them.

Banksters on the other hand are your basic coward types.

Mon, 03/18/2013 - 15:54 | 3344089 kito
kito's picture

Banksters hire the mob to do their dirty work....

Mon, 03/18/2013 - 17:15 | 3344490 bigkahuna
bigkahuna's picture

and the DoD

Tue, 03/19/2013 - 04:21 | 3346008 StychoKiller
StychoKiller's picture

Drones kill their targets almost instantaneously, or so I would imagine...

Mon, 03/18/2013 - 15:13 | 3343818 Stoploss
Stoploss's picture

Well, i feel relieved the Bohner said we don't have no steeenking debt problem..

 

I must have missed the "watch this, hold my beer" moment though.

Mon, 03/18/2013 - 15:06 | 3343767 Wolferl
Wolferl's picture

Resistance is futile.

Mon, 03/18/2013 - 15:15 | 3343831 This just in
This just in's picture

Saving in Banks is futile.

 

Fixed it for ya.

Mon, 03/18/2013 - 15:29 | 3343928 localsavage
localsavage's picture

It turns out the your mattress may not be that bad after all.

Mon, 03/18/2013 - 15:43 | 3344029 azzhatter
azzhatter's picture

Gold has popped a little chubby today

Mon, 03/18/2013 - 15:20 | 3343873 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Will be interesting to watch these votes change right after a closed door meeting with the appropriate EU bosses.

Mon, 03/18/2013 - 15:26 | 3343910 Wolferl
Wolferl's picture

The price for a Greek isn´t really that high these days.

Mon, 03/18/2013 - 16:14 | 3344199 permafrost
permafrost's picture

It will be even more interesting to watch them change back as they meet a random Russian on their way out of the closed door meeting.

Mon, 03/18/2013 - 15:37 | 3343982 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Resistance is futile.

Capacitance is Faradical!

Mon, 03/18/2013 - 19:01 | 3344876 Element
Element's picture

Capacitive Reactance is ohmical

Mon, 03/18/2013 - 15:10 | 3343770 hedgeless_horseman
hedgeless_horseman's picture

 

 

DISY is pro theft?  This kind of open information could put OpenSecrets.org out of business.

http://www.opensecrets.org/industries/indus.php?Ind=F07

 

Mon, 03/18/2013 - 15:07 | 3343771 wee-weed up
wee-weed up's picture

And the Obama Admin's official response to this outright confiscation of private property...

"No comment."

Mon, 03/18/2013 - 15:19 | 3343871 franzpick
franzpick's picture

When you hear Jay Karnac's press statement that the GoBombEm Administration thinks the Cyp levy was not the "fair and balanced" approach that "we need" to "put new revenues to work improving the jobs environment", you'll know where the Cyprus financial travesty will be leading us.

Mon, 03/18/2013 - 15:19 | 3343872 DoChenRollingBearing
DoChenRollingBearing's picture

And we know why.  They are thinking along similar lines...

Mon, 03/18/2013 - 15:35 | 3343966 Jena
Jena's picture

They're just watching to see how many people are paying attention.

Mon, 03/18/2013 - 15:39 | 3344000 wee-weed up
wee-weed up's picture

And that is exactly why his liberal toady MSM in the US are doing their best to try to ignore what is happening in Cyprus.

Mon, 03/18/2013 - 15:06 | 3343773 resurger
resurger's picture

I pray to Lord Satan that they do not pass this law untill we reach DOW 36K!

Amen!

Benny B

XOXO

Mon, 03/18/2013 - 15:30 | 3343933 localsavage
localsavage's picture

You pray to Bernanke?

Mon, 03/18/2013 - 15:24 | 3343774 The Heart
The Heart's picture

Wow. This is some historical stuff!

Now the retired British folks there are not going to get their welfare checks until this is worked out. With all the attention this is getting, and the great fear of bank runs world wide, something good better come from all this foot dragging.

British government STOPS pension payments to expats in Cyprus so government won’t seize 10% tax for EU bank bailout:

http://www.dailymail.co.uk/news/article-2295115/British-government-STOPS...

We give thanks, for something very amazing is happening. This is the biggest multidimensional circle of wagons on ZH that has ever gathered world-wide. Everyone knows who the robber banksters are. Everyone sees that THIS, is what the preparations, bullets, guns, nonlethal weaponry, and draconian laws have been put in place for. This well planned bank "raid" tax currency devaluation holiday is what has been planned for so long. This small run it up the flag pole to see how it flies is a indicator of what is coming to the rest of the world, maybe as soon as this summer. It is all so plain Jane to see. This is what all the distractions are covering up. This bankster theft of people savings and retirement funds.

The good news is, it is being exposed for what it is as fast as it is happening and therefore, making it hard for them to pull off the banking take over as planned.

Lots of of Irons in this fire. Lets just really hope the people don't start burning down the house with them.

May the adults in the room choose the best path for all concerned.

Mon, 03/18/2013 - 15:25 | 3343901 Pool Shark
Pool Shark's picture

 

 

You mistakenly assume there are any adults in the room...

 

 

Mon, 03/18/2013 - 15:42 | 3343993 The Heart
The Heart's picture

Lol...you are right. Thank you for pointing that out.

How about, may the sane things in the room make the right decisions.

Oh yeah, what makes one think there are any sane things in the room?

Sigh....

Mon, 03/18/2013 - 19:16 | 3344911 Element
Element's picture

Maybe heart but for the technocrats and banksters it's going to be reap what you sew time. If they did not want it, then they should have behaved like adults themselves, because people who lose everything ... lose it. There will be few cool heads they'll listen to, they'll want to resist, and many won't be too choosy the form of resistence used.

Tue, 03/19/2013 - 05:44 | 3346052 The Heart
The Heart's picture

Thank you E. You are right!

Tue, 03/19/2013 - 02:12 | 3345933 MSimon
MSimon's picture

They are taking protections from the sane because  fear of the insane is rampant. And far too many of the "sane" think that is justifiable.

Mon, 03/18/2013 - 16:11 | 3344175 eclectic syncretist
eclectic syncretist's picture

What are they going to do?  Shut down the printing presses?  Shut the motherfuckers down and see what happens banksta bitchez!

Mon, 03/18/2013 - 15:11 | 3343775 JustObserving
JustObserving's picture

Cue Merkel's goose-stepping stormtroopers. You only have the illusion of choice, Cypriots.

Mon, 03/18/2013 - 15:49 | 3344066 Matt
Matt's picture

They do have a choice.

Choice A: do what the Eurozone wants, steal from depositors, and stay in the Eurozone

Choice B: give oil and gas exploration rights to Gazprom, and get bailed out by Russia

Choice C: Give both powers the finger. Collapse and Chaos.

Tue, 03/19/2013 - 04:36 | 3346016 StychoKiller
StychoKiller's picture

Choice D:  Follow Iceland's lead.

Mon, 03/18/2013 - 15:07 | 3343776 pods
pods's picture

Uh oh, tanks in the streets and 800 billion dollar napkins come forth!

pods

Mon, 03/18/2013 - 15:08 | 3343779 ThunderingTurd
ThunderingTurd's picture

So exhausting!  Bring this mother down already!  Geeeez!

Mon, 03/18/2013 - 15:08 | 3343783 TooBearish
TooBearish's picture

the dissenters will likely be well taken care of or shown the door or have tire marks on their backs....BTFD

 

Mon, 03/18/2013 - 15:12 | 3343808 wee-weed up
wee-weed up's picture

Tank-tread marks on their backs, and jack-boot marks on their throats!

Mon, 03/18/2013 - 15:27 | 3343915 Pool Shark
Pool Shark's picture

 

 

Euro-Banksters vs. Russian-Gangsters

 

Game on...

Mon, 03/18/2013 - 15:35 | 3343968 daveO
daveO's picture

I'll pull for the Gangsters. At least they contribute something to society, other than debt slavery.  

Mon, 03/18/2013 - 15:42 | 3344022 localsavage
localsavage's picture

Hooker and drugs....sweet

Mon, 03/18/2013 - 15:51 | 3344015 flapdoodle
flapdoodle's picture

Euro-Banksters vs. Russian-Gangsters

 

Hmmm, in this corner, immoral cut-throat thugs who would sell their mothers down the river, in the other corner, Russian-Gangsters... should be an interesting match.

Hard to predict who will win - do Russian-Gangsters have something like MSNBC, drones and QE infinity from Bernanke to back them up or just Russian NG supplies? Maybe a well timed package of freshly cut genitalia sent back in response to those who vote for this "one time" tax??

Mon, 03/18/2013 - 15:51 | 3344079 Matt
Matt's picture

They are more subtle. They have Polonium, Ricin, and many other ways of making people disappear.

Mon, 03/18/2013 - 15:09 | 3343788 PontifexMaximus
PontifexMaximus's picture

Quod erat expectandum

Mon, 03/18/2013 - 15:09 | 3343791 EscapeKey
EscapeKey's picture

Oh, so that's why DJIA *collapsed* 24 points?

I guess once they've voted for the 4th time, and hence gotten the 'correct' result, it should be good for another 2-300 points on the dow jones.

Mon, 03/18/2013 - 15:32 | 3343942 Pool Shark
Pool Shark's picture

 

 

As I predicted over the weekend; the worst thing possible for European unity is for the vote to fail. Every depositor will know just how narrowly they escaped and will act accordingly.

Minutes after the bank 'holiday' is lifted; there won't be so much as a single Zimbabwean Dollar left in all of Cyprus...

 

Mon, 03/18/2013 - 15:42 | 3344021 saulysw
saulysw's picture

I predict that the two biggest banks will never reopen. In this way, many people are going to lose more than 10%. This is TSHTF moment for them, and a black swan for the rest of Europe. Are they strong enough to withstand it?

Mon, 03/18/2013 - 15:49 | 3344067 SDShack
SDShack's picture

You are buying the false paradigm. You have to start thinking like a banker to learn how to defeat them. You assume the banks go under because of the rules. What this fiasco demonstrates is there are no rules. The rules are being made up by the powers that be so you will never get the truth from them. The only way to stop them, is to not play the game by their rules. Call their bluff. You will soon find there are more than just the 2 false alternatives that were initially presented (deposit theft, or bank failure). The rules will be re-written because the can must be kicked. The banks can't go under yet, because there isn't adequate containment of the risk if that happens. That is why you were only given 2 dire alternatives to choose from. Lose 10% (bad) or lose all (worse). Bankruptcy is not a viable alternative because the bankers lose. The bankers will rewrite the deal so they don't lose. Bank on it.

Mon, 03/18/2013 - 16:00 | 3344131 saulysw
saulysw's picture

The trouble is, they have spooked the herd. If they open the branches the wrong people will get their money first. It's now too late to fix this.

 

I hear what you are saying though - we will see how this will pan out, and it will be a tell on who really holds power in the EU.

Mon, 03/18/2013 - 16:05 | 3344147 The Heart
The Heart's picture

EscapeKey is synonymous with End Game.

Looking at all this through the looking glass, it really does not matter what happens to spin the merry-go-round a few more times around. The end game has been revealed in this bold showing of the babylonian banksters hand in Cyprus. This bank theft/tax/devaluation/raid/bank levy on peoples personal assets IS the End Game. World-wide. How each soul on board chooses to play the game from here on out until they come for your funds that have been tracked and traced for prolly better than ten years, is up to each to decide. Seems there are two roads to go. The one that the money changers have planned, or one that the majority of people in the majority of nations decides to take against the world-wide banksters that want everyone's hard earned savings, and retirement funds. It is going to be hard for these clowns to continue to play this game after this exposure of the real globalist agenda. It is going to be harder and harder to keep hidden behind that curtain of corruptions, and empires deceitful hubris. The emperor has no cloths!

Big ginormous gratitude for each and everyone's positive input to the whole here. Big thanks also for this ZH forum that has to be the greatest gathering of the world's greatest thinkers and contributors. Fear this! Truly, we are living in interesting times and it is truly an honor to be here. No doubt these coming dayz will only get more interesting as the truth sets more and more people free. Let the too big to fail banks, FAIL!

Mon, 03/18/2013 - 16:13 | 3344189 eclectic syncretist
eclectic syncretist's picture

Let's hope so, I'd like a little more time to shore up my positions before the tide change takes hold.

Mon, 03/18/2013 - 15:09 | 3343794 Smuckers
Smuckers's picture

Chart Title could also read: "Who actually got their money out before Saturday's announcement?"

 

Mon, 03/18/2013 - 15:24 | 3343898 ThunderingTurd
ThunderingTurd's picture

3x green arrow!

Mon, 03/18/2013 - 15:09 | 3343795 jubber
jubber's picture

this could get interesting very fast

 

Mon, 03/18/2013 - 17:26 | 3344525 bigkahuna
bigkahuna's picture

It is "the next level"

everyone else just robbed the bond holders, this time - everybody is getting it right up front

Mon, 03/18/2013 - 15:11 | 3343804 DonutBoy
DonutBoy's picture

I wonder what ATM traffic in Italy & Spain is like today

Mon, 03/18/2013 - 16:00 | 3344128 freewolf7
freewolf7's picture

Thank you. One of the elephants in the room.

Mon, 03/18/2013 - 16:36 | 3344321 The Heart
The Heart's picture

"Banks in Spain and Italy were hard hit today, with Unicredit down 5.2 per cent and Intesa Sanpaolo, Santander and BBVA all down about 4 per cent."

http://www.dailymail.co.uk/news/article-2295115/British-government-STOPS...

Mon, 03/18/2013 - 15:11 | 3343806 Jim in MN
Jim in MN's picture

Pssssst

ICELAND

;*) say n'more eh squire, eh?

Mon, 03/18/2013 - 16:47 | 3344374 The Heart
The Heart's picture

Hello Mr Jim from MN.

Just  noticed something on the risk map that is on the web site above. Iceland is in the position of extreme when it comes to risk:

"Most of the nations at 'extreme' risk from a eurozone collapse are in Europe but some are in Africa."

So a few questions present: if Iceland uses the Euro, and is at extreme risk of collapse, how do you think they will come out of this collapse considering they have already gone through some of the first stages of being liberated from the crashing banksters Euro paper empire of dust, compared to others that have not? And, when the euro collapses, does it effect every country the same way?

Just a Curious George here.

Mon, 03/18/2013 - 15:11 | 3343809 Wile-E-Coyote
Wile-E-Coyote's picture

What's the odds that all 33 get a bout of depression and commit suicide.

 

Mon, 03/18/2013 - 15:13 | 3343810 Silverado91
Silverado91's picture

CNBC the establishment mouthpiece says this Cypriot banking crisis is "NOTHING". It's a "mere blip on the financial radar" according to them. After all (they're saying) "Cyprus only has a GDP the size of the least productive state in the Union, that being Vermont". Oh man....I FEEL BETTER NOW that I know that and they're on the case!!!!!

Mon, 03/18/2013 - 15:19 | 3343863 Al Huxley
Al Huxley's picture

Hey, when have the media, politicians, and banks ever lied to us before? OK, a few times, but surely that must mean they're overdue for some truth telling, so now would seem to be a good bet to go with the 'don't worry about it' party line.  Also, the implication here is that 'the banking oligarchs only fuck with the little guys, who can't defend themselves, so really, why would you worry?'  (oh wait, I'm one of the little guys....)

 

I'd like to say fuck-em,but you can't blame them for doing what works - majority still accepts their bullshit hook line and sinker so why not keep shoveling it?

Mon, 03/18/2013 - 15:28 | 3343922 Silverado91
Silverado91's picture

I agree. Confidence in the system MUST be retained at ALL COSTS and like you say they are shoveling it today!!!!!! I'd like to say that I've never seen anything like what's happening on CNBC as they seem to be in FULL PROPOGANDA MODE today. So like the govt who I take an opposite stand on everything they say, if CNBC is doing all of and acting like this today, that tells me that - THIS MUST BE SERIOUS FOLKS!!!!!

Mon, 03/18/2013 - 15:36 | 3343978 dhengineer
dhengineer's picture

Right.  Now, what was the name of the tiny little Austrian bank that failed in 1929 and set off a tidal wave of financial failures that flattened the Western banking system?

Mon, 03/18/2013 - 16:26 | 3344259 Carl Spackler
Carl Spackler's picture

I think you mean Kreditanstalt.

This could be much bigger than that, however.  There was no contagion factor then, beyond national borders.

Today, there is the great contagion factor brought on by the Euro. 

Cyprus would only be important because it lit the fuse that leads to Greece and back onto the Euro mainland...where all the 'black powder' is stored (in the forms of individual, leveraged balance sheets and fractional reserve systems).

Ka-boom

Tue, 03/19/2013 - 04:43 | 3346018 StychoKiller
StychoKiller's picture

All it takes is ONE CDS to start all the dominoes...

Mon, 03/18/2013 - 15:43 | 3344028 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

CNBC the establishment mouthpiece says this Cypriot banking crisis is "NOTHING".

"Pay no attention to that man behind the curtain."

Mon, 03/18/2013 - 15:12 | 3343811 unwashedmass
unwashedmass's picture

 

now how many of these people in the DIKO party have heard from some....friendly.... Russians? 

Sinclair is saying these guys picked the WRONG people to steal from......i would tend to agree. 

Mon, 03/18/2013 - 15:26 | 3343907 machineh
machineh's picture

DICKO vs. DISNEY, sounds pretty mickey mouse to me.

Mon, 03/18/2013 - 15:13 | 3343819 TalkToLind
TalkToLind's picture

It doesn't matter how you vote, all of your fiat money are mine.  It is for your own good.

Mon, 03/18/2013 - 15:13 | 3343823 Stonedog
Stonedog's picture

Don't worry - if the Cyprian Parliament won't go along with this the EU will just implement direct rule over Cyprus and abolish this foolish opposition.  Can't they see it's for their own good [/sarcasm]

Mon, 03/18/2013 - 15:14 | 3343827 Dr. Kenneth Noi...
Dr. Kenneth Noisewater's picture

Womp womp

Mon, 03/18/2013 - 15:16 | 3343835 Yikes
Yikes's picture

[DIKO] "Whoa Whoa Whoa wait a freakin minute.  This is what you meant by 'bailout'?"

Mon, 03/18/2013 - 15:15 | 3343838 Mongo
Mongo's picture

Epic

Mon, 03/18/2013 - 15:16 | 3343846 U4 eee aaa
U4 eee aaa's picture

Meanwhile, the US government just sneezed and spent four times what Cyprus owes :)

Mon, 03/18/2013 - 15:23 | 3343893 Johnny_Reb
Johnny_Reb's picture

Tissues don't grow on trees.

Mon, 03/18/2013 - 15:24 | 3343899 TalkToLind
TalkToLind's picture

This is not a problem because American people and sovereign nations are still willing to purchase US Treasuries even when rates are at NATURALLY historic lows.  Plus we have Federal Reserve who can tighten monetary policy in 15 minutes, bitchez.    

Mon, 03/18/2013 - 15:18 | 3343857 Lost Wages
Lost Wages's picture

AmeroLibertarians like to call what they did in Cyprus "Communist," but you'll notice AKEL (Communists) have been against it since it was announced.

Mon, 03/18/2013 - 15:19 | 3343864 magpie
magpie's picture

btfd

Mon, 03/18/2013 - 15:20 | 3343874 breakyoself
breakyoself's picture

Maybe some politicians received some very weird phone calls.

Mon, 03/18/2013 - 15:45 | 3344036 Croesus
Croesus's picture

"You vill put ze money back into ze account, tovaresh. Perhaps wife no have 'boating accident' then".

Mon, 03/18/2013 - 15:22 | 3343882 Bagbalm
Bagbalm's picture

And the Obama Admin's official response to this outright confiscation of private property...

 

(Muttered indistinctly..Why didn't we think of that?)

Mon, 03/18/2013 - 15:28 | 3343920 Psquared
Psquared's picture

Question: can the EU force this without approval from the Cypriot Parliament?

Mon, 03/18/2013 - 15:30 | 3343936 franzpick
franzpick's picture

"From each according to his ability; to each according to his needs...".  Never would have guessed that that could be defined as an amount from each small depositor's account to each failed bank's need for reserves.

And when I hear it from GoBombEm I will no longer flinch.

Mon, 03/18/2013 - 15:32 | 3343941 UK debt marsh
UK debt marsh's picture

This is a GREAT game of chicken!  If the EU/IMF pull out then haircut on deposits will be way more than 10% and the first member will leave the Euro lobster pot.  BUT, if that happens then the fallout in the EU will be epic, as savers see the SOLD in SOLiDarity.

Pass the popcorn!

Mon, 03/18/2013 - 17:13 | 3344486 The Heart
The Heart's picture

Re: Link above.

"In response to cries of outrage, Cypriot president Nicos Anastasiades is trying to amend the bailout tax to limit the pain for small depositors.

Banks are expected to remain closed on Tuesday and Wednesday amid the uncertainty, following today's scheduled Bank Holiday."

And just when was that "scheduled Bank Holiday" planned? Hummmm...

"The change prompted one bond trader to comment: 'The crisis is back."

"UKIP leader Nigel Farage said British taxpayers were being asked to pay for a ‘disgraceful euro-larceny’. ‘Outrage is a word overused in political debate, but hardly covers this,’ he added.

Mr Anastasiades needs to get the legislation ratifying the deal through parliament before banks reopen or face a run on accounts.

But the scale of revolt against among MPs has thrown his efforts into disarray. If the government cannot win support for the package, the country is expected to crash out of the single currency.

Archbishop Chrysostomos, the country’s religious leader and a former government supporter, was reported to have called for calm, but insisted Cypriots would never forget Europe’s behaviour. In his Sunday sermon, he thundered: ‘This is a villainy of Europeans. Cyprus must as soon as possible leave the eurozone."

Mon, 03/18/2013 - 15:32 | 3343945 sodbuster
sodbuster's picture

33 No's, and 20 yes's- in the NWO- that passes!!!

Mon, 03/18/2013 - 17:09 | 3343956 hannah
hannah's picture

what is stupid is the idea that the russian mobs money is 'in the cyprus banks'...? that fucking money was 'swept' to london in 5 seconds of deposit. it resides in goldman sachs account in some secret shadow banking system. it is GONE...! ha...! russia can invade cyprus but there isnt anything to take back.

 

people that keep their money in a bank today are idiots..,.

Mon, 03/18/2013 - 15:35 | 3343969 Sach Mahoney
Sach Mahoney's picture

Maybe Soros will make a bid for all of Cyprus and pronouce himself King and Nanny Bloomberg Queen.  

Mon, 03/18/2013 - 15:37 | 3343984 tony bonn
tony bonn's picture

the disney party just committed electoral hari kari...the ecb and fed, or possibly russians, will baillout giving the nazis more control...

if the cypriots were smart they would demand that the nazi banks be plowed under and start anew...but i am afraid that they love their euro too much....i am sure that the grand plan of the nazis was to bring russia into their orbit knowing full well that they would not let their nationals flounder....

Mon, 03/18/2013 - 15:38 | 3343992 RougeUnderwriter
RougeUnderwriter's picture

March Maddness Euro Style. Don't worry dudes - the banks all passed the stress test. No Worries  HA HA HA HA

Mon, 03/18/2013 - 15:39 | 3343996 Cone of Uncertainty
Cone of Uncertainty's picture

Once the revised bribe figures get cleared by the Troika, the parliment will push this through no problem.

Mon, 03/18/2013 - 15:40 | 3344004 BlackVoid
BlackVoid's picture

Oh, that is easy to solve.

He steps down and an unelected ex Goldman banker takes the helm.

Mon, 03/18/2013 - 15:40 | 3344006 Hughing
Hughing's picture

Cyprus is going nowhere. The Fed will print the price for compliance, the ECB/IMF will semantic bullshit it into Cypriot banks and the Germans will get their way. Russia will not get Cyprus with its oil/gas and location for 17B. No fuc#ing way.

Mon, 03/18/2013 - 15:41 | 3344011 q99x2
q99x2's picture

Allow the people to withdraw their money. Arrest anyone that has anything to do with a bank or Goldman Sachs. Start using bitcoin and/or gold and silver. They don't need parasite banksters on their island.

Mon, 03/18/2013 - 15:41 | 3344012 BlackVoid
BlackVoid's picture

Or threaten DIKO PMs with suicide. :D

Mon, 03/18/2013 - 15:42 | 3344016 Edward Fiatski
Edward Fiatski's picture

Bagholders of the World for today's ES top - UNITE!! :)

Buy, buy, buy. +++ Doubleplus +++

See you tomorrow!

Mon, 03/18/2013 - 15:46 | 3344017 Diogenes
Diogenes's picture

We know what is supposed to happen in situations like this. We have hundreds of years of banking law and banking practice to fall back on.

When a bank's liabilities exceed its assets, even by 1 Euro, it is insolvent. A government appointed bankruptcy trustee is appointed to straighten things out.

He will see that everyone is paid in an orderly manner, depositors first, creditors, bond holders and finally stockholders if anything is left.

Meanwhile the president of the bank loses his job and is disgraced forever. He is out of the banking business along with the top management of the bank.

This gives all bankers and bank employees an incentive to see that this does not happen to them.

Therefore, bankers tend to be very conservative and careful never to take any risks.

 

Until one day, a banker gets in trouble and appeals to his political friends for a bailout. If he gets it, the rules change. No banker has to worry about going broke or losing his job, he can afford to take chances.

With everyone taking chances it becomes harder to make enough profits fast enough, to look like a smart banker.

So, everyone starts taking longer chances, making bigger bets and wilder bets knowing there is no downside, the politicians have their back.

When the amount gambled gets big enough the politicians can't afford to let the banks fail because by now, the sums are so great they won't just bring down one bank, or even several banks, they will bring down all the banks and the government with them.

So, the problem today is the depositors getting robbed but the whole mess started a long time ago when they first started breaking the rules.

These slick tricks start out ok but you never know where you are going to end up. And if the first probelm  was hard to deal with, if you brush it under the rug it just keeps getting worse.

Mon, 03/18/2013 - 15:54 | 3344091 saulysw
saulysw's picture

Well said. And I think what is also missing is some sort of criminal proceedings. I have not heard of a single bank employee being charged with anything. So we can conclude that nobody is to blame and this is all normal, right? The rule of law for bankers just does not exist any more, as far as I can see, and hasn't for a few years now.

Mon, 03/18/2013 - 16:43 | 3344352 SDShack
SDShack's picture

Yep, that's what should have happened, but those rules all died in 2008, if not long before. Greed is the only rule today. It's why they keep kicking the can. They will rewrite the rules over and over, pushing the masses to their breaking point, over and over, until they get what they want. It is war of attrition. If they push too far, like in this case, don't worry, they will back off and re-write the rules yet again to protect themselves. The bankers never lose because they write the rules. The only way to beat them, is to not play their game. Iceland got it right.

Mon, 03/18/2013 - 19:45 | 3345052 SKY85hawk
SKY85hawk's picture

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!

 

 

 

Mon, 03/18/2013 - 16:31 | 3344302 Professorlocknload
Professorlocknload's picture

Any obligation of bankers to adhere to a generic rule of law, was compromised in 1913. They are now subject only to the legal whims of the Federal Reserve system, a quasi government organization.

When a banker is backed by a "lender" of last resort, of course he becomes careless. Like a sailor on a sloop with lifelines becomes complacent. Not many sailors are lost overboard on yachts with no lifelines.

This is the root of the Moral Hazard which is "Privatize the Profits and Socialize the losses." Couldn't happen without government sanction. Demanding government "Do Something" is ludicrous. They already have!

 

Mon, 03/18/2013 - 16:34 | 3344315 Carl Spackler
Carl Spackler's picture

Accomplished artists and scientists refer to this behavior as "a very slippery slope."

Mon, 03/18/2013 - 19:46 | 3345057 SKY85hawk
SKY85hawk's picture

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!

 

Mon, 03/18/2013 - 15:42 | 3344020 css1971
css1971's picture

Did they just call the ECB/IMF/German's bluff? I think they did.

 

This'll be good.

 

My portfolio is still perfectly positioned for this and I still expect everything to keep going up like there wasn't a care in the world.

Mon, 03/18/2013 - 15:54 | 3344087 bankonzhongguo
bankonzhongguo's picture

That whole "democracy" thing is so inconvenient.

Votes.

We don't need any stink'in votes.

 

Mon, 03/18/2013 - 15:57 | 3344109 Mad Mohel
Mad Mohel's picture

Going to go out on a limb here and guess that more than a few of those 33 "No" voters received packages over the weekend. The return address was simply, Kremlin.

Mon, 03/18/2013 - 17:33 | 3344553 The Heart
The Heart's picture

It sure is amazing that many peoples intuition is is a lot brighter and closer to reality, than the lies and dis-information darkness that is spewed out from the money changer talking heads.

“What’s just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian ‘black money.’  Russian ‘black money’ is KGB money, now in business.  The leader of Russia (Putin) was a former KGB official.  Whose money do you think they have taken?  This is the biggest mistake the IMF could possibly have ever made.”

Jim Sinclair-King World News

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/16_Si...

It pays to follow your heart.

 

Mon, 03/18/2013 - 17:20 | 3344511 ozzz169
ozzz169's picture

Can you say moral hazard?  This is what happens when you start bailing out banks, next thing you know your bailed in, and the bank is still screwed.  The worst of it is the assholes sit there thinking they are so much smarter and better then everyone else just because they are unscrupulous assholes willing to screw everyone else over in order to make a few million, cause they donate a few 100k to the crooked politicians and know they wont ever get punished for it (Corzine anyone?)

Just let the system collapse then the people lose the money they should lose the bank assets get sold at fair prices and the too big to jail/fail gets fixed without government intervention (after they fail they are no longer too big to jail, and lock the DB's up). its the only way to wake people up and force them to pick banks that are not going to engage in reckless behavior, and hence forcing banks to stop engaging in the behavior, at the end of the day its the people that put money in these banks fault by not doing there due diligence. if you put your money in a bank that is levered 30 to 1 and uses your deposits to play the derivatives market, you should not be shocked when you lose most of it.

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