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Cyprus Finance Minister Resigns, President Refuses To Accept Resignation
Update: President Anastasiades rejects FinMin Sarris' resignation. Unclear what happens next.
Things just took a turn for the much worse following this news from Market News:
- CYPRUS FINANCE MINISTER SUBMITS RESIGNATION - SOURCES
- MARKET NEWS CITES SOURCES ON CYPRUS FINANCE MINISTER
Unclear if German FinMin Schauble will promptly step in to fill this latest sovereign vacancy.
Desperation time for the NY Fed to preserve the market green and give the impression that all is under control, when the rats are now actively leaving the Titanic.
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Goldman Sachs crony to be appointed in 3...2...1.....
Yep now they'll just stick in whomever they want. DOW/S&P to end green for sure.
whats calamari in greek?
????????
Cyprions don't even understand what's going on. They're not "losing" their deposits. The money is temporarily underwriting the equity of some if the world's most reputable banks. When the equity appreciates, depositors will be paid back in full.
Ok, that makes TOTAL sense. Unlawfully seize my money now, cuz you'll pay me later. lol.
It's the same concept as social security moron. Do you disagree with that too? Even though its running a surplus if IOUs?
Rock him like a hurricane MDB! Besides, I don't see what everyone's so excited about. These are the days we've all been waiting so long for. BURN BABY BURN!
Rumor has it, that Jon Corzine is on a plane right now headed to Cyprus. Looks like a replacement with the proper experience for the Finance Minister position has been found.
In fact, yesterday I built a small shrine in my living room, where I'm actively making offerings and sacrifices to the god of contagion. 20 straight hours of chanting can tire a fella out.
Heard a crowd chanting this outside of Cyprus' parliament...............
"Tails we'll win, heads you'll lose."
sounds like a giant ponzi scheme moron, do you disagree with that too?
You fucking rock MDB
His best of the day, so far.
so far indeed!
He not only rocks, he's on a roll! So much drollery, so little time!
MDS - and maybe little bolts of sunshine will shoot out your ass!
one for you
one for me
two for you
one two for me
Bitchez
How is the Herbalife business going?
Ironic
or
What if also the "most" reputable banks COLLAPSE....????
Ironic
or
What if also the "most" reputable banks COLLAPSE....????
"I'll gladly pay you Tuesday for a hamburger today".
http://blurbrain.com/wp-content/uploads/2013/01/wimpy-hamburgers-i-will-...
Silver For The People
Of course, if this equity had equivalent future value to the cash being taken, why does not the EU just take that equity as collateral for the money they are promising to send, rather than the cash of citizens, over whom they have no tax authority.
Horsemeat in the burgers... Horseshit from the EU... HorseHeads in the beds...
~~~
Getting things done ahead of schedule... The YEAR OF THE HORSE comes 'after' the YEAR OF THE SNAKE
so, long Trigger?
Goldmanus Sachus!
Telegraph reported he was on his way to Moscow to 'renegotiate' Russia's loan while Merkel has told Arastaniades to only 'negotiate' with the Troika. These Cypriot pols are caught in a battle between Moscow and Berlin and I don't envy them.
Negotiations must be getting interesting.
squid
EU bureaucrats want to destroy Cyprus offshore banking and low tax system (in order to force people like Gérard Depardieu to pay 75% taxes).
The only feasible option for Cyprus to survive is to exit the EU.
You're suggesting Depardieu is one of the Russians that banks in Cyprus?
Wow, that was fast. He must be a quick study.
.
Happiness returns to the world when bankers jump (or are pushed) off the fucking rooftops.
Squidopolous!
@fourchan
Breaking:
Alistair Bunkall @AliBunkallSKY MoD also offering British service personnel in Cyprus the option to have their salaries paid into UK accounts from next month. Alistair Bunkall @AliBunkallSKYMoD confirm a plane has taken off for Cyprus with 1 million euros for British forces to use in an emergency whilst banks are closed.
Why not helicopters?
They needed something with more .. umm ... payload ... so they put it in a C-17A Globe Master (pronounced "Global Master").
It's funny to see the division of labor between JP Morgan and Goldman. JPM runs the US while Goldman runs Europe.
and their owners run the fed and the imf.
Chosen ones doing "God's Work"...
~~~
That's why I never understood religion... Effectively ~ GOD HATES YOU!
"But it's the wrong God!" - Starship Troopers III
WANNA KNOW MORE?
Did you forget BIS, ECU, ELA, etc.?
Adam Smith would be proud.
Vince Foster is going to have some company pretty soon....sadly.
Risk game in 4D
funny, and dimon is jewish greek?
good cop... bad cop?
... and, as tyler has written numerous times about the frb shoring-up the foreign banks in the ussa!?
now, what's-up with that red-herring?
Exactly. The fuckin snakes at the eu office in brussels will pop some technocrat in and call it a necessary action.
Where is that loyal Cypriot Timmy Geithner?
You mean hypocrite
I hope he has some retirement money saved in Bank of America stock. Meredith Whitney thinks it will go to 15 and maybe 20 next year. She sounds very bullish.
Gold man-Sachs to the rescue! (Surely, they must be running low on personnel by now?)
This is turning into one of the biggest clusterfucks I've ever seen. I keep going back and forth between whether it's intentional or a simple act of idiocy. It's confusing the hell out of me.
The apparent idiocy is designed to mask the intentional.
Plausible deniability bitches.
<We're just simple bankers doing God's work.>
That's pretty much where I'm leaning. But sometimes these people really seem like complete imbeciles. This is one hell of a show.
EDIT: And now this guy's resignation has been "rejected" by the president. Maybe it'll be "You can't resign! You're fired!" LMAO. This is all so perversely entertaining even though it could bring down the entire Western world.
When Mrs. Cog starts laughing at the latest "news" I tell her she's having way too much fun considering........ :)
A little tidbit from a Goldman Sachs buy rating on Noble Energy (NBL - trading in the 95 range then), circa 2011:
"We see Europe becoming more aggressive in seeking alternatives to depending on gas from Russia, and as such we believe an EU-based LNG solution would be of high strategic interest."
SO I take a look at Total (French) and ENI (Italian) and see they took a 1-2% drop on the haircut so far.
Could Goldman have more on the energy angle if their patsy gets in? sure would make their dreams come true, now wouldn't it? Long TOT, E, and NBL.
That's why I say buy a shotgun, much easier to hit things moving quickly out the door.
Let's put BTC to the test! I nominate Satoshi Nakamoto for Cyprus Finance Minister!
I did 2 days ago. Sorry all you BTC haters, but I'm actually trying it. Not staking my life on it, but I'm trying it.
Great currency if you are trying to smuggle money out of your home country is my first impression of it. It'll work great until countries start to outlaw it. All it would take is to shut down MtGox.com (wherever they are located and under whose laws) and it's pretty much over.
@NoDebt
I mined BTC 2 years ago. I haven't found anything I want to buy with BTC. However, if the Cyrpiot "business model" was money laundering from Russia, what better currency could they adopt than BTC? Heh, I don't have a dog in this fight, but you could easily see how Cypress could raise funds with the silicon valley crowd and maybe even get a flunky like Soros on board.
I have been into bit coin for over 2 years and have never gone near mtgox except to view prices sometimes I started buying coins on britcoin a uk set up run Amir khan who got closed down from using bank transfer by uk wankbanks now loads other places but mainly use bit bargain or local coins the peer to peer nature means they need to stop people full stop from using bank transfers..... These sites list hundreds of people for instant trades in whatever way you want. I am massively more into me metals than btc but have great respect for the open source movement. It's the glass box tech that scares the shit out of bankers. Any software geek in the world can see if that code has been fucked with....and just like cash it will be associated with unsavory activity..but..will it go away...not bloody likely...
There are plenty of lifeboats. No need to panic.
This is all picking up steam quicker than I anticipated.
"Boy, that escalated quickly. I mean, that really got out of hand fast."
http://www.youtube.com/watch?v=FONN-0uoTHI
Looks like everyone is willing to play the Cyprus rape your depositors game now. New Zealand is the latest gamer.
Better get your money of the of The Bank of We Cheatem and How.
http://www.scoop.co.nz/stories/PA130...ew-zealand.htm
National planning Cyprus-style solution for New Zealand
Tuesday, 19 March 2013, 11:32 am Press Release: Green Party 19 March 2013 National planning Cyprus-style solution for New Zealand
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today.
Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight to fund the bank’s bail out.
“Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand – a solution that will see small depositors lose some of their savings to fund big bank bailouts,” said Green Party Co-leader Dr Russel Norman.
“The Reserve Bank is in the final stages of implementing a system of managing bank failure called Open Bank Resolution. The scheme will put all bank depositors on the hook for bailing out their bank.
“Depositors will overnight have their savings shaved by the amount needed to keep the bank afloat.
“While the details are still to be finalised, nearly all depositors will see their savings reduced by the same proportions.
“Bill English is wrong to assume everyday people are able to judge the soundness of their bank. Not even sophisticated investors like Merrill Lynch saw the global financial crisis coming. “If he insists on pushing through this unfair scheme, small depositors can be protected ahead of time with a notified savings threshold below which their savings will be safe from any interference.”
Dr Norman questioned the Government’s insistence on pursuing Open Bank Resolution when virtually no other OECD country uses it. “Open Bank Resolution is unprecedented in the world. Most OECD countries run deposit insurance schemes which protect people’s deposits up to a maximum ranging from $100,000 – $250,000,” Dr Norman said.
“OBR is not in line with Australia, which protects bank deposits up to $250,000.
“A deposit insurance scheme is a much simpler, well-tested alternative to Open Bank Resolution. It rewards safe banks with lower premiums and limits the cost to taxpayers of a bank failure.
“Deposit insurance will, however, require the Reserve Bank to oversee and regulate our banks more closely – a measure which is ultimately the best protection against bank failure.” __________________
This is an excellent idea. Banks will need to purchase "gap" insurance in the private market, and private insurers will make them pay a high price for shenanigans.
This, on the other hand, is laughable: "“A deposit insurance scheme is a much simpler, well-tested alternative to Open Bank Resolution. It rewards safe banks with lower premiums and limits the cost to taxpayers of a bank failure."
here's a song called, "This lifeboat is for gold, not people"
nothing to do with gold or lifeboats, but cool title, and not a bad song.
http://www.youtube.com/watch?v=qMhTik5QpSE
"Resigns"= Fired by the Troika
Ummm...you could also define "resigns" as "getting out of dodge before all those flights from Russia today reach Cyprus."
boris is on one of them.
Apparently Governing party MP tells BBC all 56 Cypriot MPs have decided to abstain from today's vote
The smart play for any Cypriot politician right now, is to ask for guidance as to course of action from the office of Vladimir Putin
Looks like the Cyprus MPs are doing exactly that
Russian warships have already sailed in to pick up some cargo. There might be a few other forays ashore in the wee small hours if you get my drift.
A great opportunity to spend more time with the family! Alternatively, a great opportunity to avoid being blown-up in your own car by revenge-seeking Russians.
Meanwhile, in New Zealand...
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-st...
That's some scary stuff, conspicio. Thnx for posting....seems like it can happen anywhere, any time....
"Pooooffff! It's gone!"
It's no wonder people in China and India hold most of their wealth in PMs...at la casa or vault.
That link now proves that this is a global initiative probably forced by Bernocchio and the Fed. QE is not working, and is inflationary, so why not devalue currency directly by stealing? Seems logical, if you're corrupt.
This is spreading and now convinces me it is the new plan by the central banks.
Krug says it's bad for aggregate demand ... duh.
And although it isn't being covered in the Cyprus context for some reason and despite being news for over 2 weeks now, let's not forget their neighbor AUS taking from the dead letter office...
http://www.news.com.au/money/banking/cash-grab-inactive-bank-accounts-to...
Holy crap... I didn't even hear about that one. I guess it will be inactive Superannuation accounts soon too.
Thanks for the link! I am going to take out $500 from the ATM today. Hopefully I get at least $450 to actually come out of the ATM.
Probably heard from the Russians - get out while the getting is good.
Russians have very long memories.Its only a temporary reprieve.
Even suggesting it was suicide.
The horsehead deliveries have started to arrive.
And nowhere is there any mention of what is going on. Just "dancing with the Stars". Amazing.
I'm watching RT.
What's with all this pessimism?
Let's take a cue from Mish:
Nice quote from one Euro supporter:[same link]
God's work. God must have a big foot in order to squish the little people and those in power are helping God by directing the divine where to place it.
Let your country go bankrupt and survive or accept the bailout and die. Seems like an easy choice for the politicians.
Iceland knows there's a third way....then again, Iceland didn't default on the Russian mob
Yup, I think that's the only answer. The Cypriots should maybe bite the bullet, brace for a bit of pain, grow a pair like the Vikings of Iceland did and then tell the ECB to go fuck themselves. Iceland is already recovering remarkably well now that they've rid their island nation of that greedy money-sucking banking cancer.
Like it or not, hard currencies and traditional Mediterranean politics do not mix. This is world where you have to make choices, and the more you pretend you don't have to choose, the fewer choices you'll have.
Use the fucking buldozer already..... Then nominate yourself a hero for the people.
...and there is your new Scapegoat.
start running you banker owned bitch ass politicians...
next, you you cocksucker mother fucking bankers.....
COUP BITCHEZ...............
http://www.myspace.com/thefountainsmusic/music/songs/no-surprise-52658080
Cool song that might make bankers squirm a bit.
"You'll hang from the dollars you've made
And all of the money you've saved won't help to protect you,
from the one that selects you.
You're caught in the crosshairs..."
Another Apparently, a plane with 1million euros in cash for British troops has left for Cyprus
The BoJ is sleeping again while the house is on fire. They should long have stepped in and bailed out the depositors with Nikkei 13000 calls.
They must have some serious dirt on the guy, either that or he doesn't want to wind up sleeping wit the da fishes.
'Cyprus Finance Minister makes desperate attempt to dissaociate self from clusterfuck before Russians show up demanding money'.
this is getting fun.
How long until the lack of any cash (or credit card transactions??) in Cyprus starts to put a serious hurt on the day-to-day? I mean, they're SHUT DOWN right now.
Does anyone know if credit card transactions are still working in Cyprus? I don't know if they have to clear through local banks or not.
Also means nobody is paying their bills right now. No check clearing. And who would take a check in Cypress right now anyway?
Maybe a rain check?
@NoDebt
I thinking bartering will increase. Ferfal said gold and silver chains were the currency of choice in the Argentine flea markets. Expect the ranks of the "oldest profession in the world" to swell.
@NoDebt
Sky News reporting that Brits are going to air mail 1M euros into Cypress for British forces.
I'm betting that cash is king right now. Cash probably has strengthened in real terms (if not on FX markets).
Schaeuble has already been shot once before. The way he's going, he's looking for an encore. Hope for his sake that they let him tele-commute when he takes over as FinMin in Cyprus.
Suppose it doesn't really matter where he is does it? He started this, angry Russians will finish it.
I..I...I don't want to sleep with the caviar...
Think the savers are pissed. What about Cyprus equity holders wondering if their market will re open
National Bank of Greece ATL by the look of it
Did someone "quit" him or did he quit
Do you wanna know where the bankers are going to hide? They planned their escape years ago.
http://seattletimes.com/html/businesstechnology/2003783824_luxurysubs11....
Useless Irish politicians seem beholden to their euro masters.they certainly ain't working on behalf of their people.their kind of people seem to be the dipshits in Brussels.why are these muppets in power?
Cos we put em there.Now aren't we a grand little nation?????
The sheeple have to wake up soon...I can't see evidence of it here in Ireland but I have to hope.I don't even talk to people about this any more because I'm tired of being regarded as a tin foil hat wearing loony.GOLD? SILVER? Are you nuts?
BAAAAAAAAAH!!! "ME WANT IPAD AND BMW!!!"
Could not agree more.. It is as keiser says Stockholm syndrome every body so used to taking it up the backside they have started to enjoy it...they will not appreciate the real savagery of the fucking they have received until there is no food on the table....
One wonders if Cypriot politicians and their friends got their money out of the banking system before the banks were closed. I know the answer if/when this happens in the US.
A Russian, a German and a Cypriot walk into a bank....
...and the German had the Cypriot force the Russian to hand over his deposits.
...and the Russian predicted the Cypriot would soon be wearing a new kind of shoes, cement shoes.
Don't worry the European Union will appoint somebody... then they appoint a new Prime Minister. Then they will abolish the Cyprian legislature for their intrasigance on this issue. I mean it is all for their own good.
Live streaming from Cyprus
http://www.ant1iwo.com/livestreaming/
or
http://www.livenews.com.cy/cgibin/hweb?-A=5&-V=livestreaming
A few sources suggesting he was kicked out:
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_19/03/2013_488623
Uh oh, now he cant quit since he" ll be fired..or fired at
start the Benny Hill Music !
How to get out of Cyprus in a hurry: Ministry of Finance Handbook:
1. Drive car at top speed through border to Turkish side, dodging UN peacekeepers. Tell Turkish guards that you love Turkish Delight (remember not to say Greek Delight) and that you would like to move to Istanbul asap.
2. Drive car very quickly into British Army base. Tell them to phone your friend George Osborne and that you need to be on next cargo flight out of there tonight.
3. Dress up as a Russian Oligarch and get flight to Croatia (this will take balls but you might be able to pull it off since no one will be expecting this).
4. Take flight to Malta. Your skills may be useful in another the gaming industry. Watch out for the Russians though. They are there too.
5. Climb into German Embassy pretending to be a protester. Then plead with Troika to be allowed out on last helicopter from roof of German Embassy, which is probably leaving tonight....
"Resignation yet to be accepted" per cnbc. Yet again zh miles ahead.
That's because they read it on ZH...
UK fly in €1million to supply loans to troops.
Putin considering flying in trillion roubles to buy the island?
German media (n-tv live) report, he was on his way to moscow for negotiations?
And so the Cyprus fiasco moves into first place in the Entertainment Channel rankings this week, beating out the Topless Italian Protesters by a narrow margin.
Cue up the GS rolledex, we need a warm body, preferable, with limp dick and no brain.
Hilary Clinton is looking for a job.
The finance minister is quitting because Vlad from the local Russian mob cell paid him a visit and ass raped him a few times.
I guess he got the message.
What is the problem? There has to be a secret list of EU approved financial ministers who have worked for Goldman Sachs and can fill this vacancy pronto.
They can even solicit names from Ben and Timmy. They are in the know - are they not?
Atlas Shrugged moment when you're not allowed to quit your job and stop working. This concept is even used upon their own "interest groups" eventually.