Cyprus Finance Minister Resigns, President Refuses To Accept Resignation

Tyler Durden's picture

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:


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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Pladizow's picture

Goldman Sachs crony to be appointed in 3...2...1.....

redpill's picture

Yep now they'll just stick in whomever they want.  DOW/S&P to end green for sure.

fourchan's picture

whats calamari in greek?

MillionDollarBonus_'s picture

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.

nope-1004's picture

Ok, that makes TOTAL sense.  Unlawfully seize my money now, cuz you'll pay me later.  lol.


MillionDollarBonus_'s picture

It's the same concept as social security moron. Do you disagree with that too? Even though its running a surplus if IOUs?

Tsukato's picture

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!

FEDbuster's picture

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.  

Tsukato's picture

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.

The Big Ching-aso's picture

Heard a crowd chanting this outside of Cyprus' parliament...............

"Tails we'll win, heads you'll lose."


HughJeffin Byrd's picture

sounds like a giant ponzi scheme moron, do you disagree with that too?

JOYFUL's picture

so far indeed!

He not only rocks, he's on a roll!  So much drollery, so little time!


OutLookingIn's picture

MDS - and maybe little bolts of sunshine will shoot out your ass!

Hughing's picture

one for you

one for me

two for you

one two for me


cifo's picture

How is the Herbalife business going?

teahouse's picture



What if also the "most" reputable banks COLLAPSE....????


teahouse's picture



What if also the "most" reputable banks COLLAPSE....????


CrashisOptimistic's picture

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.

francis_sawyer's picture

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

sangell's picture

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.

DJ Happy Ending's picture

Negotiations must be getting interesting.

Cult_of_Reason's picture

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.

Schmuck Raker's picture

You're suggesting Depardieu is one of the Russians that banks in Cyprus?

Wow, that was fast. He must be a quick study.

Croesus's picture

Happiness returns to the world when bankers jump (or are pushed) off the fucking rooftops.

Cursive's picture




MoD also offering British service personnel in Cyprus the option to have their salaries paid into UK accounts from next month.

MoD confirm a plane has taken off for Cyprus with 1 million euros for British forces to use in an emergency whilst banks are closed.


Element's picture

They needed something with more .. umm ... payload ... so they put it in a C-17A Globe Master (pronounced "Global Master").

Coke and Hookers's picture

It's funny to see the division of labor between JP Morgan and Goldman. JPM runs the US while Goldman runs Europe.

fourchan's picture

and their owners run the fed and the imf.

francis_sawyer's picture

Chosen ones doing "God's Work"...


That's why I never understood religion... Effectively ~ GOD HATES YOU!

Element's picture

"But it's the wrong God!" - Starship Troopers III

newworldorder's picture

Did you forget BIS, ECU, ELA, etc.?

onewayticket2's picture

Vince Foster is going to have some company pretty soon....sadly.

earleflorida's picture

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?

Banksters's picture

Exactly.   The fuckin snakes at the eu office in brussels will pop some technocrat in and call it a necessary action.  



azzhatter's picture

Where is that loyal Cypriot Timmy Geithner?

whatsinaname's picture

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.