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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Withdrawn Sanction's picture

Gold   man-Sachs to the rescue!   (Surely, they must be running low on personnel by now?)

McMolotov's picture

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.

Cognitive Dissonance's picture

The apparent idiocy is designed to mask the intentional.

Plausible deniability bitches.

<We're just simple bankers doing God's work.>

McMolotov's picture

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.

Cognitive Dissonance's picture

When Mrs. Cog starts laughing at the latest "news" I tell her she's having way too much fun considering........ :)

conspicio's picture

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.

rotagen's picture

That's why I say buy a shotgun, much easier to hit things moving quickly out the door.

Cursive's picture

Let's put BTC to the test!  I nominate Satoshi Nakamoto for Cyprus Finance Minister!

NoDebt's picture

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 (wherever they are located and under whose laws) and it's pretty much over.

Cursive's picture


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.

terryfuckwit's picture

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...

NoDebt's picture

There are plenty of lifeboats.  No need to panic.

Chump's picture

This is all picking up steam quicker than I anticipated.

McMolotov's picture

"Boy, that escalated quickly. I mean, that really got out of hand fast."

Crabshacker's picture

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.

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.” __________________

Nick Jihad's picture

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."


astoriajoe's picture

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.

Coke and Hookers's picture

"Resigns"= Fired by the Troika

Cdad's picture could also define "resigns" as "getting out of dodge before all those flights from Russia today reach Cyprus."

waterwitch's picture

boris is on one of them.

Grimbert's picture

Apparently Governing party MP tells BBC all 56 Cypriot MPs have decided to abstain from today's vote

bank guy in Brussels's picture

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

Mediocritas's picture

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.

economessed's picture

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.

Son of Loki's picture

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 la casa or vault.

nope-1004's picture

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.


Element's picture

Krug says it's bad for aggregate demand ... duh.

conspicio's picture

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...


Element's picture

Holy crap... I didn't even hear about that one.  I guess it will be inactive Superannuation accounts soon too.

bigrooster's picture

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.

jldpc's picture

Probably heard from the Russians - get out while the getting is good.

Winston Churchill's picture

Russians have very long memories.Its only a temporary reprieve.

Even suggesting it was suicide.

TheFourthStooge-ing's picture

The horsehead deliveries have started to arrive.

monopoly's picture

And nowhere is there any mention of what is going on. Just "dancing with the Stars". Amazing. 

Schmuck Raker's picture

What's with all this pessimism?

Let's take a cue from Mish:

...I suggest we focus on the bright side, and there is plenty to be found.

  1. The nannycrats have been permanently exposed as liars
  2. Trust is gone
  3. Everyone can now clearly see that deposit guarantees were a lie
  4. Realization has set in that in spite of nannycrat denial, this will happen again
  5. The move in Cyprus will strengthen the Five Star Movement in Italy
  6. The move in Cyprus will embolden the separatists in Spain
  7. The move in Cyprus will strengthen UKIP in Great Britain
  8. The move in Cyprus is even likely to strengthen Alternative für Deutschland (AfD)
  9. Eurobonds and joint budgets are exposed as dead
  10. In Germany, Merkel is likely to have won a Pyrrhic victory (if indeed she won anything at all)
  11. Sensible people now realize all this talk of European solidarity is a gigantic lie
  12. Even ardent supporters of the eurozone are now starting to question its existence
Nice quote from one Euro supporter:
"Readers of this column know that I am always in favor of the euro, including the instruments that are necessary to lead him to success. But there comes a point where it is no longer morally to maintain a currency maintained if the government and the parliament will and lacks insight to manage them properly.

 The day is approaching, where you can defend the euro only with tanks. And then the Euro is not worth defending."

[same link]

cherry picker's picture

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.

bigrooster's picture

Let your country go bankrupt and survive or accept the bailout and die.  Seems like an easy choice for the politicians.

blueRidgeBoy's picture

Iceland knows there's a third way....then again, Iceland didn't default on the Russian mob

Albertarocks's picture

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.

Nick Jihad's picture

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.

Truther's picture

Use the fucking buldozer already..... Then nominate yourself a hero for the people.

digalert's picture

...and there is your new Scapegoat.

Kaiser Sousa's picture

start running you banker owned bitch ass politicians...

next, you you cocksucker mother fucking bankers.....

COUP BITCHEZ...............

astoriajoe's picture

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..."


Grimbert's picture

Another Apparently,  a plane with 1million euros in cash for British troops has left for Cyprus

e m m's picture

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.

Dewey Cheatum Howe's picture

They must have some serious dirt on the guy, either that or he doesn't want to wind up sleeping wit the da fishes.

Al Huxley's picture

'Cyprus Finance Minister makes desperate attempt to dissaociate self from clusterfuck before Russians show up demanding money'.