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:

  • 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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NoDebt's picture

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?

Cursive's picture

@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.

Cursive's picture

@NoDebt

Sky News reporting that Brits are going to air mail 1M euros into Cypress for British forces.

catacl1sm's picture

I'm betting that cash is king right now. Cash probably has strengthened in real terms (if not on FX markets).

Mediocritas's picture

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.

falak pema's picture

I..I...I don't want to sleep with the caviar...

max2205's picture

Think the savers are pissed. What about Cyprus equity holders wondering if their market will re open

jubber's picture

National Bank of Greece ATL by the look of it

ziggy59's picture

Did someone "quit" him or did he quit

Mr. Hudson's picture

Do you wanna know where the bankers are going to hide? They planned their escape years ago.

http://seattletimes.com/html/businesstechnology/2003783824_luxurysubs11....

 

Ourrulersknowbest's picture

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!!!"

terryfuckwit's picture

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....

insanelysane's picture

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.

Smuckers's picture

A Russian, a German and a Cypriot walk into a bank....

Mr. Hudson's picture

...and the German had the Cypriot force the Russian to hand over his deposits.

MS7's picture

...and the Russian predicted the Cypriot would soon be wearing a new kind of shoes, cement shoes.

Stonedog's picture

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.

ziggy59's picture

Uh oh, now he cant quit since he" ll be fired..or fired at

Seasmoke's picture

start the Benny Hill Music !

Cacete de Ouro's picture

 

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....

 

 

 

 

larry david's picture

"Resignation yet to be accepted" per cnbc. Yet again zh miles ahead. 

web bot's picture

That's because they read it on ZH...

They_Live's picture

UK fly in €1million to supply loans to troops.

 

Putin considering flying in trillion roubles to buy the island?

Hellas's picture

German media (n-tv live) report, he was on his way to moscow for negotiations?

Downtoolong's picture

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.

 

Cone of Uncertainty's picture

Cue up the GS rolledex, we need a warm body, preferable, with limp dick and no brain.

Quinvarius's picture

Hilary Clinton is looking for a job.

Cone of Uncertainty's picture

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.

newworldorder's picture

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?

reTARD's picture

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.