Former Cyprus Central Bank Head Slams 'Blackmailing' European Leaders

Tyler Durden's picture

In a brief 30-second clip during a Bloomberg TV interview, none other than Anthanasios Orphanides, the former Central Bank of Cyprus Governor, explains the terrible reality of what just happened in Europe: "What we have seen in the last few days is a very serious blunder by the European governments that are essentially blackmailing the government of Cyprus to confiscate the money that belongs rightfully to the depositors in the banking system in Cyprus." He then concludes quite clearly, "It is not clear how this can affect in a positive manner the European project going forward." The Cypriot then goes on to explain how the EU is making a mockery of the idea of a banking union...

If embed is not working click image for link...

On Cyprus being blackmailed.. - link

and on the EU making a mockery of the banking union - "In order to keep the European Union together, they needed to form a banking union, which meant they needed to have a common credible deposit insurance guaranteed for everybody in the euro area..." - link

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hedgeless_horseman's picture



This means war more money printing!

If your only tool is a printing press, every problem is deflationary.

DJ Happy Ending's picture

Brilliant move, destroying depositor trust over an amount of money that Ben prints in a day.

Pladizow's picture

Occam's Razor - Perhaps we are all looking at this the wrong way - perhaps a loss of confidence and bank run was the goal!

Someone wanted to trigger something much larger and required the first domino?

So lets steal KGB "black accounts."

Cdad's picture

Wait a're not suggesting that Euro technocrats set out to steal Russian money on purpose, are you?  By extension, you don't think the Russians would love to strike back, intentionally, and flush the banks in Cypurs in order to reveal the house of cards that is the Euro, do you?

In either case, you don't think it is rather foreboding that all the flights from Russia to Cyprus are full today...with seething ex KGB Russians looking to pick up their cash regardless of the current bank holiday hours, do you?

fx's picture

The guy allowed this fiasco to build up - and now he yells at the rescue-brigade? WTF?? Give this rat a one-way flight to Moscow - Igor will deal with him in due time...

And yes, all this will not help the "Euro-project" at all. Which is a very, very good news, indeed!

waterwitch's picture

Watch the Ruskies shoot down that Brit plane bringing money in for the troops. That will get things going!

Buck Johnson's picture

Maybe Germany did this on purpose in order for the EU or euro to dissolve without the Germans being blamed.  They are getting tired of proping up countries that won't pay.

flacon's picture

The ideal outcome for the Eurocrats would be to shut the banks for however long it takes for confidence to be restored. /sarc


Check mate! Game over! QED.

McMolotov's picture

Ooh! Ooh! Where do I sign up?!?

I'm ready to do my patriotic duty and kill brown people in the name of my beloved country, the United Banking Syndicate of America!!!

Croesus's picture

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

machineh's picture

Please: the polite Old World, latinate term is 'defenestration.'

icanhasbailout's picture

Technically you need a window for that.

Debt-Is-Not-Money's picture

As the crowd below shouts:

Jump. you fuckers, JUMP!

MillionDollarBonus_'s picture

With all due respect, Mr. Orphanides has not faced potential instability of these proportions as central bank chairman. I suggest he defer to the opinion of the experts and leaders that are dealing with these  issues in the here and now. All of the respected global leaders and academics agree that bank deposit levies and necessary and appropriate for the challenges that we face.

Hedgetard55's picture

I wonder what Professor Krugman has to say? His opinion I could trust.

Awakened Sheeple's picture

Your trolling was comical and even appropriate until about 4 days ago. You can go and kindly fuck off for now.

Monedas's picture

I think I agree with MDB .... this Orphan guy is in this theatre up to his horizontal butt crack .... they all are .... if you keep your fiat with the fiat monsters .... you deserve what you get .... write it off to pre-cursor of confiscation !  Populist socialist governments are now EVERYWHERE .... they govern by trial balloon .... it's quicker than polls and elections and cheaper !

slackrabbit's picture

Let me guess, you never saw it coming...

JOYFUL's picture

as much as I respect the measured opinions of top flight analysts such as yourself MDB, I would respectfully suggest that this time may be a 'bridge too far' even for the Great Stabilizer Himself...

in fact levies are a kinda appropriate symbol of the whole mess don't you think? Even the leverage of great Levites like the Chairman is unlikely to lessen the likelihood of the whole levee blowin up...and just like with Katrina, by no means by 'natural' causes.'

Why don't you and Ben and Beppe Grillo get together and see what you can put together as an act! A little levity would go far in dealing with the challenges that we face!

nope-1004's picture

Squirm bankster bitch!

At least Robin Hood stole from the rich and gave to the poor.  Banksters steal from everyone and keep everything.


fourchan's picture

stealing through inflation or outright taxation yeilds the same result.

Element's picture

So does dieing of old age or a shotgun to the chest.

But which would you prefer?

McMolotov's picture

It is not clear how this can affect in a positive manner the European project going forward.

This is the European Project™. It's also the Global Project™. Debt serfdom for the average person with the bankers and bureaucrats as our fucking feudal lords.

The "project" won't be successful until they've stolen everything. This shit in Cyprus is all part of the plan.

azzhatter's picture

You sir are a terrorist. Look out your window- that drone is for you

McMolotov's picture

I'm giving it a good look at my ass crack as we speak.

fourchan's picture

nobody ever wonders what the "system" part of the fed res system means. lol


enslave a free people to debt, capture all assets through boom and bust created with a printer.

LawsofPhysics's picture

When people stop accepting those pretty paper promises in exchange for the very real fruits of their labor, the bankers will demand all kinds of shit.  Fuck them all.  Prepare folks, all eCONomies are really local, get your tribe in order.

BullsNBeers's picture

Hell. At this point the people cant even get at those pretty paper promises.


LawsofPhysics's picture

So long as there are 7+ billion (and growing) sheeple competing for a better quality of life, there will be a market.  You just need to know where to look.  The "official" market is nothing but a fucking casio now.

Jeremy Roenick's picture

"It is not clear how this can affect in a positive manner the European project going forward."


The Petree dish just hit the floor and shattered... 

machineh's picture

"The war situation has developed not necessarily to Japan's advantage."

-- Emperor Hirohito, August 1945

Masters of understatement!

Son of Loki's picture

machineh, they are expert at the understatement....


"it's only a tiny leak...."



Its_the_economy_stupid's picture

So by "confiscate" do we mean "steal" or do we mean take back what was not rightfully theirs to begin with?

fourchan's picture

the sheep knows not of his own slaughter.

magpie's picture

Cyprus...where banks go to die

machineh's picture

+1 I 'Laiki' your post.

Check out their 'Dear Customers' message:

Truther's picture


BullsNBeers's picture

Well at least they're not trying to paint a pretty face on it anymore.

Just good old outright theft.

disabledvet's picture

"from what I hear Defense Minister Mishkin it is YOU that is out of order!" (Goldeneye.) I mean give me a break..."this is the euro" dumbass. It's one thing for you to be stupid...but don't make your people stupid too. SALADA EURO AHORA.

Silver Garbage Man's picture

It's positive because we are that much closer to a cleansing ( hopefully) collapse.
Get your SILVER before it's GONE!

ebworthen's picture

And yet we have economists and financial types trying to equivocate and justify outright theft by calling it a "tax" or the Orwellian "stability levy" or any other euphamism possible to sanction STEALING by banks.

glock19's picture

Robin Hood took back excessive taxes forcibly seized by the govt (King) and returned the people's taxes back to them.  Robin Hood didn't steal from the "rich" and give to the poor.  Get your Robin Hood story facts straight.

shovelhead's picture

Au contraire,

All wealth is the property of the Crown. The peasants who generate it are simply temporary custodians until collected.

Robin doesn't write the rules.