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Is Spain Preparing For Its Own Deposit "Levy"?

Tyler Durden's picture


While Spain's economy minister Luis De Guindos proclaimed in the Senate today that bank deposits under EUR100,000 are "sacred"and that "Spanish savers should stay calm," Spain, it would appear, has changed constitutional rules to enable a so-called 'moderate' levy on deposits - as under previous Spanish law this was prohibited. For now, they claim the 'levy' will be "not much higher than 0%" and is mainly aimed at regions in Spain that have "made no effort to collect taxes" based on new revenue expectations. As El Pais reports, the minister of finance and public administration, Cristobal Montoro, defends the need for such a 'levy' in their constitution on the basis of standardizing taxes across regions (and is preparing a proposal on the amounts to be paid) and although it would appear that while the European Commission could previously argue that such a 'tax' would violate the free movement of capital in Europe, it now leaves the door open to eventually effectively taxing the deposits. We can't help but remember the Tequila crisis and the constant reassurances from Zedillo up until even the night before Mexico devalued...

Via El Pais (Via Google Translate),

The Minister of Finance and Public Administration, Cristobal Montoro, has advanced on Tuesday that the government will impose a type "moderate" to bank deposits to compensate communities that saw their tax autonomy canceled after the Executive created a state tax 0% rate.  This tax on bank deposits, which has nothing to do with Cyprus, does not affect savers but requires credit institutions to pay for that capture deposits. 


"The autonomous communities receive timely and therefore financially compensation shall implement a moderate rate in the state tax on bank deposits," said the minister, adding that this kind "will not be much higher than 0%" . 


The Minister of Finance has clarified that such "moderate" will have no tax collection effort, "but that these regions serve to offset the revenue loss to see."  So, he assured that the amount will correspond to the amount "exact has been undermined by the cancellation of regional taxes". 


It will not be the case of Asturias, where the tax on deposits was approved by the regional budget law, while "Spanish law prohibits the adoption of this mode" stressed Montoro.  During the questioning of Senator Francisco Fuentes Socialist Group Gallardo, Montoro explained that communities of Extremadura, Andalusia and the Canary Islands, which were in force when the tax came into effect on state "receive timely compensation, which will resulting from the implementation a moderate to state tax rate. " 


Montoro has stressed that the Central Government is preparing a proposal on the amounts to be paid to travel to the affected communities "in the relevant joint committee" with the affected communities.  "That is the Government's intention and hope that through political dialogue can establish an agreement," said. 


Has advanced further the Government's intention to reduce delays for this compensation count as income to the budget. 


Meanwhile, Sen. Gallardo Fuentes Extremadura has quantified what will stop collecting the three affected regions in 2013, once in force the 0% of the Government, amounting to 230 million euros in 2013.  Specifically, Extremadura lose 39 million euros, 96 million Canary Islands and Andalusia, 95.5 million.  Besides, you corresponerían Asturias 30 million. 


The Government announced in November 2012 the creation of a tax on bank deposits with type 0%, with implementation on 1 January 2013, to prevent the regions implement your own.  A week earlier, the Constitutional Court had endorsed the tax on deposits of Extremadura, which launched in 2001 and turned in the day the government of José María Aznar. 


Thus, this tax was in force before the imposition of the 0% and in the case of Andalusia, the Canary Islands in 2010 and established, who created it in June 2012.  Only after it established Asturias.  So this type Montoro 0% justified by the need to standardize the tax system and maintain the unity of the internal market, after the European Commission will send a letter to the Government on the grounds that these taxes in the regions could violate the free movement of capital.  While leaving the door open to eventually effectively taxing the deposits.


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Tue, 03/19/2013 - 20:28 | 3350433 MarsInScorpio
MarsInScorpio's picture

Actually, the Russian gambit by Cyprus is pure genius.


OK, Europe, here comes the Bear chomping on your southern flank. The dream of the czars to have year-round warm-weather naval ports - and the nightmare of the Western Europeans that this must be contained at all costs - is about to come true. The Russians get their dream - the Western Europeans get their nightmare.


This puts the entire issue into a very different light. It isn't just about the western banksters any more - it is also about European survival. As someone who has had the thrill of watching these types up-close, I can assure you that tonight there are some extremely angry politicians chewing the ass of the central bankers for getting them into this mess.


This event will go down as one of the most idiotic gambits ever played by the banksters. It is the point when they have overplayed their hand - believing their own lies about themselves and their intelligence, they have told - and sold - themselves on the idea that anything they do will work to their advantage. They are - in their own eyes - the most brilliant people ever to walk the Earth.


Let me see if I can give you a bit of an analogy, although the extreme situation of this is not the same in magnitude - but it will give you the idea:


This is like the moment when Germans in WWII realized that their Nazi leaders had totally messed up. It had been a great ride - gigantic demonstrations with thousands of like-minded supporters, bonfires, Jews trotted out as the scapegoats for everything (much as I all too often see on ZH . . . ), then the glorious victories of war - one country after another falling before the Panzers.


It was a great time to be a German. But finally the Nazi leadership took on one country too many - it wasn't just Russia that overtaxed them, there were the Brits, and through manipulation of the neutrality laws, the Americans, who were eating at them from both ends.


The German army stopped, exhausted, unable to go on in the dead of the Russsian winter. Over stretched supply lines, troops physically depleted, the machines of war worn out and unable to function from lack of repair and replacment, the skies filled with Allied bombers raining down tons of incindiary devices to burn their homeland to the ground - yes, the Nazis went too far, with too much belief in their own lies that they were the decendents of a Master Race, ordained by God to rule - or to put it in terms that will strike a recent chord - they were doing God's work.


It all came apart, didn't it? The collapse was brutal and finite.


Now we are witnessing the same occur to the current "Master Race" - the intelligensia of the EU and the Banking Cartel. They have rolled across one nation after another, celebrating thier superior intellect and plans for society. They have raped, and pillaged, and burned everything they could to the ground in their relentless pursuit of self-gratification and greed.


Now it is coming to an end. The supply lines of the ponzi fractional reserve system are stretched too far, the machines of finance are worn out and lack the creation of true wealth to keep them functioning, the army of planners, beaurucrats and politicians are exhausted from too many meetings that resulted in nothing but sleepless nights knowing that it is all a lie, and the inevitable is coming.


Soon there will be a true New World Order. The one envisioned by the Banking Cartel will be replaced by something else - and they will be tried for their crimes against humanity.


It's winter, 1943, and the frozen tundra is just now beginning to extract its price . . .


Tue, 03/19/2013 - 20:34 | 3350446 Looney
Looney's picture

. "Actually, the Russian gambit by Cyprus is pure genius..."

Deep Thoughts by… (who-woulda-thonged-it?) Dennis “the Retard” Gartman, "People around the world don't kidnap Russians because they know that the Russians will deal with you in a very efficient and very ugly manner".


Deep Thoughts by Looney…

Dennis, are you suggesting that Mark Madoff hung himself with his left testicle in his mouth because he knew what Nanny-Bloomfart was about to deprive him of?




P.S. If I don’t post here anymore, my ass must’ve been droned… or somepin…  ;-)

Tue, 03/19/2013 - 20:37 | 3350474 El Viejo
El Viejo's picture

I guess the 10yr will go below 1.5 soon?

Tue, 03/19/2013 - 20:42 | 3350489 Supernova Born
Supernova Born's picture

"La Mordida" comes to Spain a la the Mexican Police!

Beautiful fiat corruption at its most base-less!

Wed, 03/20/2013 - 05:39 | 3351341 Mentaliusanything
Mentaliusanything's picture

I must have had a few to many ..... I read that as "Bra less" Ive got to stop Z hedge and booze.. they dont mix well

Tue, 03/19/2013 - 20:44 | 3350494 Looney
Looney's picture

Yes, the 10yr of Solitary confinement WILL go below 1.5... soon! ;-)


Tue, 03/19/2013 - 20:30 | 3350450 Fishthatlived
Fishthatlived's picture



Tue, 03/19/2013 - 21:12 | 3350591 max2205
max2205's picture

Open da doors, the people are coming to get their little pieces of paper

Then they will issue new pieces of paper...yikes

Tue, 03/19/2013 - 22:12 | 3350788 TeMpTeK
TeMpTeK's picture

The Annual Running of the Banks ... Better than bulls....Bitchez......

Wed, 03/20/2013 - 00:27 | 3351091 sunaJ
sunaJ's picture



That's a great analogy, and a realization of self-betrayal that I have consciously tried to avoid in life.  Which means you give up a lot of what you think you know, and you still may be doomed to it. 

Wed, 03/20/2013 - 02:08 | 3351184 Element
Element's picture



bu .. but ... why would they even need a levy? ... it was all going to be fine, ... like ... just last Thursday!


</W T Faaaaarrrrrk?!!>

Tue, 03/19/2013 - 20:34 | 3350452 Almost Solvent
Almost Solvent's picture

There are a couple NATO bases on Cyprus, no?

Also, some jOO country right off their shores, no?

I'm sure Cyprus will be peacefully turned over to Russia - no war needed.

Tue, 03/19/2013 - 21:45 | 3350708 machineh
machineh's picture

some jOO country right off their shores

Right, that's why they're calling this a 'levy'


Tue, 03/19/2013 - 20:48 | 3350453 Banksters
Banksters's picture

They also try to keep cows calm before slaughter.   


Beppe Grillo is probably laughing his ass off right now.   If Italy has new elections, he'll win hands down.

Thanks to the fuckin eurotards.  I can hardly believe the shit that  comes from these twats.


 EU Said to Discuss Cyprus Capital Controls, Longer Bank Holiday 




Tue, 03/19/2013 - 21:07 | 3350522 toys for tits
toys for tits's picture



Which is why they postponed this shit even though they knew about it since the Greek bondholders - Cyprus banks - got 70% haircuts.


They fucked up so bad, and it couldn't have been over a smaller amount of money - 6B euros.

Tue, 03/19/2013 - 22:31 | 3350842 rotagen
rotagen's picture

Yeah, well have you seen those fat brain-dead unelected eurocrats that Farage is always yelling at..?.. I guess it's a bit of a shame yelling at people with brain damage.  They look like your typical military idiots, the kind of beef slabs that always end up in the military because they're too dumb to survive elsewhere.

Tue, 03/19/2013 - 20:38 | 3350465 Cdad
Cdad's picture

it is also about European survival

Excuse me...drinkingwithcdad here...How many more fucking people have to die in order to assure the "survival" of such men as these...these mainland European technocrat idiots and central bankers?  Seriously, how many more need to die on the beaches in France and Italy?  

If the ECB's attempt to steal depositor money from Cyprus, in order to prop up yet another failed bank [pffffffffft], ends with the Russians having a naval port on Europe's Southern shores...perhaps, it is finally time to go ahead and reexamine that whole damn NATO thing, huh?

What's next....what's next....what's next....

Tue, 03/19/2013 - 23:24 | 3350976 disabledvet
disabledvet's picture

"the Germans aren't going to put up with this shit much longer." period. as for "Russians on the island of Cyprus"...hey, spin the wheel and place your bets. Turkey has the other third right now. this REALLY doesn't matter. it REALLY doesn't. car bombings in Iraq, Syria saying the opposition has used chemical weapons, Hezbollah reading to "take Beirut by force." Egypt moving massed armies into the Sinai. a dead American Ambassador and security detail in Libya. Kidnapped French family in Sierra Leone. Shall i continue about "what really matters" here? So again i say "here's the American position":

Tue, 03/19/2013 - 20:42 | 3350491 slightlyskeptical
slightlyskeptical's picture

Aim for the bushes!

Tue, 03/19/2013 - 20:46 | 3350505 spankthebernank
spankthebernank's picture


Tue, 03/19/2013 - 20:49 | 3350510 ebworthen
ebworthen's picture

"It's winter, 1943, and the frozen tundra is just now beginning to extract its price . . ."

Brought forth an image of Wolfgang Schauble scuttling along the ground with some firewood to light under the engine of his Panzer to get the oil viscous enough to start the engine.

Tue, 03/19/2013 - 22:55 | 3350902 Non Passaran
Non Passaran's picture

And SS-Oberstrumfuehrer Van Rompuy calmly planning to slaughter the entire nearby village if they don't produce enough speck and potato brandy for his troops by 4pm

Tue, 03/19/2013 - 20:51 | 3350519 sunnydays
sunnydays's picture

The desperation of the bankers is now in full view for the world to see.  They have kicked the ball down as far as they could and have pretended all is well.  Now they have to show the truth.   Just saying these things, people in the countries should be running to their banks as fast as possible, that alone will crash them.   

The stupidity of it all, shows the desperation of them all.   We do now know the SHTF and it is going everywhere. 

Tue, 03/19/2013 - 20:53 | 3350530 chump666
chump666's picture

I wouldn't be betting on Russia as any kind of white knight.

The country is a corrupt, crime ridden, inflation behemoth.  Their nightmare is another revolution.

History is repeating.

Tue, 03/19/2013 - 23:11 | 3350935 Pseudo Anonym
Pseudo Anonym's picture

that's what makes russia ripe for giving their people some other focus than their own problems

The country is a corrupt, crime ridden, inflation behemoth

Tue, 03/19/2013 - 23:19 | 3350965 chump666
chump666's picture

Yes good point.  Much like China and Japan.  Looks like war cycle about to hit

Wed, 03/20/2013 - 06:07 | 3351356 Mentaliusanything
Mentaliusanything's picture

your no Chump666. History never repeats but sure as Hell it rhymes. Its coming just to take your eyes of the theft.The only problem is it is no longer "payable" and so it will be a War of desperation not Victors. When there is nothing to steal humans will eat themselves. I want Ms Lagardes left breast lightly sauted in the juice of Helicopter Bens removed right ball sack. Squid as entree and dessert the dessicated brains of TimothyGiethner ( a small meal indeed)

Tue, 03/19/2013 - 21:07 | 3350575 GOSPLAN HERO
GOSPLAN HERO's picture

1865 - big federal government won the war.

... ALL states were defeated.

Tue, 03/19/2013 - 21:17 | 3350610 BullsNBeers
BullsNBeers's picture

With all due respect, you're nuts... at least with half of what you are suggesting. 

Do you doubt for a second that this was not planned? Cyprus? Hell, that could be quietly absorbed and no one would notice.

This is probing to see how people react.

My ex-wife called me at work one day and said I was going to be mad at her for spending what she did on clothes. I asked her how much and she told me $2200.00. I went balistic and was unloading on her over the phone when she told me she was just kidding. She had only spent $1,200.00.

I was relieved to the point that it was not until I got off the phone with her that it occured to me that I had been gamed.

This is what is happening now and they will meter it in the most digestible way possible. It will be cranked down to a lower percentage accross the board and sold by the ECB as "responsible action" by the Cyproits for conceeding.

The Cypriots will breath a sigh that a smaller percentage of their money has been STOLEN, and everyone can relax.

If the Cyproits supplicate, expect this shit everywhere.

Tue, 03/19/2013 - 22:08 | 3350776 MarsInScorpio
MarsInScorpio's picture

Respectfully, as well . . .


I have no trouble whatsoever believing that Cyprus is a test market for theft. I'm sure you remember this, documented in Wikipedia: "peace for our time", spoken on 30 September 1938 by British Prime Minister Neville Chamberlain in his speech concerning the Munich Agreement and the Anglo-German Declaration .  . . It is primarily remembered for its ironic value, as the German occupation of the Sudetenland began on the following day."


So the idea that the Banksters picked a small, weak, nation to test their theory of theft is one of those, "and this is a surprise?" moments. Of course they picked an easy target to set a precedent.


But this time something happened that they didn't expect: After the big nations of Spain, Italy, Greece (relatively speaking compared to Cyprus) folded under their takeover through technocrats imposed by the Banking Cartel, they thought that stealing savings would be so much easier than stealing the political process.


What they didn't figure - because they can't relate to the common people - is that it is one thing to guilt-trip a nation, it is another to take an indivdual's savings whcih that indivdual firmly believes belongs to him or her through their own self-defined "honest" work - they own it with no guilt whatsoever. The psychological paradigm is different - but intellectual elitists of their bent are incapable of understanding that reality.


I firmly believe that the real motivator behind the failure of the parliment to endorse the theft is simply life preservation by the members. There are only 56 of them - and no one would feel bad about someone murdering them where they stood.


It is a lesson that Congress, the WH, FED, DHS, DEA, ATF, FBI, SCOTUS, the state executives and legislatures, and even the local cops themselves, need to absorb. If a person feels you have stolen their life, they will feel a right to take yours as well - with no guilt whatsoever. (Are you listening, Ben?)


Wed, 03/20/2013 - 04:21 | 3351274 Oliver Jones
Oliver Jones's picture

I would agree with your argument about life preservation, especially given that the citizens of Cyprus are one thing - and the Russian mafia is something else.

In any case, it looks like Russia will get not only a nice military base in the vicinity of Western Europe, but it will also gain control of the massive gas fields off Cyprus - this will give it more leverage over Europe, since the EU simply won't have access to an alternative supply (Russia will have nipped that little problem in the bud by making sure Cyprus is a protectorate. You can be sure that stern words will be had with the Turks about the extraction and sale of gas on their end of the gas field, too.)

Wed, 03/20/2013 - 12:25 | 3352525 e-recep
e-recep's picture

you should stop seeing banksters as semigods. they have enormous greed and self-adoration and that's their weakness. it blinds them. like everyone else they can fuck up. as i said it's the raw power that says the last word not the usurer. that bulldozer in front of the bank changed a lot of things, believe it or not.

Tue, 03/19/2013 - 21:17 | 3350611 Uber Vandal
Uber Vandal's picture

It appears that Martin Armstrong shares your view, and feels that this Friday, March 22, is when things will get very, very interesting.

Of note, the following was published on March 13, days before this all went explodey.

In the case of Russia.......... She remains the greatest risk of all for as Europe and America crumble under debt laden economies refusing to mend their ways, the Russian bear merely waits in silence watching for the right moment. She can take an economically weak Europe in less than one week and will do so for she can also turn off Europe’s energy in the blink of an eye. The political winds of change have appeared.

Tue, 03/19/2013 - 23:50 | 3351032 Spigot
Spigot's picture

We have news hounds sniffing the bushes since the Cyprus Horror was announced and a few of their findings are published: Spain, New Zealand somehow have knowingly changed their laws to enable "wealth levies". German bank ball sack states "Italy is wealthy enough to pay for a wealth tax...", etc.

Something tells me that there's a bit of orchastration going on here...

Wed, 03/20/2013 - 00:48 | 3351107 Anusocracy
Anusocracy's picture

Is orchastration like an orchidectomy?

I did give you an upvote.

Tue, 03/19/2013 - 21:44 | 3350705 flapdoodle
flapdoodle's picture

Excellent analogy... I just hope its true and the real analogy is Nazi Germany, but my deep fear is that it is more like Imperial Japan in WWII where the fanatic elite were willing to hang on till the last Japanese slave-serf died charging a machine-gun nest, then they would commit ritual seppuku and leave nothing at all behind...

If the Gods smile, the analogy will be more like the fall of Fascist Italy where the partisans rise up and hang the elites from the lamp-posts...

Tue, 03/19/2013 - 23:15 | 3350951 Confundido
Confundido's picture

You would be right...but there's one piece missing: What makes you think the Russians/Gazprom are not in this together with Goldman? Or do you really think the EU is that stupid to put the entire Euro project at risk, where it not for the fact that there is some sharing to do on the nat gas reserves?

Wed, 03/20/2013 - 01:30 | 3351156 zhandax
zhandax's picture

Yo Occam, where did you leave that  razor?

Tue, 03/19/2013 - 23:30 | 3350989 bruinjoe93
bruinjoe93's picture

One of the best comments I've read on any site.


Economics is too complicated for a group of individuals to command.  State sponsored control of the economy will always fail because it is just too complicated with too many variables.  Isaac Newton said that he can calculate the movement of stars but he could not predict the behaviour of man.



Wed, 03/20/2013 - 00:27 | 3351093 Buck Johnson
Buck Johnson's picture

Bravo, Bravo.  The bankers went one mile to far in their attempts at making their delusions into reality.

Wed, 03/20/2013 - 12:08 | 3352448 e-recep
e-recep's picture

wow, what a post. you should write more often, mate.

Tue, 03/19/2013 - 20:27 | 3350434 ACP
ACP's picture

Come on Spain, now's your chance to be the first DOMINO!

Tue, 03/19/2013 - 20:31 | 3350451 THX 1178
THX 1178's picture

Spain needs an example before they get goin'. Once S. Europe sees its possible to leave... they'll leave in droves. Come on Cyprus! Come on Spain!

Tue, 03/19/2013 - 20:40 | 3350486 Cdad
Cdad's picture

First domino?  LOL...what...are you rip van fuckin' winkle or something?

Tue, 03/19/2013 - 20:51 | 3350524 ACP
ACP's picture

Ah, looks at the dominoes have fallen so far, we ain't seen nuthin' yet!

Tue, 03/19/2013 - 21:03 | 3350557 toys for tits
toys for tits's picture


The markets aren't the leading indicators anymore because they have been manipulated too much by the Fed.  Now remember how far behind the curve the Fed was in 2008.

The Fed should have stepped in here to save this for 6B euros if they wanted to prolong the fantasy.

Tue, 03/19/2013 - 20:28 | 3350435 ShortTheUS
ShortTheUS's picture

Depositors will be compensated with  shares of Spider-Man towel manufacturers!

Tue, 03/19/2013 - 20:28 | 3350436 Cdad
Cdad's picture

What's next...what's next...what's next !

Tue, 03/19/2013 - 20:28 | 3350439 Scalaris
Scalaris's picture

I'm detecting a pattern here.

Tue, 03/19/2013 - 20:28 | 3350440 Silver Garbage Man
Silver Garbage Man's picture

We've all been waiting for the beginning of the looks like we are REAL CLOSE!!!

Tue, 03/19/2013 - 20:51 | 3350523 surf0766
surf0766's picture

These are just dry runs for the day they take everything from your account.  The Marxist , NWO, or whatever one wants to call them have every intention of taking everything that you have because it is in your best.

Wed, 03/20/2013 - 01:17 | 3351142 THX 1178
THX 1178's picture

No, they're not marxists. Its a banking cartel. They're "free marketers" all the way.

Tue, 03/19/2013 - 20:29 | 3350442 lolmao500
lolmao500's picture

Do it... the faster this whole biatch collapses, the better.

Tue, 03/19/2013 - 20:31 | 3350444 The Heart
The Heart's picture
Is Spain Preparing For Its Own Deposit "Levy"?

Maybe, but so also might be New Zealand.

National planning Cyprus-style solution for New Zealand:

Tue, 03/19/2013 - 20:30 | 3350447 QQQBall
QQQBall's picture


Somewhere along here, maybe this year, maybe next or after, the stampede into tangibles will be swift...

Tue, 03/19/2013 - 20:31 | 3350449 dick cheneys ghost
dick cheneys ghost's picture

Why are they encouraging 'Bank-Runs'?

Tue, 03/19/2013 - 20:36 | 3350470 RSBriggs
RSBriggs's picture

That's a very good question...

Tue, 03/19/2013 - 20:43 | 3350496 Stoploss
Stoploss's picture

It is critical that all cash be removed from the banks and held in hand.

Once that is accomplished, the currency will then be declared worthless..

Leaving all the in hand holders of the worthless fiat with truly nothing.


Now you know the importance of holding hard assets.

Tue, 03/19/2013 - 20:43 | 3350498 ebworthen
ebworthen's picture

If they get rid of paper and coin currency along with the exchange of precious metals we will all be completely trapped.

Tue, 03/19/2013 - 21:01 | 3350549 Stoploss
Stoploss's picture

And so would they.

It would be an alternative currency, only the holders of the "old" fiat will be heavily penalized upon exchange, while the holders of accounts in the sponsored banks would be converted over for a smaller penalty or one to one.

So, if you stuff all your cash inside the matress, don't forget you can burn the thing to keep warm.

This is how it's done.

Very, very sad.

Tue, 03/19/2013 - 21:07 | 3350574 shovelhead
shovelhead's picture


By the way, they outlawed cannabis in 1937.

That worked out well too.

Tue, 03/19/2013 - 21:02 | 3350553 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

I agree - that is a good question. Is it because the whole derivatives structure is crashing down soon, and they need someone to blame.... like panicky depositors. If it just falls all by itself it will be clear as a winter morning to all, that they have lied for 5 years about the state of affairs. 

Tue, 03/19/2013 - 21:08 | 3350578 Cangaroo.TNT
Cangaroo.TNT's picture

Purple Tentacle!  Fuck yeah! +1

Wed, 03/20/2013 - 14:20 | 3353172 Day_Of_The_Tentacle
Day_Of_The_Tentacle's picture

WORLD DOMINATION MMMUUUUOOOAAAAHHHHHHAHAHA!!!!! .... I thought it was quite apt too ;-)

Tue, 03/19/2013 - 21:05 | 3350565 sschu
sschu's picture


Why are they encouraging 'Bank-Runs'?

The answer is in Frankfurt and Berlin, what does Germany really want?  

The Germans love the Euro, keeps their exports cheap and their UE low.

The Germans do not like the PIIGS etal, they are messing up their advantage.  So by forcing the southern Europe basket case countries to "voluntarily" leave the Euro, they look the good guy and get to keep their currency advantage for a while.

Yes, the PIIGS etal default, but maybe the Germans have figured out this is their cheapest option.  Which it really is at this point. 

Just some thoughts, FWIIW,



Tue, 03/19/2013 - 20:32 | 3350454 icanhasbailout
icanhasbailout's picture




Tue, 03/19/2013 - 20:32 | 3350455 swissaustrian
swissaustrian's picture

Ay caramba!

Never tell a bank customer to "stay calm"

Tue, 03/19/2013 - 20:32 | 3350458 zdk45
zdk45's picture

Any behavioral Psychologists able to weigh in? 

Too lazy to google this step in the chess match. 

Tue, 03/19/2013 - 20:43 | 3350495 icanhasbailout
icanhasbailout's picture

This is the part where submissives bend over.

Tue, 03/19/2013 - 20:33 | 3350461 QQQBall
QQQBall's picture


Muppet tax?

Tue, 03/19/2013 - 20:41 | 3350467 ebworthen
ebworthen's picture

Brings to mind the non-stop commercials on CNBC for "Lind-Waldock" shortly after MF Global took them over; commercials urging regular folks to trust Lind-Waldock to keep their Gold, Silver, other commodity, and investments safe and growing - shortly before they were "vaporized" (STOLEN) by Jon Corzine with the help of J.P. Morgan Chase.

Tue, 03/19/2013 - 20:35 | 3350468 Hughing
Hughing's picture

This is a much more palatable way to tax deposits. The semantic BS will be an extension of paycheck withholding: a more flexible,responsive way to provide liquidity to necessary social policies.

Tue, 03/19/2013 - 20:35 | 3350469 akak
akak's picture

No se puede pasar aqui!

Tue, 03/19/2013 - 22:17 | 3350802 WmMcK
WmMcK's picture

"Es diferente esta vez"

Tue, 03/19/2013 - 22:27 | 3350833 akak
akak's picture

"Lo haremos solamente esta unica vez --- prometemos."

Tue, 03/19/2013 - 20:38 | 3350476 Rustysilver
Rustysilver's picture

1.  I am enjoying this for a moment. (I am in US).

2. Please note how Germans can make friends overnight.

3. Trying to get ready in US.

4. Things can get ugly very quickly.

5. No place is safe.

Tue, 03/19/2013 - 20:38 | 3350481 billwilson
billwilson's picture

Was talking to a friend in Spain this evening and he said lots of folks were out at the bank today making hefty withdrawls. This has scared a lot of people there.

Tue, 03/19/2013 - 20:43 | 3350493 e m m
e m m's picture

Can't believe they don't leaking these in the media for a purpose, to create some (or a new) panic.

BTW, Credit Suisse and UBS may want to join the club:

Tue, 03/19/2013 - 21:00 | 3350547 earleflorida
earleflorida's picture

it is spain that keeps the eu sleepless in brussels...

if cyprus is a fart-- spain's incessant anal leakage is a 'shit-n-the-bed' precurser of a zombi`fried economy! and, ze german's will bail faster than rats on a hot tin roof.



Tue, 03/19/2013 - 20:41 | 3350488 yogibear
yogibear's picture

Take the bankster game down! Don't be life long debt slaves. Give the Troika the finger.

Tue, 03/19/2013 - 20:43 | 3350497 sschu
sschu's picture

"Spanish savers should stay calm," 

Wow, these people running Spain are more than just stupid.  They are both evil and stupid.

Likely bank runs in Cyprus.  If this spreads, and it is likely to do so very quickly, this thing could go off like a firecracker.


Tue, 03/19/2013 - 20:52 | 3350507 buzzsaw99
buzzsaw99's picture

holy god damn shit. any time one of those bastidges tells you not to panic you better freaking panic.

Tue, 03/19/2013 - 21:07 | 3350576 Ineverslice
Ineverslice's picture


The most classic example for me was the Bear Stearns ceo in an early morning inerview with David Faber as they bled to death in real time... 

Tue, 03/19/2013 - 22:26 | 3350832 W74
W74's picture

You mean like Jim Carrey here?

Tue, 03/19/2013 - 20:53 | 3350528 Banksters
Banksters's picture

He who panics first panics best.


Not sure if that was confucius or Sun Tzu but it sure makes sense...

Tue, 03/19/2013 - 22:13 | 3350791 WmMcK
WmMcK's picture

I think it was coined during the first bear market (and/or right after someone tried to skin his first bear).

Tue, 03/19/2013 - 20:56 | 3350538 little buddy bu...
little buddy buys the dips's picture

"spanish savers should stay calm" sounds more like "hold still as i jam this big banking dick up your ass"

Wed, 03/20/2013 - 08:15 | 3351542 Shitters_Full
Shitters_Full's picture

You know the difference between jelly and jam, right?

I can't jelly my dick up your ass.

-Lloyd Blankfein

Tue, 03/19/2013 - 20:57 | 3350542 gould's fisker
gould&#039;s fisker's picture

Long fear.

Tue, 03/19/2013 - 20:58 | 3350544 Everybodys All ...
Everybodys All American's picture

Of course they are. They can't make money out of thin air like Bernanke can so this becomes the only choice. This is about to get real interesting.

Tue, 03/19/2013 - 21:03 | 3350558 Poor Grogman
Poor Grogman's picture

Isn't this the part just before the cash starts moving in quantity through the doors which of course leads people to want to get rid of the cash, which leads to bigger bank notes being required which leads to still more concern and rising prices...

how are they going to get back from here if they even can?

Tue, 03/19/2013 - 21:05 | 3350563 Key-Rick
Key-Rick's picture

short google translate.

Tue, 03/19/2013 - 21:07 | 3350571 e m m
e m m's picture

Turns out there're pension funds in Cyprus too?


"Cyprus's pension funds, which have about half their assets in cash, are waiting to see how hard they will be hit by their country's unprecedented levy on bank deposits, as negotiations continue over the island's €10bn EU bailout."

"Anastassiades said: "One idea is to take as much cash as possible from the pensions and provident funds, and then only come after small depositors for the rest." The funds could be compensated with shares in Cyprus' bailed-out banks, or government bonds backed by revenues from the country's gas fields."

Tue, 03/19/2013 - 21:43 | 3350702 machineh
machineh's picture

Pensions funded by visions of gas bubbles.

Sign me up!

Tue, 03/19/2013 - 21:15 | 3350603 wiebern
Tue, 03/19/2013 - 22:20 | 3350811 shovelhead
shovelhead's picture

Does living on an island make people stupid?

Tue, 03/19/2013 - 22:37 | 3350847 akak
akak's picture

(Thinking of Mayor Bloomberg, and all those New Yorkers who elected him, and the designers of the Fukushima reactors, and the Easter Islanders who destroyed themselves through overpopulation and resource depletion, and all those Cubans who still worship Fidel Castro, and all the Brits who welcomed CC television cameras into every corner of their cities and every facet of their lives .....)


Wed, 03/20/2013 - 06:57 | 3351409 Ghordius
Ghordius's picture

that's so continental of you - and evil. and... well, +1

Tue, 03/19/2013 - 21:18 | 3350623 shovelhead
shovelhead's picture

$10 says Troika folds and everyone goes for a siesta.

Christine says "Just kidding. Here's your dough. Don't give my address to Vlad."

Tue, 03/19/2013 - 21:21 | 3350634 Joe moneybags
Joe moneybags's picture

The trial balloon was really a success for the Troika.  Although the deal was soundly ridiculed, the lack of bank runs in southern Europe demonstrated that the ECB and IMF and the international banking community can keep proposing any scheme and rule change they wish, with the only negative consequence of "no, but try again".

Wed, 03/20/2013 - 06:56 | 3351407 Ghordius
Ghordius's picture

as long as elected parliaments have the power to say: "we don't like your indecent proposal" as the Cypriot one did I don't see why not

Tue, 03/19/2013 - 21:21 | 3350635 thewayitis
thewayitis's picture

   I say take the $$$ and run.  Maybe buy a little gold and silver.....Like a truck load. haha

Tue, 03/19/2013 - 21:28 | 3350651 Arbysauce
Arbysauce's picture

So this is what happens when you can't print, for all to see. Providing for the masses this case study in how gov works must be another unintended consequence.

Tue, 03/19/2013 - 21:34 | 3350673 gwar5
gwar5's picture

This is all so craven and surreal. The banks are going medieval and bypassing the taxing authorities of the sovereigns to directly raid the villages in the countrysides because their empire is in tatters. Prima Nocta, Bitchez.


The traitor Pols don't have the guts to collect taxes themselves but they ever so kindly open the gates to allow the raiders to pillage. If any of this violates local laws, like in Cyprus, I hope the people make immediate arrests and stop the madness. But seeing that rule-of-law no longer applies, why wait?

I'm positively going to dry heave the next time I hear haughty Piers Morgan snort that it's the 21st century and Americans no longer need guns.

Tue, 03/19/2013 - 22:02 | 3350760 shovelhead
shovelhead's picture


Tue, 03/19/2013 - 22:08 | 3350769 Edward Fiatski
Edward Fiatski's picture

Cyprus gambit was to plant the very seed of such outright theft being possible & OK within the Eurozone.

Eurogroup didn't expect their bullshit to pass the sniff test in Cyprus, because we're a small island, only three times the population of Iceland - no where to run if you don't respect the Will of the peeps. :)

As for Spain: They proactively applied the theft % on deposits already, so yeah, the levy/theft/tax/assrape will be there at all times... at 0%... lurking in the shadows... Until it isn't.

Tue, 03/19/2013 - 22:53 | 3350895 sadpanda
sadpanda's picture

They're fucked. Didn't even wait to see if cypruss banks reopen to a bank run thursday. I'm glad the progressive movement is comprised of full on retards. Short sale bans,capital controls and class warfare are just as ineffective. But not quite as nuculear as deposite theft. Or what ever fuckin spin name they give it. All in the name of fairness ofcourse forward march retards. I'm sure those russian mob bosses are shitin their pants.

Tue, 03/19/2013 - 23:00 | 3350914 sudzee
sudzee's picture

Money sure ain't worth shit nowdays.

Tue, 03/19/2013 - 23:35 | 3350995 Herkimer Jerkimer
Herkimer Jerkimer's picture





You know what fellers? I think it's time we really sit down with our family and friends and start discussing the question of when we should be asking when it's time to…



You heard it from me first.

This is NOFUGGINAROUND time. The ropes, they is a getting cinched in, and if we ain't paying attention, and moving deftly, we're going to get caught.

Perhaps I'm wrong. I hope so.

Somehow, a message has got to be sent to the so-called PTB, to keep their ƒµç?¡?§ hands off our money.

But like I said, I think it's time to start thinking about the above question.



Tue, 03/19/2013 - 23:56 | 3351053 q99x2
q99x2's picture

Sompin doesn't look right. They are saying that a bank is a place where you can involuntarily donate money to support banksters. WTF. I don't get it other than the banksters have decided the time has come to crash everything before they get carted off to prisons.

Wed, 03/20/2013 - 00:33 | 3351097 The Heart
The Heart's picture

Well...there goes the neighborhood.

"With protesters celebrating in the streets, the rejection of a draconian levy left a planned £8.5 billion eurozone bail-out to save the Mediterranean island in chaos." funny how everybody is speaking the same language now, eh!

Doing this for the people. Nice.

"The country's finance minister defied explicit warnings from Angela Merkel, the German chancellor, and left Cyprus for urgent talks in Russia."

Cyprus turns to Russia after parliament rejects levy on bank savings:

EU Said to Discuss Cyprus Capital Controls, Longer Bank Holiday:


Wed, 03/20/2013 - 00:42 | 3351100 honestann
honestann's picture

If this trend solidifies, this could be very positive for any human who is sane and alert.  I mean, this completely makes clear that banks are just places where bankster predators steal whatever savings you deposit with them.

The natural reaction for anyone who isn't a died in the wool sheeple?  Abandon banks, abandon fiat money, convert all savings into real, physical gold, silver, platinum (and/or other durable goods like guns and ammo).  Avoid the beasts!

One would imagine the predators would be smart enough to avoid a mechanism that exposes them as overt predators, feeding on anyone who has a few scraps of meat on their bones.  The classic way to steal is inflation, but I guess Germany is a bit paranoid about that course, given their past experiences.


Remove all your wealth from all banks and financial institutions, convert all paper including fiat, fake, fraud, fiction, fantasy, fractional-reserve debt-note toilet paper into real, physical assets under your own control.

Let the predators eat the stupid sheeple.  But protect yourself, ye who are not completely brain dead.  Who knows, maybe this would even encourage a few sheeple to engage their eyes and brains.

Wed, 03/20/2013 - 01:25 | 3351148 Anusocracy
Anusocracy's picture

Is 'died in the wool' some sort of premonition for the sheeple?

Other than that, I agree with what you say.

Wed, 03/20/2013 - 03:33 | 3351242 badcompany
badcompany's picture

This post is not accurate. The banks will pay the tax over deposits not the savers.

Wed, 03/20/2013 - 03:55 | 3351254 Hobbleknee
Hobbleknee's picture

Do you think the banks will pay for it by decreasing their bonuses or by passing the costs on to the customers?

Wed, 03/20/2013 - 03:33 | 3351243 Debugas
Debugas's picture

Cyprus now  is a "Gérard Depardieu moment" for EU in regards to Russia

Wed, 03/20/2013 - 04:56 | 3351305 melanie
melanie's picture

Eurogroup Chairman Jeroen Dijsselbloem Should Resign For Trying To Confiscate Bank Savings. Long Live the Individual Financial Liberty And Freedom of all Cypriotic and European citizens and foreigners no matter the size of the savings! 
Please like and share this facebook page if you agree!

Wed, 03/20/2013 - 06:52 | 3351402 Ghordius
Ghordius's picture

should I remind everybody that Dijsselbloem is not the Cypriot Finance Minister and that he is not the one that goes in front of the Cypriot parliament to make this proposal?

Wed, 03/20/2013 - 06:36 | 3351386 JPMorgan
JPMorgan's picture

I completely agree with Nigel Farage... get your money out of the banking system while you still can.

Sticking it under your bed may not prove to be a good idea either though.

As your likely to wake up one morning to a currency devaluation.

Venezuela stole 32% from it's people by doing exactly that.

And such methods don't discriminate... EVERYONE gets a so called haircut.

Wed, 03/20/2013 - 06:41 | 3351392 bertlahr
bertlahr's picture

Let them eat cake.


European elite are not stupid, but desperate.  Perhaps their current ploy is designed to tweak the Russians enough to provoke an aggressive response.  Not necessarily a military attack (initially) but something like a natural gas embargo.  Who will rescue the frogs and all the others next winter when the brie can't be brought to normal room temperature? 







Wed, 03/20/2013 - 06:50 | 3351401 Ghordius
Ghordius's picture

you see "european elites". I see the German, the Dutch, the Finnish etcetera parliaments having a discussion with the Cypriot parliament, specifically about an offer from the eurozoner parliaments to chip in taxpayer money (10bn) in the bail in of the Cypriot banks - with strings attached, i.e. they have to find the rest (7bn)

all the rest is propaganda and speculation

Wed, 03/20/2013 - 07:12 | 3351425 bertlahr
bertlahr's picture

parliaments?  You got them in menthol?


I see puppets, lackeys, narcissists, blowhards, sociopaths, senators, congressmen.  Sadly, we elected some of them.  Some were anointed or appointed.  Nevertheless, they're not really in charge.  They take their orders, directly or indirectly, from the elites (old world elites, new world elites--same).  Would that it were not so.

Wed, 03/20/2013 - 13:33 | 3352879 RMolineaux
RMolineaux's picture

The translation is unintelligible.

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