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UK Sends Planeload Of Cash To Its Cyprus Troops As A "Contingency Measure"

Submitted by Tyler Durden on 03/19/2013 12:54 -0400

We are presenting this Reuters story without any comment. None is necessary.

Britain said on Tuesday it had sent one million euros ($1.30 million) in cash to Cyprus aboard a military plane for its troops on the island in case cash machines and debit cards stop working.

"An RAF flight left for Cyprus this afternoon with €1M on board as a contingency measure to provide military personnel and their families with emergency loans in the event that cash machines and debit cards stop working completely," the Ministry of Defence said in a statement.

And some more from Sky:

Soldiers stationed on the island and their families would be able to borrow the money if cash machines and debit cards stop working completely, the Ministry of Defence said.

"The MoD is proactively approaching personnel to ask if they want their March, and future months' salaries paid into UK bank accounts, rather than Cypriot accounts," it said in a statement.

"We're determined to do everything we can to minimise the impact of the Cyprus banking crisis on our people."

Around 2,500 to 3,000 British military personnel are currently stationed in Cyprus.

Chancellor George Osborne has already pledged that military personnel and civil servants would be protected from the levy, telling Cabinet they would be "compensated in full" for any losses.

Cyprus' finance minister Michael Sarris, meanwhile, has reportedly offered his resignation and the ruling party is said to considering abstaining from the vote.

Some local media have reported that no party will take part.

Reporting from outside parliament, Sky's Ashish Joshi said: "The situation here is deteriorating quite rapidly.

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Tue, 03/19/2013 - 13:13 | 3348032 hungarianboy

1M fit's in one bag. You guys make such a fuzz about it :D

Same as when there where 10 protesters in front of a bank. please....

Tue, 03/19/2013 - 13:13 | 3348037 Byte Me

Only catch is...

The loans to the Mil staff have a 6.75% entry charge...

Tue, 03/19/2013 - 13:14 | 3348043 Grimbert

If I was a soldier out there I might have preferred to get the cash in sterling.

Tue, 03/19/2013 - 13:16 | 3348045 Tao 4 the Show

ZH - covered this story yet?

http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-st...

New Zealand next?

Tue, 03/19/2013 - 13:17 | 3348077 Mr. Hudson

Two years ago, New Zealand was the place to escape to.

Tue, 03/19/2013 - 13:40 | 3348197 slackrabbit

I escaped NZ 7 years ago, cos they really love this socialist crap.

Wed, 03/20/2013 - 07:35 | 3351485 Punch Bag

Wow, the economic policy of a Green Party. It's not pretty.

Tue, 03/19/2013 - 13:16 | 3348048 news printer

In a special Commons statement Treasury Minister Greg Clark confirmed earlier announcements that more than 3,000 British service personnel based in Cyprus would be compensated by the Government if the levy goes ahead to ensure they would not suffer "unreasonable losses".

The Treasury says it will 'compensate' the military, as well as around 250 civil servants should their savings be subject to the levy. For the other 59,000 British residents in Cyprus there is no such guarantee on their cash.

http://www.bfbs.com/news/cyprus/military-protected-savings-tax-63066.html

Tue, 03/19/2013 - 13:15 | 3348060 stant

whats next space shuttle ben?

Tue, 03/19/2013 - 13:17 | 3348069 howenlink

What's wrong, they couldn't get it through TSA?

Tue, 03/19/2013 - 13:17 | 3348078 firstdivision

No the locals know where to find some quick cash. Better change those accents.

Tue, 03/19/2013 - 13:21 | 3348082 GraveyardSpiral

"Charts are pointing to a garden-variety pullback" - Marketwatch 19-Mar-13

I guess they are referring to my garden of barbarous relics!!!! Maybe I will dig this afternoon and "pullback" some.

Tue, 03/19/2013 - 13:18 | 3348085 b_thunder

Idiots! the country that gave us Keynes doesn't know that you gotta throw cash out of HELICOPTERS, not cargo planes!

Tue, 03/19/2013 - 13:18 | 3348088 NEOSERF

It wasn't immediately clear what the troops would do with the money as businesses in Cyprus shuttered until Bitcoin could be instituted.

Tue, 03/19/2013 - 13:19 | 3348091 JLee2027

Banks close, ATM cards stop working. Government prints and distributes trillions in cash overnight. Instant hyperinflation.

Tue, 03/19/2013 - 13:19 | 3348095 tempo

Planeload of cash and robots. Automoation eliminates millions of jobs worldwide each year. Central Banks have promised/tried to mitigate the impact of a eventual lowering standard of living for most. It can't and will not work long term. We are just beginning to see that most debt is worthless and can't be repaid. Robots just keep eliminating jobs. It only accelerating.

Tue, 03/19/2013 - 13:20 | 3348096 Crazed Weevil

If there is one thing a leader of a country should make sure to do, it's pay your army on time...otherwise you won't be leader of that country for long.

Tue, 03/19/2013 - 13:21 | 3348099 web bot

And just how long will this go on for...

Tue, 03/19/2013 - 13:23 | 3348120 toys for tits

Isn't that enough to lend each soldier about 4,000 euros. How long do they expect this shit to go on?

Tue, 03/19/2013 - 13:24 | 3348131 yogibear

Soon the Fiat will be more valuable to burn than it will be to buy anything.

Tue, 03/19/2013 - 13:24 | 3348135 icanhasbailout

> An RAF flight left for Cyprus this afternoon with €1M on board

How much was on board when it landed?

Tue, 03/19/2013 - 13:28 | 3348164 SmallerGovNow2

http://www.infowars.com/ceo-cyprus-bank-account-looting-could-blow-up-europe/

Today that the decision to loot the bank accounts of Cypriot savers could blow up Europe and lead to civil unrest across the continent.

Tue, 03/19/2013 - 13:33 | 3348206 tony bonn

contingency measure my fat ass....it's a full blown emergency and the bobbleheaded cue card readers don't know half the story....the cyprus situation is far worse than reported and i guarantee you that those abstentions in parliament were the result of not so friendly persuasion from russia...

in the end, everyone is fucked.....plow the banks under and start afresh....it's time that the irresponsible criminal management be electrocuted and responsible owners found.....

it is time for bankster meat to be thrown in the mediterranean

Tue, 03/19/2013 - 13:35 | 3348221 Smuckers

If I was a Cypriot, that sure as fuck would look like a bank to me that was open for business.

Tue, 03/19/2013 - 13:45 | 3348286 Element

At least they used a C-17A Global Master with a huge ... payload.

Tue, 03/19/2013 - 13:50 | 3348317 Sandmann

Could pay them in Krugerrands with an aircraft that size. No doubt the flight cost more than 1 million Euros

Tue, 03/19/2013 - 13:46 | 3348294 rosiescenario

Its a re-play of the Berlin airlift as re-made under the banker controlled world.

Tue, 03/19/2013 - 13:51 | 3348320 supermaxedout

Thats good news. Now the situation is under control. Cameron is sending a million pounds in cash. That is so funny. And only because Europeas "Hausfrau" (mayor domina) Mutti Merkel is trying to bring some "ordnung" into Eurolands banking sector.

The Germans, neither the rest of Euroland wants to pay for Cyprus adventural banking policy and business strategy. But out of an act of solidarity with Cyprus Euroland is coughing up appx 60% of what is officially needed - however rumors exists that much much more money is needed. That would be only logical since this was the strategy of Greece and why should it be different this time.

Euroland made an offer to pay in roughly 60% of the capital needed to stay the banks afloat. The rest has to be paid in by the Cyprus government somehow. Otherwise the banks are bust.

The Cyprus government has no money at all. Ergo the shareholders of the bank have to provide the missing capital but they won't or can't. So who is left. The depositors. They are asked to take a hit because otherwise the 60% inflow from Euroland does not materialize. To say the depositors have the offer to get a 60% quote of their deposits or nothing. How the losses are distributed among clients holding big money (> 100,000 Euros) or small money ( < 100,000 Euros that is an internal decision to be made by the Cyprus government. It has nothing to do with Frau Merkel or the Euroland.

The rights to extract the gas fields in front of Cyprus are most probably already sold to UK and US companies. Who else! Ok, this might produce some cash in the future. But the question remains what currency has to be paid for for this licences (production fees). Dollars would be ok, Bernanke needs only a few strokes on his keyboard to create the needed currency. But Euros, hu that would be a problem, how can this be, that would be the begining of the end of the Dollar imperium. The Dollars is as good as gold, now and in the future, do you understand! No way you stupid Cypridiots we gone force these Us Dollars down your throat if necessary. Oil and Gas is for Dollars only or otherwise the US/Uk allied forces are going to invade Cyprus. Uups, we have already military bases in Cyprus. The better, makes things much easier. Cameron is already sending now the cash whatever is needed to pay for the auxiliary troops and mercenaries to start Cyprus fight for freedom. There exists already a group called the "Friends of Cyprus" isn't it? They are forming already an exile government in London is going to be the news of next week. You'll see.

Tue, 03/19/2013 - 13:58 | 3348369 Brokenarrow

WWIII on its way. This is how wars get started.

Tue, 03/19/2013 - 14:06 | 3348415 Tinky

Hot off the press, so to speak.

Tue, 03/19/2013 - 14:10 | 3348445 Ban KKiller

"Preppers" are sitting tight. Not being laughed at much these days? Is the money going straight to the Russians or to the troops first? Then the Russians? Where is "money" going to be spent? Black market holidays for the British soldiers! They will be KINGS in a country of ATM'ers.

Tue, 03/19/2013 - 14:27 | 3348581 SokPOTUS