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The Bad News: ATM Limits Imposed; The Good News: They Still Have Cash

Tyler Durden's picture





 

Just as we predicted, it seems Cyprus is rapidly escalating down the path we feared. The latest step:

Cyprus Popular Bank announces restrictions on ATM withdrawal to EUR 260 per customer per day

Bt on the bright side, for the next few hours, they still have liquidity... We just hope the steps we outlined get stalled before this really escalates.

  • *CYPRUS POP SETS DAILY LIMIT OF EU260 ON WITHDRAWALS:KATHIMERINI

 

 


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Thu, 03/21/2013 - 13:41 | Link to Comment Martial
Martial's picture

Here is my proposed solution:

http://postimg.org/image/uicfc3s85/

Thu, 03/21/2013 - 13:42 | Link to Comment Cult_of_Reason
Cult_of_Reason's picture

How many US companies, in addition to AAPL and GOOG, use Cyprus and Cayman Islands laundromats to inflate earnings?

Thu, 03/21/2013 - 13:45 | Link to Comment Ahmeexnal
Ahmeexnal's picture

Time for "aaaaaaaaaaaaaaaaannnnnnnnnnnnnd it's gone!"

http://www.southparkstudios.com/clips/222624/the-importance-of-saving-money

Thu, 03/21/2013 - 13:45 | Link to Comment redpill
redpill's picture

Funny how they never run out of money to pay the riot cops.

Thu, 03/21/2013 - 13:47 | Link to Comment Ethics Gradient
Ethics Gradient's picture

Euros stamped with a 'g' for Cyprus. It looks like they'll be worthless soon.

Thu, 03/21/2013 - 13:54 | Link to Comment Fish Gone Bad
Fish Gone Bad's picture

Right now there are Cypriots wondering if concrete can burn.

Thu, 03/21/2013 - 14:00 | Link to Comment Kitler
Kitler's picture

This is just like stepping on a pressure sensitive mine and then changing your mind in a bank full of depositors with the doors locked.

Not only do you have to find something else (@7$B) to compensate for the weight when you try to take your foot of it but before you unlock the doors you have to convince the depositors not to flee.

Good luck Cyprus.

Thu, 03/21/2013 - 14:01 | Link to Comment Big Slick
Big Slick's picture

LESSON: NO ONE SHOULD BE TAKING TIME TO POST COMMENTS ON ZH WHO DOES NOT HAVE 3 MONTHS OPERATING CASH IN HAND!

Thu, 03/21/2013 - 14:07 | Link to Comment redpill
redpill's picture

Fuck cash.  I'm one very deep scuba dive away from my stack that will last plenty of time :)

 

And just wait until the Cypriots really start thinking about this.  Why go to work when you can't cash your paycheck?  The size of the crowd will explode.

Thu, 03/21/2013 - 14:09 | Link to Comment HoofHearted
HoofHearted's picture

They are doing this shit at Wal-Mart too, limiting us to three boxes of ammo per day. And then they don't have anything reasonable in stock. Damn, we must be close to rioting here too. And we've got guns!!! (And a few of us stockpiled the ammo before it all went bad here in the States.) Yes, I'll share with those on the right side of things...

Thu, 03/21/2013 - 14:26 | Link to Comment Kitler
Kitler's picture

You Sir are one sick puppy.

And please don't smoke around your 'stockpile'.

Thnx ~ The Neighbors

Thu, 03/21/2013 - 15:00 | Link to Comment gdogus erectus
gdogus erectus's picture

Your avatar speaks nicely for you. Thank you for making your point.

Thu, 03/21/2013 - 14:11 | Link to Comment toys for tits
toys for tits's picture

Last Friday the Troika laid an egg, which soon hatched into a black cygnet.  It is rapidly growing into a fully grown swan and will soon grow so large that it'll threaten its mother.

Thu, 03/21/2013 - 14:40 | Link to Comment CheapBastard
CheapBastard's picture

That's 6 months of cash on hand: 'seasonally adjusted' and considering inflation.

Thu, 03/21/2013 - 14:03 | Link to Comment redpill
redpill's picture

I think it's too late.  People are going to take every penny out and never look back.

Thu, 03/21/2013 - 14:10 | Link to Comment NoDebt
NoDebt's picture

Stop it.  I'm getting all misty.

Thu, 03/21/2013 - 14:17 | Link to Comment Kitler
Kitler's picture

I think it's too late late as well. These banks are dead.

The question is that now that terminal damage to trust has been inflicted regardless of the outcome, will there be redoubled ECB pressure placed on the government to reconsider implementing the heist and thus 'solve' the problem?

In any event there isn't a chance in hell that these entities are going to open next week unless they are merged with Deutsche Bank.

Thu, 03/21/2013 - 14:48 | Link to Comment walküre
walküre's picture

why merge the bad bank with the baddest bank?

Thu, 03/21/2013 - 14:01 | Link to Comment redpill
redpill's picture

Giving your money to a bank is like lending money to a deadbeat relative.  You have to know going in you may never see it again.

Thu, 03/21/2013 - 18:08 | Link to Comment zerozulu
zerozulu's picture

If you give your money to me, trust me you have batter chances of getting it back than TPTB.

Thu, 03/21/2013 - 14:10 | Link to Comment akak
akak's picture

 

Euros stamped with a 'g' for Cyprus. It looks like they'll be worthless soon.

I thought all euros were the same?  Wasn't this supposed to be a supra-national currency?  Now you tell us that there are in fact national euros?  But, but, but, that's cheating!

 

PS: I am guessing that the "G" stands for "Gotcha!".

Thu, 03/21/2013 - 13:53 | Link to Comment Chuck Norris
Chuck Norris's picture

Why don't they just print a handful of Euro 1Billion notes and deposit it in the banks?  Then everyone can have all their money.  Duhhhhhh!

Thu, 03/21/2013 - 13:55 | Link to Comment aint no fortuna...
aint no fortunate son's picture

Larry Motherfucking FINK is long re-hypothecated collateral

Thu, 03/21/2013 - 14:07 | Link to Comment Downtoolong
Downtoolong's picture

Wasn't that Larry on the street corner in that clip bidding Cypriots $0.05 on the Euro for their deposits. Meanwhile he's shorting Cyprus bonds.

Thu, 03/21/2013 - 14:11 | Link to Comment HoofHearted
HoofHearted's picture

That was Mr. Potter, but George Bailey is going to make it all ok. If only everyone had a wonderful life.

Thu, 03/21/2013 - 14:07 | Link to Comment Ident 7777 economy
Ident 7777 economy's picture

 

 

 

redpill:

" Funny how they never run out of money to pay the riot cops. "

Maybe they are actually prison gaurds? You know, real screws?

 

Thu, 03/21/2013 - 14:13 | Link to Comment resurger
resurger's picture

"You take a two hundred dollar case of booze and you sell it for a hundred. It doesn't matter. It's all profit. And then finally, when there's nothing left, when you can't borrow another buck from the bank or buy another case of booze, you bust the joint out. You light a match."

GoodFellas (1990)

Thu, 03/21/2013 - 15:08 | Link to Comment ziggy59
ziggy59's picture

They are security..

Thu, 03/21/2013 - 13:46 | Link to Comment Divided States ...
Divided States of America's picture

They only did this to disperse the rioters as quickly as possible....now everyone is running to their nearest bank...

Thu, 03/21/2013 - 13:46 | Link to Comment Joe Davola
Joe Davola's picture

What are businesses doing with their daily receipts?  Long safes.

Thu, 03/21/2013 - 13:47 | Link to Comment Agent P
Agent P's picture

Funny pic...of course cutomers are being limited to one 2 piece meal with sides and a biscuit per day from the ATM.

Thu, 03/21/2013 - 13:47 | Link to Comment McMolotov
McMolotov's picture

My solution would be to paraphrase Shakespeare's Henry VI:

"The first thing we do, let's kill all the bankers."

Thu, 03/21/2013 - 14:12 | Link to Comment crowd
crowd's picture

It's been tried and proven ineffective. There is always another one in line.

Thu, 03/21/2013 - 14:32 | Link to Comment McMolotov
McMolotov's picture

If at first you don't succeed...

"Nothing is over until we decide it is! Was it over when the Germans bombed Pearl Harbor?" —John "Bluto" Blutarsky

Thu, 03/21/2013 - 16:56 | Link to Comment Go Tribe
Go Tribe's picture

It's like whackamole, those fuckers just keep popping up. What kind of mother raises a banker?

Thu, 03/21/2013 - 17:07 | Link to Comment akak
akak's picture

"Mother"?

Don't you know that banksters are created by spontaneous generation out of the corpses of rats that die in toxic waste dumps?

Fri, 03/22/2013 - 00:12 | Link to Comment mkhs
mkhs's picture

I thought the reptiles were hatched.

Thu, 03/21/2013 - 14:36 | Link to Comment CheapBastard
CheapBastard's picture

They should forget those ATMs and order themselves something that will last...from APMEX (or one of the others).....

 

 

  • "Gold Is The Ultimate Money" says Ron Paul Posted by: GoldCore Post date: 03/21/2013 - 12:17 The mooted savings levy in Cyprus is a form of wealth confiscation on behalf of the EU which is making depositors throughout the Union nervous. There has been no dramatic increase in the demand for...
Thu, 03/21/2013 - 16:37 | Link to Comment Buck Johnson
Buck Johnson's picture

This is falling apart by the hour, they are done.

Thu, 03/21/2013 - 13:41 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

clearly it is all OIL related.. what a joke. just an excuse for HFT to go ape shit http://hedge.ly/13fqNg5

Thu, 03/21/2013 - 13:43 | Link to Comment ShortTheUS
ShortTheUS's picture

I'm guessing Popular Bank is not very popular today among Cypriots...

Thu, 03/21/2013 - 13:50 | Link to Comment ShortTheUS
ShortTheUS's picture

Deleted

Thu, 03/21/2013 - 13:44 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

Hopefully the Greeks will take note. 

Thu, 03/21/2013 - 13:51 | Link to Comment They Tried to S...
They Tried to Steal My Gold's picture

bur not Euro Notes

Thu, 03/21/2013 - 13:45 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

"Jimmy, i want my fucking money...."

GoodFellows

Thu, 03/21/2013 - 13:55 | Link to Comment McMolotov
McMolotov's picture

"Where's the fucking money, Lebowski?"

Thu, 03/21/2013 - 14:15 | Link to Comment toys for tits
toys for tits's picture

I like your style, dude.

Really McM, I usually lol at your posts, thanks.

Thu, 03/21/2013 - 14:39 | Link to Comment dobermangang
Thu, 03/21/2013 - 14:01 | Link to Comment CaptainSpaulding
CaptainSpaulding's picture

"Fuck him in the ear. Fuck him in the other ear"

-Maury

Thu, 03/21/2013 - 14:38 | Link to Comment ziggy59
ziggy59's picture

JG..Show me the money..

http://youtu.be/OaiSHcHM0PA

Thu, 03/21/2013 - 15:39 | Link to Comment francis_sawyer
francis_sawyer's picture

Pay that man his money

~~~

http://www.youtube.com/watch?v=RwEIjbfOHD0

Thu, 03/21/2013 - 13:45 | Link to Comment diana_in_spain
diana_in_spain's picture

I thought atm limits were already at 300 euros a day.  they always have been in spain.

Thu, 03/21/2013 - 13:46 | Link to Comment diana_in_spain
diana_in_spain's picture

In the US it's $600.00 , isn't it?

Thu, 03/21/2013 - 13:50 | Link to Comment ziggy59
ziggy59's picture

Depends on bank...some local banks here limit at 500.00$

Thu, 03/21/2013 - 14:03 | Link to Comment Ex-Pat
Ex-Pat's picture

Here in Chiang Mai, we only get 100,000 Baht per day, about $3333.

Thu, 03/21/2013 - 14:09 | Link to Comment Taffy Lewis
Taffy Lewis's picture

Chiang Mai... Is that you, Marc Faber?

 

Thu, 03/21/2013 - 14:13 | Link to Comment HoofHearted
HoofHearted's picture

If you know the right people, you can get the limit raised. All I had to do was ask...

Thu, 03/21/2013 - 15:09 | Link to Comment pursueliberty
pursueliberty's picture

Not so sure that works with the big banks.  Out of the three banks I use only one had a issue with me wanting to raise it, and they eventually caved after a higher up agreed.  All are what a I consider local banks.

Thu, 03/21/2013 - 14:59 | Link to Comment Intoxicologist
Intoxicologist's picture

It does indeed depend on the bank.  I use one bank that has a $200 limit, and another I can yank money out of all day long.  I think the most I've tried is $1000 in a single day; plus they reimburse the ATM fees I incurr.

Thu, 03/21/2013 - 13:46 | Link to Comment astoriajoe
astoriajoe's picture

I wonder how many people are scanning euros and printing them on their home computers. There's gotta be at least a few, and I bet stores would take them.

Thu, 03/21/2013 - 13:47 | Link to Comment Navymugsy
Navymugsy's picture

Glad I went today when the limit was 400 euros. What next? 100 euros per day? Oy vey!

Thu, 03/21/2013 - 13:51 | Link to Comment OptionNinjaNYC
OptionNinjaNYC's picture

 

The lack of money is the root of all evil.

--- Mark Twain

 

http://wallstreetfool.com/2013/03/21/is-this-the-top-for-goog-or-can-it-...


 

Thu, 03/21/2013 - 13:49 | Link to Comment Two dogs
Two dogs's picture

260 seems a strange / precise amount.  Unless it's simply amount of cash divided by number of customers.

Oh dear!

Thu, 03/21/2013 - 13:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

All ATM's in the USA (Europe as well) have daily limits set by your bank. Go ahead, saddle up to your bank ATM and try to take $1,000 in cash out.

<Ain't gonna happen.>

Your debit card (when used either as a signature or PIN transaction) also has preset limits regardless of the fact that the money used for the transaction is "yours" and not "credit".

Thu, 03/21/2013 - 14:01 | Link to Comment chubbar
chubbar's picture

At my Credit Union the cards have a default limit but can be raised or lowered by the account holder. I have a higher limit than 1K and if I need more I just call and they raise it for the day or permanently. It is mainly there for card theft issues.

Thu, 03/21/2013 - 14:20 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Agreed. You can raise the signature or PIN transaction daily limit, but when you do so you agree to absorb the difference if there is any loss greater than the former preset loss limit, even when fraud is involved.

However you cannot raise the ATM cash withdrawal limit and that limit is not $1k. Some places limit it to $400, others $500. I have seen a few banks allow a hundred or so higher, but only when you use their own branch ATMs.

Thu, 03/21/2013 - 14:38 | Link to Comment chubbar
chubbar's picture

Well, My CU has never asked  me to absorb any fraud charges on a raised limit. I will admit that I haven't tried to raise them on an ATM. I'm wondering whether that is per machine or per day though? My bank may allow me to withdraw 2k but $400/atm, if you get what I'm saying. Doesn't matter, what is happening over in Cyprus is as you allude to, capital controls.

Thu, 03/21/2013 - 15:01 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"Well, My CU has never asked me to absorb any fraud charges on a raised limit."

I suspect it was in the fine print during account opening, but who knows. I would ask. Credit Unions are a special breed and vary somewhat from place to place. I know commercial banks follow these rules as do most CUs.

"I'm wondering whether that is per machine or per day though?"

Per day is the industry standard. All EFT networks work per the same set of rules.

"Doesn't matter, what is happening over in Cyprus is as you allude to, capital controls."

We all live under capital controls. We just don't recognize them as such, but rather just banking rules. I have noticed that lately a so called "cashier's check" no longer is widely accepted as "good as cash". In my book the first real sign of trouble below the surface is when formerly trusted methods and processes are no longer trusted.

Thu, 03/21/2013 - 14:48 | Link to Comment ziggy59
ziggy59's picture

CD, its all for our protection.. Since the evil terrorists who infiltrated buttfuck Amerika, population 22, are laundering and counterfeiting billions..
Into the economy...the banksters feel compelled to limit, for your good and safety, the amount of cash you are permitted to withdraw. :)

Thu, 03/21/2013 - 14:59 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

I welcome my alien overlords and their bankster puppets as well.

<Excuse me, but where exactly do you intend to probe?>

Thu, 03/21/2013 - 14:17 | Link to Comment toys for tits
toys for tits's picture

That was also the aprox amount that each British soldier would be able to borrow from the million that was flown in.

Thu, 03/21/2013 - 13:51 | Link to Comment JOYFUL
JOYFUL's picture

Russia May Review Share of Euro in Reserves, Medvedev Says

...“We have 41 percent or 42 percent of our reserves in euros,” Medvedev said. “It’s big money, and we, like any country, value predictability.”

Check....mate!

Thu, 03/21/2013 - 13:53 | Link to Comment ziggy59
ziggy59's picture

Wonder if they will ask for more shiney stuff be shipped East when they convert..

Thu, 03/21/2013 - 13:57 | Link to Comment McMolotov
McMolotov's picture

Shirley they'll opt for King Dollar instead.

Thu, 03/21/2013 - 14:07 | Link to Comment Blano
Blano's picture

Quit calling him Shirley.

Thu, 03/21/2013 - 14:08 | Link to Comment Bam_Man
Bam_Man's picture

And they'll be told "OK, but you'll have to get in line behind the Germans and wait seven years."

Thu, 03/21/2013 - 13:51 | Link to Comment WTF_247
WTF_247's picture

US markets still trying to hold despite any neg news.  There is some selling but you can see the algo's continue to try the same games - tick through the low and turn the other way higher.  I have to believe this type of garbage is almost over but who knows.

Thu, 03/21/2013 - 13:54 | Link to Comment Zymurguy
Zymurguy's picture

I love how MarketWatch has all but back burnered the issue.  It's a minor headline.

Thu, 03/21/2013 - 14:01 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Their corporate (bankster) masters told them it was a minor event. Comply or be squashed.

<It's not nice to fool (with) mother bankster.>

Thu, 03/21/2013 - 13:51 | Link to Comment Cursive
Cursive's picture

THIS is deflation.

Thu, 03/21/2013 - 14:04 | Link to Comment Bay of Pigs
Bay of Pigs's picture

Banks stealing depositors money is deflation

Thu, 03/21/2013 - 14:08 | Link to Comment Blano
Blano's picture

Sure, everybody's account deflates, i.e. goes down.  Duh!!  j/k

Thu, 03/21/2013 - 14:08 | Link to Comment Joe Davola
Joe Davola's picture

Why not, it's no longer called inflation when the prices people pay for actual stuff they need to live go up.

Thu, 03/21/2013 - 14:10 | Link to Comment Bam_Man
Bam_Man's picture

When the "make-believe-fractional-reserve-lending-created money" goes POOF! - yes, that's deflation.

Thu, 03/21/2013 - 14:12 | Link to Comment Cursive
Cursive's picture

@Bay of Pigs

 

It was stolen long ago via fractional reserve lending/depositary multiplier.  Today is the discovery that there's not as much cash as everyone thought.  Less cash means less monetary supply, means deflation.  BernanQE has been masking the effects of deflation, in fact, he's succeeded in inflating asset prices, but he will eventually fail and the bust will be legendary.  Hopefully, so will his noose.

Thu, 03/21/2013 - 13:52 | Link to Comment ziggy59
ziggy59's picture

Bet they wish they got grandma, papa, jr., and their goat an ATM card.

Thu, 03/21/2013 - 13:53 | Link to Comment Zymurguy
Zymurguy's picture

Banks further restricting atm use... one of the end game symptoms.  Time for the Cypriots to accept the fact that their govt. and banking system have failed them and have flat out failed.  Time for a new paradigm.  Time to aprehend and jail the politicians and bankers and install new representatives of the people.  Declare war on any outside intervention.

Thu, 03/21/2013 - 14:18 | Link to Comment j0nx
j0nx's picture

Don't forget the MSM lackeys. The MSM and anyone associated with it are the true villains in this world since they continually carry the water for these thieves and keep the truth under wraps and the propaganda flowing to the sheep. They are the MOST egregious offenders of all this shit. They are like those turncoat French who sided with the Nazis in WW2 as their fellow countrymen were being slaughtered. Thieves and criminals will be thieves and criminals and I understand and even respect that but they wouldn't be able to make it as long and easily as they have without the MSM looking the other way and not reporting on what's REALLY going on. I promise you that will be remembered if/when TSHTF.

Thu, 03/21/2013 - 14:35 | Link to Comment dick cheneys ghost
dick cheneys ghost's picture

Amen to that

Thu, 03/21/2013 - 14:44 | Link to Comment Alpha Monkey
Alpha Monkey's picture

Time for the Cypriots to accept the fact that their govt, the banking system, has failed them and flat out failed.

Fixed it for you.

Thu, 03/21/2013 - 14:04 | Link to Comment francis_sawyer
francis_sawyer's picture

I hate to be the bad guy here & return to reality... But ~ after all...

~~~

Bank DEPOSITS are an 'unsecured loan'... When the SHEEP of the world wake up & recognize this ~ we will see FEWER accounts of these types of stories [which have occupied 80% of all the threads this past week]...

Sorry ~ You TRUSTED the jews to hold your money for you... In the end... It's YOUR FAULT [& I seriously mean that when I say it]... You might as well trust an alligator to NOT snap your arm off when you reach into its jaws... It's what alligators do... It's what alligators have done in the millions of years of their species...

Alligators are truly magnificent in their ways... [so for all you potential future 'boots' or 'handbag' junkers out there ~ understand that francis_sawyer doesn't HATE on alligators any more than I hate on jews ~ only difference is that there is no 'AlligatorADL' that I know of]...

It's rather easy to avoid alligators... STAY OUT OF THE SWAMP...

Thu, 03/21/2013 - 14:25 | Link to Comment Enceladus
Enceladus's picture

~fs I usually ignore your anti-joo stuff. But I agree with you about alligators.

On a side note I was speaking to a guy about buying gold and silver. He was born in Hungary in 1937. I was extoling its virtures, but I shutup and asked him what is was like back in the day. He said 'oh there were people with gold, but they were Jews. See you have to understand one side of Austria was controlled by USSR and the other by the US and British. So they would come from all over with gold and use it to get over the boarder and move West.' I said 'well what if you need to make it to the boarder in Canada or Mexico?' he laughed and said ' I've seen a lot of stuff and nothing would suprise me. But who will I sell my gold to?' And in the back of my mind I thought of you and said 'well find a Jew'

Thu, 03/21/2013 - 14:34 | Link to Comment walküre
walküre's picture

You should have asked him why the Jews had gold instead of paper.

They don't trust it. Plain and simple. They get everyone else into the game and hooked on paper but they hoard gold because they know that the paper is essentially worthless.

Their tribe built a golden calf in the desert. If the legend about Egypt and exodus is true, where did they get the gold from? How did they manage to leave and carry enough gold to build an idol? I think you can trust a Jewish doctor, sometimes. But you can't trust a Jewish banker or Jewish lawyer. Maybe a certified Jewish comedian is the best for our sakes.

Thu, 03/21/2013 - 15:42 | Link to Comment francis_sawyer
francis_sawyer's picture

@Enceladus

~~~

If people could manage to cut through all the propaganda & rhetoric, they'd realize there is a lot of TRUTH to what I say...

I'm not HATIN' here [though people have been trained to view it that way]... Instinctively ~ humans learn how to adapt to the environment at large...

If you walk into a naked forest, there are all kinds of things from, ants, to poison ivy, to bad mushrooms, to whatever, that could WRECK your voyage... It's not that ants, or poison ivy, or mushrooms are inherently BAD... But you have to be informed if you want to survive...

~~~

& on this...

And in the back of my mind I thought of you and said 'well find a Jew'

Alas ~ we've found the definition of the 'EFFICIENT MARKETS THEORY'...

Fri, 03/22/2013 - 12:26 | Link to Comment Enceladus
Enceladus's picture

@francis_sawyer

I could not agree with more. I am consistently accused of being negative. It is in reality just honesty. Keeping your eyes open and assessing the situation.

 

I have no love for the Jew in general, although I secretly want to be one. The reason I tend to ignore the anti heeb (and most other type) rhetoric is not because I'm turning a blind eye or it is offensive to me; to continue with your forest full of danger analogy. The rhetoric causes me to become angry and in sensed, because I believe it’s mostly true. Like most racist comment they have an element of truth to them. But when I'm angry and in a forest full of danger I make mistakes and get punished for it. Also, if I'm pissed off at the ant and worried I'll eat the wrong 'shroom I might miss that mountain lion coming to eat me.    

So in summation: I think you might say "Don't trust a Jew" Whereas I might say, Trust no one, not even a Jew.

 

Thu, 03/21/2013 - 13:56 | Link to Comment Yen Cross
Yen Cross's picture

    There must be huge flows moving to Europe right now. The yen, euro, sterling, actually have a bid under them with the markets deteriorating. I watched gbp/usd move in a 10 pip range when the Dow dropped from -30 to -95 points just a little while ago. The aud/usd is at it's highs of the day, and it's correlated to the spx which is down .70%. This is batshit crazy!

Thu, 03/21/2013 - 14:08 | Link to Comment IridiumRebel
IridiumRebel's picture

Keep the updates coming Yen.

Thu, 03/21/2013 - 13:56 | Link to Comment Sancho Ponzi
Sancho Ponzi's picture

The ECB allowed Ireland's banks to create money out of thin air (single-sided journal entry) and yet they are hanging Cyprus out to dry. ECB says: Northern Europeans good, Southern, not so much.

Thu, 03/21/2013 - 14:01 | Link to Comment Bobportlandor
Bobportlandor's picture

Have you ever heard of the Irish Republican Army (IRA)?

Thu, 03/21/2013 - 13:56 | Link to Comment walküre
walküre's picture

260 EUR? An ATM holds typically about 30k.

That's 115 customers before the machine runs dry unless there's BRINKS piling into the machines behind the walls.

Thu, 03/21/2013 - 14:04 | Link to Comment Two dogs
Two dogs's picture

This might be a one-time offer - so you need to be in the first 115 or it's "no cash for you."

Thu, 03/21/2013 - 14:14 | Link to Comment j0nx
j0nx's picture

Sounds like ammo. They have 115 boxes for sale on a site and it sells out before you finish typing in your shipping address and clicking purchase. Gotta be crafty to get things these days.

Thu, 03/21/2013 - 14:23 | Link to Comment Two dogs
Two dogs's picture

Visions here of people shoveling cash - like stokers in an old steam warship after the captain has called for ramming-speed.

Thu, 03/21/2013 - 13:57 | Link to Comment q99x2
q99x2's picture

This has been a good day. Takes less than a few hours for the banksters to say uncle once the goon squad goes against them. That is good to know.

Like I said any country that wants to stop a war in their country all they have to do is go after world banksters and the war will stop. Game over.

Thu, 03/21/2013 - 14:00 | Link to Comment ebworthen
ebworthen's picture

Still not enough ostriche's with their heads out of the sand.

Thu, 03/21/2013 - 14:02 | Link to Comment ziggy59
ziggy59's picture

Man Wants To Be The First To Sell A House For Bitcoins Because Real Money Is So 2008
http://consumerist.com/2013/03/21/man-wants-to-be-the-first-to-sell-a-ho...

Good luck..
Id rather sell for 13000 Silver eagles or maples, or 233 AGEs or maples

Thu, 03/21/2013 - 14:04 | Link to Comment IridiumRebel
IridiumRebel's picture

LaGarde to Merkel 10 days ago, "How can we make this turn into a total shit show? I GOT IT! We will ask depositors to pay for OUR misdeeds."  BRILLIANT

Thu, 03/21/2013 - 14:06 | Link to Comment Peter Pan
Peter Pan's picture

My understanding is that Cyprus' great weather and tax haven status attracted a lot of foreigners and their money. The Cypriots started to feel rich as their house prices went up and up andthey started to lead the good life while getting poor foreigners to do all the dirty work including prositution.

Their banks then started offering high rates of interest because the Cypriot banks found they could get an even higher return from Greek govt bonds.

Greek government bonds go bad, economy goes south and banks are up shit creek without a paddle.

Do not bemoan the implosion of an economy. Just celebrate the return of reality.

Living within your prouctive rather than your speculative means is the only way forward for all of us.

Thu, 03/21/2013 - 15:01 | Link to Comment Non Passaran
Non Passaran's picture

That's fine, but as far as the deposits are concerned, the depositors have been paying the government to insure the damn thing. That was a contract and the government violated it (already, by blocking access to bank accounts).

 

Thu, 03/21/2013 - 15:43 | Link to Comment bilejones
bilejones's picture

There is no such thing as a contract with a government.

They only ever adhere to it if it's convenient.

Thu, 03/21/2013 - 14:05 | Link to Comment morning_glory
morning_glory's picture

How much for hookers and blow in Nicosia these days?

Thu, 03/21/2013 - 14:07 | Link to Comment IridiumRebel
IridiumRebel's picture

50 Snickers bars or three handles of Ouzo.

Thu, 03/21/2013 - 14:08 | Link to Comment Peter Pan
Peter Pan's picture

I think they prostitutes areintroducing a currency of their own called BitchCoin.

Thu, 03/21/2013 - 14:05 | Link to Comment IridiumRebel
IridiumRebel's picture

Bank of Posturepedic is looking real good right now......

Thu, 03/21/2013 - 14:26 | Link to Comment icanhasbailout
icanhasbailout's picture

The Bank of Sealy has a firmer foundation.

Thu, 03/21/2013 - 14:43 | Link to Comment ziggy59
ziggy59's picture

Bank of 45Magnum is protected best..

Thu, 03/21/2013 - 14:08 | Link to Comment Caracalla
Caracalla's picture

Anyone BTFDing today?

Thu, 03/21/2013 - 14:35 | Link to Comment crowd
crowd's picture

We have money for a few more hours likely means it's all gone.

Thu, 03/21/2013 - 14:35 | Link to Comment RacerX
RacerX's picture

So does the the adjective "Corzined" apply here as well? Or is this in the process of being Corzined? ie: "to be Corzined".

Thu, 03/21/2013 - 14:37 | Link to Comment skistroni
skistroni's picture

Guess what...

The AKEL party leader (the closest thing to a communist party that Cyprus has, see www.akel.org.cy) just proposed a referendum to decide whether the people want a solution WITH the Troika or WITHOUT. And with polls showing a 70-90% WITHOUT, this is an open invitation to the new overlords from the East. 

And I thought that communism died with the USSR.

Thu, 03/21/2013 - 14:56 | Link to Comment walküre
walküre's picture

... vom Regen in die Traufe

do people really understand what they're voting for or against?

 

Thu, 03/21/2013 - 14:56 | Link to Comment Non Passaran
Non Passaran's picture

Unless they vote online, I don't see how they can do that by next Monday when the ECB pulls the plug...

 

Thu, 03/21/2013 - 14:48 | Link to Comment gwar5
gwar5's picture

Moar capital controls all over Europe? Natch. Financial Repression is key.

 

In the collapse of the French Mississippi Bubble, the TSA searched horse riders and carriages for gold, silver, jewels, and anything else of value trying to leave the country. Amerika is tanned, rested, and ready for wheelchairs and wooden legs.

Thu, 03/21/2013 - 14:53 | Link to Comment ziggy59
ziggy59's picture

Hey Schumer, tell Ben he better get to work ...printing paper
Lots of ATMs need refilling when this shitstorm heads north and west,

Thu, 03/21/2013 - 15:05 | Link to Comment Darksky
Darksky's picture

North til yah smell our banks, west til yah step in um.

Thu, 03/21/2013 - 14:55 | Link to Comment ZeroPoint
ZeroPoint's picture

Nice job. They may not be able to get 10% from the sheep with one punch, but they'll get them for 3% every time they make withdrawal.

 

Genius!!!

 

Thu, 03/21/2013 - 14:59 | Link to Comment Element
Element's picture

Clearly Eurozone officials were expecting this sort of trouble, which is why they selected a period to do it in which there was three 4-day banking weeks, in a row. Yet more circumstantial evidence that they planned this in detail and knew exactly what they were doing, and how serious the move to strip deposits was. And approximately how they saw it playing out.

Monday, 18 March  Green Monday
Monday, 25 March Greek Independence Day
Monday, 1 April Cyprus National Day

I'm not sad to see toxic-zombie banks die, they must, but the Govt did not protect the people's interests or deposits. It lead them down the primrose path to their inevitable doom. They have a Finance Minister thus the entire Cabinet knew the score for a very long time, they're responsible for putting Cyprus here without a Plan-B. They apparently hoped the Euro bailouts would continue - and they didn't. No Plan-B.

So now it is the devil you know, or the devil you don't know.

And neither devil is that keen, as the toxic effect of this debt is just going to be transmitted via more loans and bonds.

Or - Cyprus flat-out defaults.

Who would they be defaulting on?

Just a lot of very nasty people.

BUT, WILL THE 'CITIZENS' (PORK) CARE ABOUT DEFAULTING ON THE BANKSTERS (FARMERS) AT THIS POINT?

Not a bit!

Like Iceland, it's their only way out to recovery. Big pain and shock then less pain. If they don't default it will be more and more pain.

Only those in power will be scared of doing that (i.e. for their lives). And also very scared of not defaulting, thus going back to the Eurozone 'option' i.e. mostly the uncomprehending rioting hoards, sorry, citizens, who think the govt's cheated them and stolen their money, and lied to them first saying it wouldn't, but did - they will NOT want to be a part of the system that triggered the theft of deposits. So they will want their politicians skin if they bow to the Eurozone.

I would not want to be in the Cyp-riot Govt, they better hope Russia can ease the coming pain and provide some much needed stabeeleetee.

But we all know by now that the real objective of Banksters is not just to get a country deep into dept dependence and extractive debt slavery for interest skimming, but to do everything possible to keep it there and block all avenues to default (especially via fear).

Thu, 03/21/2013 - 15:30 | Link to Comment Cacete de Ouro
Cacete de Ouro's picture

Hold on, the ladies of the Cypriot night only take cash. That cash airlift by the British military is suddenly making sense now, especially with the long weekend...

Thu, 03/21/2013 - 16:46 | Link to Comment GreatUncle
GreatUncle's picture

Bt on the bright side, for the next few hours, they still have liquidity...

With a limited amount that can be withdrawn the millionaire loses the fortune only able to remove a small portion of his worth the little old depositer actually going to take a haircut provided they did not keep to much in a bank does rather better in % terms.

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