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

Submitted by Tyler Durden on 03/21/2013 13:41 -0400

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 | 3358051 Martial

Here is my proposed solution:

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

Thu, 03/21/2013 - 13:42 | 3358058 Cult_of_Reason

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 | 3358078 Ahmeexnal

Time for "aaaaaaaaaaaaaaaaannnnnnnnnnnnnd it's gone!"

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

Thu, 03/21/2013 - 13:45 | 3358079 redpill

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

Thu, 03/21/2013 - 13:47 | 3358097 Ethics Gradient

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

Thu, 03/21/2013 - 13:54 | 3358136 Fish Gone Bad

Right now there are Cypriots wondering if concrete can burn.

Thu, 03/21/2013 - 14:00 | 3358169 Kitler

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 | 3358180 Big Slick

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 | 3358196 redpill

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 | 3358230 HoofHearted

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 | 3358322 Kitler

You Sir are one sick puppy.

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

Thnx ~ The Neighbors

Thu, 03/21/2013 - 15:00 | 3358554 gdogus erectus

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

Thu, 03/21/2013 - 14:11 | 3358243 toys for tits

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 | 3358377 CheapBastard

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

Thu, 03/21/2013 - 14:03 | 3358189 redpill

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

Thu, 03/21/2013 - 14:10 | 3358234 NoDebt

Stop it. I'm getting all misty.

Thu, 03/21/2013 - 14:17 | 3358281 Kitler

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 | 3358448 walküre

why merge the bad bank with the baddest bank?

Thu, 03/21/2013 - 14:01 | 3358175 redpill

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 | 3359530 zerozulu

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 | 3358240 akak

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 | 3358126 Chuck Norris

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 | 3358140 aint no fortuna...

Larry Motherfucking FINK is long re-hypothecated collateral

Thu, 03/21/2013 - 14:07 | 3358215 Downtoolong

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 | 3358244 HoofHearted

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 | 3358209 Ident 7777 economy

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 | 3358254 resurger

"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 | 3358612 ziggy59

They are security..

Thu, 03/21/2013 - 13:46 | 3358084 Divided States ...

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 | 3358089 Joe Davola

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

Thu, 03/21/2013 - 13:47 | 3358087 Agent P

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 | 3358095 McMolotov

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 | 3358247 crowd

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

Thu, 03/21/2013 - 14:32 | 3358333 McMolotov

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 | 3359227 Go Tribe

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

Thu, 03/21/2013 - 17:07 | 3359284 akak

"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 | 3360721 mkhs

I thought the reptiles were hatched.

Thu, 03/21/2013 - 14:36 | 3358363 CheapBastard

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 | 3359132 Buck Johnson