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.



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Cult_of_Reason's picture

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

redpill's picture

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

Ethics Gradient's picture

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

Fish Gone Bad's picture

Right now there are Cypriots wondering if concrete can burn.

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.

Big Slick's picture


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.

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...

Kitler's picture

You Sir are one sick puppy.

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

Thnx ~ The Neighbors

gdogus erectus's picture

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

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.

CheapBastard's picture

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

redpill's picture

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

NoDebt's picture

Stop it.  I'm getting all misty.

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.

walküre's picture

why merge the bad bank with the baddest bank?

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.

zerozulu's picture

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

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!".

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!

aint no fortunate son's picture

Larry Motherfucking FINK is long re-hypothecated collateral

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.

HoofHearted's picture

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

Ident 7777 economy's picture





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

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


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)

Divided States of America's picture

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

Joe Davola's picture

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

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.

McMolotov's picture

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

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

crowd's picture

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

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

Go Tribe's picture

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

akak's picture


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

mkhs's picture

I thought the reptiles were hatched.

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...
Buck Johnson's picture

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

HedgeAccordingly's picture

clearly it is all OIL related.. what a joke. just an excuse for HFT to go ape shit

ShortTheUS's picture

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

Haus-Targaryen's picture

Hopefully the Greeks will take note. 

Kaiser Sousa's picture

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


McMolotov's picture

"Where's the fucking money, Lebowski?"

toys for tits's picture

I like your style, dude.

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

CaptainSpaulding's picture

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