Cyprus Popular Bank To Be Shuttered (UPDATE: Central Bank Denies)
UPDATE: Cyprus Central Bank says hasn't been informed of closure (and then back-pedals)...
- *CYPRUS CENTRAL BANK HASN'T BEEN INFORMED, TAKEN SUCH DECISION
- *CYPRUS CENTRAL BANK SAYS REORGANISATION NOT SAME AS CLOSURE
Refuting earlier comments from the regulator that Cyprus Popular Bank would not be shuttered, CYBC is reporting (following the failure to sell it to the Russians) that the bank is to be shut down, split into good-bank-bad-bank, and that deposits under EUR100,000 will be protected.
- *CYPRUS POPULAR BANK TO BE SHUT DOWN, STATE-RUN CYBC SAYS
- *CYPRUS POPULAR BANK TO BE SPLIT IN GOOD, BAD BANKS: CYBC
- *CYPRUS POPULAR BANK ASSET PROCEEDS TO BE RETURNED TO DEPOSITORS
- *CYPRUS POPULAR BANK DEPOSITS OF LESS THAN EU100,000 GUARANTEED
Of course, we await the re-refutation but for now it seems the latest news trumps the regulators 'lies' earlier.
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+20 ES
Bank Holiday= All your money are ours
Signed
The banksters
Kaufen Den Verdammten Dip
Its guaranteed till the next headline comes out saying it isnt.
Savings account & counterparty risk
It can't happen here!!!
An official run on the bank.
***BREAKING NEWS ALERT [BNA]***
***THIS WAS A BREAKING NEWS ALERT BY RED SHIELD MEDIA NETWORK***
I expect to see in the news soon that a Russian group has bought a Cyprus bank.
If you can't fix it - fuck it..!!!
They are destroying whatever trust people had in the banking system. I don't see how they can possibly contain the damage at this point.
I hope to hell people across Europe (and indeed the world) are paying attention to what's being done to Cyprus and taking steps to prepare themselves accordingly.
I'm taking the steps. I upgraded my plasma TV so I can better see the misery.
Schadenfreude
My Schadenfreude fever is gone thanks to the cowbell, by the way, but it's been replaced by a sense of impending doom.
Schadenschade.
Thanks to fractional reserve banking, rehypothication, derivatives, ZIRP, QE for-eva, discount window, etc, there is no "safe" bank anymore.
As banks go, I like Republic, though just for bill paying and I'll be re-doing my diligence.
"They are destroying whatever trust people had in the banking system."
I agree with you, but only up to a point. I have consistently been surprised by the level and degree of denial held by the average Joe.
When a body of people (meaning as individuals and as a herd/collective) are completely dependent upon a system nearly all will support that system to the end.....even when they know that the system is killing them.
That after all is the very definition of dependency.
While you are correct, I'd add that tremendous inertia has been created over many decades, and that, coupled with powerful, resulting normalcy bias, is a major psychological impediment as well.
You and I are both describing the various components of the overall denial.
Doesn't all of ZH want the banks to be forced to go belly up as they should? I think it is a start in the right direction. The rule of law must prevail or all trust is gone. Recovery comes very fast.
The whole concept of fiat currency has to die.
Forcible currency and the rule of law cannot coexist.
I agree and hope too, unfortunately most people think it cant and wont happen to them, again, for the umpteenth time
KDVD, Hundinnen!
This still won't protect them from money being taken from all their accounts once the bank opens (why do you think they keep stalling opening the bank, they know that no matter what deal is done people will take their money out). So even if they did come up with the money, the bank will lose more from the outflow and will be insolvent anyway, they should get out of the euro and get their own currency.
Not too fucking Popular now, is it.
Have fun with the ruskies!
Capitalism is fun if it applies to everyone equally not like the selective theft in the USA ad EU . The Brits have the most deposits in Cryprus Banks or is that had.
For a banking crisis, this is small change for the EU. However, the real story is not the banksters, but Royal Dutch Shell, British Petroleum, Total Fina, Gazprom, etc. This is about controlling the natural resources of the Greek Cypriot people and keeping them enslaved to the new wolrd order system of central banking.
The Cyprus Crisis: It Isn’t what it Seems
The real story is that the room is suddenly full of the scent of Stoli, cigars, Kalashnikovs, and miniature giraffes on treadmills.
The bitchez at Petsmart refuse to import any of those mini-giraffes for me. So I shorted them. :)
"It's a bank holiday in Cyprus, where bankers dress in black / It's a bank holiday in Cyprus, where you'll lose your fiat and CrrraaaaaaaaaACK!"
Apologies to the Dead Kennedys.
Resolution Trust Bitchezzz
Ever notice how a lot of U.S. banks end with the word, trust? Makes me shiver just a little bit.
Or how about "savings bank"? That one makes me laugh out loud.
I agree. Sounds like the word, savings, has taken on a whole new meaning...like reverse savings. :)
FIXED! Next problem?
Here's the two cents in assets sheeples.........get some gyros and beans and LIKE IT PUNKS!
Good bank/bad bank means nothing. The ECB has to extend emergency liquidity to this bank, provided they open their doors before Monday (inside the ultimatum).
That means Russian depositors get a flow of money from the ECB. Isn't that nice?
Got an insolvent bank? No problem. We of the governments, we can make her liabilities disappear and taddam!, all that remains is a "good bank". Now, you can keep lending recklessly to us. And don't ask questions.
sounds like the russians are not going to like it
Yep 100,000 and up. I suspect there's 100k accounts being created lickety-split before tues.
The Cyprus Chainsaw Massacre?
So this is now "Plan D"? I'm losing track. I just read about "Plan C". I assume this must be D. When they hit "F", buy like mad.
These 'regulators' must have attended BernanQE's "I can fix this in 15 minutes" seminar...
~~~
I hear there was a line at the jelly donut table during the food breaks...
These 'regulators' must have attended BernanQE's "I can fix this in 15 minutes"seminar...
Didn't Uncle Ben just send over a couple hundred billion to prop up the EU a few weeks ago? WTF?
by the way what are those 100K€ garanteed by ? Cyprus state ? LOL
One of the first F/X accounts I had was Cyprus based and used Popular Bank to handle their business. I'm glad I switched brokers back when the CFTC cracked down. I would have been screwed up the wazzoo.
Does it matter at this point? Because...when those banks open...folks will run in and withdrawn their money NO MATTER WHAT at this point.
Seriously ~ & OTOH, if they DON'T, & just go back to business as usual, the banksters will have scored a 'pyrrhic' victory [because it will give them a real life indication of just how stupid & mollified the sheep actually are]... Fucking Hindu cows who couldn't point out Cyprus on a map, but can tell you how 'BARACK-ETOLOGY' went down from the Sweet 16 on...
~~~
As someone [probably already] mentioned... This Cyprus gambit is just one big TRIAL BALLOON...
They can, but will spend quite a long time in line with withdraws capped at 100 EUR a day
Levies are so math-intensive...ah screw it, let's just take it all.
Great now we can focus on the Eurozone economy. Oh shit no!