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Cyprus Popular Bank To Be Shuttered (UPDATE: Central Bank Denies)

Tyler Durden's picture


UPDATE: Cyprus Central Bank says hasn't been informed of closure (and then back-pedals)...



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.


Of course, we await the re-refutation but for now it seems the latest news trumps the regulators 'lies' earlier.

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Thu, 03/21/2013 - 11:39 | 3357307 slaughterer
slaughterer's picture

+20 ES

Thu, 03/21/2013 - 11:41 | 3357327 Banksters
Banksters's picture

Bank Holiday= All your money are ours


The banksters

Thu, 03/21/2013 - 11:42 | 3357335 Say What Again
Say What Again's picture

Kaufen Den Verdammten Dip

Thu, 03/21/2013 - 11:44 | 3357353 Divided States ...
Divided States of America's picture

Its guaranteed till the next headline comes out saying it isnt.

Thu, 03/21/2013 - 11:46 | 3357361 Say What Again
Say What Again's picture

Savings account & counterparty risk

It can't happen here!!!

Thu, 03/21/2013 - 11:47 | 3357369 The Juggernaut
The Juggernaut's picture

An official run on the bank.

Thu, 03/21/2013 - 12:07 | 3357467 TruthInSunshine
TruthInSunshine's picture



Many Cyprus Banks to be foreclosed upon by European Central Fractional Fiat Reserve Bank & converted into blood, tissue & organ banks.


Thu, 03/21/2013 - 12:13 | 3357526 Texas Ginslinger
Texas Ginslinger's picture

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..!!!

Thu, 03/21/2013 - 11:52 | 3357399 McMolotov
McMolotov's picture

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.

Thu, 03/21/2013 - 11:56 | 3357420 Abraxas
Abraxas's picture

I'm taking the steps. I upgraded my plasma TV so I can better see the misery.

Thu, 03/21/2013 - 11:59 | 3357436 Say What Again
Say What Again's picture


Thu, 03/21/2013 - 12:03 | 3357473 McMolotov
McMolotov's picture

My Schadenfreude fever is gone thanks to the cowbell, by the way, but it's been replaced by a sense of impending doom.

Thu, 03/21/2013 - 12:18 | 3357564 mick_richfield
mick_richfield's picture


Thu, 03/21/2013 - 11:56 | 3357422 Dr. Richard Head
Dr. Richard Head's picture

Thanks to fractional reserve banking, rehypothication, derivatives, ZIRP, QE for-eva, discount window, etc, there is no "safe" bank anymore.

Thu, 03/21/2013 - 12:52 | 3357747 Bastiat
Bastiat's picture

As banks go, I like Republic, though just for bill paying and I'll be re-doing my diligence. 

Thu, 03/21/2013 - 12:00 | 3357433 Cognitive Dissonance
Cognitive Dissonance's picture

"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.

Thu, 03/21/2013 - 12:38 | 3357686 Tinky
Tinky's picture

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.

Thu, 03/21/2013 - 12:56 | 3357763 Cognitive Dissonance
Cognitive Dissonance's picture

You and I are both describing the various components of the overall denial.

Thu, 03/21/2013 - 12:02 | 3357458 slightlyskeptical
slightlyskeptical's picture

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.

Thu, 03/21/2013 - 12:21 | 3357585 mick_richfield
mick_richfield's picture

The whole concept of fiat currency has to die.

Forcible currency and the rule of law cannot coexist.

Thu, 03/21/2013 - 12:15 | 3357539 ziggy59
ziggy59's picture

I agree and hope too, unfortunately most people think it cant and wont happen to them, again, for the umpteenth time

Thu, 03/21/2013 - 12:08 | 3357495 butchee
butchee's picture

KDVD,  Hundinnen!

Thu, 03/21/2013 - 16:29 | 3359088 Buck Johnson
Buck Johnson's picture

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.

Thu, 03/21/2013 - 11:42 | 3357329 redpill
redpill's picture

Not too fucking Popular now, is it.

Have fun with the ruskies!

Thu, 03/21/2013 - 12:06 | 3357484 riley martini
riley martini's picture

 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.

Thu, 03/21/2013 - 11:44 | 3357350 johngaltfla
johngaltfla's picture

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

Thu, 03/21/2013 - 11:51 | 3357396 redpill
redpill's picture

The real story is that the room is suddenly full of the scent of Stoli, cigars, Kalashnikovs, and miniature giraffes on treadmills.

Thu, 03/21/2013 - 11:53 | 3357402 johngaltfla
johngaltfla's picture

The bitchez at Petsmart refuse to import any of those mini-giraffes for me. So I shorted them. :)

Thu, 03/21/2013 - 13:34 | 3358010 TraderTimm
TraderTimm's picture

"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.

Thu, 03/21/2013 - 11:39 | 3357308 GolfHatesMe
GolfHatesMe's picture

Resolution Trust Bitchezzz

Thu, 03/21/2013 - 12:32 | 3357654 dot_bust
dot_bust's picture

Ever notice how a lot of U.S. banks end with the word, trust? Makes me shiver just a little bit.

Thu, 03/21/2013 - 13:09 | 3357818 Go Tribe
Go Tribe's picture

Or how about "savings bank"? That one makes me laugh out loud.

Thu, 03/21/2013 - 15:18 | 3358692 dot_bust
dot_bust's picture

I agree. Sounds like the word, savings, has taken on a whole new meaning...like reverse savings. :)

Thu, 03/21/2013 - 11:40 | 3357318 Lost Wages
Lost Wages's picture

FIXED! Next problem?

Thu, 03/21/2013 - 11:41 | 3357321 kliguy38
kliguy38's picture

Here's the two cents in assets sheeples.........get some gyros and beans and LIKE IT PUNKS!

Thu, 03/21/2013 - 11:41 | 3357322 CrashisOptimistic
CrashisOptimistic's picture


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?

Thu, 03/21/2013 - 11:42 | 3357331 Nothing To See Here
Nothing To See Here's picture

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.

Thu, 03/21/2013 - 11:42 | 3357332 Super Broccoli
Super Broccoli's picture

sounds like the russians are not going to like it

Thu, 03/21/2013 - 11:53 | 3357405 Bobportlandor
Bobportlandor's picture

Yep 100,000 and up. I suspect there's 100k accounts being created lickety-split before tues.

Thu, 03/21/2013 - 11:56 | 3357423 e-recep
e-recep's picture

The Cyprus Chainsaw Massacre?

Thu, 03/21/2013 - 11:42 | 3357338 NoDebt
NoDebt's picture

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.

Thu, 03/21/2013 - 11:43 | 3357339 francis_sawyer
francis_sawyer's picture

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...

Thu, 03/21/2013 - 13:54 | 3358132 Crash Overide
Crash Overide's picture

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?

Thu, 03/21/2013 - 11:43 | 3357340 Super Broccoli
Super Broccoli's picture

by the way what are those 100K€ garanteed by ? Cyprus state ? LOL

Thu, 03/21/2013 - 11:44 | 3357348 Yen Cross
Yen Cross's picture

    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.

Thu, 03/21/2013 - 11:44 | 3357351 BlackMagician
BlackMagician's picture

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.

Thu, 03/21/2013 - 11:57 | 3357412 francis_sawyer
francis_sawyer's picture

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...


Thu, 03/21/2013 - 12:17 | 3357560 Karlus
Karlus's picture

They can, but will spend quite a long time in line with withdraws capped at 100 EUR a day

Thu, 03/21/2013 - 11:45 | 3357360 faustian bargain
faustian bargain's picture

Levies are so math-intensive...ah screw it, let's just take it all.

Thu, 03/21/2013 - 11:47 | 3357370 mdtrader
mdtrader's picture

Great now we can focus on the Eurozone economy. Oh shit no!

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