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Cyprus Popular Bank: "Only A Few Hours Of Liquidity Left"

Tyler Durden's picture





 

It appears, based on government officials, that things are going a little critical in Cyprus. Following rumors of the closure (restructuring) of good/bad bank assets for Cyprus Popular Bank, we get this news:

  • *CYPRUS'S NEOFYTOU SAYS NEW FACTS RELATED TO CYPRUS POPULAR BANK
  • *CYPRUS HASN'T HAD ANY FURTHER NEWS FROM RUSSIA: OFFICIAL
  • *CYPRUS POPULAR BANK HAS "FEW HOURS OF LIQUIDITY LEFT": OFFICIAL'

 

 


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Thu, 03/21/2013 - 13:12 | Link to Comment Desert Irish
Desert Irish's picture

*CYPRUS'S NEOFYTOU SAYS NEW FACTS RELATED TO CYPRUS POPULAR BANK

 

There's never just one cockroach....

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

This is just the first domino to fall.

Thu, 03/21/2013 - 13:15 | Link to Comment camaro68ss
camaro68ss's picture

What a sucky day for those who bank there. Im so happy i found ZH 2 years ago and now sleep soundly with my PMs by my side.

Thu, 03/21/2013 - 13:19 | Link to Comment walküre
walküre's picture

Don't worry. The Deposit Protection "Scheme" (google it) funded by the Cyprus central bank or national bank or whatever ... who knows? Is supposed to pay out.

Right, I fucking believe that.

This is it. Code Red. Black Swan. End of the line. Game Fucking Over.

Thu, 03/21/2013 - 13:22 | Link to Comment Ethics Gradient
Ethics Gradient's picture

Is there a CDS protection scheme?

Thu, 03/21/2013 - 13:25 | Link to Comment aint no fortuna...
aint no fortunate son's picture

Larry Motherfucking FINK is long vol and CDS

Thu, 03/21/2013 - 13:35 | Link to Comment HoofHearted
HoofHearted's picture

There has to be a way to short this living shit out of this situation. Come on, someone on ZH, tell us how to make some fiat off of this. All my PMs hit the bottom of the lake, so I need some help here.

Thu, 03/21/2013 - 13:37 | Link to Comment redpill
redpill's picture

You could try day trading Fannie Mae stock.

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

 

 

There has to be a way to short this living shit out of this situation.

Viva Monte Carlo!

http://www.boursorama.com/cours.phtml?symbole=1rPCAC7S

 

Thu, 03/21/2013 - 14:38 | Link to Comment THX 1178
THX 1178's picture

Does this bank have a derivatives structure it might default on? If so, it might prove very very destructive. Unless it gets a bailout.

Thu, 03/21/2013 - 14:48 | Link to Comment THX 1178
THX 1178's picture

I just realized "Unless it gets a bailout" could end every sentence and every post on ZH and still make sense. Unless it gets a bailout.

Thu, 03/21/2013 - 13:39 | Link to Comment Cursive
Cursive's picture

@HoofHearted

The best way to short this is to get long Food, Family, Friends and Firearms.

Thu, 03/21/2013 - 13:51 | Link to Comment jvetter713
jvetter713's picture

All my family and friends don't have time for gold, guns and food.  It's sad.

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

@jvetter713

Houston area code?  Your comment reminds of an old LSU jab to oppossing fans, "You're either a Tiger or Tigerbait."

Thu, 03/21/2013 - 23:51 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

TighaBait...TighaBait

Thu, 03/21/2013 - 14:19 | Link to Comment resurger
resurger's picture

You can't short a centrally planned market, they are the only one who can!

 

Fri, 03/22/2013 - 00:24 | Link to Comment Fox Moulder
Fox Moulder's picture

Long Polonium. Putin has a lot of ECB banksters on his list.

Thu, 03/21/2013 - 13:26 | Link to Comment Richard Chesler
Richard Chesler's picture

Credit event bitchez!

 

Thu, 03/21/2013 - 13:38 | Link to Comment GolfHatesMe
GolfHatesMe's picture

I smell a new definition of Treaty about to hit the streets

Thu, 03/21/2013 - 13:33 | Link to Comment walküre
walküre's picture

CDS on all Russian paper is spiking for some reason.

Thu, 03/21/2013 - 13:26 | Link to Comment McMolotov
McMolotov's picture

And our own FDIC insurance fund is there for us, so no worries for Americans, either... It bears repeating:

Fractional reserve banking: 10% of the time, your deposits are safe every time.

Thu, 03/21/2013 - 13:33 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

 

 

In Europe it is 1% of the time.

Thu, 03/21/2013 - 13:36 | Link to Comment McMolotov
McMolotov's picture

A fraction of fractional reserve banking. Even more reassuring.

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

 

 

To reduce the reserve ratio, which is currently 2%, to 1% as of the reserve maintenance period starting on 18 January 2012. As a consequence of the full allotment policy applied in the ECB’s main refinancing operations and the way banks are using this option, the system of reserve requirements is not needed to the same extent as under normal circumstances to steer money market conditions.

 

http://www.ecb.int/press/pr/date/2011/html/pr111208_1.en.html

ECB bank reserves are 1%.

"...the system of reserve requirements is not needed to the same extent as under normal circumstances to steer money market conditions."

When would Europeans ever want to get more than 1% of their money out of the bank? Are reserves more likely to be needed under normal circumstances, or abnormal circumstances?

http://www.zerohedge.com/news/2013-02-27/bank-deposits-decline-across-europe-january#comment-3282115

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

Did they "stress" test this baby while sitting on the beaches of Phuket?

Thu, 03/21/2013 - 14:07 | Link to Comment SAT 800
SAT 800's picture

"I'm schocked, schocked I say, to see that gambling has been going on here, Rick".  1%-that's not a very good bet.

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

 

 

"...the system of reserve requirements is not needed to the same extent as under normal circumstances"

That one phrase is worth its weight in gold, so to speak.

 

Thu, 03/21/2013 - 14:57 | Link to Comment ThirdWorldDude
ThirdWorldDude's picture

The term 'reserve requirement' is an oxymoron in a system of fictional reserve banking

 

P.S. According to this (non)paper, circa 18% of European countries have 0% RR... Booyah!

Thu, 03/21/2013 - 13:32 | Link to Comment kaa1016
kaa1016's picture

FAZ 11 calls that expire next week are good for a shot. If shit does hit the fan next week, nice reward to risk ratio on that trade.

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

"a few hours of liquidity left"

 

Ah, bankerspeak.  Leave it to them to come up with a fancy way to say "we're broke."

This is a great teaching moment about fractional reserve banking.  With the natural question "what happened to the money?" one can only hope that the truth begins to dawn on people: it never existed to begin with.  There is no spoon.  It's a giant fucking fantasy world.  When you got your "paycheck" it was from a bank that printed numbers on a piece of paper, and you went and "deposited" it some other bank changed some numbers on a computer.  YOU NEVER OWNED ANYTHING, you only served as a paper transport service from one bank to another.

 

Thu, 03/21/2013 - 13:24 | Link to Comment Cdad
Cdad's picture

a few hours of liquidity left

Whew!  And I thought things might go bad today.  Dodged a bullet there.

Thu, 03/21/2013 - 13:30 | Link to Comment johnnymustardseed
johnnymustardseed's picture

"a few hours of liquidity left".... no different than any other bank... they just need to call the FED..problem solved

Thu, 03/21/2013 - 13:45 | Link to Comment msmith9962
msmith9962's picture

I watched rollover last night for the first time.  Probably not going to see a remake of that movie anytime soon.  Surprised it got made in the first place.

Thu, 03/21/2013 - 13:34 | Link to Comment SheepDog-One
SheepDog-One's picture

'The important thing is'... no central banksters take a bonus cut.

Gee, this type of day is what CNBC blowhorners get paid the big bucks for I guess...trying to calm the sheeple 401K Bathrobe Brigades while their pensions are obviously in the next slot to get molested by the Maniacal Monetizers. 

Thu, 03/21/2013 - 14:57 | Link to Comment 1100-TACTICAL-12
1100-TACTICAL-12's picture

I venture a guess the Cyproits were disarmed long ago, Sandy Hook 2.0 any day now, the end is upon us.

Thu, 03/21/2013 - 13:28 | Link to Comment blu
blu's picture

"There is no spoon."

Keeping true to character today, I see.

Indeed, it was never real. It has not been real for 300 years. And even the awake are a ways yet from understanding that.

Thu, 03/21/2013 - 13:41 | Link to Comment Frank N. Beans
Frank N. Beans's picture

and........it's gone

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

Oh come on, redpill. You're a bit of a drama queen here. I know what I will do. Monday morning I will go to the Barclay Bank and put there all my hard earned money. Who in their right mind wouldn't trust a bank with a banker like Rich Ricci? Look at Rich Ricci: Why don't you want to trust a man like this, redpill?

http://i.dailymail.co.uk/i/pix/2013/03/20/article-2296456-18901D71000005...

----

http://www.dailymail.co.uk/news/article-2296456/Rich-Ricci-Barclays-As-a...

Thu, 03/21/2013 - 13:18 | Link to Comment NoDebt
NoDebt's picture

Cue the Snidely Whiplash music.  You young'uns won't get that.

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

.

Cue the Snidely Whiplash music.  You young'uns won't get that.

30 days. Every time.

Thu, 03/21/2013 - 13:32 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"This is just the first domino to fall."

This is where desperate men begin to do desperate things. But remember that there are different levels of desperation, spanning the full spectrum from empty belly hungry to wild-eyed-trample-the-person-in-front-of-you-for-a-loaf-of-bread abject fear. And that's just the banksters.

<BTW the miners seemed to be getting a lift today.>

Thu, 03/21/2013 - 13:37 | Link to Comment Tinky
Tinky's picture

<BTW the miners seemed to be getting a lift today.>

Hmmm...perhaps there were some very wealthy people among Jim Sinclair's audience yesterday.

Just kidding – or am I?

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

We're now seeing what happens when you yoke together an ox and a donkey.  But the question remains, who's the jackass?

Thu, 03/21/2013 - 14:04 | Link to Comment SAT 800
SAT 800's picture

The person that did the yoking in the first place; was obviously suffering from a serious case of reality denial; eg. was a "Jackass".

Thu, 03/21/2013 - 13:35 | Link to Comment Ensowatt
Ensowatt's picture

Why Jim Willie is the Jackass....

Thu, 03/21/2013 - 13:17 | Link to Comment smlbizman
smlbizman's picture

forget this..apple is up 1%....lets keep it perspective fellows.....and the housing market is on fucking fire...ive gotten 6 above asking offers on my place and im not even selling the fucking thing........

Thu, 03/21/2013 - 13:23 | Link to Comment Ham-bone
Ham-bone's picture

My good man...I believe the term is "transitory"...paper "wealth" is transitory.  enjoy it while u can.  My wifes a realtor and shes killing it but we're not exactly putting the money in the bank, rather something a little more solid.

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

i refuse to use a sarc tag.....

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

a bull can hardly sustain itself on an 'apple' a day... but the bear-- well, he'll be gorging on 'redink'dmeat' by morrow's end, when the banksters start hemorrhaging blood!?

Thu, 03/21/2013 - 13:17 | Link to Comment caconhma
caconhma's picture

Cyprus, its banks, and its people were involved in money laundering for too long. Enough is enough.

Please stop feel sorry for these scumbags and gangsters losing some of their loot.

 

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

define money laundering-it's such a horeshit term anyway.

Thu, 03/21/2013 - 13:30 | Link to Comment icanhasbailout
icanhasbailout's picture

Money laundering is when Ben Bernanke takes you to the cleaners.

Thu, 03/21/2013 - 13:59 | Link to Comment SAT 800
SAT 800's picture

Yes. It is. It's the "crime" of hiding your assets from any and all governments that want to steal it from you.

Thu, 03/21/2013 - 13:22 | Link to Comment McMolotov
McMolotov's picture

And other countries and banks are pure as the driven snow? What a stupid comment to make. You'd be crying like a baby if they came after your money you heartless asshole.

Thu, 03/21/2013 - 14:02 | Link to Comment SAT 800
SAT 800's picture

Ah, the ignorant, like the poor, are always with us. In fact the two populations overlap.

Thu, 03/21/2013 - 13:18 | Link to Comment insanelysane
insanelysane's picture

They opened the vaults and there was nothing there.

They went to the file room and it looked like a Greek Government office.

The game must end sometime.

Thu, 03/21/2013 - 13:27 | Link to Comment Lewshine
Lewshine's picture

Awesome! Should be good for a 200 point bounce in the Dow before the close. TO INFINITY...AND BEYOND!!!!

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

Probably a dumb question but maybe one of you bank guys can answer? Should a bank run occur in the U.S., would a bank that has "reserves" (the stuff they parked after being recapitalized by the FED) be required to turn those reserves into paper FRN's in order to satisfy withdrawal requests (other than wire or interbank transfers)?????

Just trying to figure if this is a gambit to get those reserves into the street?

Thu, 03/21/2013 - 14:01 | Link to Comment SAT 800
SAT 800's picture

I don't think it's a dumb question at all; it's a sophisticated question; but I have no idea what the answer is.

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

chubbar, the answer to your question is: They will do whatever fits their plan. If they feel they need to scare the bejeezus out of people to make them more tractable, thy will clamp down on the frn supply, and see how thy react, or just let them starve  destroy each other. The main thing to wrap your head around is that these fuckers that are running the show are in complete control and we plebes live or perish at their whim. 

Putting frn´s in peoples hand is simple enough but that obviously isnt their game.

Thu, 03/21/2013 - 14:45 | Link to Comment chubbar
chubbar's picture

I agree with your sentiment but I'd say it is impossible to know what their plan is in this instance. The bankers may very well be trying to turn "reserves" into paper FRN's for some reason we can't fathom. Or maybe they are all ready to pull the supports and are using this to start a contagion. All we know for sure is that these fuckers are playing to win and will change any law or obstacle in their way.

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

Here's another "what if". The last few years has seen many institutions and individuals/small businesses go to cash to hunker down during the recession/depression. What if the purpose of bank runs is to allow the cartel to wipe out all accounts over 250K? What would that do and who would that serve? What if after all the small businesses were bankrupted Uncle Sam came along with great loans/terms that served to further indebt these businesses but also injected cash into the economy? How does that impact the inflation/deflation debate? This is obviously way above my pay grade but I'd say it may be possible for some of the resident sharpshooters to make a decent case for what it is that they are trying to acheive.

Thu, 03/21/2013 - 16:33 | Link to Comment Buck Johnson
Buck Johnson's picture

I know, there is always more.  I think they can't make a good bank because most of their assets (not encumbered by deposits from people) are bad.  And the only way to make a "good" bank is to take the deposits of the people.

Thu, 03/21/2013 - 13:12 | Link to Comment morning
morning's picture

Tyler, I think Laiki = Popular, $0.02

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

It seemed they merged a bunch together due to / around the time of the "GFC":

2007 – 2009

The merger of the Groups of Marfin, Egnatia and Laiki of Companies is successfully completed. The new group of companies, the Marfin Popular Bank Group of Companies, expands its activities to Russia, the Ukraine, Malta and Estonia, thus, securing a presence in 11 countries with more than 500 branches.

Laiki Cyprialife and Laiki Insurance, form a partnership with CNP Assurances, the leading life insurer in France and one of the five largest insurers in Europe, with twenty million clients. CNP – Marfin Insurance, a new group of companies, is created.

The radiomarathon for children with special needs, the Group’s most important social initiative, in cooperation with RIK(the Cyprus Broadcasting Corporation), completes 20 years of operation, having gathered more than thirty million Euros for this very important humanitarian cause.

 

2010

The Bank’s assets surpass 43 billion Euros, ranking it as the largest bank in Cyprus and the 5th largest bank in Greece.

Marfin Laiki eBank, having completed 10 years of operation, introduces the new mobile banking and mobile trading services.

The “Banker”, the international publication of the Financial Times, selects Marfin Liaki Bank, as Bank of the Year in Cyprus, 2010.

2011

The largest ever capital increase of €488.2 millions in the history of Cypriot companies was successfully completed by Cyprus Popular Bank. Cyprus Popular Bank becomes the first Cypriot Bank to open a Representative Office in Beijing, China.

 

2012

Following a shareholder decision, the ?ank’s name officially reverts to “Cyprus Popular Bank Public Co Ltd” and its trading name in Cyprus to “Laiki Bank”

 

From: http://www.laikibankgroup.com/en/aboutus/history/pages/home.aspx

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

BTW, that means the collapse of this bank alone spreads the crisis to 10 more countries.

Thu, 03/21/2013 - 13:12 | Link to Comment poseidon
poseidon's picture

Great.. I better cover now before the upcoming rally on this bit of news.

Thu, 03/21/2013 - 13:12 | Link to Comment RacerX
RacerX's picture

ah a good ol'fashioned bank run. Lets see how fast & far it spreads.

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

I shall do my part today and tomorrow and the day after that and  ad nauseum

Thu, 03/21/2013 - 13:24 | Link to Comment ceilidh_trail
ceilidh_trail's picture

Not a bad idea to keep a month's cash in house in case of similar events here. It's not like we'd be giving up return or anything...

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

@ceilidh_trail

Got mine out 3 years ago.  I still bank, just no savings with those insolvent motherfuckers.  When you ask to withdraw $5000 in 20's, 5's and 1's, you'll get a blank stare from your teller.  You might even get a visit from the branch manager.  It took my teller about 15 minutes to pull it altogether and count it.

Thu, 03/21/2013 - 13:16 | Link to Comment SheepDog-One
SheepDog-One's picture

ZEE LEEQUEEEDEETEE!!!....(is about as liquid as the sands of the Sahara)

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

See, if they had the FDIC they would be ok- wait..........never mind.

Thu, 03/21/2013 - 13:12 | Link to Comment Doode
Doode's picture

Lol - is that a good bank that has a few hours of liquidity left? Go get some from the bad one. hahahahahahaha

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

The official meant to say 'A FEW HOURS OF LIQUID PAPER LEFT'.

Thu, 03/21/2013 - 13:27 | Link to Comment A Nanny Moose
A Nanny Moose's picture

Ben has been doing it wrong.

http://www.liquidpaper.com/

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

I have the answer, and it's so simple.  Abandon the Euro, print your own drachmas or guccis or cyprollars -- there you go, instant prosperity.  I don't know why you guys haven't thought of it yet.  Americans are just too smart, I guess.

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

Hitler loses money in Cyprus bank- "Anyone who told me to convert my money to gold go get some crepes"

http://www.youtube.com/watch?v=K5R2JyU_MKg

Thu, 03/21/2013 - 14:49 | Link to Comment howenlink
howenlink's picture

That is awesome.  Thanks for posting!

Thu, 03/21/2013 - 13:15 | Link to Comment SheepDog-One
SheepDog-One's picture

Pssst...hey fella...wanna borrow some Doellars?

Thu, 03/21/2013 - 13:15 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

Eh, might want to get off your ass and get to the ATM sooner rather than later.  Maybe.

Thu, 03/21/2013 - 13:39 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

Just did my fifth daily $500 withdraw since the announcement last week...

Thu, 03/21/2013 - 13:15 | Link to Comment otto skorzeny
otto skorzeny's picture

there could never be a bank run in the US because nobody has any money saved

Thu, 03/21/2013 - 13:23 | Link to Comment SAT 800
SAT 800's picture

Interesting point. I often think of those fire drill and emergency lectures you get or see posted in big companies/ institutions; whatever you do don't panic."  I think probably, "YES, PANIC" would be a better response to a bank with a few hours of liquidity left. WTF. Are these grownups in charge of this mess?

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

@ Otto:

Sad, but true. The average American is so effing clueless anymore that it's almost hard to feel bad for them. When SHTF, I worry more about people who think the way we do who run the risk of being at the mercy of these bleating sheople assholes.

Thu, 03/21/2013 - 13:15 | Link to Comment chaartist
chaartist's picture

Do I turn left, when nothing is right? Or do I turn right, when there’s nothing left?

Thu, 03/21/2013 - 13:25 | Link to Comment SAT 800
SAT 800's picture

I'm stealing this right now; it's too good to leave alone. Thanks for the early morning LOL. (7.24am here(:

Thu, 03/21/2013 - 14:09 | Link to Comment ziggy59
ziggy59's picture

Did you become a banker?

Thu, 03/21/2013 - 13:15 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

I urge you all to view this clip to see what the scum from the Ecb think of the great unwashed masses.http://www.liveleak.com/view?i=85c_1363743687

Thu, 03/21/2013 - 13:16 | Link to Comment lotusblue
lotusblue's picture

If anyone thinks the Russians are coming to the rescue here's a history lesson ~ 

http://atimes.com/atimes/Global_Economy/GECON-02-210313.html

Thu, 03/21/2013 - 13:16 | Link to Comment The Onion Of Tw...
The Onion Of Twickenham's picture

"New facts", huh? That would be the fact that Laiki is the same amount a busted flush as every other European bank.  

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

The "New Facts" could involve bank runs at Laiki Bank's branches in one or more of the other 10 countries they are in, since it seems they were not able to call bank holidays in those other countries.

Thu, 03/21/2013 - 13:16 | Link to Comment Quinvarius
Quinvarius's picture

Its a trap!  The ATMs are rigged to eat your cards leaving you no proof of having an account.

Thu, 03/21/2013 - 13:18 | Link to Comment SheepDog-One
SheepDog-One's picture

Probly.

Thu, 03/21/2013 - 13:33 | Link to Comment NoDebt
NoDebt's picture

I very much doubt it.

Think that through for a minute..... standing in line with a hundred other people at the ATM....... get it?  Well, you will eventually.  Keep at it.

Thu, 03/21/2013 - 13:37 | Link to Comment Quinvarius
Quinvarius's picture

They could just use this tactic to stop the withdrawls:

http://media.techeblog.com/images/atmplacement.jpg

Thu, 03/21/2013 - 13:17 | Link to Comment Agent P
Agent P's picture

I guess it must only be closed to retail depositors if it's running out of money during a bank holiday.

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

A banking Holiday is when FDR or some later government facsimiles loot the banks at their own leisure.  It is taking a week becuse there is still some candy left in the lobby vending machine.  No one wants to use any of their own newly aquired sacks of change in it.

Thu, 03/21/2013 - 13:18 | Link to Comment Crash Overide
Crash Overide's picture

Was it Zee Germans Tommy?

Thu, 03/21/2013 - 13:19 | Link to Comment magpie
magpie's picture

Achtung, hier wird corziniert !

Thu, 03/21/2013 - 13:26 | Link to Comment ceilidh_trail
ceilidh_trail's picture

Isn't corzine in europe now? Coincidence???

Thu, 03/21/2013 - 13:28 | Link to Comment SAT 800
SAT 800's picture

No it wasn't, Dammit. It was the Fucking French and one famous Belgian Socialist who invented the Euro; and now we're waiting for the French to Surrender. The only thing they do well.

Thu, 03/21/2013 - 13:18 | Link to Comment swissaustrian
swissaustrian's picture

How can they lose liquidity despite beeing closed? Short term interbank market liabilities?

Thu, 03/21/2013 - 13:19 | Link to Comment SheepDog-One
SheepDog-One's picture

A 2008-esque 'overnite electronic run on the banks'?

Thu, 03/21/2013 - 13:25 | Link to Comment Mordenkainen
Mordenkainen's picture

In which case, when they finally do open, they won't need to impose limits on cash withdrawls, as there won't be anything there to withdraw. Happy banking.

Thu, 03/21/2013 - 13:25 | Link to Comment swissaustrian
swissaustrian's picture

They've surely blocked ebanking, too, haven't they?

Thu, 03/21/2013 - 13:30 | Link to Comment Mordenkainen
Mordenkainen's picture

Only for those who don't have the special, one-day, Russian mobster passcode.

Thu, 03/21/2013 - 14:19 | Link to Comment Matt
Matt's picture

"How can they lose liquidity despite beeing closed? Short term interbank market liabilities?"

Branches in 10 other countries where they were not allowed to close up, probably.

Thu, 03/21/2013 - 13:32 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

ATM withdraws...

Thu, 03/21/2013 - 13:35 | Link to Comment swissaustrian
swissaustrian's picture

the withdrawal limits should take care of the problem, but who knows.

Thu, 03/21/2013 - 13:40 | Link to Comment McMolotov
McMolotov's picture

A dollar a day keeps liquidity problems away.

Thu, 03/21/2013 - 13:23 | Link to Comment Kaiser Sousa
Kaiser Sousa's picture

an exchange between me and one of my unfortunatley brainwashed friends...i open the forum up to ZH'ers who he calls full of shit libertarians...responses please direct towards him...

go.....

 

 

Kaiser: Cypriots since last Friday have been prevented from withdrawing Euros deposited in banks as to prevent the inevitable bank run that will commence as soon as the banks r told by their "government" when they may re-open.. as of now it is said that that will be next Tuesday... thats ten day with out access to their own money or any money depending upon whether or not anyone was smart enough to have Euro's or sound money outside the banking system... all this due to the announcement on last Saturday morning that the "government" was going to confiscate 8-10% of depositors savings in order to finance another bailout of the banks... a reporter from bloomberg covering events purchased a sandwich with a Euro note worth 20 and instead of receiving 10 euro's as change was given 2 candy bars by the vendor cause he had no change to give him... wonder if all those in Cyprus r more concerned with the role government should play at the moment or more so with when they r gonna have access to their Euros and how much when the capitol controls that the government has already announced  go into effect WHEN the banks r opened??????????? but that could never happen here.................................................the role of government....fucking hilarious Unnamed Brainwashed friend: "Cypress does not have the dollar press machine Typical hysterics..." 

 

Thu, 03/21/2013 - 13:24 | Link to Comment Ourrulersknowbest
Ourrulersknowbest's picture

Leave your friend alone.i have given up talking to people about this shit.they looky me like I craaazy.ive said my bit to close family and friends .ive directed them to places in the world where they can inform themselves.as for the rest............not my fucking moral problem anymore.
You can lead a horse to water but ya can't make him drink......
Freedom and peace to all

Thu, 03/21/2013 - 13:28 | Link to Comment SheepDog-One
SheepDog-One's picture

Just leave him to be one of the rioters at banks when they rape accounts here, visit him in the hospital when he gets clubbed half to death and bring him some flowers with a card that says 'hey I told you so.

Thu, 03/21/2013 - 13:29 | Link to Comment IridiumRebel
IridiumRebel's picture

When he is begging for food, tell him to grow a PATRIOT GARDEN.

Thu, 03/21/2013 - 13:19 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

A Popular bank indeed. I presume this is bullish?

Thu, 03/21/2013 - 13:24 | Link to Comment SheepDog-One
SheepDog-One's picture

Gee what a shame....and right when everything was all 'Springtime for Merkel, and Eur-o-Zone!' declared just last week! 

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

By the time a statement like that is declared, true or not, once this bank opens it is finished.

Me thinks this 'rescue' was a tad too slow and regardless of what happens there is going to be a bank run and it's over for Cyprus.  Perhaps this is a good 'stress test' for other PIIGS banks.

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

I hear Trump is flying over some Casino Tokens...  

Thu, 03/21/2013 - 13:22 | Link to Comment Pairadimes
Pairadimes's picture

I would say this definitely puts the 'fractional' into fractional reserve banking.

Thu, 03/21/2013 - 13:27 | Link to Comment e m m
e m m's picture

Then it's over already. Book acts like Omar from Syria to perform during the runs and make it rain with the confetti.

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

It could be even a start of a recurring festival if Cyprus is looking for a new business model.

 

Thu, 03/21/2013 - 13:23 | Link to Comment Anasteus
Anasteus's picture

It's time to start printing money. How much does the Chinese personal printer cost on eBay?

Thu, 03/21/2013 - 13:23 | Link to Comment ziggy59
ziggy59's picture

"Attention Cypriots: Liquidity Has Left the Building!"

Thu, 03/21/2013 - 13:25 | Link to Comment IridiumRebel
IridiumRebel's picture

I like listening to "System of a Down" when rioting.

FOARWARD CYPRIOT!!!!!!!!!!

Thu, 03/21/2013 - 13:26 | Link to Comment sharky2003
sharky2003's picture

shits getting real!!!

Thu, 03/21/2013 - 13:26 | Link to Comment ziggy59
ziggy59's picture

Neofytou said fast = NowFuckYouToo

Thu, 03/21/2013 - 13:29 | Link to Comment ISEEIT
ISEEIT's picture

Kinda cool. I actually have popcorn. And intend to eat it as I observe this.

Big fun.

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

I guess that is better than taking a chance eating hotdogs while flipping through chat roulette channels.

Thu, 03/21/2013 - 13:31 | Link to Comment toys for tits
toys for tits's picture

Now I see why they call it 'demand deposits'.  People are demanding that they get their deposits back.

Thu, 03/21/2013 - 13:32 | Link to Comment BlackMagician
BlackMagician's picture

George Bailey: [yelling at Uncle Billy] Where's that money, you silly stupid old fool? Where's that money? Do you realize what this means? It means bankruptcy and scandal and prison! That's what it means! One of us is going to jail; well, it's not gonna be me!

 

How George Bailey handled it!

http://www.youtube.com/watch?v=_Er69b4HMl8

Thu, 03/21/2013 - 13:38 | Link to Comment insanelysane
insanelysane's picture

Aren't those John Corzine's lines, verbatim, from a few years ago???

Thu, 03/21/2013 - 13:32 | Link to Comment WallowaMountainMan
WallowaMountainMan's picture

gotta hope maria bart from cnbc took cash with her to cover cyprus...

:)

Thu, 03/21/2013 - 13:36 | Link to Comment insanelysane
insanelysane's picture

Imagine the poor bastard that spent the last few months planning a big bank heist in Cypress only to have this happen.

Thu, 03/21/2013 - 13:40 | Link to Comment jomama
jomama's picture

QUICK, BUY AS MANY BITCOIN TOKENS AS YOU CAN!!!!

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

Just hit an all-time high of $75. :)
http://bitcoincharts.com/

Thu, 03/21/2013 - 13:40 | Link to Comment Mad Mohel
Mad Mohel's picture

Let this motherfucker burn to the ground. I feel bad for the sheep that will get slaughtered, but it's jungle rules baby.

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

How come no one in line is holding a crowbar?

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

Because they've been conditioned to believe that violence is evil and never to be used. Years of behavior modification and praising passivity made them forget that sometimes you have to crack some fucking skulls.

Thu, 03/21/2013 - 14:49 | Link to Comment toys for tits
toys for tits's picture

It's night now, where are the torches and pitchforks. For instruction of proper mob etiquette from Norm MacDonald:

http://www.youtube.com/watch?v=h2eDwFVBZTQ&feature=youtu.be

 

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

 

As we get closer to the deadline, the familiar brinkmanship pattern has emerged in the Cyprus crisis.  The troika has issued an ultimatum and is awaiting the response of the target country.  Usually, the ultimatum is implied and hidden behind vague political language.  In a significant departure from prior precedent, the troika is now overtly threatening the proposed bailout recipient.

Analyzing eurocrisis drama becomes dramatically simpler after the troika issues an ultimatum, whether explicit or implicit.  In this case, the lines are clear.  Cyprus will either accept the troika’s €10bn loan offer and raise €7bn itself by March 25, or the ECB will remove ELA from Cypriot banks, and the eurozone will eject Cyprus.

There is no need to follow the news until Monday.  In the meantime, the mainstream media will continue reporting progress or the lack thereof.  Markets may travel up and down a bit on rumors, but you can safely ignore all of this information.  Either the sides will accomplish a deal on Monday just in the nick of time, or they won’t.

Did I mention that Cypriot debt will be unmanageable under the new deal anyway forcing a renegotiation of terms within two years?

http://dareconomics.wordpress.com/2013/03/16/cypriot-debt-will-not-be-sustainable-in-2020/

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

hey aust, has $50B of paper cash, and over $200B on deposits, takes %10 of  withdrawals to call up %50 of the cash.  We're all in similar  positions.

http://www.rba.gov.au/statistics/frequency/fin-agg/2013/fin-agg-0113.html

 

for RBA stats

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

see what happens when you spend yor whole life on holiday bitchez?

Thu, 03/21/2013 - 14:22 | Link to Comment The worst trader
The worst trader's picture

im pretty sure bens hellicpter is flying over now. Fuck you Benny

Thu, 03/21/2013 - 19:58 | Link to Comment SKY85hawk
SKY85hawk's picture

Jamie D. heaves a sigh of relief!

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