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:



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Thu, 03/21/2013 - 13:12 | 3357828 Desert Irish
Desert Irish's picture



There's never just one cockroach....

Thu, 03/21/2013 - 13:13 | 3357850 The Juggernaut
The Juggernaut's picture

This is just the first domino to fall.

Thu, 03/21/2013 - 13:15 | 3357869 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 | 3357901 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 | 3357919 Ethics Gradient
Ethics Gradient's picture

Is there a CDS protection scheme?

Thu, 03/21/2013 - 13:25 | 3357950 aint no fortuna...
aint no fortunate son's picture

Larry Motherfucking FINK is long vol and CDS

Thu, 03/21/2013 - 13:35 | 3358011 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 | 3358025 redpill
redpill's picture

You could try day trading Fannie Mae stock.

Thu, 03/21/2013 - 14:03 | 3358184 hedgeless_horseman
hedgeless_horseman's picture



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

Viva Monte Carlo!


Thu, 03/21/2013 - 14:38 | 3358374 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 | 3358442 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 | 3358032 Cursive
Cursive's picture


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

Thu, 03/21/2013 - 13:51 | 3358110 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 | 3358164 Cursive
Cursive's picture


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 | 3360683 jerry_theking_lawler
jerry_theking_lawler's picture


Thu, 03/21/2013 - 14:19 | 3358293 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 | 3360741 Fox Moulder
Fox Moulder's picture

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

Thu, 03/21/2013 - 13:26 | 3357952 Richard Chesler
Richard Chesler's picture

Credit event bitchez!


Thu, 03/21/2013 - 13:38 | 3358030 GolfHatesMe
GolfHatesMe's picture

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

Thu, 03/21/2013 - 13:33 | 3358007 walküre
walküre's picture

CDS on all Russian paper is spiking for some reason.

Thu, 03/21/2013 - 13:26 | 3357953 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 | 3358008 hedgeless_horseman
hedgeless_horseman's picture



In Europe it is 1% of the time.

Thu, 03/21/2013 - 13:36 | 3358020 McMolotov
McMolotov's picture

A fraction of fractional reserve banking. Even more reassuring.

Thu, 03/21/2013 - 13:42 | 3358031 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.

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?

Thu, 03/21/2013 - 13:51 | 3358116 walküre
walküre's picture

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

Thu, 03/21/2013 - 14:07 | 3358213 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 | 3358237 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 | 3358532 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 | 3358003 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 | 3357910 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 | 3357936 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 | 3357986 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 | 3358074 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 | 3357987 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 | 3358535 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 | 3357975 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 | 3358053 Frank N. Beans
Frank N. Beans's picture's gone

Thu, 03/21/2013 - 14:32 | 3358340 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?


Thu, 03/21/2013 - 13:18 | 3357888 NoDebt
NoDebt's picture

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

Thu, 03/21/2013 - 13:52 | 3358119 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 | 3357942 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 | 3358021 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 | 3357861 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 | 3357904 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 | 3358016 Ensowatt
Ensowatt's picture

Why Jim Willie is the Jackass....

Thu, 03/21/2013 - 13:17 | 3357876 smlbizman
smlbizman's picture

forget 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 | 3357906 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 | 3358267 smlbizman
smlbizman's picture

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

Thu, 03/21/2013 - 14:17 | 3358275 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!?

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