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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:




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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!?

Thu, 03/21/2013 - 13:17 | 3357879 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 | 3357905 otto skorzeny
otto skorzeny's picture

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

Thu, 03/21/2013 - 13:30 | 3357985 icanhasbailout
icanhasbailout's picture

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

Thu, 03/21/2013 - 13:59 | 3358163 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 | 3357920 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 | 3358185 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 | 3357890 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 | 3357971 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 | 3358113 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 | 3358176 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 | 3358217 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 | 3358426 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 | 3358505 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 | 3359116 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 | 3357835 morning
morning's picture

Tyler, I think Laiki = Popular, $0.02

Thu, 03/21/2013 - 14:09 | 3358228 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.



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.


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.



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”



Thu, 03/21/2013 - 14:10 | 3358239 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 | 3357836 poseidon
poseidon's picture

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

Thu, 03/21/2013 - 13:12 | 3357837 RacerX
RacerX's picture

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

Thu, 03/21/2013 - 13:13 | 3357851 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 | 3357938 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 | 3358052 Cursive
Cursive's picture


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 | 3357840 SheepDog-One
SheepDog-One's picture

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

Thu, 03/21/2013 - 13:41 | 3358045 sodbuster
sodbuster's picture

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

Thu, 03/21/2013 - 13:12 | 3357843 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 | 3357857 singsing
singsing's picture

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

Thu, 03/21/2013 - 13:27 | 3357970 A Nanny Moose
A Nanny Moose's picture

Ben has been doing it wrong.

Thu, 03/21/2013 - 13:14 | 3357858 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 | 3357860 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"

Thu, 03/21/2013 - 14:49 | 3358450 howenlink
howenlink's picture

That is awesome.  Thanks for posting!

Thu, 03/21/2013 - 13:15 | 3357864 SheepDog-One
SheepDog-One's picture

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

Thu, 03/21/2013 - 13:15 | 3357865 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 | 3358033 SmallerGovNow2
SmallerGovNow2's picture

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

Thu, 03/21/2013 - 13:15 | 3357866 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 | 3357929 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 | 3358517 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 | 3357870 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 | 3357945 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 | 3358229 ziggy59
ziggy59's picture

Did you become a banker?

Thu, 03/21/2013 - 13:15 | 3357871 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.

Thu, 03/21/2013 - 13:16 | 3357875 lotusblue
lotusblue's picture

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

Thu, 03/21/2013 - 13:16 | 3357877 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 | 3358284 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 | 3357878 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 | 3357893 SheepDog-One
SheepDog-One's picture


Thu, 03/21/2013 - 13:33 | 3358006 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 | 3358026 Quinvarius
Quinvarius's picture

They could just use this tactic to stop the withdrawls:

Thu, 03/21/2013 - 13:17 | 3357880 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 | 3358049 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 | 3357889 Crash Overide
Crash Overide's picture

Was it Zee Germans Tommy?

Thu, 03/21/2013 - 13:19 | 3357899 magpie
magpie's picture

Achtung, hier wird corziniert !

Thu, 03/21/2013 - 13:26 | 3357960 ceilidh_trail
ceilidh_trail's picture

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

Thu, 03/21/2013 - 13:28 | 3357973 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 | 3357892 swissaustrian
swissaustrian's picture

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

Thu, 03/21/2013 - 13:19 | 3357903 SheepDog-One
SheepDog-One's picture

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

Thu, 03/21/2013 - 13:25 | 3357943 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 | 3357949 swissaustrian
swissaustrian's picture

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

Thu, 03/21/2013 - 13:30 | 3357988 Mordenkainen
Mordenkainen's picture

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

Thu, 03/21/2013 - 14:19 | 3358295 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 | 3357999 SmallerGovNow2
SmallerGovNow2's picture

ATM withdraws...

Thu, 03/21/2013 - 13:35 | 3358014 swissaustrian
swissaustrian's picture

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

Thu, 03/21/2013 - 13:40 | 3358042 McMolotov
McMolotov's picture

A dollar a day keeps liquidity problems away.

Thu, 03/21/2013 - 13:23 | 3357897 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...




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 | 3357933 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 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 | 3357972 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 | 3357980 IridiumRebel
IridiumRebel's picture

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

Thu, 03/21/2013 - 13:19 | 3357902 Cassandra Syndrome
Cassandra Syndrome's picture

A Popular bank indeed. I presume this is bullish?

Thu, 03/21/2013 - 13:24 | 3357908 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 | 3357909 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 | 3357913 surfsup
surfsup's picture

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

Thu, 03/21/2013 - 13:22 | 3357921 Pairadimes
Pairadimes's picture

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

Thu, 03/21/2013 - 13:27 | 3357923 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.

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 | 3357926 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 | 3357927 ziggy59
ziggy59's picture

"Attention Cypriots: Liquidity Has Left the Building!"

Thu, 03/21/2013 - 13:25 | 3357948 IridiumRebel
IridiumRebel's picture

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


Thu, 03/21/2013 - 13:26 | 3357959 sharky2003
sharky2003's picture

shits getting real!!!

Thu, 03/21/2013 - 13:26 | 3357961 ziggy59
ziggy59's picture

Neofytou said fast = NowFuckYouToo

Thu, 03/21/2013 - 13:29 | 3357984 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 | 3358081 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 | 3357993 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 | 3357995 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!

Thu, 03/21/2013 - 13:38 | 3358029 insanelysane
insanelysane's picture

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

Thu, 03/21/2013 - 13:32 | 3358002 WallowaMountainMan
WallowaMountainMan's picture

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


Thu, 03/21/2013 - 13:36 | 3358019 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 | 3358038 jomama
jomama's picture


Thu, 03/21/2013 - 14:13 | 3358255 RebelDevil
RebelDevil's picture

Just hit an all-time high of $75. :)

Thu, 03/21/2013 - 13:40 | 3358039 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 | 3358044 shutdown
shutdown's picture

How come no one in line is holding a crowbar?

Thu, 03/21/2013 - 13:47 | 3358088 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 | 3358453 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:


Thu, 03/21/2013 - 13:42 | 3358060 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?

Thu, 03/21/2013 - 13:46 | 3358082 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.


for RBA stats

Thu, 03/21/2013 - 14:07 | 3358211 walcott
walcott's picture

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

Thu, 03/21/2013 - 14:22 | 3358305 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 | 3359886 SKY85hawk
SKY85hawk's picture

Jamie D. heaves a sigh of relief!

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