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ECB Gives Cyprus March 25 Liquidity Ultimatum
As reported yesterday, Cyprus banks are now expected to reopen next Tuesday. We would boldly go ahead and take the under following overnight news that the ECB has once more escalated its political interventions (remember the lies about "apolitical, independent" Central Banks - good times...), and following a Reuters report yesterday that the ECB is prepared to let Cyprus go, the FT now has doubled down on the propaganda, reporting (in an article with no less than five authors) that the ECB has issued an ultimatum to Cyprus to agree to a bailout by Monday (which is a holiday), or the free liquidity ends.
"The European Central Bank raised the stakes in the Cyprus crisis on Thursday, telling Nicosia it had until Monday to agree a bailout with the EU and International Monetary Fund or it would cut off emergency liquidity provision to the country’s banks. The hardline stance from the ECB sets a clear deadline for Cyprus to agree to a plan after its parliament rejected a bailout negotiated at the weekend that would have taxed the deposits of account holders in the country’s banks." Which means yet another weekend of ad hoc choices and spontaneous decisions awaits, only this time with a key non-Euro actor involved in the face of Russia, whose interest just in case there is any confusion, is to see Cyprus crushed, so it can swoop in later and "acquire" the assets on the cheap, or preferably free, while the local population welcome the second coming of the glorious Red Army with open arms, delighted to be free of European slavery. Well played Putin.
The ultimatum came as EU leaders maintained pressure on Nicosia to come up with a new plan on its own and Russian prime minister Dmitry Medvedev told a visiting European Commission delegation that a solution had to include Russian participation.
“It is now up to the Cypriot authorities to come up with proposals,” Jeroen Dijsselbloem, chair of the committee of 17 eurozone finance ministers who negotiated the bailout, told the European Parliament on Thursday morning.
In a short statement the ECB said its 23-person governing council had agreed to maintain emergency liquidity provision to Cyprus’s banks until Monday. “Thereafter, Emergency Liquidity Assistance could only be considered if an EU-IMF programme is in place that would ensure the solvency of the concerned banks,” it said.
The country’s two biggest banks, Bank of Cyprus and Laiki, are believed to be reliant on Emergency Liquidity Assistance provided by the Central Bank of Cyprus. The ECB’s governing council can terminate ELA if it believes the banks receiving it are no longer solvent.
The move, however, raises the prospect of the ECB having to make good on its ultimatum on Monday, which could leave the banks unable to honour their obligations. Some analysts have speculated that the collapse of the banks could trigger a series of events that lead to Cyprus leaving the euro, with unpredictable consequences for the rest of the eurozone.
Will the ECB really be so stupid as to force the Cypriot bluff? Does Draghi really want to put the OMT into operation, which would inevitably happen once Cyprus is kicked out of the Eurozone, and a pan-European deposit run, which has so far been spared due to lack of tangible evidence that there is an actual "credibility" event in Cyprus due to what may be a permanent bank closure, becomes inevitable?
Most importantly, will the ECB truly shoot itself in the foot once again, and destroy all the so-called confidence it has rebuilt in the past four years on the back of endless promises, threats and urgings?
Tune in this time Monday to find out.
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They'll give you their answer now if you'd like. Their offer is nothing.
http://www.youtube.com/watch?v=wPmTp9up26w
Russia gets the smart president, the U.S. gets the corporate lackies.
LOL
JPMorgan clamps down on fees from payday lendershttp://online.wsj.com/article/APbd6d41e7fb574e18abdc7b893fc0824b.html
"JPMorgan Chase is taking steps to protect its customers"
The P stands for Pathological Liar, right?
In Soviet Russia banks close you
The P stands for Psychopath, right? - FTFY
Putin is playing his hand as long as possible. I have no doubt he has a plan in place for Cyprus. He is controlling the situation. He can come in and save Cyprus and help them leave the EU by getting their gas deposits and a Naval base. A little revenge upon the EU? This is high stakes poker not for the weak handed.
You mean the Russians or the "Euro group"? if it's the latter that strikes me as striking Anglo Saxon actually. if it's the Russians..."commence the bombing of Egypt" next? well played? really? seems to me France is the big winner here and the ghost of "Emperor Napoleon" and his still existing "Napoleonic Codes." but hey...we're just the one's who've been fighting this war for twelve years straight. what could the Americans possibly have gleaned from all that? clearly our protection is not wanted by anyone anymore save Japan it would appear. oh, well then...
No, France will be the biggest loser in a EU implosion. When it all starts to unravel, the EU will split into 2 factions, North and South. Hell, it's almost there now. The North will see the writing on the wall and will start the exit party. Probably Germany after the September election as Merkel is finished after this fiasco. She has managed to screw this up royally by looking like a jack booted Nazi thug on one hand with her proposal, and a weak pawn on the other with the proposal being shot down so utterly. After Germany, other strong Northern countries will follow. France will try to exert themselves as defacto leader in the power vacuum, like they always do. The other South countries will look to France and France will provide token help, but fail...like they always do. France will be much worse off when the dust settles because those that leave last, will be the bag holder.
I read about such possible future north/south split scenario maybe about two decades ago!
Culturally and historically it makes sense for north and south Mediterranean countries more closely relate between themselves, and could eventually be a solution for many of their current problems, some of which were created by the EU, itself, in benefit of northern countries.
Blah, blah, blah. By Monday, the Fed, ECB, Russians, Chinese or Santa Claus will miracle them a "loan" and all will be fixed. Europe is saved and the markets can rise by 10% next week. Now lets get ready for the tournament!
Yeah, that did seem to be the dominant theme on public radio news this morning. The theme today was "Cyprus is going to Russia to get a bailout from them". Something tells me this isn't too terribly fucking likely. ECB pulled the "grim trigger" threat, which doesn't tend to work when you've shown yourself to be a complete fucking vagina. Either the ECB capitulates here, or they decide to "show them who's man" and let Cyprus fail, which will, for sure, turn into a Lehman-scale contagion problem. Honestly, this is probably going to happen regardless, but the scale will depend on what the ECB decides to do. Russia is very much looking forward to it either way, they won big the last time there was a global financial crisis.
ECB: We're not going to take this anymore, you have until march25th or else!
On March 25th: Cyprus does nothing
ECM: We meant MARCH 25th 2014
I looked up what holiday March 25 was: Greek Independence Day. Way to go ECB.
Tuesday morning, the banks open they say.
Tuesday afternoon, the banks close again permanently.
Wednesday morning, CDS trigger all over the place.
ISDA is going to call it a voluntary act, not a default.
That parrot is not dead.....it's just resting.
http://www.youtube.com/watch?v=e6Lq771TVm4
I don't care how many times you use the paddles. Time to call TOD.
pods
I've been rethinking this. They've caved every time previously. Why do I believe they won't fold like a piece of paper this time too?
I'm positioned as if they won't cave... It's starting to look stupid...
No to the CDSs. There's a total of $2 billion gross notional on the Cypriot Government, and none of its banks are in the top 1000 traded CDS issues, which means that if they have CDSs outstanding, the amounts are small. They have plenty of problems without turbo charging it with CDSs.
"There's a total of $2 billion gross notional on the Cypriot Government"
Right, but how much gross notional on their banking sector? Ah, see, this is the real problem. And we're not just talking Cypriot banks. Consider the Greek banks as well.
If you get the ebola virus because of a small cut in your pinky toe, guess what? You still have ebola virus in your body.
I agree that this is mostly going to be a crisis for the financial sector outside the TBTF, and probably intentionally designed for them to swoop in and acquire assets on the cheap, it's still going to be a crisis.
Wednesday afternoon, the Bernak boards the helicopter.
Kind of ironic really because the Germans have fought so hard to save and prop the euro and eurozone, now they may actually cause the breakup. For those people who think the weak countries dropping out of eurozone would be bullish for the euro. What would be the total losses for Germany on all this crappy paper. A trillion euros? Anybody know?
Much of it depends on the synthetic derivatives Goldman, JPMorgan, et al decide to create between now and then.
All hail Blankfein. All hail Dimon.
Is it time to offer our first born as a sacrifice to those doing god's work? Seems so......
I am cueing up "Creeping Death" atm. Seems fitting?
pods
I tend to see something more active happening in the not to distant future.
http://www.youtube.com/watch?v=EpMuCrbxE8A
Propaganda death ensemble
Burial to be
Corpses rotting through the night
In blood laced misery
Scorched earth the policy
The reason for the singe
The pendulum it shaves the blade
The strafing air blood raid
infiltration push reserves
Encircle the front llines
Supreme art of strategy
Playing on the minds
Bombard till submission
Take all to their graves
Indication of triumph
The number that are dead
CHORUS
Sport the war, war support
The sport is war, total war
When victory's a massacre
The final swing is not a drill
It's how many people I can kill
CHORUS
Be dead friend from abve
When darkness falls
Descend into my sights
Your fallen walls
Spearhead break through the lines
Flanked all around
Soldiers of attrition
Forward their ground
GRegime prophetic age
Old in its time
Flowing veins run on through
Deep in the Rhine
Center of the web
All battles scored
What is our war crimes
(Era forever more...war)
Propaganda war ensemble
Burial to be
Bones shining in the night
In blood laced misery
Campaign of elimination
Twisted psychology
When victory is to survive
And death is defeat
CHORUS
Sport the war, war support
The sport is total war
When victory's a massacre
When victory is survival
When this end is a slaughter
The final swing is not a drill
It's how many people I can kill
yeah well...if the Dmark (massively devalued) suddenly re-appears it's "all bail Blankfein, all Bail Dimon." http://www.youtube.com/watch?v=pVa0v0Ay_Pg
The next judgment day is in September of 2015 unless they/we repent and follow God's laws ... which means, amongst other more important things a jubilee must take place. I don't know if they will be able to implement the great communist jubilee by 2015, but certainly by 2022 or 2029 at Apophis fly-by time... otherwise it may be "goodnight Irene"... hand of God and all.
How's that crazy talk for ya, eh?
I read Germany's exposure is at least 2 trillion. They will go down just as hard as any of the smaller countries.
If it were possible to add up the market losses so far, it would dwarf the bailout sum in spades, and it isn't over by a long shot. in addition the psychological cost in lost confidence and mis-trust is many times higher. So who have they screwed?
That would be a relief. Not losses.
I will gladly pay you one month from then, for a hamberger on March 25th.
Hanging by a threadThis year’s five banks most likely to fail are based on Texas Ratios determined by bank data as of the third quarter of 2012. (In last year’s list, all five of the previously listed banks have failed — the lowest Texas Ratio was 544 percent.)
http://www.mybanktracker.com/news/2013/01/09/5-banks-are-likely-to-fail-...
If the banks fold, the Russians lose everything. Putin will not let that happen to his mates from the security services
Wait banks fold? The stress test of 18 months ago said everything was ice cream with a fucking cherry on top.
I think it was cherry T. Boone Pickens type ice cream. You just interpreted it badly.
And...they tested 14 banks in the US and said they were all clean...hmmm/
Do they?
What if this is all theatre - and the deal is already done.
Russia Gets Cyprus, some nice ports and a gass field.
In return it gets out of Syria & distances itself from Tehran a bit.
Obama, the MIC and Isreal get a much cleaner run and the resources in the ME.
Germany looks stupid and vindictive - but has lit the fuse to have to hopelessly broke southern Euro states break away from `the core`
In the ensuing chaos - (throw in a sudden halt to printing, a bust PD (or 2) a collapse in asset prices) the people who really matter, and who are ready and liquid, swap the recently printed they hold for hard assets.
Populations beg for government support - more printing etc etc, and accept further losses of freedom without question.
Where is James Bond when you need him?
Yes, all tactical and possible ... but that is not the goal and strategy. The endgame is globalization under a communist regime. Obummer and Merkel are both commies put in place from a 50 year old plan. I like your thinking. Only it is too short-term.
Umm, I would say the "50 year old plan" is failing miserably. Spain, Italy, Greece, Cyprus, are all moving away from centralization. Do you read the fucking news or just stick with the One World Order bullshit? Kunstler may have his own blinders on, but he's correct that the future will be less (effective) centralized control, not more.
you can thank the likes of Julian Assange who have pulled the wool from in front of our collective eyes, the heretic spokeman against Western "we save the world in pax americana" gang religion.
Thats why keeping the Internet under 'Hippocratic' oath of transparency, under no evil Empire control, to allow the truth to emerge at the flash of an eyelid, is so important. Google big data world control is not the paradigm that should unfold.
Be bold, take hold and never kneel to the new Bernard Gui's; always cherish memory of Bernard Delicieux the man who defied the Inquisitory fold even to life imprisonment cell; Assange's role model.
These guys never die like Spartacus or Leonidas. As for James Bond, lol...he is what John Le Carre would call a Tailor from Panama, who needs to go lie in the cold and never come back unless called by Moneypenny for some xtra time lovey dovey; thats fine as he always drinks Dom Perignon afterwards like a good fellow.
Falak, I don't entirely follow what you wrote, but I'm pretty sure I agree with it. There is no group of evil geniuses who sit around a table somewhere and decide the world's fate. The world is run by a relatively small group of oligarchs who are no smarter than you or I. Each oligarch has their own fiefdom, and they do whatever is needed to protect that fiefdom. Their time horizon is short term. The only time they work together is when their interests align, but much of the time their interests do not. To think that 50 years ago some Dr Evil group thought "In 2008, we'll put a black, communist in as president of the U.S. to do our bidding, (bwaa-hah-hah-hah)" is a stupid, adolescent fantasy.
have one on me and the penny will drop, it always does once we feel good in our blue suede shoes!
I agree these guys with Dr NO dreams and Bloefeld schemes always end up like Droopy dog in the dog house.
Look at Dubya, he is painting poodles in his bathtub to forget what he did in Abu Graith...he has to get off that bottle!
As for the grand ole plan to dominate the world its got Helicopter Ben printing toilet paper to save their NWO necks.
I hope not. I dont get your startement. the russians should get ther 5 trillion shifted to the bank they own in Cyprus.. Its all been setup subsequent to the 70% greek bondholder haircut.
Russians keep cruising.
We don´t know what happens if the banks fold. Let me play a simple scenario. The Russian mob has CDS (like an insurance protection) on those banks with some banks in Greece, Portugal, Italy and-or Spain. Once the Cyprus banks go, the CDS get triggered and some banks in the PIIGS fold, triggering more CDS, but this time they will go to banks like Deutche bank, UBS, Credit Suisse, Bank of America, JPM, Citibank...
Do you really need me to keep on playing the ¨contagion¨ scenario?
It can get very ugly and the Russian mob knows it and probably can help. Do you think that they were going to let the wealth tax pass to save those banks? No way, they will call the bluff and break up the world financial system if they possibly can. That would allow to win the cold war, after suffering a tactical loss a few years ago...
The key questin is if the ECB-EU-IMF will be stupidit enough to fall into this clear trap. This looks to me like a chess game between Kasparov and Bobby Fisher many years ago...
Until next time,
Engineer
Fisher never played against Kasparov. Maybe you are referring to Boris Spassky.
If the banks fold, the Russians win everything.
A collapsed Eurozone has the Germans heading for the eastern exit - finally free of the Atlanticist controllers - and and rest of the core countries scrambling to find a safety net. Stop and think why the Fed has been pouring money into the Eurozone to prop it up.
Heinz learned a big lesson from stopping the tanks short of Baku and then diverting back to Volvograd ...you don't get far without petroleum products. Commercial alliances with energy-rich, emerging middle class countries like Russia, Turkey*, and Iran beat the hell out of playing sugar daddy for dead beat neighbors whose import ability is tapped out long time gone.
What the Russians lose in fiat is nothing compared to what they will gain in trade and influence. So a few mid-tier players lose their loot. Putin's got a lot of sugar-plums to hand out to the tios in the future.
*Turkey not energy rich you sneer>!???...don't kid yourself, once things get sorted, they intend to be brokers of every major landline deal between Europe and the energetic east. Petro Gold is just gettin started....as the tide goes out on ZATO's last gambit.
edit: that 'golden rocket' that just took off on the chart tells me that some of the trade is thinkin along the same lines...looks like it's gonna be a classic "Fast Heinz Guderian" breakout gents. You could just see that tight control zone this morning was gonna snap!
Irony: Monday's holiday is "Greece Independence Day"
again "the timing is too perfect and the gaming too precise." if someone has thought this one out they've thought out a lot of other contingencies as well. not a betting man (other than with my life) but my money is still on the French as "the trigger man" here.
The leaked conference call is quite an eye-opener:
http://uk.reuters.com/article/2013/03/21/uk-eurozone-cyprus-call-idUKBRE...
"Markets believe that we will find a solution and that we will provide more money and this might not be the case," one of the participants on the call said, according to the notes."
This whole saga surrounding Cyprus presents a unique opportunity for the BRIC Countries to step forward and intervene on behalf of Cyprus. Since it is a highly visible series of events, it could raise their profile around the world in ways marketers could only dream of. Why haven't we heard or seen any action from that corner?
again "the French did it." Viva la France.
Cyprus is learning there is no free finance...
Squidly entangles all in its tentales
Surprised no arms cut off yet..
Murder suicide?
Shot in the head three times (EU, ECB, IMF) from behind: clear and obvious suicide.
Let me take a stab...Putin comes up with the blood money, he gets his Club Med naval base for his cruisers and destroyers, makes sure he becomes a major shareholder within the banking system, and starts sifting through the customers, making a list of which Russians he's going to "ask" for support, and which ones end up in a "tax court" and a nice visit to the gulags. Then, just to take a stab at the EU, he offers membership within the CIS. This emperor does have clothes.
http://en.wikipedia.org/wiki/Commonwealth_of_Independent_States
why can't putin tell his buddies to take public losses so they can all act outraged and just print some rubles behind the scene and make them whole?
you've been a roll for so long i really can't say enough good about it. (from me that's a compliment...i think.) anywho EXACTLY. the problem however is that there is a lack of "transparency" here and so while the Russians billionaires get in line first the question becomes "who's next?" I would argue "Russian Olympics." And after that? "The Assad Regime." And after that? I imagine the phone's ringing off the hook from Venezuela. And after that? How about Governing Russian itself? blah blee blah blee blah blee blah. Let's face this Empire stuff is WAY over-rated. Save your people, focus on the diplomatic corps, find out "who the phuck the Euro group is." Putin's KGB...he knows the routine.
You are closer than you may think about this convoluted geopolitical fuck-up (or is that fuck-down).
@ fonz....Because homeski don't do that.
Dear Leader has been in uncharacteristically quiet on this whole Cypris issue.
He doesen't understand what is happeneing any more now than he did when he raised taxes on the middle class and poor in the middle of a depression. He drinks the "everything is ok" Koolaid that Jamie Dimon pisses in his face.
The Dear Leader is in Isreal......why he's there no one seems to know.
The Dear Leader is simply following orders. The real question is "from whom?". My guess is evil space aliens. It would explain a lot.
my guess is that the teleprompter is in the shop for repair
They didn't have a travel adapter so they could plug it in in Israel.
Along with the Presidential limo.
+ FOR BRILLIANT VULGARITY.
I like the way the euro spiked 50 pips and the dollar sold of 1/3 of a cent just before the Italian and Spanish bond auction earlier. [coincidence]? The takeup was strong as well. Another [WTF] moment in Europe. Who in their right mind would want that toxic paper?
EUR Spanish 10-Year Obligacion Auction 4.898% 4.917%
Tentative EUR Spanish 5-Year Bonos Auction 3.557% 3.572%
03:00 EUR French 2-Year BTAN Auction 0.32% 0.41%
03:00 EUR French 5-Year BTAN Auction 0.89% 1.02%
I guess the ECB has managed to build a shadow primary dealer system: Funding for banks via LTRO in exchange for bidding at sovereign auctions.
When no one claims a dead body, it goes up for auction.
hmmmm. "negative rates." hmmmmm.
If they can just keeps the banks closed for 4 more days until the following Monay, then they can re-open on ...wait for it...
Monday 1st April...April Fool's Day....
4 moar days, 4 moar days!
There's an old saying in Cyprus ... I know it's in Texas, probably in Cyprus... that says, fool me once, shame on — shame on you. Fool me — you can't get fooled again.
AUSWEIS VERBOTEN!
Solution 1° Bend over to Putin and say its all yours GAzprom and MIC, you can have your port!
Solution 2° Fucka you EU; we die like the Spartans and we leave Athens to you imperial barbarians. This is the worst 'soulution' as they get deep shoved by Russians, EUrocrats and markets. Total destitution.
Solution 3° Ok Mutti you win and some of us will die bravely with the fishes when the Ruski Mafia hits us! But we save our people even if it means we are slaves for twenty years.
I don't see any other issue than these.
Morality : never sell your souls to the banksta clique but that is the world's problem not just Cyprus's. The irony is that Cyrpus has a dynamic economy, its their banks that are quacky ducks mired in toxicity.
2. is unlikely, because nobody in the political class gains.
Whatever the issue I don't see this local banksta paradise rising from its ashes for a long time!
Is there a lesson there worldwide for other tax havens, in the aftermath of this mega standoff in the making between statist oligarchs who want to tax bank stakeholder deposits (one off, lol ) at source, on ad hoc basis and the markets who prefer to see the bank festering debt holes being "socialised" via QE infinity plays like in FEC/BOE/BOJ and subsequent currency debasement?
This is now going to be moot question; which route to go as to get resolution in this 12th hour you have to fleece the sheeple one way or the other, and then hope that the resulting market reset will not bring us to total rock bottom!
Imagine other financial centers of banksta money like Singapore or Swiss land if fiat burns and leverage plays go belly up?
The statists and the private wealth markets, if they tear each other apart in their kleptocratic hubris, they make their own cake go sour like the Gulf of Mexico, in Deepwater Horizon style!
"Cayman Islands=Ponzi Scheme." the arrested "the man from Texas" and charged and convicted him of said offense. "anyone asking for a do-over yet?"
To think that fishin would lead to banks that are quacky ducks mired in toxicity is almost unthinkable to me.
"its their banks that are quacky ducks mired in toxicity."
Good works.
Ya know how those banksters always have insider information and seem to know for the most part what is going to happen. Well, how's this for the plan to move forward?
“I expect that there will be a support program for Cypriot economy by Monday,” said Panicos Demetriades after talks with President Nicos Anastasiades on Thursday."
"The Cypriot government and opposition parties are examining the creation of a wealth fund consisting of state assets, church property and social security fund reserves in a bid to negate the need for a deposit tax or to allow the levy to be set at lower levels than the original plan agreed by the Eurogroup."
Cyprus central banker Demetriades sees solution in Nicosia by Monday:
http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_21/03/2013_489118
And another new twist is now the Russians are thinking about pulling out of the euro before everyone else does. A most interesting new card that could be played in the game of, bankster wars!
Russia may rethink euro in reserves after Cyprus, Medvedev says:
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_21/03/2013_489048
Lots of suspense in this movie. Is there an intermission?
No intermission. Bank runs commence as soon as the banks re-open.
Agree re your positves re Cyprus. If its not Putin its NATO as a front for the US. Cyprus welcomed the russians, dont think it welcomed the brits or now what NATO wants and US wants (non constituional) which is being pushed. Nor the 70% haircut given to Cyrprus bondholders of of greek bonds which started this mess (as some see it)... odd no haircut was given to Ireland by the US UK or Germany.
At this point, it is blame shifting. The collapse is coming. The ECB, who caused this boondoggle, needs to make it look like it is Cyprus' choice. Those banks just can't open without a total recap of printed money or they will be put out of business with bank runs. They are like those people who had their bodies frozen after death so they could be thawed out when a cure for their problem is discovered. But we are going to thaw them out on Tuesday and see what happens.
This whole incident has me wondering if the decision to pull the plug on the entire global mess has not been made. Unsustainability and peak ponzi have been reached. And now it is time to make the real wealth knocking it all down.
did the ECB really cause this "boondoggle"? I remember faintly the Vampire Squid "advising" Greece to do Enron-style accounting with JPM derivatives, which led to the Greek Bond debacle, which leads us now to the Cypriot Situation. perhaps my memory fails me
meanwhile Cyprus is this week still on the ECB/ELA drip, and you can at least buy groceries on Cyprus with that trickle of EUR cash out of the ATMs - would you if they had still a Cypriot Pound?
+666
After Cyprus, it still has P,I,I,G,S, and finally F to try to institute another wealth tax on bank deposits.
It won't be a big deal if Cyprus' banking system collapses and they have to exit the EU. /sarcasm.
I wonder if Checkpoint Charlie is going to suddenly be staffed again. Russia probably is not going to respond well to having retired oligarchs lose huge sums.
Checkpoint Charlie is in the middle of Berlin which lies in unified Germany.
It is staffed already, with chicks wearing Red Army uniforms who let you have your photo taken with them 1 euro.
My guess is Putin getting control of Zone 12's Gas/Oil, South of Cyprus.
Lot of interests at stake here, many involved, as Turkey, Israel, Russia, Egypt.
I presume banks are gonna open with enough liquidity and new deals after forced holidays.
Just a feeling.
Do you really mean Israel or the true owners, Palestine? what about Lebanon and Syria? And NATO? ( US default)?
Russia has invested in Cypriot exploration and drilling programns. The rest of the scumbags have the Caymans ( Madoff?) and Luxembourge and Switzeland... Goodluck to the russians..
A CB that doesn't provide liquidity when needed is worthless. Why bother?
If the country had real thought leaders, they'd peg to gold or silver and completely call the ECB bluff.
a small country pegging to gold or silver? and the huge rallying cry you'd hear that "competitive edge" gets lost? as long as King Dollar reigns supreme and is driven this way in this currency war you would have to close your borders if you really want to do that
nope, if I produce tomatoes thanks to leveraged capital in fiat currency I beat any foreigner producing tomatoes thanks to capital in gold where it hurts: price
at least at this stage of the currency war
Isn't Merkel, like Obummer, a communist wunderkind? I thought I read something about them both tiptoing naked through the Urals at the Joe Stalin Summer Camp for Progressive Revolutionaries. If that is the case, the whole thing is a show to intentionally start the glorious communist global revolution by giving Cyprus to Russia.
"We've been had, Hawkeye?"
money is the new bullets of the 21st...
Will depositors get their savings back in Euros, rubles or pounds?
gimmie back my bullets
If the Cypriots are really smart they should agree to the tax. Wait for the banks to open and then extract all their remaining savings. After which the banks will close for good. This way at least they will get the majority of their life savings out of harms way.
The depositors aint getting shit out of those banks when they open. The only thing in those accounts are binary digits with nothing to back them up. Capital controls will be in full effect when those banks open. The only thing that remains to be seen is how the populace takes to being told they can only withdraw $250 a week for the next 6 months. I know that Americans wouldn't take it too well but I have lost all faith in people sticking their pitchforks up the asses of the PTB.
You can see what will happen by using Google translate read Argentinian news from the time this same thing happened to them, they were not allowed to take their money from the banks. They key word to use was CORRALITO ... You will see plenty of mobs, pitch forks, pots and pans, etc. it created a movement that lasts up to the day of today. They have lawsuitd with Hedge funds that have lasted more than 10 years. They are still fighting...
Oh the hedge funds are the ones that bought their debt for cents on the dollar and now are suing for full value of the bonds.
Until next time,
Engineer
"If the Cypriots are really smart they should agree to the tax. Wait for the banks to open and then extract all their remaining savings."
Translate your comment with Google translate. Start a facebook site and propose it to the Cypriots... They may go for it... Who knows... It´s a startingly good idea if social media could be used to build up the agreement before hand... Then they can go back to the pound
Ultimatums, damned ultimatums, and statistics.
Bet Russia comes out on top!
"Ultimatums, damned ultimatums, and statistics."
Euros...bluffs...waiting games...suspense...cigars...cigarettes...Tipperellos?
If Cyprus is denied the bailout and the banks try to reopen and the bank-run ensues and the system collapses, it will be a visual lesson for the world on just how the "Fractional Reserve" system really works. Those that don't know will instantly get a lesson that shows them their money in the banks around the world "isn't there". And this lesson will be played out in real-time with real people getting screwed by the banking system. There are probably many around the world that will finally see the banking scam for what it is.
It is not in cyprus' interest to get a baiiout, the whole lot has been engineered by the 70% haircut to greek bondholders. Iceland has done really well, Ireland has been screwed or shafted again and again.
C'mon man! Don't you know the conservative talking point "American Exceptionalism"? 95% of Americans will believe that can never happen in the U.S. up until and including the day that it does.
FYI: March 25th is Greek independance day (beginning of revolution against Turks).
The Europeans are banking on the Russians actually copping the 15% haircut rather than avoiding a haircut and instead finding their euros been converted to cypriot pounds of at least short term questionability.
Just say Nein and leave the f* euro.
Better still,
Leave the €uro.
Stay in the EU
Join NATO yesterday.
and the two Cypriot banks? let them fail? leaving the EUR does not change that
Don't mix oranges, bacon and jogging shoes.
http://tradewithdave.com/?p=15952
They're just jockeying around to see who goes first playing Russian Roulette with a semi-auto pistol....
It is truly amazing how little press Cyprus is given all over the MSM. Even I am shocked. At times something that smolders just below the surface for a while is something to be concerned about. Often investors ignore what is right in front of them as long as they can, move on to other subjects and keep the false air of "all is well" moving along. Then at some point, the "whale" rises to the surface and takes out everything in its path. We saw this in 2008, when mortgage loans started to default, first sub-prime, than moving to prime loans. Our omnipotent govt. told us all was well and "it is contained." Nothing to worry about here. Well, we all know how that worked out.
Now, they are saying the same thing...again. Cyprus is too small. Not even a million people. Just a few banks in trouble. It will all work out. So the sheeples believe this and keep buying "yoga pants" and "new cars". Well, I am not so sure. And I am prepared as are many here. Sometimes we ignore what is right in front of us, hoping it will fade away.
I am not surprised, remember Fukushima? Four nuclear meltdowns and the MSM was barely reporting it...
Now we have the oceans of the world contaminated with Cesium and they don´t even talk about it...
If they can hide that, imagine what they can hide relating financial matters...
Our financial system is a Ponzi scheme and now that they have run out of fools to feed it, the CBs of the world are doing that. Cyprus is just pissing them off because the Russians and Britons are using it to extract more than their fare share of the proceeds of the Ponzi and they want to stop them.
I say: "Good Luck"
Until next time,
Engineer
JHC...Could you just imagine ZH as a fourth estate??? 'news' papers would still be something considered as being worth the time spent exposing oneself to considering as a well spent investment of time.
And so now back to the 'real' news.
How's this hole baracks grand jewish adventure thingy werkin' out?
Tell Putin that if he makes Italy an offer they'll make him pizza and a new suit.
So whadda ya think about Emma Watson and the 50 shades of grey thingy?
I like her but I don't know how to pronounce her name.
One wonders if the EU project is not entirely something other than advertised. And one wonder si the leaders of the EU, like Frau Merkel for instance, are not also undertaking an operation for the Eurozone that too is not quite as advertised.
http://hat4uk.wordpress.com/2012/02/20/exclusive-angela-merkelthe-new-ge...
Like so many things in the Chancellor’s life ‘history’, despite the air-brushing employed by those around her, former Osti Merkel appears to have been a very active supporter of Erich Hoeneker’s Communist DDR….as The Slog reported some weeks ago.
The problem for Geli is that the 72-year old Gauck was a leading (and very influential) dissident pastor in the DDR. Angela Merkel’s father the late Horst Kasner was also a DDR pastor….however, he was anything but dissident. He chose to join the DDR in the 1950s (although living at the time in the West). Several former Ostis have openly accused him of being a Stasi agent.
Here’s the additional tricky bit for the German Chancellor: post-unification, Joachim Gauck was put in charge of investigating the Stasi archives during the 1990s. There is probably no-one better placed – both pre and post unification – to know about Merkel’s activities under the Communist regime. He would certainly, through his role in the protestant church, have known all about Pastor Kasner and his daughter Angela. And what he didn’t know from that would anyway have been available to him as the man in charge of the Stasi archives.
Merkel has always maintained that her role in the DDR’s Youth Movement was a minor one involving the organisation of social engagements. But people who were there say the good Frau Doktor is being modest: she was actually the Movement’s head of Propaganda…..and a hardline Stalinist disciplinarian.
And then the EU itself is a bit questionable- Former Soviet Dissident Warns For EU Dictatorship | The Brussels ... www.brusselsjournal.com/node/865Feb 27, 2006 – Mr Bukovsky paid a visit to the European Parliament on Thursday at the ... Bukovsky twenty years ago, in 1986, when the Soviet Union, the first ...
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'Will the ECB really be so stupid as to force the Cypriot bluff?'
agreed. how can they?
how can they not.
i think it goes back to their fundamental error: thinking the president of cyprus could deliver what he demanded he wanted. that is, saving some bucks for the over 100k crowd by breaking the insurance under limit of 100k. had he delivered, all this would have gone backpage and the facade continued.
sure, there would have been some chatter about confiscation etc on the 'fringe' but 'oddly' accurate blogs led by the finest one of all zh., but msm would have moved on to the bernak meeting etc.
having accepted an the pres' ultimatum, rather than finding out how the votes would have gone, the ecb lost control. had the pres of cyp counted the votes as a test before issuing the under 100k or else ultimatum, then the extra votes either could have been bought, of if not, the original deal the ecb offered could have been accepted and passed by parliament. (no other choices work 'mathimatically. it would preserve the insurance motif for banks, the most critical aspect of faith)
the pres of cyp committing the ultimate error of one who goes all in ahead of the big stack, that is, not actually looking at his cards/votes. ecb will 'win', and retain power for the money.
eventually, sooner, the pres of cyp and his 19 abstainers will have converted enough of the 36 to get to the original deal (staggered, my guess) and what ever would have happened in the first place, good banks, bad banks, unemployment that really wasn't productive (i.e. non traditional banking), whatever...
as one who would love to see the tbtf die, perhaps... perhaps...thanks to zh and others, msm will start to value the lives of their children and their children over brown nosing with the 1%.
revolutions rarely come from other than the people. a non violent revolution is still possible. die tbtf die!
just my thoughts...
:)