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Troika Hikes Cyprus Bailout Demands, Says "Conditions Worsened"
Just when you thought you knew the rules, the Troika has changed them... (via MNI)
- TROIKA SAID CONDITIONS WORSENED, WANTS BILL TO REFLECT
- TROIKA HIKED CYPRUS CONTRIBUTION TO E6.7 BN VS E5.8 BN:
SOURCE
Moar Bigger Haircuts for the rich please - and following Schaeuble's veiled threat (leave - we can handle it)...
- *SCHAEUBLE: MARKET SEES EURO-ZONE BETTER PREPARED FOR TURBULENCE
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Eurocrats want to force Cyprus default to test the system and to show everyone EZ can withstand a member exit.
http://www.youtube.com/watch?v=LJUzPatn0eE
The haircut is turning into a beheading
One more week and they'll draw and quarter Cyprus with the Monetary Curtain.
Europe has their best interest at heart; Russia only wants them for laundry.
Shut up, fruitcake!
Troika Hikes Cyprus Bailout Demands...
The terms are in context to the changing nature of the fundamental problem - the banks are insolvent. Obviously, since the situation has worsened, new terms are given - but the are still in context.
Euro Company policy is made on the spot to fit the occasion.
Cyprus is a tax haven location, right..???
Wealthy people who park their money their are (were) trying to avoid hefty taxes, right..??
Just checking...
Everyone is ready to take their money out, so the new rules are nobody gets any money
Why and how would it be possible for Cyprus check to see if its depositors had paid all the taxes they owed to the country they are from? Is it Cypriot banks' jobs to find out the motivation of their depositors?
That is an absurd proposition and it's the meme being spewed by the MSM to paint everyone of those deposits as ill-gotten. Remember that over 50% of those deposits were household deposits.
Mosey on over to Naked Capitalism. Lots of good articles on the "real" composition of the deposits. It's not what you're reading in the NY Times or WSJ.
How have they "worsened"? The banks have been insolvent for some time now.
"How have they "worsened"? The banks have been insolvent for some time now."
Well, to use a Hollywood example, think of it like the original "Weekend At Bernies". Bernie was dead for a long time before someone called them out on that issue. Once everyone else is in on to the banks being "dead", then you have to play along. See? It is worse now, decay has set in.
Reality is exactly the same. The pot is calling the kettle black. Entire EZ is financially strapped and sinking. They need Cyprus money to remain afloat themselves. Raising the price is to ensure that everyone else in the EZ begging for money sees that insolent bastards suffer even moar. How dare Cyprus fail to do as we instructed. They will pay....Dearly and Moar!!!!
Awesome post Horseman... I love Calvin and Hobbes.
CalvinBall!
FINALLY, I understand the whole Troika thing!
Thanks, HH!
Awesome!
That totally hits it on the head.
You must be upset because silver is down; maybe buy yourself another pet rock?
What's your long term strategy? Mine involves more that a 24-hour window. Tell us, what's the purchasing power of an ounce now, compared with say only 15 years ago? Do you plan on living more than 15 years? LMFAO!!!!
Gold is a fear trade, and we haven't done enough to eliminate fear from the economy.
Gold is a FAIR trade.
There,fixed it for ya
County fair trade.
So the central banks around the world that are rapidly expanding their gold reserves are county fairs?
Central banks have been net sellers of gold during the last fifty years.
Ask Gordon brown how that one worked out?
Is that why the Fed can't give the Bundesbank its gold?
We aren't talking about the last 50 years. We are talking about now.
You didn't answer the question. Fine, you want to talk about gold, answer the question, what is the purchasing power of gold now relative to 10, 15, 20, and 25 years ago? But yes I can understand why there is fear among paper-pushers such as yourself (or the real krugman anyway, we get your troll shtick).
The purchasing power in real terms using today's inflation to buy in 1980 is $800. You would have lost money buying gold for 30 years now.
Sorry, you have the wrong inflation numbers there. I can purchase considerably more oil, corn, wheat, timber and number other real inputs required for my business. Try again troll.
What an underhanded attempt at BS. 1980... when the Hunt Brothers tried to corner the silver market, driving up the price artificially. See the spike:
http://en.wikipedia.org/wiki/File:Silver_price_in_USD.png
http://en.wikipedia.org/wiki/Silver_Thursday
[EDIT] Meant to post the gold chart: http://en.wikipedia.org/wiki/File:Gold_price_in_USD.png
"The purchasing power in real terms using today's inflation to buy in 1980 is $800. You would have lost money buying gold for 30 years now"
I've heard tales of how you could buy a gallon of gasoline for $.25 cents in the early 1960's Paul. Back then a quarter was 90% silver. Guess how much gasoline you can buy today with that SAME silver quarter?? According to coinflation.com, today a 90% silver quarter is worth $5.17. My local gas station is selling gasoline for $3.65 a gallon. That same silver quarter today will not only buy me ONE gallon of gasoline, it will buy me 1.41 gallons of gasoline.
Put that in your bong and smoke it you Keynesian peice of trash.
Notice that Paul has gone away. Should we ask him whether or not he should be held accountable for lying?
"Notice that Paul has gone away?"
Yes, the trolls appetite has been sated. he thanks you and the others.
Paul is doing his homework...
All jokes aside ...is that really krugman?i know ZH won't let you use a name blah blah vet him etc.if it really is him....oooooooh! Should I ask him for his autograph cos he like totally famous.
But how would I trust that autograph ?cos he is a lying tit.
Confused and starstruck.
What a day!
I have to lie down now
I think its really him. It wouldn't surprise me in the least if that pompous ass came on here under his real name. He'd want everyone to know it was him. He thinks so highly of himself. Also, I got 2 down arrows on my gas for 25 cents post above, and no one smart enough to refute my claims to the contrary. One was probably Krugman. He doesn't like to get schooled in math facts.
quit greening yourself
"Gold is a fear trade, and we haven't done enough to eliminate fear from the economy."
----------
You sure haven't! Stop printing to 'nth and that might help.
Dear Doctor, actually the theory said that greed and fear should balance themselves
it's only since Greenspan that it was changed to full greed ahead, screw the fear
When your pansy ass is in the corner with wet britches and crying, then we can discuss fear Doc.
pods
i think we've found out(ed) today's debby downer...
That's funny!
Can you handle cognitive dissonance? Really??? If so, then how come...
You pooped Btcoin, but now your bosses have clamped down on it? Simple question.
The Krug seems somewhat annoyed. Perhaps a lover's tiff with his 15 year old 'house boy'?
Go easy he's clearly under emotional stress and somewhat sexually frustrated at this point. It was a long lonely night.
Paul, tell the boy that you have pre-ordered an iphone 5s for him. He will forgive you and it's also GDP positive... everyone wins.
So Europe will be clearing the bad debt then and prosecuting the bad elements? A complete jubilee and enforcement of accountability? Anything less is not in the best interest of the people of Cyprus. Hence, the people should default and roll out the Guillotines ASAP. The record is very clear as to who their leaders are and were over the last ten years. No economy functions without accountability, restore that first and let's go from there troll.
Dr krugman aka MDB....now I get it.
Funny guy
Funnnny guy
Paul?
Did you -1 me?
Tut tut.
That really hurt you know
Lol, he junked you from both accounts
I am Dr. Paul Krugman.
Carry on.
Awesome!!!!
Can I get your autograph cos your like really famous.
You really shouldn't hide your true self behind that silly MDB tag.
We all respect both your personas and think your reallllly cool.!!!
You think "feelings" matter here? Germany is not prepared to bailout Russian oligarch banks and their shareholders. This is NOT Greece or Spain. Not even Russia itself cares to bailout their oligarchs. Either because they don't want to or because they simply can't afford to.
Cyprus is pretty isolated and on its own right now. There is fallout from a default and CDS could get triggered but if the last few days of inflated Russian CDS are any indication, the fallout might be outside of the Eurozone.
Can Russia pay its bills? Recent actions suggest they may not be able. If China is in recession which is Russia's biggest offtaker then there's a problem. Putin is been pretty quiet for a reason. He doesn't want to piss off Germany and the EZ as those are one of Russia's biggest customers for NG and other resources. Proposals by the Cypriots to Russia have been killed before Cyprus had a chance to vote on them. The Russian card is out for a number of reasons. There was much hype and hubris but in the end, many Cypriots will have to swallow their pride.
Let's get real here. The price tag on the EZ bailout went up because Cyprus stalled. That's the cost of doing business.
In addition, it is hard for Merkel to use German voter money to bailout corrupt Cypriot banks (aka Russian “criminal gang” subsidiaries).
He presented documents alleging that five Cypriot banks had received money from a Russian “criminal gang” linked with high ranking officials in Russia’s spy agency and interior ministry. In December, as Cyprus was in tough bailout talks with its European neighbours, it said it had launched an investigation.
By that time Browder had extended his campaign to alert lawmakers in the Netherlands, Finland and Europe’s economic powerhouse, Germany, that Cyprus had stonewalled on the case. “They wrote to their finance ministers and it became a political issue in Europe,” he said.
A report leaked to the German weekly Der Spiegel by the foreign intelligence service estimated that Russians, including 80 oligarchs, had deposited more than $26 billion in Cypriot banks: outpacing the island’s $23 billion GDP.
http://www.thestar.com/news/world/2013/03/20/cyprus_seeks_russian_rescue_eu_threatens_to_cut_off_country.html
Yah we can't have any criminal elment involved in banking. It might harm confidence.
All this time I thought that was the only qualification for a banking career.
No shit. And what about Deutsche Bank?
Funny how they don't call it a "criminal gang" or "money laundering" when the members are linked to high-ranking CIA officials executing questionable transactions in "tax havens"
Some days their hypocrisy is downright aggravating.
meanwhile, south of the border... we have the worst water in the world, but definitely the best`est of laundromats?!
Banamex/Citicroup-- Bank of America/ BofAML-- Barclays Bank Mexico-- Deutsche Bank Mexico, S.A.-- ING Bank Mexico-- HSBC Mexico-- and the... wait for it, Inbursa Bank, a Carlos Slim personal piggy-bank-- to name a few
http://www.relbanks.com/north-america/mexico
enjoy your dry cleaning?!
Unhumans accusing other unhumans of criminality. Gotta love a good farce.
After watching Eastern Promises, I never thought that I'd root for any Russian Mafioso to win. Now, they definitely look more honorable than bankers.
BTW, over 50% of Cypriot deposits are from households.
Or the Germans are busy loading up the rest of the Cypriot gold while the Russian "oligarchs" clean up the fingers litterring the floor under the "negotiations" table......
It's a real pity Cyprus doesn't have nuclear weapons, it might have made a difference.
Or worse... oil.
Cyprus should buy CDS protection from AIG on itself defaulting and tell the entire world to fuck off, they are issuing their own currency again.
That should about do it.
pods
To paraphrase some Realtor(TM) wisdom: default now, before prices go up!
Or how about this.
http://www.youtube.com/watch?v=JlSQAZEp3PA
Cyprus should take refuge from Europe; turning towards Russia would mean the end of their credit.
Like telling a crack addict that if you go to rehab, you will miss your dope dealer.
pods
The way the markets are behaving, it is likely there is a deal in the works.
"Markets" LMFAO!!! Is the Fed still purchasing 85 billion per month on fiat created out of thin air? There will be a market when they aren't troll, not before.
You would rather clutch your precious rocks during a depression than have markets stabilized with proper monetary policy.
You wouldn't know proper monetary policy if it came all over your face.
Funny how I have no problem exchanging them for labor and real things. Honestly, I'd rather see some accountability and true price discovery. That what a real "market" is supposed to provide, but wait, I thought you taugh eCONomics, you should know that.
You must look pretty funny, clutching your rocks.
Ill take a Depression if it means the end of the 'Petro Dollar', the end of the Dollar As Reserve Currency and the end of the Federal Fucking Reserve Fucking Note.
Krugman on monetary policy
Funny. You are the champion of Keynesian stimulus style spending and yet you are here mouth foaming about "monetary" policy. You realize that stimulus does not work without corresponding expansive monetary policy and in fact the affects of the "stimulus" are so negligible that it is pretty much useless and it is instead monetary expansion that matters. Will you ever admit you were wrong?
Why should anyone listen to you on Macro subjects anyway. Your nobel prize is in trade economics. What have you contributed to the macro side other than your atrocious books?
a greenie? really Paul?
What do you know?
"turning towards Russia would mean the end of their credit."
Sounds like coersion to me, "if" that is the way things are.
I think the word you're looking for is shakedown.
Thank you sir!
"...end of credit".
Credit? CREDIT? We don't need no stinking fiat credit! Or more toxic sludge Bank-fine @ GS sold to Greece. We'll revert to own currency -- backed by Natgas -- und the fiat cartel in NY, and the EU will have to eat the 'loss'. But not to worry, it's all a bookie exercise anyway for you guys.
Love,
People of Cyprus
p.s. Come & visit soon. Nice, personally guided tours. We recommend the Long Walk (off the Short pier).
Which, to be honest would actually be very useful information. Test the CDS market, please. My hypothesis is that it is much like the treasury "market" and not a real fucking market to begin with. This would certainly provide more evidence for such. In short, rates will never rise and a CDS event will never occur.
I hope Cyprus gets the hint that no matter what they do to appease their abusers, it'll NEVER be enough.
Fuck the Troika.
A reminder...
ISDA Determinations Committee
Who ARE these guys?
EMEA
Voting Dealers
Consultative Dealers
Voting Non-dealers
CCP Members
Does anyone know how to pronounce the word for, "Conflict of Interest," in European? Is it Ice-Dah, Iss-Dah, or maybe Iss-Day?
Precisely. So, no CDS event, no spike in yields < sarc on > all is well < sarc off> Roll the motherfucking guillotines.
Only oil ends this.
Or the new faux oil -- condensate.
I don't know why you're bringing ISDA into this, as the amount of CDSs is so low as to be inconsequential. Almost nothing on any Cypriot bank, and only $2 billion on the Cypriot Government. CDSs are not the problem here, deposits are the problem. I see in the comments section of the plethora of Cyprus articles that there is a lot of confusion as to the nature of the Cyprus problem. It is not Greece. If anything, it is a small version of Spain, which is to say a bank problem first and foremost (though Spain is now a sovereign problem, too, as Cyprus will be pending the bank solution).
The capital structure of the banks is such that even if equity and bonds outstanding are run to zero, there's still a huge hole between deposits and the value of assets. The question is how to fill the hole. The EU demands depositors take a substantial hit. Cyprus is looking for external money so that no depositor has to take a hit, because the government cannot cover all the deposits itself. It is possible that a Good Bank could be established using good assets and depositors with <100K euros, but that still hangs large depositors out to dry. There simply is no money and not enough good assets. This is not a sovereign problem, it is a bank problem. No external EU banks or entities are waiting to be paid back by Cyprus, so there is no saying "no" to them. If Cyprus does not get an influx of cash, it has no choice but to take from depositors, because there is no money. Anyone who thinks Cyprus can just tell the EU to F-off doesn't understand the nature of the problem.
I suspect the EU will "survive" Cyprus, but it will set in motion the EU's collapse. How? France. French banks are highly levered and at least two (Bank Paribas & SoGen) have an uncomfortable ratio of Loans to deposits (1.15x to 1.2X). If Cyprus sticks it to large depositors, French banks will see a lot of disintermediation over the next few months, leading to major funding problems for those banks (who do have a lot of CDSs written on their debt).
By the way, of the ISDA voters you list, one that should give you a smile is Blue Mountain. They were, to a large extent, the other side of the JPM CDX IG9 trade. They cleaned up on that one. Elliott Management loves to hold debt issuers to the original terms of debt offerings (as in no grandfathered CACs like Greece did). The rest of them you no doubt know.
You seem to know more than the 'average bear'.
Your background, if I may ask?
I suspect that Chindit is smart enough to know I was complimenting him and being inquisitive.
But apparently some simpleton who junked me is NOT 'smarter than the average bear'.
It was "The Ranger" :>D
Sorry, Chindit13, I had to junk you for being a knowledgeable, reasonable, profanity-free commentator.
I'm the Jimmy Carter of swearing. Mostly I do it in my heart.
Unfortunately, you are are ignoring the fact that the EU doesn't really have any money either as the underlying collateral is garbage. How soon everyone forgets all the "mark to fantasy" being used by all the TBTF banks in the west. wish I could remain "profanity free", but sorry, FUCK them all.
The other fact being ignored is that no bondholder or equity holder is being asked to take a hit. Let's drive those to zero first and then see what the depositor situation looks like. It appears to me anyway that the exact reverse is what is being attempted.
No, I am not ignoring that at all (that the EU lacks the money).
While these EU crack-ups are (will be) endless, they are not all the same. Perhaps it takes either time or a lot of background in the field to understand the individual nature of each problem---and it may be a waste of time focusing on the differences that will eventually lead to the same result---but I guess I'm a pedant.
Greece was a sovereign issue. Spain was/is a banking issue with a sovereign issue on the side. The Greece problem had a lot of folks betting on the outcome, so a lot of CDSs were written on its sovereign debt, and a lesser amount on individual Greek names. Greece also had a $400 billion economy. They needed (still need) bailouts for the government, and that "independent" ISDA had to rule on the "default event" or lack thereof. The key legal issue in the Greece bailout was grandfathering CACs (collective action clauses).
Spain had/has a profligate government, but also reckless banks. Bank recklessness became a problem faster than the sovereign debt, but in trying to save its banks (from making too many property loans during the boom period), Spain also became a sovereign problem.
Greece and Spain share the problem (Greece more than Spain) of being uncompetitive in a union where they compete head on with Germany and the Netherlands. David Ricardo can't help them, because (to paraphrase Al Campanis) they lack the neccessaries.
Cyprus, if it has a European match, is more akin to Iceland. Their banks hung a sign that said "Get your yield here". In Iceland, UK municipalities and Scottish widows and orphans took the bait (Icelanders were primarily fisherman, after all) and poured money into Icelandic banks to the tune of ten times Icelandic GDP. Three lakh Icelanders then went on a speculative binge, on domestic property, foreign property, a number of foreign firms, etc. They overpaid, and couldn't meet the vig on their borrowings. Borrowers stiffed the Icelandic banks, and Iceland stiffed the UK municipalities and Scottish widows and orphans.
In Cyprus, those two groups were replaced by rich Russians. Cypriot banks were promising 10+% return to depositors in a ZIRP world. Depositors either did not think, had no other logical place to park their money (small domestic Cypriot citizens), or assumed that an EU member would always get assistance from fellow EU members if things turned out badly. Owing to ZIRP and the seemingly attractive yield in Cypriot banks, an island with a $24 billion economy drew in a major multiple of its GDP in deposits (perhaps as much as $130 billion). The banks had the obvious problem of trying to earn a margin. Many loaded up on Greek sovereign paper, both because of the yield and because they, too, assumed fellow union members would make good on Greece's sovereign debt. The Greek bailout (and those grandfathered CACs) disabused them of the notion and also left a hole between Cypriot banks' assets and liabilities (mostly deposits, very little bank bond issuance). Funding became a problem. It came to a head last week. CDSs are not involved in any major way in Cyprus, as the nation was a little too small to draw anyone's attention, save for rich Russians. Though bank bond and equity holders have been foolishly spared so far, even if both are wiped out before dipping into depositors' funds, a whole lot of dipping will still be necessary. The asset-liability match is that bad, and the amounts grabable in bonds and equity very small.
Cyprus hasn't got the money to make depositors whole. Like Iceland and the proverbial Scottish widows and orphans, Cyprus has to stiff somebody. The EU wanted them to stiff one and all, despite the "insured up to 100K euro" promise. Cyprus didn't want to stiff their own small savers, but equally did not want to stiff rich Russians. They wanted a full bailout in exchange for a mea culpa and a promise not to do it again until they do it again. They assumed the EU would not want to set a precedent. The EU, full of hubris and having members fed up with making everybody everywhere whole, drew a line in the sand. Cyprus has no money. They cannot "stiff the bankers" or "stiff the EU/ECB", because they only owe their own banks' depositors.
Somebody will gag in the next few days. Either Cyprus will impose this "stability tax" on depositors, or the EU will realize the end of extend and pretend is nigh unless they cough up cash to make both small and large Cypriot deposit holders good. If Cyprus imposes this "tax", do they save small depositors at the expense of rich Russians? Do they do the Good Bank/Bad Bank thing and carve up good assets to match against small depositors (making them whole), and tossing the full pain on to large depositors? Can Cyprus find enough good assets to both save small depositors and achieve enough "tax" revenue to make the EU/ECB happy enough so that new money comes from the EU to allow Cyprus to continue as an ongoing concern?
Either way, Cyprus is a canary. If small savers are hit, confidence in EU banks takes a body blow from which they are unlikely to recover. If large depositors are hit, confidence in EU banks takes a body blow from which they are unlikly to recover. It is a matter of degree, as in all depositors fleeing, or just large ones.
So where is the crack that cannot be filled? France. If large depositors flee French banks and a French government with socialist and class tendencies, at least two major French banks are in funding trouble: Bank Paribas and SoGen. A student of history might suspect Germany will be hesitant to come to the aid of France. Also, CDSs abound on French Banks, and over the next two or three months, I suspect some guys will be looking for an international "AIG" to write CDSs on the French Government (even though nobody will bail out this "AIG" this time, so CDSs holders won't get paid).
The EU/ECB has run the table so far. Eventually, however, in an example of historical symmetry, it all boils down to France v. Germany. Cyprus has served the function of bringing all this closer. I suspect we have three to six months before sacre bleu.
This is a fantastic post. Thank you for the effort in writing it.
Not that the EZ CAN withstand a member exiting, but I'm sure the Eurocraps are well convinced of their own infallibility.
This is no different than any contract negotiations. There are quite a few real tangible large assets that need to be split up and the ECB just want's their share while sticking it to the Cypriots & Russians. This will continue to go on until the ECB squeezes the last drop from the turnip.
AAPL "getting to work" on its 50EMA. (Yes, I am here to make money, not just bitch about world leaders.)
Before the weekend is over, they will be treating Cyprus like Alex from Clockwork Orange
Fitch just took out the UK, can't have the periphery flows go there, can we.
Are they "giving" Cyprus to Russia in trade for Iran?
If that is the case, then why put in capital controls to stop money from going out of Cyprus. The EU did this and it didn't make sense, that money would be going to their banks somewhere. I think that they believe they can weather it but I don't think they will. I think they are playing hardball and took it to far and are now seeing that Cyprus is linked to the CDS's also and are afraid of having that implode.
germany giving cyprus the heisman. popcorn in hand.
Did you mean heimlich? 'cuz if Angela has the Heisman, we are worse off than any of us thought.
[Edit: I think they're giving 'em the Deliverance a la Ned Beatty]
Not very familier with haggling are they? Fuck em.
The ante price has just risen 15% (for now). Ante up or get the fuck away from the table Cyprus.
<Run Forest Cyprus run.>
I just heard Spanish (and NOW you can add Italian banks) are being told to prepare for "draconian capital controls on very short notice." When word gets out, it will be too late! This is insanity!!
Probably they heard Nigel Farage tell everyone in those countries to get their money out while they can.
Bank Runs Bitchez!!!
The Fed/Wall st/Bank of England/City of London NEXUS is the fucking root of all fucking EVIL in this world...........but Nigel will never tell you that
The insanity has always been there. It was just ignored and thus appeared to be invisible.
<"Come into my web," said the spider to the fly.>
Uh-oh ... the weekend is almost upon us.
That's when the monetary vampires come out.
Mostly.
I hope Cyprus do get the fuck out.i had harboured a wish that my country (Ireland) would have been out first 3 years ago,but alas our weasel politicos and weak electorate did not do this due to threats of doom and the sky falling in.short term thinking has locked us into a bullshit 40 year debt deal that my kids and future grand kids will pay.
Thanksssssss Europe.
Love ya........
I would get out on the street but the weather sucks and I just gotta big carry out from Aldi and am gonna watch Sweden hammer us this avo. But, you know, I'm sure things are workin out just fine.
Sweden won't hammer us...
Trap said so...kinda.
Ireland is not Cyprus, Ireland was a country with a decent economy brought low by an oversized financial system and a traitor government which sold their citizens down river to bail out foreign private bond holders and depositors ... Cyprus is a country which used implicit ECB backing to create an oversized financial system and live on credit, they need to be bailed out just as much as the private bond holders and depositors.
For the moment money will only keep going in from the EU, just like with Greece ... getting out for them now would be cutting off the nose to spite the face.
PS. Ireland never really needed to leave either, all they had to do was allow their banks to go bankrupt.
The gun to our(Brian lenihans (no disrespect rip)) head from the Ecb wouldn't let us allow banks to go to the wall.they were of systemic importance ANGLO???????
To who,though.thats the question
Deutshebank et al cough cough
With all due respect and personal fondness for everything Irish, I think that Cyprus has the cat by the tail: They become a banking center that's independent of the fiat-Euro, and back up their currency with Natgas.
The EU is huffing, puffing and bluffing with a weak hand, while Cyprus has a Straight. Or better.
Agreed.we had em but pussied out ........
This is getting personal now.
Way to go Troika.
Bluff big, or go home!
Raus, raus raus !
Hmmm...banks closed for a week and conditions worsen? You don't say...
"Hmmm...banks closed for a week and conditions worsen? You don't say..."
Hah, yep. Almost makes you wonder how much the "conditions will worsen" when they finally do reopen.
Makes you wonder how they're going to come up with a happy ending by 3:30 p.m.
The script writers must be out of their heads on vodka and laughing gas.
Apparently they don't need a happy ending. The DOW is heading for a slightly green close for the week as it is. Any more "good news" and new records will be set going into the close today!
Right,
It's Friday afternoon, As soon as the markets close, thats when it is gonna get real. I don't see how they can postpone the reopening of the banks any longer.
But, they have surprised me before.
You're gonna need a bigger boat.
(eh Chiefy?)
Sunken boats and the contents thereof are barbarous relics.a rich old man said that.
Shit! I just had boat accident!!!!
Ooops
+1. Appropriate metaphor. And a nice line from Jaws -- which is also a nice metaphor in itself.
I need another Big Gulp and refill my popcorn too
Big Gulps huh? Welp, see ya later.
You can get a TICKET for that, man!
HEY RED ARROW GUY/GIRL! YOU MISSED ONE!
MAKE THAT TWO!
Apparently there was an unusually large amount of withdrawals last week, prior to the levy being agreed. Seems like some people "guessed" what was coming.
Apparently there was an unusually large amount of withdrawals last week
+1 long coitus interruptus
(oh, you meant...)
EU has always tried to use algebra to solve differential calculus. Thus the endless iterations.
When your arithmetic CPU thinks 2 + 2 = 5, it never converges to a solution.
d(Debt)/d(Deposits) = ? Positive slope? And 2nd derivative > 0. Crap!
Do you think they'll get a partial on their derivatives? Puns intended.
Hey Germany, how about a 100% tax on all deposits?
This would surely make it difficult for a bank run to take place.
[Boo-birds in the house]
You see? You see what you get when you fuck around with the Troika? You want to fuck around? Fine - 6.7 billion. Next week it's 7.5.
"Who runs Bartertown?"
I can't wait for Farange's next rant.
I got 50 euros to contribute. Bring on the Troika!
"Conditions Worsened" is music for the market's ears.
No one gives a damn about the people who will suffer, do they?
After all, Cyprus has a tiny population, a little blip in the grand scheme of things.
I saw an article saying Christian churches in Iraq are becoming less in number. Why not, isn't it Christian nations which invaded that country? The USA is supposed to have a seperation between state and religion, but the man who has a kill list for drone strikes and a Nobel peace prize winner took his oath with one hand on the bible. What kind of seperation of state and religion is that?