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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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Firstly, it's "separation".
The president can choose any item he wishes to be sworn in upon, it's not mandated by law. The president chose the book solely for symbolism and to further the story line of him being a Christian. It is a prop that has as much meaning to him as the Q'Uran has to me.
Cypress used to have Christians, churches, and white people. They were, um, "purged" . Today it's an Islamist state.
Really ?
A little fact checking before posting.Turkish Cyprus is Islamic,the Greek
Cypriots are eastern Orthodox Christians.Its the Greeks getting ass raped
Greek style.
And if you have your facts wrong, you should at least get your spelling right. It's Cyprus!
Now go wash up and come back to fight another day.
it's cyprus, not cypress.
It does have separation between church and state.
01.) The state cannot mandate a religion for the country. Most people don't understand what this really means. Remember our constitutino is supposed to tell the govt. what it can and can't do. Too many statist asshole politicians have fucked that up over the years and poluted the publics brain on this issue. Commendable, but they're fucking wrong and should be shot for treason.
02.) Our rights also provide for freedom of religion. So we can worship the way we want.
Combine those two and you can swear an oath on anything you want.
So, in theory, a Satanic Bible, the Talmud or Quran covered by a Christian Bible would do too?
There are a lot of seemingly conflicting agendas in this situation. From my perspective, I'm looking for a haircut to take place; it would certainly wake up the delusional mind-controlled sheeple. Then again, critical thinking is not a forte of the dumbed down masses.
Best rollercoaster evah!
Yes, as noted previously when you want to induce someone to fold raise the bet enough to inflict serious doubt and concern in your opponent. Its criminal behavior when you're doing it with other peoples money.
Back in the 1930's when Hitler was 'negotiating' with the Czech PM and the Czech leader proved recalcitrant the Fuhrer was reported to have opened the door and screamed for General Keitel, the head of German High Command, to be summoned. I envision something like this to be going on between the EU and Cyprus only the EU dictators open the door and scream for Mario Draghi to be summoned to the negotiating room.
The only purpose of power is to exercise it. There are many ways to do so.
Yes, but this "asking" Benes to leave the Reich alone ...
"the Fuhrer was reported to have opened the door and screamed for General Keitel, the head of German High Command, to be summoned"
Funny, as I read this I could not stop the picture of Colonel Klink bellowing for Sargent Schultz from appearing in my head!
I see the boob tube conditioning is still effective.
Same here. :)
"I see the boob tube conditioning is still effective."
True dat. It helped to paint an affable face on Nazis (Germans) at a time when they were trying to restart their export business to the rest of the world, including the U.S., where many a returning GI had ill memories and of the war and were resolute against buying products from Japs and Krauts.
I found myself wondering if Keitel was one of the people Hitler asked to remain in the room in the Hitler bunker youtube clips. That's because yesterday I watched "Hitler Gets Rick-Rolled" on youtube and laughed until I had tears--it was a tough day . . .
And so it begins.. Hitler downfall parody on Cypriot deposits Bitches!
https://www.youtube.com/watch?v=xhhaTxILfk0
The Troika wants Cyprus to yield, so that it can do to it what it did to Greece. Cyprus can see (because of its strong Greek connections) what has happened to Greece - does it REALLy want the same?
DDavidC
Even if their banks bankrupt their financial industry has a chance at coming back. If however they institute the scalping, their financial industry is done.
On the live feed, large crowds have again gathered.
Good point, spot on, tft.
DavidC
So how many countries can honestly say a financial industry grown big on foreign capital has been a net boon to them averaged over the last few decades?
I think you just described Cayman Islands, Lichtenstein, and Switzerland.
But Cyprus has more banks per capita than anyone.
Switzerland nationalized a bank ... that almost certainly wiped out decades worth of gains.
Liechtenstein = the quiet place off the radar, where the rich and discrete people go to. They decide if they even want you as a customer.
And you first have to get into Switzerland, before you get into L. Unless you're into serious mountain climbing from the Austrian side.
"Papers please!"
'Just when you thought you knew the rules, the Troika has changed them... (via MNI)
the table was set not by the ecb. it was set in the first instance of negotiations by the pres of cyp by demanding a limit of 10% on the over 100k crowd and forcing the under 100k crowd to make up the difference. ecb should have not taken the deal and walked away in the first place, but my guess is they thought the pres of cyp could deliver. oops. it was, after all not their idea to do. blame game safe and sound, and accurately in the ecb's corner.
trying to get an extra handful of euros is another mistake on the part of the ecb. they don't want an unwind of a tbtf anymore than the tbtf do.
cause that might actually work.
and start a trend.
:)
"they don't want an unwind of a tbtf anymore than the tbtf do."
The Cyprus banking issue is a part of the entire solution - and has to be played out in public first. Once it is determined that there must be a bank failure, the two largest banks will be merged (explained as an attempt to "manage the crisis"). The useable assets will be stripped and moved to a new GSE type bank to help preserve the appearance of having saved the depositors with less than 100K Euros on deposit (see! insurance worked) and help to defray the possibility of bank runs. The "bad bank" created by the merger of the two largest (and most insolvent) banks in Cyprus will be stuffed to the gills with the bad Greek debt they were "encouraged" to purchase. The bad banks will be written off, and their worthless assets erased. Two problems solved in one magic stroke of ECB brilliance.
how valid would your analysis be if the pres of cyp has accepted the original proposal from the ecb. the all from the over 100k, money to fund the banks deal deal?
how do you reconcile that with your your ecb grand design? there were not going to be any 'bad/good banks under the original ecb proposal.
"Once it is determined that there must be a bank failure, the two largest banks will be merged (explained as an attempt to "manage the crisis")."
while i could agree that your analysis of the outcome for bad/good banks would look like, that is a different story.
from my earlier comment.
http://www.zerohedge.com/news/2013-03-22/union-one-survived-one-may-not#...
"how valid would your analysis be if the pres of cyp has accepted the original proposal from the ecb. the all from the over 100k, money to fund the banks deal deal?"
It would not be valid at all - and is why it was not allowed to happen.
you're position must then be that
1. the ecb made their original proposal that included funding the banks, confiscating all the money they demanded from only uninsured accounts (~15%), knowing that they knew the pres of cyp would not accept,
2. the ecb knew the pres would counter with a proposal that would breach the under 100k guarantee promise, taxing the majority of his voting public, in order to save some of the skin of the over 100k crowd
3. all the time knowing that the cypriot parliament would vote the way they,the ecb, wanted?
4. just to do something that the ecb could have done by not funding in the first place? (force the banks to fold)
hmmm...
alternatively, this explanation, please:
http://www.zerohedge.com/news/2013-03-20/ecb-re-bluffs-cyprus-bluff-prep...
Their posturing is like negotiations for anything else. First, ask for the moon, or something that you know they won't agree to at all. Next, ask them for a compromise closer to your position. Rinse, repeat.
Cyprus has developed into a cozy little banking center for some of the Europeans most wealthiest clients. They also took deposits from the not so wealthy. Based on knowledge of the capitalization rates of their banks, the politicians knew that a run on deposits would bring their cozy little banking empire to its knees. They also realize that they (the Cyprus government) doesn't have enough money to cover the guarantee on deposits should the banks start folding due to withdrawals (bank run). The Troika has asked for the government of Cyprus to commit financial suicide by asking for a "levy on deposits" to help the bailout effort. This alone, if approved, would spell the end to depositor confidence, whether a high wealth client or not. That was them asking for the moon. They knew that would be a non-starter. We should wait to see what the compromise request reveals. There would be a win-win situation developed from this too - the populace would see that the government is "looking after them and their deposits" by giving the finger to the IMF request for the "special levy", and then the IMF will be able to present something nearly as detestable as a compromise request.
This whole scenario is playacting while positioning for domination over energy assets, nothing more.
HEY CYPRIOTS...
HOW YOU JUST GONNA STAND THERE AND LET THESE BANKER CONTROLLED POLITICIANS CALL YOU A BUNCH OF BITCH ASS HOES, SLAP YOU IN THE FACE, AND BEND OVER AND TAKE ANOTHER STICK UP THE ASS AND LIKE IT?????????????
IF SO THEN FUCK YA'LL...YOU DERSERVE IT...........
A full-on game of CHICKEN evolving right in front of our faces.
BEEN SAYin this FROMDAY ONE - THE TROIKA WANT CYPRUS - OOOOOOOOOOOOOOOOUT of the EURO
Ok, I'll bite. But this is 'bad' for the Troika and Cyprus how? Divorce = life goes on. Better for both, certainly for Cyprus.
Here comes our Lehman Brothers baby!
The EU fools actually think they can let Cyprus 'cos they're prepared!
This haircut is looking moar like a mortal decapitation, an ironic image for a zombie country.
Hogannnnnnnnn!, Yavoul Commandant. LOL, married with crooks, whores thieves prostitutes and politicians, sounds Like Illinois? Fraud capital of the USSR of A.
http://youtu.be/34ag4nkSh7Q Its only until tomorrow.
Bullish!!
Message to the rest of the masses within the EU: Shut up when we only confiscate 10%, or else. Cyprus is getting royally screwed. Prima Nocta, Bitchez.
Prima Nocta: Ancient rite of sovereign lords to sleep the first night with any new commoner bride. Supposed to ensure sovereign loyalty by making paternage suspect.
CYPRUS, PREPARE FOR THE FUCKENING!!!!
Heard on Bloomie during Kathleen Hayes' program:
Cyprus banks are in trouble despite huge deposits because they invested heavily in Greek government bonds. Ironic, then, that the EU's forced 70% haircut on bondholders created the Cyprus banking crisis that the EU now refuses to solve.
EU forced? Did the EU come into Greece and say "No, you can't use your massive current account surplus to pay off your debt, you should default."?
Be patient. It's coming.
I think the media is setup already to blame the russians for the pre-planned financial collapse.
Our finance minister yesterday (Canada) after presenting the budget reflecting cuts (you know we have a budget), said the following:
"History as shown that financial blowups happen and we have to be prepared just in case"
The only question now is when the depositor haircuts or the massive printing starts.
Ahhhh! The old move the goal posts trick. They do not want this problem solved (the Troika). But what is the real reason?
. double post .
there is a troll on this site that goes through and down arrows each poster. Anyone else notice this but me? Look how every post has one down arrow...
Yeah, I've pretty much accepted that my comment is thought of as shitty if I have three down arrows.
Solution: use math to adjust 'manipulated' score. Next topic?
Its a troika experiment.
The objective is to get a default and gather the data from the resulting chaos.
All doomers should pay attention.
The main benefit will be Greece who will not need to pay back the money lent to them by the Cyprus banks who have gone bankrupt.
+1 Good point.
I guess credit card holders of those banks will also hit the lottery.
That's not how bankruptcies work ...
why did the troika offer to save the banks in the first place and just not let them go?
to run the chance that a deal would be accepted and foil an expirement before it started?
to gain cover?
nonsense.
ecb did/does in no way want to tax the insured. pres of cyp did that to try to save his cronies some euros. and failed.
http://www.reuters.com/article/2013/02/28/us-eurogroup-cyprus-idUSBRE91R... from feb 28:
'But European Central Bank's executive board member Benoit Coeure, in an interview with Reuters on Wednesday, made a more qualified statement saying there were no plans for a general 'bail-in' where depositors would give up some of their funds.
Pressed to say if that left open the possibility of a narrower surrender of deposits above the EU-guaranteed threshold of 100,000 euros, he said: "There needs to be an appropriate burden-sharing in the programme because we need to achieve debt sustainability. But no bail-in across the board.'
as to greece, i got no opinion.
Now who could have seen that coming? :0
Someone wants Cyprus out the EU badly.
This whole crisis is manufactured over what - less than $10 Billion - which, relatively speaking, is not a lot of money especially in comparison with the costs of other recent bailouts. And I can't believe the raid on depositors is anything but planned provocation - I don't think that the Troika is that stupid that they would not have forseen the outrage.
Just my opinion but I think there are far deeper underpinnings (geo-political) to this crisis than we have seen on the surface.
Edit: What could be so valuable that the Troika would take the risk on contagion spreading? I don't know
There are only dragging this out now to try to make the blame stick to Cyprus.
Sacrifice the periphery, to sustain the rotten core a little longer. It's a distraction from Italy, Spain, and France. Expect some ex-East European countries to rise to the occasion next.
Do any of these ass backwards European countries realize that they are sovereign entities and can tell the EU aka (The bankers) to go fuck themselves? I thought the Europeans were socialist who loved telling capitalists to go suck it. I am so tired of this bullshit!
sovereign asses are no longer social now all capital without ass-ets.
Archimedes, glad to you sticking to your... Principles.
Germans plunge Europe into a new Medieval Era.
Are they ready to take that risk ?
It was Germany that took huge loans from the American FED. It was Germany that put the markets up to buying ownership shares of the European Central Bank, which has burdened the States with sins. It was this State that lured the rest of the Europeans into a dissolute life so that it can pass the burden of its debts, hence its own sin to them. The current epidemic of debt crisis has begun from Germany, it is just that it kept its disease a secret and at the expense of everybody else, and now that it is in a better shape, it has gone hunting in order to take advantage of the disease it itself had created. The first State to have sickened has gone hunting for the one who was most weak in dealing with the disease, and that was Greece. If Germany had not been over-indebted, the European states would have never been vulnerable to the markets’ attacks. If Germany had not been over-indebted the European states would have never been forced to mortgage their existence so that Germany’s bosses can get their money.
________________
The Eastern gates of Europe at risk: How Northern Europe shoots itself in the leg
http://eamb-ydrohoos.blogspot.com/2012/05/greece-among-salem-witches.html
Authored by Panagiotis Traianou
DIJSSELBLOEM DENIES TO COMMENT POSSIBLE DEPARTURE OF CYPRUS FROM EUROZONE
apparently Cyprus has sold parts of its banks to Greece :)
With a frim grip on my armchair, I am going to go out on a limb and predict that these banks will not reopen, ever.
It would be better (in the eyes of some) to have the banks simply close than deal with a run, which I also predict will happen should they be foolhardy enough to reopen the doors on Tuesday. If the doors stay shut, the politicians and bankers in Cyprus can blame the Germans--if the doors open and a run brings it all down, they get the blame.
I suspect it'll also give some 'preferred' depositors a chance to get out what funds they can, while the doors are closed. Some of these folks never have to stand in line, and they aren't going to do so now.
Ah. I see we have a junk-monkey pummling the boards. Is that you Averof Neophytou? Your alias doesn't work here...
The junk monkey has been on all the threads this morning.
Ah well, it looks like I was wrong--I did not anticipate how creative these myrmidons can be. It seems that they won't keep the banks closed.
They will be open on Tuesday.
They will still be called 'banks.'
These banks will still have money deposited in them.
The key difference on Tuesday is that you can't take your money out.
Very very clever.
More importantly, Albany State has pulled to within 9 of Duke going into half.
CAn Duke hold on??? That is what is on everyones' mind right now who is at work and has online/tv access.
Now get back to work, all of you.
Who would stand to gain the most from Cyprus collapsing?
Are they giving cyprus to russia, in trade for a green light on Iran?
Never. NATO will never allow Cyprus to be a russina domain.
On the other hand, Russia needs a base on the mediterranean to fuel the warships. So, if they are going to leave Syria, they'd want some other arrangement.
The game is quite bigger than shown in the media.
If I was unsure whether they were initiating a crisis on purpose before, I'm not now.
Welcome aboard
Fact is, we don't have enough info and are swinging in the dark. Best to settle down till daylight, and take it from there.
This does not impact us directly or immediately, so we have time to adjust and act as needed.
Forbes going in on banks
http://www.forbes.com/sites/shahgilani/2013/03/22/the-ecb-gave-cyprus-it...
Can someone please explain the continual use of the term MOAR in these articles by ZH
as in " Moar Bigger Haircuts"
it is an internet meme.
See this picture as an example:
http://img.izismile.com/img/img3/20100316/moar_23.jpg
@tokengator
Thanks for the reply
for those who doubt the reality of Russian black money presence in Cyprus :
Russia central banker slams vast criminal cash export | Reuters
Russia, Cyprus, And Sergei Magnitsky - Business Insider
Russians Get Cyprus Citizenship - Business Insider
RIP Sergei
Sorry, but am not swallowing that red herring. It is IRRELEVANT if Russians (Olis or small fry) are depositing cash into a Cyp bank. At best it is a Russian tax evasion problem. Especially AFTER the EU had happily/greedily accepted it.
Now, speaking of crime.org, let's keep things in perspective. How about we talk about the TRILLION dollars a year that the Fed crime syndicate is creating and injecting into the system?
Damn ADD masses!
Well, Krugman managed to hijack the discussion pretty well today, congrats troll.
And shame on so many ZHers for taking the bait. Sheesh. He's such an obvious fucking troll he makes MDB look like an amateur (a French word, btw).
And, bye the bye, anybody but me notice that the market volume is for shit? Looks like the HFTs shut down their computers and are in wait mode...
"And, bye the bye, anybody but me notice that the market volume is for shit? Looks like the HFTs shut down their computers and are in wait mode..."
Uhhh, isn't that supposed to be "Buy The Dip?"
Sorry, couldn't resist.
Prophetic comments about Capital Controls from last year, which take on new relevance with Cyprus situation!!
http://germanywatch.blogspot.co.uk/2013/03/germany-v-cyprus-capital-controls.html
Even Blomberg is getting in on Friday humor - a line in their article about Cyprus tension and bond prices:
The Greek Finance Ministry said the nation is working closely with Cyprus to stabilize the banking sector.
You just CANNOT make this shit up.
Just one word to Schäuble: Election campaign.
Thiis government is fighting for it's credibility, but citizens here are already used to pay and guarantee for multi-billions of Euro.
An stoking debate about social equity in Germany and people becoming aware about the fact, that the average private savings in South Europe are higher than in Germany is increasingly setting Merkel/Schäuble under pressure: Schäuble as frontman acting a grim negotiating partner, Merkel hiding behind him for the case, that something goes terribly wrong or majority lacks.
This whole thing reminds me of the Star Wars the deal has changed scene with Lando and Darth Merkel.
https://www.youtube.com/watch?v=WpE_xMRiCLE