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"In The Best Interests Of The People..."
The European Union finance ministers have just agreed to the terms of the Cyprus-Troika deal (which we fear could mean 100% haircts for the uninsured Laiki depositors as unsecured claims in a Chapter-7-style liquidation). With democracy now a complete farce since not even Parliament will be allowed to vote on deposit confiscation as part of a financial sector bankruptcy deal, here is the island nation's president explaining what just happened:
- *ANASTASIADES SAYS AID DEAL IN BEST INTEREST OF CYPRIOT PEOPLE
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Of course it is. Which is why we need to bypass that pesky democratic process.
Peace through imprisoning all people everywhere.
One potential complication that will have to be resolved concerns the provision of emergency liquidity assistance (ELA) to both banks by the European Central Bank.
Laiki bank has received 9 billion euros of ELA, all of which will be transferred to Bank of Cyprus under the rescue plan.
Bank of Cyprus has already received 1 billion euros worth of ELA assistance from the ECB. By taking on Laiki's obligations, it will now have outstanding assistance of 10 billion, which sources indicate is close to the ECB's acceptable threshold.
http://mobile.reuters.com/article/idUSL5N0CH00H20130325?irpc=932
Cyprus can handle this how they want. This is all about Beppe now. Time to shine Beppe.
You nailed it Fonz. I hear the ghost of Il Duce screaming from his balcony. But don't forget Golden Dawn in Greece. No doubt this will be a huge boost to their power. Facism vs Communism redux!
I thought we were discussing Cyprus, not The US??
Once again Germany's pimp hand has been shown to be strong. They are SMACKIN' those bitches around when they get out of hand.
I'm rooting for Texas now.
This death-struggle has barely begun. Putin does not get angry. He will get even. And then some. The EU pantywaist banksters are in way, way over their head now. I predict a very hot summer, then an extremely cold winter. Esp. in Europe.
"Putin does not get angry. He will get even. And then some. The EU pantywaist banksters are in way, way over their head now. I predict a very hot summer, then an extremely cold winter. Esp. in Europe."
http://www.quickmeme.com/meme/3tfbvj/
Putin doesn't give a crap....he is getting walked all over and does nothing...losing his military base in Syria....bitch slapped in Cyprus....perhaps he is just too comfortable to care...
Polonium-Pizza for all bankers - straight from "Special Research Project No. 7", Ural ;-)
Tonight, members of the Trioka, in league with the President of Cyprus, side stepped democracy by including enough fine print to eliminate any pesky Cypriot parliamentary procedure on the way to a bailout for Cyprus. When asked for comment, an unnamed member of the Troika said, "We were not satisfied with the prospect of creating an EU wide bank run. We prefer social unrest leaning towards potential civil war." Tonight, members of the EU are convinced that 10+_______=fair.
Fifth grade mathaletes in Cyprus are stunned, and they have gathered outside of Ms. Whocouldanodios's classroom to protest years of obviously unnecessary math classes. In France, 3rd grade math students say, "We told you so."
More as it comes in...
"we had to get around democracy in order to make it legal."
Its the rules than make a scam into a system.
Update: During the press conference in Brussels Sprout, Minister DieselBoom clarified that, "Side stepping the Cypriot parliament was necessary to save two Cypriot banks, not Cyprus itself. As well, the rumor that we concluded that 10+_________=fair...this not true. We reached an understanding that 10+__________-Democracy=fair." Golf claps were heard all around the room.
When asked for the particulars on the wind down of BoC, Minister DieselBoom commented, "Good grief...we've only been working on this for 20 months. We don't know, but we have calculators inbound to Cyprus now."
IMF chief Chrisine LaGarde chimed in saying, "Sustainable, global growth, buying opportunity, orange, daffodils, I <heart> DieselBoom." Nods all around were unanimous.
It is also rumored that 2nd grade Irish mathaletes are boarding flights to Cyprus. After their successful whoop ass of French math students, they climbed the jetway carrying signs that read, "We're on a roll, and we don't need no stinkin' calculators."
The story continues to develop quickly....
Where the Hell is Robin Hood???
The suspense is worse than Alien, when's the creature gonna pop out?
Threshholds change as needed.
A 100% cut on uninsured depositors to get the 5.8 billion they need by shuffling one bank to a "good" bank. But the problem is will this stop people from having a run on the bank anyway? You see if this problem is fixed and it's okay, then they should lift capital controls. But they won't becuase people will take their money and move it from Cyprius banks. The catch 22 is that as long as they have capital controls and limits of 100 euros (was 260 a day ago) a day, people will take their money out anyway.
We are far from over and I don't think they told the full truth.
"Get onto the trains... now into the showers... it's for your own good."
Too bad that those unfortunate people were not actually deloused as advertised --- perhaps more than a few banksters would have ended up in the drains.
akak is channeling francis s
Cyprus citizens get your guns, lets head to the banks and government buildings............
oh wait, you dont have guns, thats right, you turned them all in to join the EU!!!!!
Well I'm sure the powers that be, will respect your democratic rights and liberty, and do whats in your best interest!
UHHHHHHHH OHHHHHHHHH
The democratic process works until it doesn't.
Couple more wheel barrels to the bank and I am good
I don't believe the President of Cyprus will have a long and healthy life now.
"winning the minds and hearts of the people one at a time...."
I look forward to Russia's response.
Quick somebody close the lid on this box... look for the lid. It's easy to find, there's spelling on it...
P-A-N-D-O-R-A
"pesky" is one of my favorite underutilized words
Jesus Christ this makes me want to lose my fucking lunch.
Clown shoes.
Duplicate.
In the peoples best interest.... he will be arrested!
Hope u all enjoyed the weekend of coke and hookers....Proceed.
where next? i'm OUTTA this thing...
Fuck you Bernanke?
Looks like all of Europe is fixed now. Who would want to take their money out of such a safe banking system?
This has to be good for another 100ES points.
Yes, Europe is saved by the bankers. It is probably time to give them a huge bonus for all their hard work!
Banks are now toxic for placing one's savings. The irony is dumbfounding.
Honest Question: Has anyone heard anything about the security of safe deposit box contents within these Cypriot Banks. I'm assuming, that SDBox contents are still safe. So, if you've got 100,000 Euro's is it a better move, to withdraw the cash and put it into the safe deposit box?
I don't know anything about Cypriot safety deposit boxes. I do have a friend whose family lost everything here during the Depression. Banksters got desperate and went treasure hunting in the SDBoxes. Also, MF Global raided their clients' vaults, too. So, I believe physical possesion is everything. Get a couple of good safes (one for a decoy) and plenty of guns and ammo to guard it. Seriously.
Sounds like he is looking forward to spending more time with his family. Until the Russians find him, that is.
sunny
The Road to Serfdom.
...was 100 years long.
Roll out the Guillotines!!!
Meanwhile, these fucking Banksters are hanging out in the Caribbean, fuckers!!
http://www.youtube.com/watch?v=UZY1W_iEUhc
NATIONAL GUARD SOLDIERS SAW AND TOUCHED THE GUILLOTINES AT FORT DEVENS.
Steve,he understands the situation but he already got in trouble from this situation back then along with another guy and they were interrogated for 3 hours for simply doing there jobs.
There was actually a group of them which saw what was going on and knew something was not right, they had far too many private contractors in uniform with the same BDU’s as they had, in fact you could not tell them apart except for one colorful patch which he could not make out
They were doing a sweep operation of the base and checking the place all over when they came across an open door with some crates inside left unguarded so they went in to see what was going on.
First the guillotines:
They were guarded by private contractors – not by our military – it was in 2005 at Fort Devens
The base was in the process of closing but also rebuilding at the same time
He saw truck loads of concertina wire being hauled in and building materials too but at the same time they were shipping out the military units and closing the base, the more troops which left the more private contractors came in.
They guarded the items they would not allow the troops to see or even get near.
They had about 14 crates all comprising a number of guillotines but no idea on the number of actual units; he did see and touch one of them partially assembled. Description:STAINLESS STEEL BLADE THAT WAS VERY HEAVY DUTY AND INTERCHANGEABLE.IT WAS POWERED BY A HYDRAULIC RAM IT HAD NO CABLE OR ROPES.THE BLADE IS HOUSED IN A FRAMEWORK THAT WAS POWDER COATED BLACK.HEIGHT 7' HIGH 3.5-4 FEET WIDE.THE WRITING ON THE UNOPENED CRATES WAS ARABIC.TUNE IN TO NIGHT WITH HAGMANN AND HAGMANN --WAIT TILL YOU HEAR THE REST OF THIS EYEWITNESS ACCOUNT-ITS OTHER WORDLY!
http://www.stevequayle.com/index.php?s=33&d=324
So we really are slaves?
Has there ever been any doubt?
Only in the minds of the sleepy.
ZHer's on the other hand understand debt slavery very well.
.
No
Well, seriously, so what?
Democracy was't working anyway, so now we need something new - maybe a representational Republic or similar.
Democracy is for losers and freeloaders, and is ultimately self-defeating, once the losers and freeloaders attain the magical majority.
Sounds like Bloomberg. Funny, seems to be alot of "leaders" saying what is in the best interests of the people lately.....
I think Native Americans (OK indians, fuck that politically correct shit too) used to call it scalping.
my kids do "pretzel legs" in school now instead of "indian style"-puke.
Its criss cross apple sauce here. Really, thats what they are teaching the kids. No longer need math and critical thinking skills.
Douple plus one criss cross apple sauce. And no birthday invitations or baked goods, if it please.
If Parliment doesn't vote on this, why the heck did it vote on the proposals last week?
Ours is not to question why. Ours is just to pay or die.
The fact that the bankers had to do an end run around parliament shows how terrified they must be about the whole house of cards collapsing if this goes to a vote. As so many have said so many times, they are desperate to do ANYTHING to keep it all from unraveling and will ignore any law or rule. They are not even pretending to hide it anymore. I think they are just one spark away from losing total control and having revolution spring upon them.
Quite so.
This is EZ strongarm mafia out in the open plain and simple. This is how wars start...
"I see dead people...."
http://www.youtube.com/watch?v=ZSNyiSetZ8Y
I don't like violence Tom...
Now it's up to you to make the peace between me and Sonny, have him talk to his brothers and that Fat Clemenza...
A Top Ten movie moment!
My wife's family is from Cyprus. I was chatting with her cousin the other night and I told him to "hang a banker for me". He didn't understand. Not a good sign.
the bankers are hiding behind the politicians, local and foreign, that's why the common man can't "distinguish what's what".
The people of Italy and Spain will remove their Lira and Pesetas with gusto now from the corrupt banks... er, I mean Euros, or do I? This is just the beginning, not the end.
One would think. The floor has all been papered over but remains rotten underneath. And whenever money has to be found for the next sovereign/bank/sovereign bailout, monies on deposit are such sitting ducks for the mighty hunters...as easy as shooting fish in a barrel.
Germany should've cut its losses long ago and just paid the cost of returning to the deutschmark. It does not have the ability to bail out the whole of Europe that's in need, or will be, and the worse depression gets over there, the more vitriol it receives in return for its funds.
When banks are insolvent, depositors lose their money. That's how it works unless
the deposits are insured/guaranteed . But in Cyprus's case, deposits are guaranteed
by a government that is insolvent, so the money is gone. Why is that so difficult for
the Cypriots and Russians to comprehend. They made a bad investment and lost.
Time to move on. I guess they just "can't handle the truth."
Just like every other person who has a bank account anywhere on the planet, as they will eventually find out.
and yet they all just recently passed ECB and EU required bank stress tests.
Sssh....maybe no one will notice this bank failure skeleton that just popped out of the papered over closet...such a tiny island and all.
The money is gone because the banks bought euro trash paper like Greek bonds, etc. And who said the bonds were good ? Why, the EU and the IMF, of course.
This shit gets worse by the minute. The guardian has some good updates.
global markets, except for korea(of all places) yawn. surprisingly underwhelmed at this point
No ANASTASIADES, it is in the best interest of the EU criminal puppetmasters pulling your strings.
ANASTASIADES = dead man in a bathtub.
maybe not today and maybe not tomorrow, but come it will.
it may be just a slight paper cut, but the blood is starting to flow. it will, inexorably, become a worldwide river.
Fritz Leutwiler, Governor of the Swiss National Bank (and of the BIS) would have been proud. "I have no use for politicans" as he once said...
hmmm, speaking of the BIS, why has no one mentioned the BIS Governors meeting? ...because they do not want it mentioned
and journalists are too confused about what the BIS is, and too cowardly to even try to find out
cant unring the bell that is cyprus. theres a lot of rethinking going on world wide inho
This has to be the pinnacle of corrupt. The Troika, "we know you voted a deal that was better than this down and that ultimately means you would vote this down too...so, you don't get to vote." I just imagine those goons at dinner laughing like the evil overlords they are.
hmmm. "the Troika." hmmm. doesn't sound like free market capitalism to me. Does sound like "naked capitalism" though...
Maybe they will "deem" it to have been approved. Parliamentary maneuver. Checkmate. Or is it? Russians are pretty good at chess.
By people Anastasiades means the Parliament of Cyprus. If voted up the banks burn and the PM's hang. If voted down the banks burn and the PM's hang. If it was left up to EU Finance Ministers and the Cyprus Parliament has no chance to vote they can still claim that they voted it down the first time and would have the second but the final ruling was out of their hands. This was the deal that Anastasiades made. He saved his party but Cyprus will burn.
wicked-tuna
o no.... Latest at Guardian:
1.31am GMT
Deal outlineSo here's a wrap-up of what appears to be the shape of a last-ditch deal between Cyprus and international lenders:
• A €10 billion euro bailout that will shut down Cyprus' second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians.
• The deal will spare the country a financial meltdown by winding down Popular Bank of Cyprus, also known as Laiki, and shifting deposits below 100,000 euros to the Bank of Cyprus to create a "good bank".
• Deposits above €100,000, which under EU law are not guaranteed, will be frozen and used to resolve debts, and Laiki will effectively be shuttered, with thousands of job losses.
And ALOT of DEAD people??
i'm sorry but a boat load of Russian Marines landing is not going to make this problem any better under Operation "Blow up the Bank you phuckers!" still...a spetsnaz insertion would be pretty cool. sorry for the repeat...but under the Ronald Reagan mantra of "there you go again" here i go again too: http://www.youtube.com/watch?v=MjkMh0tKCZo
Cyprus has like 70% GDP in financial services and other service oriented jobs. Good luck with that as a the jobs catering to Russian and expat business dries up. They are toast.
Ron Paul was right. The fence on the Mexican border is to keep us in.
Ron Paul was wrong. The fence on the Mexican border is to provide employment for the wetbacks building it. But go ahead, say it again anyway.
There are no "wetbacks" building it racist scumbag... They are US Contractors...
Yep...no illegal Mexican immigrants are ever hired or put to work along the border...
I junked ya for believing that RP is anything other than a pied piper whose job is to keep the still faithful marching along to the Red Team version of Hope and Change.
... and his little dog, Rand, too!
Ron Paul was right. The fence on the Mexican border is to keep us in.
The World Really should Get Away from the thinking of The WANTS Of the FEW Outweigh The NEEDS of the MANY
because the tyrrany of the majority is working so well in the US right now
Long Polonium !
more like "long curriculum" as somebody just got SCHOOLED bitchez.
Unfortunately, those directly responsible for the craziness in this world, never get instant degratified...
Minions, maybe...
Head honchos, no...
From guardian: Monies from both large taken over 100k. Savers below 100k saved.....No Parliament vote needed. Press conference now...
I really wish russians start killing bankers
We have to pass the bill so you can, uh, find out what is in it.
Come on russian mafia, start killing banksters and politicians...
After this, you would have to be a complete idiot to keep any money in a european bank over the minimum required to pay short term expenses.
Cyprus Prez Has a Spot at GS, after this im sure!
Promptly to be flown out of Cyprus to brand new villa.
dead man bathing
Just watched the Walking Dead on TV, or was that the Cypriot leaders who approved this deal? Oh well - same thing...
During WWII, the Germans were yards away from pushing the Russians into the Volga River; look at how that turned out....
In the end, we will all be Cypridiots...
An illegal President and a criminal Congress with 15% approval ratings... I could see them pulling this shit here in the U.S.
on a long enough timeline
everything ,is worth nothing
Best interest of the people? I don't recall the vote ... isn't that how one would discover the "will" of the people?!?
No parasite would put it to a vote.
At least now the Cypriots KNOW they are slaves of the bankers. Thinking pretty much everyone can figure it out now.
I see a lot of speculation about the accounts over 100k Euro belonging to "Russian Mafia" - but what about honest savers who rely on this money for retirement? An example would be an IRA here in the U.S. Are there (or were there, rather) a large number of these in those banks? Wouldn't there be since this island is also noted as a nice place to retire to?
Just curious.
When governments can take what they want whenever they want from people, it's time to walk away from a collapsing system and find John Galt.
"...and be John Galt."
Fixed.
My best interest? My best interest? How do you know what my best interest is?.. All I wanted was a Pepsi....
What about the business that just borrowed 250,000 Euros and put it in the bank in preparation to pay for inventory and whatnot? That business has 150,000 less Euros and still owes the full amount of the loan.
If the money was in Laiki Bank then the business now has the nice round sum of zero euro.
Since inception and 2008 financial armageddon the whole philosophy of ZH has been :
WHen a bank fails we don't treat it as TBTF, we let it die, thats free enterprise capitalism. NB : This means the depositors lose everything, so thats the norm; "as big boys, you put your money on the wrong horse. Bad Luck fellas!"
In the Cyprus situation it was more complcated as not only the two banks were bankrupt but the government also. So pulling the plug on the banks meant the economy collapsed. Their model was obviously rotten to the core and built on debt. That is Not a one off situation in first world, but that is not the issue here, just the Cyprus case; as we talk of systemic effects on Eurozone.
This is precisely what the Bush administration and its surrogate counterparts in Euro zone, (Merkel, Brown, Sarko), said in 2009 : If we hadn't Tarped and socialised debt bigtime our economies would have collapsed and we couldn't afford a second Lehman type situation as it was systemic!
So, in those pristine days of the world financial crisis ZH as contrarian spokesmen, in line with the Ron PAul doctrine, said "you are all crony crooks as you betray capitalism. You should let all the corrupt banks die! ANd then rebuild the economy come what may!"
Hard times in Tombstone but the law reigns and the bad guy gets slammed at OK Corral. Thats the script pf straight shooting capitalism. We recoup and heel the wounds and we move on. Obama and Ben and the Euro group didn't play it that way; whence the uproar here as elsewhere : "we have betrayed our core values of free market enterprise."
Now fast forward to Cyprus today...When the country comes begging to EU and says "bail us out but don't expect us to pay as we are pennyless"; the EU replies:
"Bad BAnks are the cause they get slammed, their depositors, the big guys take a haircut! We protect the small guys and once the banks are restructured we try and kick start the economy with you, provided you do not repeat the same scams with your dicy Russian hot money mafioso depositors."
Thats what they have now done. and the government has agreed.
So...we see a solution that corresponds to the Ron Paul doctrine. Its one off, its depositor's haircut which is normal, its not a tax and its : TBTF do not exist in Cyprus. In line with the pure austerity meme.
ZH should be clapping the EU and not deriding the deal. I don't understand this logic.
Each sovereign nation in Eurozone is responsible for its own bank situation. Amen, if there are bank runs so be it...The ECB is back up to the exent it can deleverage the debt and also sterilise it; the Merkel -Draghi put for what its worth!
That's current capitalism and that entails depositor confidence in the corrupt system AS IT EXISTS, nation by nation. They have no choice but to live with it and insist that their politicians do good house keeping in a scandalous situation of a global capital model gone virally corrupt. Our problem is debt and lack of economic growth but that is not what Cyprus pimple is about. Solving Cyprus is just a side show. Solving world capitalism is the real show.
Its a much bigger and societal issue about paradigm change.
You cannot have your cake and eat it.
the elites will let you have your democracy as long as all votes are approved, if not, then you will get fascist rule, even the dumbest of us must be coming to the understanding of why guns must be pulled in america..wake up yet?