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"In The Best Interests Of The People..."

Tyler Durden's picture


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:




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Sun, 03/24/2013 - 21:12 | 3370455 Zero_Sum
Zero_Sum's picture

Of course it is. Which is why we need to bypass that pesky democratic process.


Sun, 03/24/2013 - 21:13 | 3370465 mikla
mikla's picture

Peace through imprisoning all people everywhere.

Sun, 03/24/2013 - 21:16 | 3370477 Cult_of_Reason
Cult_of_Reason's picture

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.

Sun, 03/24/2013 - 21:20 | 3370509 fonzannoon
fonzannoon's picture

Cyprus can handle this how they want. This is all about Beppe now. Time to shine Beppe.

Sun, 03/24/2013 - 21:27 | 3370528 graneros
graneros's picture

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!

Sun, 03/24/2013 - 21:31 | 3370547 philipat
philipat's picture

I thought we were discussing Cyprus, not The US??

Sun, 03/24/2013 - 21:33 | 3370562 NoDebt
NoDebt's picture

Once again Germany's pimp hand has been shown to be strong.  They are SMACKIN' those bitches around when they get out of hand.

Sun, 03/24/2013 - 21:37 | 3370583 fonzannoon
fonzannoon's picture

I'm rooting for Texas now.

Sun, 03/24/2013 - 21:56 | 3370677 CompassionateFascist
CompassionateFascist's picture

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.

Sun, 03/24/2013 - 22:57 | 3370903 Scarlett
Scarlett's picture

"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."

Sun, 03/24/2013 - 23:28 | 3371019 kito
kito's picture

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...

Mon, 03/25/2013 - 09:45 | 3371919 fajensen
fajensen's picture

Polonium-Pizza for all bankers - straight from "Special Research Project No. 7", Ural ;-)

Sun, 03/24/2013 - 21:29 | 3370517 Cdad
Cdad's picture

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...

Sun, 03/24/2013 - 21:33 | 3370557 disabledvet
disabledvet's picture

"we had to get around democracy in order to make it legal."

Sun, 03/24/2013 - 21:56 | 3370687 Chuck Walla
Chuck Walla's picture


Its the rules than make a scam into a system.



Sun, 03/24/2013 - 22:37 | 3370786 Cdad
Cdad's picture

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....


Mon, 03/25/2013 - 01:29 | 3371254 Dugald
Dugald's picture


Where the Hell is Robin Hood???

Mon, 03/25/2013 - 01:35 | 3371257 StychoKiller
StychoKiller's picture

The suspense is worse than Alien, when's the creature gonna pop out?

Sun, 03/24/2013 - 21:23 | 3370521 WonderDawg
WonderDawg's picture

Threshholds change as needed.

Sun, 03/24/2013 - 22:33 | 3370819 Buck Johnson
Buck Johnson's picture

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.

Sun, 03/24/2013 - 21:15 | 3370479 Zero_Sum
Zero_Sum's picture

"Get onto the trains... now into the showers... it's for your own good."

Sun, 03/24/2013 - 21:20 | 3370504 akak
akak's picture

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.

Sun, 03/24/2013 - 21:32 | 3370543 otto skorzeny
otto skorzeny's picture

akak is channeling francis s

Sun, 03/24/2013 - 21:41 | 3370607 Renewable Life
Renewable Life's picture

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!


Sun, 03/24/2013 - 21:15 | 3370482 toys for tits
toys for tits's picture

The democratic process works until it doesn't.

Sun, 03/24/2013 - 21:20 | 3370507 max2205
max2205's picture

Couple more wheel barrels to the bank and I am good

Sun, 03/24/2013 - 22:02 | 3370711 sunnydays
sunnydays's picture

I don't believe the President of Cyprus will have a long and healthy life now.  

Sun, 03/24/2013 - 22:29 | 3370809 CheapBastard
CheapBastard's picture

"winning the minds and hearts of the people one at a time...."

Sun, 03/24/2013 - 21:23 | 3370518 Banksters
Banksters's picture

I look forward to Russia's response.

Sun, 03/24/2013 - 21:29 | 3370536 Stuart
Stuart's picture

Quick somebody close the lid on this box...  look for the lid.  It's easy to find, there's spelling on it...



Sun, 03/24/2013 - 21:29 | 3370539 Tinky
Tinky's picture

"pesky" is one of my favorite underutilized words

Sun, 03/24/2013 - 23:12 | 3370952 xtop23
xtop23's picture

Jesus Christ this makes me want to lose my fucking lunch. 

Clown shoes.

Sun, 03/24/2013 - 21:12 | 3370456 Zero_Sum
Zero_Sum's picture


Sun, 03/24/2013 - 21:12 | 3370457 maxmad
maxmad's picture

In the peoples best interest.... he will be arrested!

Sun, 03/24/2013 - 21:12 | 3370458 Ineverslice
Ineverslice's picture


Hope u all enjoyed the weekend of coke and hookers....Proceed.

Sun, 03/24/2013 - 21:34 | 3370564 disabledvet
disabledvet's picture

where next? i'm OUTTA this thing...

Sun, 03/24/2013 - 21:13 | 3370462 konputa
konputa's picture

Fuck you Bernanke?

Sun, 03/24/2013 - 21:13 | 3370464 tallen
tallen's picture

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.

Mon, 03/25/2013 - 01:46 | 3371268 Caggge
Caggge's picture

Yes, Europe is saved by the bankers. It is probably time to give them a huge bonus for all their hard work!

Sun, 03/24/2013 - 21:13 | 3370468 holdbuysell
holdbuysell's picture

Banks are now toxic for placing one's savings. The irony is dumbfounding.

Sun, 03/24/2013 - 23:07 | 3370927 Antifaschistische
Antifaschistische's picture

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?

Mon, 03/25/2013 - 09:14 | 3371821 sadmamapatriot
sadmamapatriot's picture

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.

Sun, 03/24/2013 - 21:14 | 3370473 sunny
sunny's picture

Sounds like he is looking forward to spending more time with his family.  Until the Russians find him, that is.


Sun, 03/24/2013 - 21:14 | 3370475 ABG LINE
ABG LINE's picture

The Road to Serfdom.

Mon, 03/25/2013 - 10:12 | 3372015 Melin
Melin's picture

...was 100 years long.

Sun, 03/24/2013 - 21:14 | 3370476 Rusty Shorts
Rusty Shorts's picture

Roll out the Guillotines!!!

Sun, 03/24/2013 - 21:19 | 3370499 Rusty Shorts
Rusty Shorts's picture

Meanwhile, these fucking Banksters are hanging out in the Caribbean, fuckers!!

Sun, 03/24/2013 - 23:44 | 3371063 Randall Cabot
Randall Cabot's picture


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.



Sun, 03/24/2013 - 21:15 | 3370481 grunk
grunk's picture

So we really are slaves?

Sun, 03/24/2013 - 21:34 | 3370565 graneros
graneros's picture

Has there ever been any doubt?

Sun, 03/24/2013 - 21:45 | 3370627 fudge
fudge's picture

Only in the minds of the sleepy.

ZHer's on the other hand understand debt slavery very well.



Mon, 03/25/2013 - 05:59 | 3371396 world_debt_slave
world_debt_slave's picture


Sun, 03/24/2013 - 21:15 | 3370484 spdrdr
spdrdr's picture

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.


Sun, 03/24/2013 - 21:16 | 3370486 Timmay
Timmay's picture

Sounds like Bloomberg. Funny, seems to be alot of "leaders" saying what is in the best interests of the people lately.....

Sun, 03/24/2013 - 21:18 | 3370495 Downtoolong
Downtoolong's picture

100% haircts

I think Native Americans (OK indians, fuck that politically correct shit too) used to call it scalping.


Sun, 03/24/2013 - 21:34 | 3370566 otto skorzeny
otto skorzeny's picture

my kids do "pretzel legs" in school now instead of "indian style"-puke.

Sun, 03/24/2013 - 22:51 | 3370885 Oleander
Oleander's picture

Its criss cross apple sauce here. Really, thats what they are teaching the kids. No longer need math and critical thinking skills.

Sun, 03/24/2013 - 22:55 | 3370902 howenlink
howenlink's picture

Douple plus one criss cross apple sauce.  And no birthday invitations or baked goods, if it please.

Sun, 03/24/2013 - 21:19 | 3370498 grunk
grunk's picture

If Parliment doesn't vote on this, why the heck did it vote on the proposals last week?

Sun, 03/24/2013 - 21:38 | 3370585 Whoa Dammit
Whoa Dammit's picture

Ours is not to question why. Ours is just to pay or die.

Sun, 03/24/2013 - 21:40 | 3370604 SDShack
SDShack's picture

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.

Sun, 03/24/2013 - 22:04 | 3370724 spdrdr
spdrdr's picture

Quite so.

Sun, 03/24/2013 - 22:47 | 3370871 SmallerGovNow2
SmallerGovNow2's picture

This is EZ strongarm mafia out in the open plain and simple.  This is how wars start...

Sun, 03/24/2013 - 21:19 | 3370500 Everyman
Everyman's picture

"I see dead people...."

Sun, 03/24/2013 - 21:28 | 3370530 Ineverslice
Ineverslice's picture


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...

Sun, 03/24/2013 - 21:20 | 3370502 rubearish10
rubearish10's picture

A Top Ten movie moment!

Sun, 03/24/2013 - 21:20 | 3370506 Tuna Trader
Tuna Trader's picture

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. 

Mon, 03/25/2013 - 08:39 | 3371656 e-recep
e-recep's picture

the bankers are hiding behind the politicians, local and foreign, that's why the common man can't "distinguish what's what".

Sun, 03/24/2013 - 21:20 | 3370510 monopoly
monopoly's picture

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.

Sun, 03/24/2013 - 23:17 | 3370972 Just Ice
Just Ice's picture

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 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.

Sun, 03/24/2013 - 21:29 | 3370523 zorba THE GREEK
zorba THE GREEK's picture

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."

Sun, 03/24/2013 - 21:31 | 3370546 Quinvarius
Quinvarius's picture

Just like every other person who has a bank account anywhere on the planet, as they will eventually find out.

Sun, 03/24/2013 - 21:46 | 3370635 Everybodys All ...
Everybodys All American's picture

and yet they all just recently passed ECB and EU required bank stress tests.

Sun, 03/24/2013 - 23:21 | 3370992 Just Ice
Just Ice's picture

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.

Sun, 03/24/2013 - 22:46 | 3370863 skipjack
skipjack's picture

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.

Sun, 03/24/2013 - 21:26 | 3370524 thewayitis
thewayitis's picture


  This shit gets worse by the minute. The guardian has some good updates.

Sun, 03/24/2013 - 21:26 | 3370527 geewhiz190
geewhiz190's picture

global markets, except for korea(of all places) yawn. surprisingly underwhelmed at this point

Sun, 03/24/2013 - 21:28 | 3370531 tom a taxpayer
tom a taxpayer's picture

No ANASTASIADES, it is in the best interest of the EU criminal puppetmasters pulling your strings.

Sun, 03/24/2013 - 21:28 | 3370535 fudge
fudge's picture

ANASTASIADES = dead man in a bathtub.  

maybe not today and maybe not tomorrow, but come it will.

Sun, 03/24/2013 - 21:30 | 3370541 ramacers
ramacers's picture

it may be just a slight paper cut, but the blood is starting to flow. it will, inexorably, become a worldwide river.

Sun, 03/24/2013 - 21:30 | 3370542 Cacete de Ouro
Cacete de Ouro's picture

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


Sun, 03/24/2013 - 21:31 | 3370544 stant
stant's picture

cant unring the bell that is cyprus. theres a lot of rethinking going on world wide inho

Sun, 03/24/2013 - 21:33 | 3370554 ThunderingTurd
ThunderingTurd's picture

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, you don't get to vote." I just imagine those goons at dinner laughing like the evil overlords they are.

Sun, 03/24/2013 - 21:39 | 3370594 disabledvet
disabledvet's picture

hmmm. "the Troika." hmmm. doesn't sound like free market capitalism to me. Does sound like "naked capitalism" though...

Sun, 03/24/2013 - 21:32 | 3370556 dunce
dunce's picture

Maybe they will "deem" it to have been approved.  Parliamentary maneuver. Checkmate. Or is it? Russians are pretty good at chess.

Sun, 03/24/2013 - 21:35 | 3370570 Tuna Trader
Tuna Trader's picture

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. 

Sun, 03/24/2013 - 21:37 | 3370578 otto skorzeny
otto skorzeny's picture


Sun, 03/24/2013 - 21:36 | 3370580 thewayitis
thewayitis's picture

  o no.... Latest at Guardian:


1.31am GMT

Deal outline

So 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.

Sun, 03/24/2013 - 21:39 | 3370591 thewayitis
thewayitis's picture

    And ALOT of DEAD people??

Sun, 03/24/2013 - 21:44 | 3370625 disabledvet
disabledvet's picture

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:

Sun, 03/24/2013 - 22:15 | 3370759 rodocostarica
rodocostarica's picture

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.

Sun, 03/24/2013 - 21:38 | 3370588 gwar5
gwar5's picture

Ron Paul was right. The fence on the Mexican border is to keep us in.

Sun, 03/24/2013 - 22:05 | 3370722 CompassionateFascist
CompassionateFascist's picture

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.  

Sun, 03/24/2013 - 22:42 | 3370851 SmallerGovNow2
SmallerGovNow2's picture

There are no "wetbacks" building it racist scumbag...  They are US Contractors...

Sun, 03/24/2013 - 23:32 | 3371037 Just Ice
Just Ice's picture illegal Mexican immigrants are ever hired or put to work along the border...

Sun, 03/24/2013 - 23:26 | 3371012 Race Car Driver
Race Car Driver's picture

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!


Sun, 03/24/2013 - 21:39 | 3370596 gwar5
gwar5's picture

Ron Paul was right. The fence on the Mexican border is to keep us in.

Sun, 03/24/2013 - 21:40 | 3370600 ziggy59
ziggy59's picture

The World Really should Get Away from the thinking of The WANTS Of the FEW Outweigh The NEEDS of the MANY

Sun, 03/24/2013 - 21:42 | 3370613 otto skorzeny
otto skorzeny's picture

because the tyrrany of the majority is working so well in the US right now

Sun, 03/24/2013 - 21:44 | 3370624 Silberadler
Silberadler's picture

Long Polonium !


Sun, 03/24/2013 - 21:45 | 3370633 disabledvet
disabledvet's picture

more like "long curriculum" as somebody just got SCHOOLED bitchez.

Sun, 03/24/2013 - 21:47 | 3370642 ziggy59
ziggy59's picture

Unfortunately, those directly responsible for the craziness in this world, never get instant degratified...

Minions, maybe...
Head honchos, no...

Sun, 03/24/2013 - 21:48 | 3370647 thewayitis
thewayitis's picture

   From guardian:  Monies from both large taken over 100k.  Savers below 100k saved.....No Parliament vote needed. Press conference now...



Sun, 03/24/2013 - 21:58 | 3370698 Kastorsky
Kastorsky's picture

I really wish russians start killing bankers

Sun, 03/24/2013 - 21:59 | 3370701 howenlink
howenlink's picture

We have to pass the bill so you can, uh, find out what is in it.

Sun, 03/24/2013 - 22:02 | 3370709 lolmao500
lolmao500's picture

Come on russian mafia, start killing banksters and politicians...

Sun, 03/24/2013 - 22:06 | 3370735 deadparrot
deadparrot's picture

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.

Sun, 03/24/2013 - 22:15 | 3370767 ziggy59
ziggy59's picture

Cyprus Prez Has a Spot at GS, after this im sure!

Sun, 03/24/2013 - 22:16 | 3370768 jonjon831983
jonjon831983's picture

Promptly to be flown out of Cyprus to brand new villa.

Sun, 03/24/2013 - 22:27 | 3370798 calgal
calgal's picture

dead man bathing

Sun, 03/24/2013 - 22:34 | 3370822 NoWayJose
NoWayJose's picture

Just watched the Walking Dead on TV, or was that the Cypriot leaders who approved this deal? Oh well - same thing...

Sun, 03/24/2013 - 22:41 | 3370840 Fix It Again Timmy
Fix It Again Timmy's picture

During WWII, the Germans were yards away from pushing the Russians into the Volga River; look at how that turned out....

Sun, 03/24/2013 - 22:42 | 3370845 Spaceman Spiff
Spaceman Spiff's picture

In the end, we will all be Cypridiots...

Sun, 03/24/2013 - 22:57 | 3370905 22winmag
22winmag's picture

An illegal President and a criminal Congress with 15% approval ratings... I could see them pulling this shit here in the U.S.

Sun, 03/24/2013 - 22:59 | 3370910 mt paul
mt paul's picture

on a long enough timeline

everything ,is worth nothing 

Sun, 03/24/2013 - 23:35 | 3371042 IamtheREALmario
IamtheREALmario's picture

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.

Mon, 03/25/2013 - 00:02 | 3371102 Iam_Silverman
Iam_Silverman's picture

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.

Mon, 03/25/2013 - 00:07 | 3371105 Pandorable
Pandorable's picture

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.

Mon, 03/25/2013 - 01:10 | 3371228 Ms. Erable
Ms. Erable's picture

"...and be John Galt."


Mon, 03/25/2013 - 02:14 | 3371292 sandiegoman
sandiegoman's picture

My best interest? My best interest? How do you know what my best interest is?.. All I wanted was a Pepsi....

Mon, 03/25/2013 - 02:19 | 3371296 snblitz
snblitz's picture

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.

Mon, 03/25/2013 - 04:10 | 3371350 The Onion Of Tw...
The Onion Of Twickenham's picture

If the money was in Laiki Bank then the business now has the nice round sum of zero euro.

Mon, 03/25/2013 - 07:11 | 3371412 falak pema
falak pema's picture

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. 


Mon, 03/25/2013 - 07:12 | 3371436 overmedicatedun...
overmedicatedundersexed's picture

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?

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