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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:

  • *ANASTASIADES SAYS AID DEAL IN BEST INTEREST OF CYPRIOT PEOPLE

 

 


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Sun, 03/24/2013 - 21:12 | Link to Comment 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 | Link to Comment mikla
mikla's picture

Peace through imprisoning all people everywhere.

Sun, 03/24/2013 - 21:16 | Link to Comment 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.

http://mobile.reuters.com/article/idUSL5N0CH00H20130325?irpc=932

Sun, 03/24/2013 - 21:20 | Link to Comment 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 | Link to Comment 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 | Link to Comment philipat
philipat's picture

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

Sun, 03/24/2013 - 21:33 | Link to Comment 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 | Link to Comment fonzannoon
fonzannoon's picture

I'm rooting for Texas now.

Sun, 03/24/2013 - 21:56 | Link to Comment 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 | Link to Comment 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."

 

http://www.quickmeme.com/meme/3tfbvj/

Sun, 03/24/2013 - 23:28 | Link to Comment 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 | Link to Comment fajensen
fajensen's picture

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

Sun, 03/24/2013 - 21:29 | Link to Comment 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 | Link to Comment disabledvet
disabledvet's picture

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

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

 

Its the rules than make a scam into a system.

FORWARD SOVIET!

 

Sun, 03/24/2013 - 22:37 | Link to Comment 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 | Link to Comment Dugald
Dugald's picture

 

Where the Hell is Robin Hood???

Mon, 03/25/2013 - 01:35 | Link to Comment StychoKiller
StychoKiller's picture

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

Sun, 03/24/2013 - 21:23 | Link to Comment WonderDawg
WonderDawg's picture

Threshholds change as needed.

Sun, 03/24/2013 - 22:33 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment otto skorzeny
otto skorzeny's picture

akak is channeling francis s

Sun, 03/24/2013 - 21:41 | Link to Comment 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!

UHHHHHHHH OHHHHHHHHH

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

The democratic process works until it doesn't.

Sun, 03/24/2013 - 21:20 | Link to Comment max2205
max2205's picture

Couple more wheel barrels to the bank and I am good

Sun, 03/24/2013 - 22:02 | Link to Comment 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 | Link to Comment CheapBastard
CheapBastard's picture

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

Sun, 03/24/2013 - 21:23 | Link to Comment Banksters
Banksters's picture

I look forward to Russia's response.

Sun, 03/24/2013 - 21:29 | Link to Comment 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...

 

P-A-N-D-O-R-A

Sun, 03/24/2013 - 21:29 | Link to Comment Tinky
Tinky's picture

"pesky" is one of my favorite underutilized words

Sun, 03/24/2013 - 23:12 | Link to Comment xtop23
xtop23's picture

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

Clown shoes.

Sun, 03/24/2013 - 21:12 | Link to Comment Zero_Sum
Zero_Sum's picture

Duplicate.

Sun, 03/24/2013 - 21:12 | Link to Comment maxmad
maxmad's picture

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

Sun, 03/24/2013 - 21:12 | Link to Comment Ineverslice
Ineverslice's picture

 

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

Sun, 03/24/2013 - 21:34 | Link to Comment disabledvet
disabledvet's picture

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

Sun, 03/24/2013 - 21:13 | Link to Comment konputa
konputa's picture

Fuck you Bernanke?

Sun, 03/24/2013 - 21:13 | Link to Comment 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 | Link to Comment 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 | Link to Comment holdbuysell
holdbuysell's picture

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

Sun, 03/24/2013 - 23:07 | Link to Comment 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 | Link to Comment 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 | Link to Comment sunny
sunny's picture

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

sunny

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

The Road to Serfdom.

Mon, 03/25/2013 - 10:12 | Link to Comment Melin
Melin's picture

...was 100 years long.

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

Roll out the Guillotines!!!

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

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

http://www.youtube.com/watch?v=UZY1W_iEUhc

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

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   

Sun, 03/24/2013 - 21:15 | Link to Comment grunk
grunk's picture

So we really are slaves?

Sun, 03/24/2013 - 21:34 | Link to Comment graneros
graneros's picture

Has there ever been any doubt?

Sun, 03/24/2013 - 21:45 | Link to Comment 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 | Link to Comment world_debt_slave
world_debt_slave's picture

No

Sun, 03/24/2013 - 21:15 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment spdrdr
spdrdr's picture

Quite so.

Sun, 03/24/2013 - 22:47 | Link to Comment 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 | Link to Comment Everyman
Everyman's picture

"I see dead people...."

 

http://www.youtube.com/watch?v=ZSNyiSetZ8Y

Sun, 03/24/2013 - 21:28 | Link to Comment 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 | Link to Comment rubearish10
rubearish10's picture

A Top Ten movie moment!

Sun, 03/24/2013 - 21:20 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 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.

Sun, 03/24/2013 - 21:29 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment thewayitis
thewayitis's picture

 

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

Sun, 03/24/2013 - 21:26 | Link to Comment geewhiz190
geewhiz190's picture

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

Sun, 03/24/2013 - 21:28 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 too...so, 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment otto skorzeny
otto skorzeny's picture

wicked-tuna

Sun, 03/24/2013 - 21:36 | Link to Comment 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 | Link to Comment thewayitis
thewayitis's picture

    And ALOT of DEAD people??

Sun, 03/24/2013 - 21:44 | Link to Comment 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: http://www.youtube.com/watch?v=MjkMh0tKCZo

Sun, 03/24/2013 - 22:15 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

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

Sun, 03/24/2013 - 23:32 | Link to Comment Just Ice
Just Ice's picture

Yep...no illegal Mexican immigrants are ever hired or put to work along the border...

Sun, 03/24/2013 - 23:26 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Silberadler
Silberadler's picture

Long Polonium !

 

Sun, 03/24/2013 - 21:45 | Link to Comment disabledvet
disabledvet's picture

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

Sun, 03/24/2013 - 21:47 | Link to Comment 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 | Link to Comment 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 | Link to Comment Kastorsky
Kastorsky's picture

I really wish russians start killing bankers

Sun, 03/24/2013 - 21:59 | Link to Comment 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 | Link to Comment lolmao500
lolmao500's picture

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

Sun, 03/24/2013 - 22:06 | Link to Comment 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 | Link to Comment ziggy59
ziggy59's picture

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

Sun, 03/24/2013 - 22:16 | Link to Comment jonjon831983
jonjon831983's picture

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

Sun, 03/24/2013 - 22:27 | Link to Comment calgal
calgal's picture

dead man bathing

Sun, 03/24/2013 - 22:34 | Link to Comment 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 | Link to Comment 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 | Link to Comment Spaceman Spiff
Spaceman Spiff's picture

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

Sun, 03/24/2013 - 22:57 | Link to Comment 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 | Link to Comment mt paul
mt paul's picture

on a long enough timeline

everything ,is worth nothing 

Sun, 03/24/2013 - 23:35 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Ms. Erable
Ms. Erable's picture

"...and be John Galt."

Fixed.

Mon, 03/25/2013 - 02:14 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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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