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Cyprus' Laiki Bank Lowers ATM Withdrawal Limit To €100

Tyler Durden's picture




 

With its banks indefinitely closed, and capital controls already in place making it virtually impossible any material cash will leave the local bank branches or certainly the island (especially in direction Moscow), gas stations about to shut down due to lack of cash, next it was the turn of the ATMs. Sure enough, as CNBC's Michelle Caruso-Cabrera reports on the ground from Nicosia, moments ago the nation's second largest, and second most insolvent bank, Laiki Bank, announced that withdrawals are now limited to €100. The picture below from MCC shows as an employee takes down old sign that said previous €260 limit. At this pace, in lieu of some grand bargain, we expect it is only hours before the final limit is imposed: withdrawals now limited to €0.

"Employee takes down old sign that said previous €260 limit"

Source: Michelle Caruso-Cabrera

 

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Sun, 03/24/2013 - 09:06 | 3367991 kushmere
kushmere's picture

And thus, more flock to Bitcoin by the hour.

bestbitcoinsites.wordpress.com

Sun, 03/24/2013 - 09:14 | 3368010 Croesus
Croesus's picture

And thus, more runs on the bank will happen when they finally get the gonads to open their doors.

Buttcoin is doomed, mark my words.

Sun, 03/24/2013 - 09:20 | 3368041 toys for tits
toys for tits's picture

Now the totally want to emulate the former soviet union.  Stand in line to get your money, then back to the end of the line for another 100, but don't fuck up or it'll be, "NO EURO'S FOR YOU."

Sun, 03/24/2013 - 09:28 | 3368058 cifo
cifo's picture

She looks pretty happy.

Sun, 03/24/2013 - 09:32 | 3368065 Croesus
Croesus's picture

Maybe she just got a "bonus" :)

Sun, 03/24/2013 - 10:05 | 3368180 francis_sawyer
francis_sawyer's picture

The good news is, there will be plenty of milk to go around from MCC's dairies... They could just stand there in line at the ATM with their mouths open while she hoses them all down...

Sun, 03/24/2013 - 10:09 | 3368225 toys for tits
toys for tits's picture

The 1984 version of this headline:

Cyprus' Laiki Bank Raises ATM Withdrawal Limit To €100. Congratulations Comrades.

Sun, 03/24/2013 - 10:31 | 3368285 DaddyO
DaddyO's picture

Think it can't happen in the USSA?

I found this article while researching past exploits by the Illigitimi, the illigitimate PTB who think they can do whatever with our money.

Apperantly, in the near term, they can with the .govs blessing and ability to make laws suited to taking whats left of the sheoples money.

http://beforeitsnews.com/economy/2013/03/bank-manager-verifies-cash-withdrawal-limits-reduced-hours-coming-to-us-banks-within-60-days-2502422.html

DaddyO

Sun, 03/24/2013 - 10:56 | 3368336 toys for tits
toys for tits's picture

If it's true then it shows that the runs have already begun.

Sun, 03/24/2013 - 11:24 | 3368400 Pure Evil
Pure Evil's picture

There's always been limits on how much you can withdraw at ATM's. They can only slide so much cash through that tiny slot. And, they don't want just one moron draining the ATM making it impossible for others to withdraw cash.

Sun, 03/24/2013 - 12:23 | 3368585 Mordenkainen
Mordenkainen's picture

That's BS. The limit is per customer account, not per machine. I just discovered that yesterday. Took $1G out of one machine, went to another branch several towns away and tried a second withdrawl. Nada. "This withdrawl will exceed your daily limit." 

Sun, 03/24/2013 - 13:22 | 3368785 Pemaquid
Pemaquid's picture

Several years ago I had the daily limit changed to "account balance". Not sure if this is an option at all banks.

Sun, 03/24/2013 - 13:28 | 3368807 DosZap
DosZap's picture

Nope I had mine raised to bank limit of 1k per day,a couple of years ago I went and tried to make a $800 W/D,and it would not give me but 500.00.

Asked WHY wasn't I informed ofthe change it was Bank Rules policy change.

Account Balance would be impossible,no way they could put that kind of cash into a machine and keep it running.(you must be outside US, if not what bank allows this in the US?.

Sun, 03/24/2013 - 18:44 | 3369856 BTFDemocracy
BTFDemocracy's picture

Credit Unions will treat your withdrawals better.

 

Storing you money at a big bank is like storing it on the bottom of the den of vipers and thieves.

Sun, 03/24/2013 - 11:21 | 3368411 salvadordaly
salvadordaly's picture

I know in my house yes they have begun, been withdrawing weekly every bit not needed for bills. I also have invested in the shiny stuff with that money! Got a big vacation planned in a month to go to the lake house. I do plan on taking the shiny stuff so it will be safe while I am away from the house. I can't wait to try the new canoe a bought over the winter, It's going to be a great time. I'll let all of ya'll know how it was!

Sun, 03/24/2013 - 10:33 | 3368293 Cdad
Cdad's picture

Raises = joy

headline = daffodils

withdrawal = global growth

€100 = €1,000

...redraft and SUBMIT   

Sun, 03/24/2013 - 10:54 | 3368331 Fredo Corleone
Fredo Corleone's picture

Stunning shade of magenta hair, Miss Laiki Bank. Very chic.

I wonder if the collars and cuffs match ?

Sun, 03/24/2013 - 15:38 | 3369204 DaddyO
DaddyO's picture

Is that a bracelet or a tat on that wrist?

DaddyO

Sun, 03/24/2013 - 11:18 | 3368396 ShortTheUS
ShortTheUS's picture

Michelle Caruso-Cabrona is too 4-foot 9. They just look big.

Sun, 03/24/2013 - 14:37 | 3369034 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Maybe she just received a "boner" :)

Sun, 03/24/2013 - 09:33 | 3368067 Agent P
Agent P's picture

That's because nobody is attacking her like she was anticipating.

Sun, 03/24/2013 - 09:39 | 3368083 Abraxas
Abraxas's picture

 

You're right. Usually there are one or two bank employed toughs standing by the ATMs and beating up people who want to withdraw their money.

 

Sun, 03/24/2013 - 13:50 | 3368877 mjcOH1
mjcOH1's picture

"That's because nobody is attacking her like she was anticipating."

This. And she hasn't figured out the camera crew would have kept rolling if she had been stuck on a spit. Thank you, media jackels!

Sun, 03/24/2013 - 09:37 | 3368087 otto skorzeny
otto skorzeny's picture

Laiki bank?with her it would be Lickey Bank

Sun, 03/24/2013 - 10:09 | 3368222 booboo
booboo's picture

Michelle has a couple Lactating Banks

Sun, 03/24/2013 - 10:57 | 3368338 RafterManFMJ
RafterManFMJ's picture

You really think she's that attractive? What're you, in prison? Or is that you Hillary?

Sun, 03/24/2013 - 11:02 | 3368353 otto skorzeny
otto skorzeny's picture

married-prison-what's the difference?

Sun, 03/24/2013 - 21:00 | 3370411 RafterManFMJ
RafterManFMJ's picture

Is that you Bill?

Sun, 03/24/2013 - 14:39 | 3369039 _ConanTheLibert...
_ConanTheLibertarian_'s picture

I would do her. I think she's cute. So I'm pathetic huh.

Sun, 03/24/2013 - 09:49 | 3368138 kushmere
kushmere's picture

I do say chap, she looks mighty fine, even through a monocle! 

Sun, 03/24/2013 - 09:58 | 3368190 francis_sawyer
francis_sawyer's picture

Bullshit ~ she looks like Gloria Estefan's redheaded stepchild...

Sun, 03/24/2013 - 11:03 | 3368360 otto skorzeny
otto skorzeny's picture

what-no "she's too jew-y looking " francis?

Sun, 03/24/2013 - 11:54 | 3368500 francis_sawyer
francis_sawyer's picture

No ~ a lot of jewish chicks are hotties... Think I'm gonna kick Scarlett Johanssen or Mila Kunis out of bed for eating matzohs?

~~~

The one in the foto doesn't float my navy though...

Sun, 03/24/2013 - 14:41 | 3369047 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Hey what's wrong with Gloria when she was young?

Sun, 03/24/2013 - 19:34 | 3370032 StychoKiller
StychoKiller's picture

She's a tiny little thing, but man can she sing!

Abriendo Puertas

Sun, 03/24/2013 - 13:26 | 3368803 Nobody For President
Nobody For President's picture

Yeah, I was wondering why the hell she is smiling.

Maybe because she still gets to go *inside* the bank, and make withdrawals from the teller next to her?

Sun, 03/24/2013 - 14:38 | 3369037 Buck Johnson
Buck Johnson's picture

I was thinking the same thing, I think she's happy that she has a job but it won't be for long.  Unless she's screwing the branch manager.

Sun, 03/24/2013 - 09:40 | 3368103 Awakened Sheeple
Awakened Sheeple's picture

Que rant about "Bitcoin bug bag holders"

 

Seriously, be careful. The bitcoin mania is not going to end well.

Sun, 03/24/2013 - 11:32 | 3368442 prains
prains's picture

baaaaaaa baaaaaaa biiitcoooin baaaaaaa baaaaaaa _ and so go the sheeple 2013

Sun, 03/24/2013 - 14:46 | 3368961 mjcOH1
mjcOH1's picture

I'm stocking tullip bulbs.  

At least they look nice for a couple of weeks a year. And they attract squirrels.

When FRNs devalue enough, I'll lay in a cord or two to get me through the winter.

Still trying to figure out a use for bitcoin though, other than a quick trade to some sucker who hasn't figured out it has no intrinsic value and no legal designation as accepted settlement for public and private debt.

Sun, 03/24/2013 - 15:38 | 3369210 Big Slick
Big Slick's picture

Semper Augustus forever!

Sun, 03/24/2013 - 09:32 | 3368068 Silveramada
Silveramada's picture

i would consider gold&silver instead of bitcoin man!

 

Sun, 03/24/2013 - 09:38 | 3368092 Croesus
Croesus's picture

Absolutely.......the buttcoin crowd is getting set up to be screwed like a Russian bank account in Cyprus.

Sun, 03/24/2013 - 09:50 | 3368139 scatterbrains
scatterbrains's picture

ultimately yes but I wonder what happens if things get so bad that all western nations end up having to enforce capital controls to prevent bank runs simultaneously across the board both in the U.S. and Europe? especially if they are prolonged for many months ? Wouldn't that be instant hyper-deflation ? Would gold be dumped hard everywhere to raise cash to buy food, gas, rent etc ? Peeps say can't happen here because BB will print infinitely but what if they have decided that printing has failed and take advantage of the crisis to reset the fiat game while Europe is burning ? The pm's could crash at first and through the tight money controls but then perhaps sky rocket if they anchor the new currency to an asset based semi hard money system ?   Ok I'm done, time for another hit of crack.

Sun, 03/24/2013 - 11:12 | 3368382 disabledvet
disabledvet's picture

good points all. they say this money made it all the way to present day Phillipines.http://en.wikipedia.org/wiki/Ancient_Greek_coinage I was told by my anthropology professor of decades ago that he was digging them up all the time at his work site there: needless to say since this was real money "it traveled far." so i put it to all of you...if one "prints" silver and gold coins and these things are "prized throughout the known world and beyond" what happens to your money supply (leaving aside the fact that the value of said gold and silver soars of course)? i would argue "it becomes VERY tight." obviously they didn't call it "capital" back then...nor did they have Central Bankers either ("rich as Croesus")...but for your bonus question "what happens to what we would call capital today" to them back then? I would argue "it FLOODS in." (to the point where we call it the Parthenon.) I find it interesting that most people talk in terms of the ancient world vis a vis conflicts and war...and yet..."here is money. REAL money." and it's still around today. http://www.ebay.com/sch/Greek-450-BC-100-AD-/4738/i.html

Sun, 03/24/2013 - 10:54 | 3368329 tsx500
tsx500's picture

gee , 'ya think ?!       hmmm....let's see....several thousand years of history (AU)  versus ......   yup, i think i might consider it also  ; )

Sun, 03/24/2013 - 11:03 | 3368358 toys for tits
toys for tits's picture

€100 ATM withdrawal limit = Short Strip Clubs

Sun, 03/24/2013 - 12:38 | 3368638 savagegoose
savagegoose's picture

at current rate 10 days to get enough to buy 1 oz of gold, and in 10 days will prob need another 3 days, and in extra 3 days, will be no gold to be found.

Sun, 03/24/2013 - 09:38 | 3368089 polizeros
polizeros's picture

Adam Curry said on the No Agenda podcast with John Dvorak that they started to take donations in bitcoin but found that you can't get bitcoins turned into cash at more than two coins per transaction.

They often get several thousand dollars per show in contributions and bitcoin would only work for them if they could get the money out fast, So they relectantly cancelled bitcoin donations.

Sun, 03/24/2013 - 10:37 | 3368300 imbrbing
imbrbing's picture

The noagenda show, one of my favorites, consider this a plug for them on my part :) I have been so hooked on the Peter Santilli show lately

though I havent heard Adam or John in a couple weeks. I need to get back and see what they are up to.

I heard that episode where Adam was trying to cash in some bitcoins and it turned into hell doing it. John was giving him

crap the whole time for even getting involved in it :)

Sun, 03/24/2013 - 14:01 | 3368916 digitalhermit
digitalhermit's picture

They must not have looked very hard You can turn thousands of dollars worth of bitcoins back into USD easily (as an ACH deposit, cashiers check or even silver bullion) every day.

https://fastcash4bitcoins.com/payment.aspx

Sun, 03/24/2013 - 10:39 | 3368303 ElZorillo
ElZorillo's picture

A quick look on localbitcoins.com...

 

I picked at random a couple of the highest rated exhangers in London.

 

The disparity between fiat to BTC and BTC to fiat is close to 20%.. and mugs are still saying bitcoin transactions are free.

Sun, 03/24/2013 - 14:17 | 3368980 digitalhermit
digitalhermit's picture

Bitcoin transactions *are* free. Currency exchange is not and never was, regardless of currency being exchanged from or to.

Sun, 03/24/2013 - 11:21 | 3368410 orez65
orez65's picture

Anyone buying Bitcoin has learned nothing from the financial crisis.

Bitcoin is just "digital notes".

A PROMISE.

It is NOT MONEY.

Sun, 03/24/2013 - 12:10 | 3368547 persu
persu's picture

How does it work in practice?

What about electronic banking? Is it a shortage of cash or does this imply paying bills in excess of 100 is also impossible?

Sun, 03/24/2013 - 09:08 | 3367994 FLUSA.com
FLUSA.com's picture

We should fly into Cyprus with bags full of cash and gold and buy real estate for less then pennies on the dollar...

Sun, 03/24/2013 - 09:14 | 3368014 Irelevant
Irelevant's picture

You need security when flying into a war zone.

Sun, 03/24/2013 - 13:58 | 3368906 mjcOH1
mjcOH1's picture

"We should fly into Cyprus with bags full of cash and gold and buy real estate for less then pennies on the dollar..."

You'd probably find prices (at least...asking prices) little changed from the 2007 highs. The magic money tit will have to run dry before reality sets in.

Sun, 03/24/2013 - 09:35 | 3368076 Renewable Life
Renewable Life's picture

What do you think the Russian Mafia has been doing for years?

Sun, 03/24/2013 - 09:08 | 3367995 TeamDepends
TeamDepends's picture

Be sure to get that in twenties....

Sun, 03/24/2013 - 09:09 | 3368000 Arrowflinger
Arrowflinger's picture

ATM - A Total Meltdown

Sun, 03/24/2013 - 09:10 | 3368003 ziggy59
ziggy59's picture

I no likey, Laiki..

Sun, 03/24/2013 - 09:11 | 3368006 johnnymustardseed
johnnymustardseed's picture

All fiat fail

Sun, 03/24/2013 - 09:20 | 3368042 johngaltfla
johngaltfla's picture

Thankfully, we've never had bank runs like that here. Oh, wait a minute.....Indymac wasn't a Cypriot bank?

Sun, 03/24/2013 - 09:11 | 3368007 HD
HD's picture

New sign:

  We are experiencing "technical difficulties" - withdrawals are currently unavailable.

  DEPOSITS WELCOME. No limit.

 

 

 

Sun, 03/24/2013 - 09:15 | 3368017 Jendrzejczyk
Jendrzejczyk's picture

Brilliant, we can blame it on Chinese hackers!

Sun, 03/24/2013 - 22:26 | 3370444 akak
akak's picture

Or on US 'american' Indo-European-Cypriot-Atlantean Citizenism.

Its bank deposit blobbing-up nature is eternal, after all.

Sun, 03/24/2013 - 09:43 | 3368111 Renewable Life
Renewable Life's picture

I just can't wait to see, what bullshit story they are going to pump to "restore confidence" in their banking system now!! It will be extraordinary I'm sure!!!!!

Sun, 03/24/2013 - 09:45 | 3368125 gould's fisker
gould's fisker's picture

Ironically, the new motto to restore confidence and ensure bank solvency is: you can't withdraw your money.

Sun, 03/24/2013 - 09:59 | 3368195 toys for tits
toys for tits's picture

Just heard that Cyprus hired a new PR spokesperson: Baghdad Bob.

Sun, 03/24/2013 - 11:15 | 3368388 fudge
fudge's picture

they're going door to door in pairs with a G36 each and a large leather sachel

 

Sun, 03/24/2013 - 13:21 | 3368784 DosZap
DosZap's picture

I just can't wait to see, what bullshit story they are going to pump to "restore confidence" in their banking system now!! It will be extraordinary I'm sure!!!!!

It's far worse than just this happening here.

This move buy making Depositors responsible for Bank bailouts, will cause a Global Run on all banks.

Starting tomorrow.

Go LONG on safe companies.............surely be a shortage of decent safes soon.

Sun, 03/24/2013 - 13:23 | 3368793 DosZap
DosZap's picture

Wonder why the goofy split tail is SMILING taking the signs down?, nothing humorous about this.

Sun, 03/24/2013 - 09:13 | 3368011 exartizo
exartizo's picture

Intercepted email from Nicos Anastasiades to Angela Merkel
cc Wolfgang Schäuble, Christine LaGarde

Dear Ms. Merkel et al,

As the recently elected President of Cyprus I have found myself between a rock and a hard place regarding our current situation.

I have been left with no choice but to formally declare Cyprus as exiting the Euro Zone currency effective March 25, 2013.

The hard line that the European Union leadership has taken primarily regarding the depositor haircut issue has left us with no choice.

We have decided to regain our own destiny independent of what we now perceive as the tyrannical inclinations of the European Union.

To this end we will stop all trade in Euros effective March 25, 2013. I have directed our Finance Minister, Michalis Sarris, to recapitalize our banks in BitCoin, with a direct symmetric algorithmic currency tie to gold and silver in circulation.

We feel going forward that though this will be a painful transition for the Cypriot people in the short run we are making long term decisions that will eventually enable us to prosper as a nation.

We hope that our actions worldwide will be viewed with candor, boldness, and with a view to dealing with the hard realities of our financial problems as a nation in a trustworthy, honest way.

We have been in discussion with the leaders of Iceland in order to learn from their endeavors as we believe that they are an example of how to deal with issues in ways other than allowing corruption and greed to rule our banking and financial institutions, such as we have witnessed first hand as a previous member of the European Union.

Perhaps our actions will serve as a New European Template of Sovereign Patriotism and hope for other nations who desire to be freed from the bondage of European Mercantilism and tyranny.

Sincerely,

Nicos Anastasiades
President Cyprus

Sun, 03/24/2013 - 09:16 | 3368021 nmewn
nmewn's picture

Must be the day for intercepted emails and passwords.

Mr.FOIA finally speaks ;-)

http://wattsupwiththat.com/2013/03/13/climategate-3-0-has-occurred-the-password-has-been-released/

Sun, 03/24/2013 - 11:22 | 3368415 New_Meat
New_Meat's picture

some around here (at least 2) not gonna' be happy with this level of description wrt the fraud.

Sun, 03/24/2013 - 12:46 | 3368669 nmewn
nmewn's picture

Always at least two...its a gift I have ;-)

Sun, 03/24/2013 - 14:13 | 3368966 thisandthat
thisandthat's picture

So...

when I had to balance the interests of my own safety, privacy\career of a few scientists, and the well-being of billions of people living in the coming several decades, the first two weren’t the decisive concern.

but then withholds the password to the emails, because...

some of them probably sensitive and socially damaging.

WTF? Where's the logic of this?

Sun, 03/24/2013 - 16:53 | 3369440 nmewn
nmewn's picture

He didn't withold the password. He sent it. Anthony redacted it on his blog. Mr.FOIA then went on to say do not publish the password. Anthony was respecting FOIA's request as seen here...

"Subject: FOIA 2013: the password

It’s time to tie up loose ends and dispel some of the speculation surrounding the Climategate affair.

Indeed, it’s singular “I” this time. After certain career developments I can no longer use the papal plural ;-)

If this email seems slightly disjointed it’s probably my linguistic background and the problem of trying to address both the wider audience (I expect this will be partially reproduced sooner or later) and the email recipients (whom I haven’t decided yet on).

The “all.7z” password is [redacted]

DO NOT PUBLISH THE PASSWORD. Quote other parts if you like.

Releasing the encrypted archive was a mere practicality. I didn’t want to keep the emails lying around.

I prepared CG1 & 2 alone. Even skimming through all 220.000 emails would have taken several more months of work in an increasingly unfavorable environment."

Sun, 03/24/2013 - 20:52 | 3370375 thisandthat
thisandthat's picture

I read it all. The incongruence is still there.

Sun, 03/24/2013 - 09:27 | 3368040 otto skorzeny
otto skorzeny's picture

when I read "in bitcoin" I knew this letter was a hoax

Sun, 03/24/2013 - 09:34 | 3368071 nmewn
nmewn's picture

Well, it is interesting (the bitcoin angle).

My link above (purportedly from Mr.FOIA) has a link to his bitcoin account. Everyone knows my opinion of bitcoin...but...it is being attacked (bitcoin) by some very powerful interests and maybe for a host of reasons.

Sun, 03/24/2013 - 09:39 | 3368097 Colonial Intent
Colonial Intent's picture

Bitcoin will be bought under control or destroyed.

Shame really, it would be a great idea in a rational economy.

Sun, 03/24/2013 - 09:46 | 3368128 babkjl
babkjl's picture

There is no need to recapitalize banks with Bitcoins.  We don't need banks when transacting freely without capital controls, or withdrawal limits, or spying on amounts greater than $10,000, or declarations at border Customs stations about the amounts being moved.

Sun, 03/24/2013 - 09:58 | 3368185 nmewn
nmewn's picture

Let me state flatly, mine was not an endorsement of bitcoin.

It was an observation that it is being attacked, most likely for the reasons you outline and Mr.FOIA's interest in avoiding centralized banking as well for his own anonymity.

There's a lot of very powerful & influential people who would like to see him dead for what he has done. And he knows it.

Sun, 03/24/2013 - 11:21 | 3368413 disabledvet
disabledvet's picture

it would be interesting if the ATM's starting issuing bitcoins instead. then you can say "look, no tax! all is well!" and then "see what happens."

Sun, 03/24/2013 - 14:40 | 3369044 thisandthat
thisandthat's picture

No tax? Did you look at the buy/sell spreads?

Sun, 03/24/2013 - 11:30 | 3368425 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

You value the coins in hard assets like gold, silver, platinum, etc. The decentral banks keep a reserve and the total coins value according to the amount of assets and base price per ounce. Now the governments and banks can't inflate the money supply at whim and debase it. All they can do inflate or deflate the value of the currency based on hard asset reserves. Best part is there is no central bank creating the money now, no sociopaths controlling the process and it is a debt free monetary system. Plus you can scale the value of the bitcoin from regional to sovereign to global depending who is participating by just adding more hard assets for each layer into the pool to back the overall coins in the system. It can in theory be a universal currency with global and sovereign valuations at the same time while having it back with hard assets on the sovereign levels guarantees your sovereignty. It is a currency and the hard assets backing it are the actual money. And the money is sovereign backed and controlled.

 

The only problem with setting this up right now is the issue of dealing with the current excessive debt and rehypothecation of all the physical gold and silver (who currently owns what). Besides the sociopaths that won't give up control without destroying everything in the process and those 2 are major hurdles to work out. The problem is not insurmountable but the people who are roadblocks will try to make it so.

Sun, 03/24/2013 - 14:59 | 3369076 thisandthat
thisandthat's picture

As long as you need other currencies to trade with BCs, it's only as free as the currencies you trade them with.

If govs get so desperate as to go full control freak, tax crazy, etc., would they leave BC out, to wreck havoc on their intents (would you)?

About the no withdrawal limits... you sure you're talking about BCs? I challenge you to go and try to buy 10k worth of BCs, let alone 100k/250k, in a single operation, as you can with cash.

Sun, 03/24/2013 - 09:13 | 3368012 nmewn
nmewn's picture

Must-Have-Moar-Control.

Sun, 03/24/2013 - 09:15 | 3368019 max2205
max2205's picture

How much for your women?

Sun, 03/24/2013 - 09:37 | 3368086 Agent P
Agent P's picture

€101 or best offer.

Sun, 03/24/2013 - 11:07 | 3368368 Peachfuzz
Peachfuzz's picture

Free if you take them, 100 bucks if you want us to take them back!

Sun, 03/24/2013 - 09:15 | 3368020 XXL66
XXL66's picture

In Belgium this week the limit at Belfius (previous Dexia) has gone from 1000€ to 650€ and it is now impossible to change this amount with your online banking software. Customers are not informed about this in any way. What's next ?

Sun, 03/24/2013 - 09:53 | 3368158 Nussi34
Nussi34's picture

In Germany there are no limits :-)

Sun, 03/24/2013 - 11:17 | 3368398 disabledvet
disabledvet's picture

Migration it is then!

Sun, 03/24/2013 - 11:25 | 3368419 Clever Name
Clever Name's picture

In Russia, bank deposits you?

Sun, 03/24/2013 - 15:10 | 3369102 thisandthat
thisandthat's picture

In Portugal the limit is currently (since 2005) 400€/day, with a max of 200€ per withdrawal (and a minimum of 10€), but this has been set to minimize theft risk.

Btw, unlike anywhere else, in Portugal the ATM network is common to all banks, so you can use any ATM regardless. Also, most cards are debit, not credit (although banks have been gradually trying to push CCs).

Sun, 03/24/2013 - 09:16 | 3368024 lindaamick
lindaamick's picture

Banker Objective in Cyprus and elsewhere in the EU - Capital Controls

Sun, 03/24/2013 - 09:25 | 3368051 otto skorzeny
otto skorzeny's picture

actually that is the objective everywhere-look at the US now as far as having to declare more than 10K when leaving the US or having the bank have to fill out a SAR when you take 10K out of the bank. the other objective is getting rid of pesky untraceable paper money and having a completely taxable traceable electronic payment system

Sun, 03/24/2013 - 09:43 | 3368116 hannah
hannah's picture

try walking into a bank and withdrawing $10k....they laugh at you ...literally. they dont have to give you the money. usually takes til the second day to get it.

Sun, 03/24/2013 - 09:59 | 3368189 Abraxas
Abraxas's picture

When I asked them to withdraw only $6k from my account they said "We normally don't carry that much cash". I go "This is a bank I walked into, right?" It took 3 business days to get my money.

Sun, 03/24/2013 - 10:24 | 3368264 AurorusBorealus
AurorusBorealus's picture

I had to go to 3 branches to get $10K in cash when I left the U.S. last year.

Sun, 03/24/2013 - 10:31 | 3368284 laomei
laomei's picture

My account frequently gets locked down over here because they cannot possibly understand why someone would hit up the ATM that much.  BoA -> CCB = fee-free ATM withdraw.  Once in a blue moon an idiot client dumps cash stateside and this is just the easiest way to drain it without running into exchange limits.  Of course, it's not like they give any other option to transfer it remotely, and moving it to a bank that allows for remote wires takes 5 days because the US banking system is ever so modern.

Sun, 03/24/2013 - 11:01 | 3368352 AurorusBorealus
AurorusBorealus's picture

Take a look at Xoom for smaller transfers.  With a copy of your ID, you can send up to $6K each month from any 1 account.  2 accounts = $12K, etc...  The fees are bearable ($30-40 per transaction over $3K) and the money is usually ready in 3-4 hours.

Sun, 03/24/2013 - 11:36 | 3368437 laomei
laomei's picture

Yea, that's a fairly shitty way of transferring cash.  Wiring it the correct way hits my account in about an hour and the fee's the same $25 up to the $1,000,000 monthly cap.  However it eats into the $50k annual limit over here.

 

ATM transfer bypasses the $50k cap and has $0 fees.  Capped to about $800 a day though.  That cap, of course, is on the BoA side.  There was a time when there was a goof in their system and the cap was ignored.  A quick call to the bank to raise limits temporarily and I was able to suck out $5000 a day with no problems.  They were not amused by that at all.  If they went by the CCB limits, it would be about $3,000 a day without any problems, just like any other Chinese bank account allows for.

Sun, 03/24/2013 - 10:11 | 3368227 laomei
laomei's picture

During the fun in '09 I had issues even getting out $1000 in cash from BoA.  Why do you need that much? Is $400 enough? etc. etc.  That branch actually closed down a few times because they literally ran out of money.  I got my $1000 that time only because I caused a scene and the line got rowdy and wanting more than they originally came in for.

Sun, 03/24/2013 - 10:26 | 3368270 beentheredonethat
beentheredonethat's picture

Dear All, consider yourselves warned- the average bank branch has maybe <$50k on hand from my experience. Ask for 5k and they run around with their hair on fire.

Sun, 03/24/2013 - 09:39 | 3368043 otto skorzeny
otto skorzeny's picture

Michelle Caruso-Cabrera has a penis

Sun, 03/24/2013 - 09:44 | 3368120 hannah
hannah's picture

Michelle Caruso-Cabrera has a penis...in her mouth , in her but and in her vag.

Sun, 03/24/2013 - 09:22 | 3368046 machineh
machineh's picture

Sunday morning comin' down ...

Cyprus has run out of cleanest dirty shirts.

And the euro has converged to its asymptotic value of zero (a relation known to monetary scientists as Schaeuble's Law).

€ = 0

Sun, 03/24/2013 - 09:23 | 3368047 jubber
jubber's picture

Cue Turkish invasion...

Sun, 03/24/2013 - 09:23 | 3368048 Zgangsta
Zgangsta's picture

Service with a smile!

Sun, 03/24/2013 - 11:27 | 3368423 Clever Name
Clever Name's picture

And baton courtesy...

Sun, 03/24/2013 - 09:24 | 3368049 Cacete de Ouro
Cacete de Ouro's picture

Being stuck on a sunny island in the middle of the Meditteranean - Priceless

For everything else, there's - Mastercard

 

as not used by Cypriots

Sun, 03/24/2013 - 09:43 | 3368114 sumo
sumo's picture

or Iranians

Sun, 03/24/2013 - 09:26 | 3368054 ziggy59
ziggy59's picture

On a Short Enough Timeline, the anount a Cypriot can withdraw from an ATM goes to Zero

Sun, 03/24/2013 - 09:28 | 3368055 otto skorzeny
otto skorzeny's picture

the amount a american can withdraw is Zero because that is their typical balance.

Sun, 03/24/2013 - 09:45 | 3368124 hannah
hannah's picture

but the average american has 16 credit cards....they dont have any credit/cash available any longer thou.

Sun, 03/24/2013 - 09:29 | 3368057 Whoa Dammit
Whoa Dammit's picture

Its what happens when a central bank(ECU in this case) buys up crap from its member banks to keep them afloat without requiring any real changes in the behavior of the member banks. And suddenly, somehow the central bank then finds itself as the one who is in financial trouble. Sort of like "loaning" money to your alcoholic uncle to the point that your children then have to suffer.

Sun, 03/24/2013 - 09:30 | 3368061 Gmacks
Gmacks's picture

Why is that girl smiling? Bitxh this ain't funny!

Sun, 03/24/2013 - 09:39 | 3368101 stopcpdotcom
stopcpdotcom's picture

Because she is on camera.

Sun, 03/24/2013 - 14:27 | 3369010 mjcOH1
mjcOH1's picture

"Why is that girl smiling? Bitxh this ain't funny!"

She's naive, and thinks the camera crew will protect her from the howling mob. She hasn't figured out they're hoping for exlusive footage if she gets lit on fire, carved up, and handed out in gyros.

Sun, 03/24/2013 - 09:43 | 3368115 Abraxas
Abraxas's picture

It's an awkward smile. She is embarrassed by her country pretending to be sovereign.

Sun, 03/24/2013 - 10:40 | 3368305 Meat Hammer
Meat Hammer's picture

She has gas.  

Sun, 03/24/2013 - 11:53 | 3368499 WmMcK
WmMcK's picture

Smile, you're on candid camera, bitxhes.

Sun, 03/24/2013 - 09:30 | 3368062 Seasmoke
Seasmoke's picture

She seems quite happy about this.

Sun, 03/24/2013 - 11:43 | 3368474 franzpick
franzpick's picture

She accepts credit cards and checks and business is booming.

Sun, 03/24/2013 - 09:30 | 3368063 JPMorgan
JPMorgan's picture

Where is that bulldozer when you need it.

Sun, 03/24/2013 - 09:33 | 3368070 jonjon831983
jonjon831983's picture

"limit now 10"

"Sorry, ATMs do not hold denominations below 20€"

 

 

doh :(

Sun, 03/24/2013 - 09:46 | 3368130 hannah
hannah's picture

no the error message is always...'there is something wrong with YOUR card'....it is always your fault/problem, not the banks.

Sun, 03/24/2013 - 11:10 | 3368376 Super Broccoli
Super Broccoli's picture

"there is something wrong with your card, please contact your bank manager ... if the bank ever opens again"

Sun, 03/24/2013 - 11:19 | 3368403 Nikao7
Nikao7's picture

I thought that to be true in America however.....I'm out of town working on a bridge in the greater New Orleans(what a fucking dump) area.  To the point there is a little dive bar in Bridge City,  LA that has an ATM that pays out exclusively in $10 bills.  

Sun, 03/24/2013 - 19:15 | 3369965 hannah
hannah's picture

lousiana is not part of the united states. it is a backwater cajun swamp...

Sun, 03/24/2013 - 09:34 | 3368073 toys for tits
toys for tits's picture

They've just turned all their ATM's into convenience store ATM's.

Sun, 03/24/2013 - 11:02 | 3368355 Meat Hammer
Meat Hammer's picture

With just a slightly larger transaction fee

Sun, 03/24/2013 - 11:06 | 3368365 Matt
Matt's picture

Now to charge 5 Euros fee for any transaction at the ATM. And no, you cannot talk to a human teller, they are inside the bank, which is not open to customers.

Sun, 03/24/2013 - 09:36 | 3368080 hannah
hannah's picture

as i have told everyone about this mess...the people with deposits will basicly loose everything. nearly 90%. that is why they delay delay delay. same as the money inmf global. never found it delay delay delay and everyone goes on the next news story of kim kardashian finding a pygmy dwarf in her vagina......

Sun, 03/24/2013 - 09:36 | 3368082 GMadScientist
GMadScientist's picture

I wonder if putting the clamp on ATM withdrawls will have negative consequence for the black market in Cyprus (hurting their above-board sales tax revenue in the process).

Irony.

Sun, 03/24/2013 - 09:38 | 3368095 exartizo
exartizo's picture

Intercepted email from Angela Merkel to Nicos Anastasiades

cc Wolfgang Schäuble, Christine LaGarde

 

 

Dear Mr. Anastasiades,

 

We deeply regret your decision to withdraw from the European Union, especially on such short notice. As you are aware we have been deeply involved with your country in endeavoring to resolve your banking crisis. However we do believe that your business model to date does not work in the New Banking And Financial System that exists today.

 

It is interesting that you wish to do a hybrid blend of a Gold Standard with a digital currency. As you are aware currency alternatives to the Euro are risky indeed.

 

BitCoin is as yet a wholly unproven currency, though it does have great potential and obvious appeal as a system beyond the immediate control of any sovereign government. BitCoin is widely perceived to be free from the greed and rampant money printing problems in which the United States and many other nations find themselves embroiled.

 

Some may perceive your plan as bold and reckless.

 

But I for one, am very much in favor of your current path as I truly believe it will provide the long term solutions that you seek in stability and prosperity for the Cypriot people.

 

All the best to you and your country sir.

 

Sincerely,

 

Angela Merkel

 

Sun, 03/24/2013 - 09:39 | 3368099 sangell
sangell's picture

Years ago, when Paraguay went broke, the dictator got the bright idea to get foreign exchange and rid himself of a troublesome aboriginal people by issuing hunting licenses for Ache Indians. Now Cyprus doesn't seem to have any despised minorities ( save the Turks) to hunt nor does it have any 8000 meter mountains to charge people to climb but it could offer up its people for sexual assault. Licenses to rape and molest could be offered to well heeled foreign sex criminals to raise money.

Sun, 03/24/2013 - 09:39 | 3368102 Cloud9.5
Cloud9.5's picture

She gets to eat for a day.  Short term rush.

Sun, 03/24/2013 - 09:40 | 3368104 glenlloyd
glenlloyd's picture

Although I haven't read any of the legislation passed by the Cypriot parliament I'm sure that even after (if?) they do reopen there will be daily withdrawal limits.

The two most troubled banks probably won't open until the 'taking' has been done.

When banks want your deposits and peddle their plastic cards the promo is all about the benefits of having the plastic...never about what you lose when you essentially give up ownership of your cash (aka loan the bank your money).

This should be a wake-up call to everyone regardless of where they live....but somehow I doubt that those watching Kitchen Hell, American Idol et al will even notice...

Sun, 03/24/2013 - 09:42 | 3368108 Kaiser Sousa
Kaiser Sousa's picture

FUCK'EM....

NO RESISTANCE TO THE RULE OF THE BANKERS = NO SYMPATHY...

there are only 2 forms of real money...Physical Gold & Silver...

Sun, 03/24/2013 - 09:42 | 3368110 Going Loco
Going Loco's picture

For Sale: Several hundred ATMs in working order. Will require re-branding. Bids may be lodged in any currency except Euros.

Sun, 03/24/2013 - 09:45 | 3368123 Stuck on Zero
Stuck on Zero's picture

Browse Cyprus real estate for fun.  I sure don't see any bargains.  Everything in the island looks expensive to me.

 

Sun, 03/24/2013 - 09:57 | 3368183 Monedas
Monedas's picture

One of the most egregious, heart wrenching and over looked areas of injustice .... is what a bad deal rich people get .... they pay more for everything .... my dollar store watch is as accurate as their Rolex .... oh, the humanity .... they get shafted on taxes .... are forced to cheat the CBs in self defense .... my bum on the beach status is way ahead .... never let them know what you got .... play the fool .... prepare for difficult times ahead .... end of message !

Sun, 03/24/2013 - 14:30 | 3369021 mjcOH1
mjcOH1's picture

"Browse Cyprus real estate for fun. I sure don't see any bargains. Everything in the island looks expensive to me."

Sounds a lot like real estate listings in OH and MI. Then look at the actual sales.

Sun, 03/24/2013 - 09:47 | 3368131 Downtoolong
Downtoolong's picture

withdrawals now limited to €0.

And just when you think it can’t get worse than that, you’ll get an advertisement to borrow against your frozen account balance at a low introductory rate of 9.99% (per month, 29.99% after two weeks). You’ll also get a Groupon for half off the price of a seat at the next Eurozone meeting in Brussels (airfare not included), the cost of which will have already been automatically deducted from your account.

Sun, 03/24/2013 - 14:35 | 3369024 mjcOH1
mjcOH1's picture

 

Heh.....

"We're sorry, but your account has been assessed a 'low activity' fee totaling 1% for the month ending April 20, 2013.  

Thank you from the Bank of Cyprus."

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