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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kushmere's picture

And thus, more flock to Bitcoin by the hour.

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.

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."

cifo's picture

She looks pretty happy.

Croesus's picture

Maybe she just got a "bonus" :)

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...

toys for tits's picture

The 1984 version of this headline:

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

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.


toys for tits's picture

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

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.

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." 

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.

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?.

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.

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!

Cdad's picture

Raises = joy

headline = daffodils

withdrawal = global growth

€100 = €1,000

...redraft and SUBMIT   

Fredo Corleone's picture

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

I wonder if the collars and cuffs match ?

DaddyO's picture

Is that a bracelet or a tat on that wrist?


ShortTheUS's picture

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

_ConanTheLibertarian_'s picture

Maybe she just received a "boner" :)

Agent P's picture

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

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.


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!

otto skorzeny's picture

Laiki bank?with her it would be Lickey Bank

booboo's picture

Michelle has a couple Lactating Banks

RafterManFMJ's picture

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

otto skorzeny's picture

married-prison-what's the difference?

_ConanTheLibertarian_'s picture

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

kushmere's picture

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

francis_sawyer's picture

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

otto skorzeny's picture

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

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...

_ConanTheLibertarian_'s picture

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

StychoKiller's picture

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

Abriendo Puertas

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?

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.

Awakened Sheeple's picture

Que rant about "Bitcoin bug bag holders"


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

prains's picture

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

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.

Big Slick's picture

Semper Augustus forever!

Silveramada's picture

i would consider gold&silver instead of bitcoin man!


Croesus's picture

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

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.

disabledvet's picture

good points all. they say this money made it all the way to present day Phillipines. 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.

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  ; )

toys for tits's picture

€100 ATM withdrawal limit = Short Strip Clubs

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.

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.

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 :)