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What A Difference A Week Makes For Cyprus' Schrodinger Deposits
Following the Eurogroup press conference, the Cypriot Finance Minister Michael Sarris is currently explaining how:
- *SARRIS SAYS TONIGHT IS GOOD NIGHT FOR CYPRUS, EURO ZONE and
- *SARRIS SAYS UNCERTAINTY ON CYPRUS ECONOMY HAS ENDED :BOCY CY
Having avoided the "disastrous exit" from the Euro. Should we believe him? Earlier in the week he exclaimed:
- *SARRIS SAYS NOTHING WILL HAPPEN TO SAVINGS IN CYPRUS
And tonight we are told Bank of Cyprus uninsured 'savers' will face 40% haircuts and Laiki uninsured 'savers' as much as 100% (or total wipeout). It seems the lessons of Juncker are well studied in all the European Nations.
Though these are not the only contradictions this gentleman has made this week in his Junckerian manner...
On 3/20, we are told
- *CYPRUS'S SARRIS: 'WE WILL BE HERE [RUSSIA] UNTIL WE GET SOME AGREEMENT'
- *RUSSIA FINANCING TALKS WILL LAST `AS LONG AS IT TAKES': SARRIS
and then on 3/21
- *SARRIS SAYS RUSSIANS LOOKING TO AID TO MAKE UP PART OF EU5.8 BN
- *SARRIS SAYS HAS SEEN GREAT INTEREST FROM RUSSIA IN ENERGY
- *SARRIS SAYS CAN'T SAY HOW MUCH RUSSIA CAN CONTRIBUTE
and then on 3/22
- *CYPRUS DIDN'T GET REQUESTED RUSSIAN FINANCIAL SUPPORT: SARRIS
And even then the 'levy' - which would have needed a vote - was still there yesterday...
- *CYPRUS'S SARRIS SAYS DEPOSIT LEVY REMAINS `ON THE TABLE'
but most notably - he explains that:
- *SARRIS SAYS WAS WRONG TO PLACE DEPOSITS IN DOUBT
but now post major haircuts on depositors,
- *SARRIS SAYS CYPRUS HAS ACHIEVED BEST POSSIBLE OUTCOME :BOCY CY
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there is no longer any reason to trust any bank in the EU with any money. maybe one could keep some money in there just to pay bills but only money that one could afford to lose. find another place to keep money or wealth that you ca't afford to lose
So... there is a framework for a plan to plan a plan, in principle.
I see.
40% is not an haircut, that's a shave
More like an amputation.
"And...it's gone!"
Schrodinger's fiat:
"I'm sorry Sir, your money was here, but I'm afraid that overnight it entered a different quantum state."
Bank of Mattress: Where you can access your money 24/7 365 days a year with no limit on daily withdrawal (only subject to available balance). With the added bonus that no politician can see your spending habits and no banksters can do a lockdown and money grab.
This was a stress test of the sheeple's gullibility ! If this is as bad as it can get .... and we can swoop in and fix it .... everything's fine .... no thanks .... I vote to stick with my silver .... thanks for trying ! What's next ?
Silver is nice and cool to the touch .... it doesn't burn a hole in your pocket ! Always buy the newest government issue bullion coins .... they cost a few pennies more .... but they are beautiful .... they are heavily subsidized by the taxpayer .... so you have the satisfaction of helping bring down the fiat farce ..... and you will probably get most of your premium back if not more when TSHTF ! Bonus tip .... buy premium gas .... if you have a state of the art Korean rice burner car .... or something similar .... the motor, which runs well on regular, can take advantage of the better fuel .... we have an expression in Mexico .... el barato sale caro .... the cheap cost more ! Have a nice day !
What a difference a week makes on ZH