As Cyprus Delays Reopening Banks Again, Here Are The Longest Bank Closures Ever

Tyler Durden's picture

With news this evening that the Cypriot banks will not now be re-opening tomorrow (as perhaps - as we noted earlier - a little more of those precious deposits leaked away during the closures than expected):


We thought it useful to consider Cyprus in relation to the longest bank closures in history. Cyprus has now shutdown its banking system longer than Argentina, Ecuador, and Uruguay and as far as President Anastasiades comments that capital controls are temporary - we can only hope for the depositors sake - that it's not as temporary as Argentina's 120 month 'restrictions' starting in 2001.


(h/t @faisalislam via Nomura)

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RaymondKHessel's picture

That’s as good as money, sir. Those are I.O.U.’s. Go ahead and add it up, every cent’s accounted for. Look, see this? That’s a car. 275 thou. Might wanna hang onto that one.

toys for tits's picture

So everyone gets to take off work on Thursday to see if they can bribe their local banker to give them their own money.

Aren't the banks closed again for Good Friday?

asteroids's picture

Not in Cyprus. The Greek Orthodox Easter will be celebrated May 5

Bunga Bunga's picture

Monday April 1 is a bank holiday in Cyprus. But possible that  the holidays extended  through Orthodox Easter.

SafelyGraze's picture

all this fuss about cyprus banks being "closed"

and depositors not being able to make withdrawals

go tell your 401k manager that *you* want to make a withdrawal

nobody protesting in the streets about that one

it's not capital control when its your pension


Big Slick's picture

How did you know they wouldn't shoot you in the face.

knukles's picture

Why close the banks
Everybody less than 10 k is safe
Everybody over 100 k knows what's left

You'd think there was a crisis of confidence
A Credibility Trap

Krugmans wet dream

Thought it was all fixed, Paul

TruthInSunshine's picture

The re-launching of Cypriotic banks, whenever that day may potentially arrive, will make Best Buy's Doorbuster-Black-Friday-&-Grey-Thursday-Risk-Being-Murdered-4-A-Chance-To-Nab-OneOf20-$249-46"-LED HDTVs-Which-Are-Loss-Leaders-After-Which-Your-Broke-Asses-Will-Leave-And-Proceed-To-Mow-Down-More-Victims-At-Another-Retailer "profitability/#winning" promotions seem tranquil by comparison.

Mentaliusanything's picture

And TIS that is why they call it a credit CRUNCH

When there is smoke in a theater calling out fire sure gets everyones attention.

Time to seperate investment banks from savings banks. It existed at one time way back when banking was a boring low margin but very safe.


Bunga Bunga's picture

It's something you know upfront, when you open a 401k, they have similar accounts in Europe, it's not a checking account, stupid.

eatthebanksters's picture

I sense a fat finger on the button of the CCB printing presses...

HeliBen's picture

What would be stupid is knowingly socking away the fruits of your labor without being able to retrieve them.

Oh... you still think that is YOUR MONEY?

rotagen's picture

Lemmings.  Talking about Greek Orthodox, or any other Judeochristian or muslim organized religion during this theft makes me shudder.  Push the Illusory mythologies down their throats so their minds are handcuffed, make them resort to praying to some mythological "god", while robbing them blind.

SafelyGraze's picture

same could be said for "theft" and "robbing"

the "money" being "stolen" doesn't even exist

the shudder, on the other hand, is completely real

in4mayshun's picture

I don't see the relevance of people's religion in this debacle, hence your comment is asinine. And by the way, without religion, who's to say what's right or wrong. Maybe stealing just proves they're smarter than you eh?

Notarocketscientist's picture

Google Secular Humanism.

So you believe in a guy up in the sky - who tells you what to do - and if you don't follow he sends you to the burning fires of hell

BUT - he loves you - and he needs money.

Are you for real?

The minute someone tells me they believe in god I lose all respect for their (lack of) intelligence.

Oh - and how about those priests who fuck little boys in the ass?  And how about those religious leaders who sanctioned genocide on many occasions? 



Oracle of Kypseli's picture

Religions and insurance companies capitalize on human fear. Great business.

Nonetheless, some people need to believe.

There is also a difference between believing in a higher being and organized religion.

You can not accuse or blame anyone for his/her thoughts and beliefs. Like Bernanke believes in unicorns and eternal Ctrl+P


Urban Redneck's picture

No, actually I gotta go with the white dudes in the funny hats on this one- relativism in evil.  In the absence of a source of law (and absolute right and wrong) that is higher than man, everything is debatable and anything can be justified.


Tying genocide to religion is a non-sequitur- even at the extremes of evangelism (Wahhabism) there are very clear boundaries, until one reaches the more politically oriented and relativist (Al-CIAda) branches of organism.

The monotheistic regions that are relatively consistent that the faggots are sinners that should be stoned to death, just as the police are relatively consistent in advocating law order, until you run into the great blue wall of silence, and just as teachers are all for education, until they are held to account for their actions.

There is a often a conflict between the doctrine and ideals, and the particulars of organization and implementation, especially since man in fallible.  


It's not religion that is evil, it is a man whose actions are protected by the imprimatur of authority (granted by an organizational construct of man) that is evil.

The Grip's picture

Proof that ZH is better than college. 

Urban Redneck's picture

What's scary is that I passed a typing course in college...

The finance, legal and accounting cirriculum was as laughable as professions' reputations have become, but the skills electives should have at least given me some skills (or required that I otherwise obtain them in order to pass)...  The education system BS is nothing new, the only change is the degree to which the purchased degrees(now debt-financed) reflect nothing more than access and attendence.      

Mentaliusanything's picture

No man is evil. Those things you rage over come from the free will to carry them out(and to cover them up)

This existence of God is evident in nature. Go take a look and you may find you have no excuse.

Vince Clortho's picture

Another individual who incorrectly equates organized religion with God.  Two very separate and very distinct things.

Apparently difficult for so many to comprehend.

Organized religeon is a corrupt man-made business enterprise that has no bearing on the question of whether there is, or is not a supreme being.


Freegold's picture

Classic George Carlin quote! Best stand up ever.

Another gem “Think of how stupid the average person is, and realize half of them are stupider than that.”

Vendetta's picture

"And by the way, without religion, who's to say what's right or wrong"

Tell that to the inquisitors when they accuse you of heresy and must punish you according to 'the law' (whatever that is that they made up along the way).   However, the relevance of religion is that it helps keep people from killing the wealthy and powerful as the people are being fleeced before led to their slaughter, so 'religion' serves those that hold power thru position or wealth extremely well.  The examples throughout history of religion being used against the people while their lives are made miserable are virtually endless.

GeoffreyT's picture

Jesus wept (lol) - someone who thinks that without an Imaginary Sky Fairy, there's no such thing as morality.

By your avatar I take it that you claim to be able to see through the bullshit claim that .gov is here to help, that .gov parasites are 'public servants' and so forth... how can you not see through the ludicrous idea that you get morailty from an Iron Age story about an Imaginary Sky Fairy who

  • lies ("Do not eat this, lest ye die"... Eve eats, does not die);
  • is unable to provide a sensible description of phenomena that he claims to have created (and claims to have made the stars on day 3... after the earth and the waters);
  • destroys life on the planet - innocent and guilty alike - in a fit of pique (except for the occupants of one boat);
  • trades mastery over creation for foreskins, blood and burnt offal (and enters into his 'Covenant' with an incestuous nomad.. Avram and Sarai were half-siblings);
  • tells his 'chosen' to kill his own kid just for shits'n'giggles;
  • tells Ezekiel to eat shit;
  • says you have to kill kids who won't listen (Deuteronomy 21:18-21) and
  • advocates genocide, theft, deception, rape, slavery and child-killing (numerous).

REALLY? If we get rid of that primitive gibberish, we risk not being able to say what's right or wrong?

Damn - the entire fucking Enlightenment just passed you by.


If the Imaginary Sky Fairy is anything like the reprehensible prissy self-centred douche in the Old Testament, we would have a moral duty to oppose it and kill it if possible.

And of course, Epicurus' paradox...

ShrNfr's picture

"Outside, a sign taped to the window noted that the bank's office will be closed for Good Friday and Easter Monday. It read: "The Staff and Management of Laiki Bank UK would like to wish you a Very Happy Easter."" - Source: WSJ

flacon's picture

Rumours that the ports in Cyprus are searching people trying to take money out of the island. That means the Euro has TWO prices. It would not be so hard to imagine that the old Cyprus Pound will be reintroduced and exchanged for Cyprus Euros at some exchange rate. Perhaps that's why the banks are remaining closed for so long?

Debugas's picture

are they marking "as local" all the euros on Cyprus now ?

MS7's picture

Friday and Monday, I think, EU banks are closed. Maybe Cyprus does not follow this schedule because it is not the Greek Orthodox Easter this Sunday? I don't know.

TeMpTeK's picture

It's good Friday Monday thru Sunday...

Martial's picture

I hate Jim Carey right now after his anti-gun rhetoric but that movie is classic!

knicks3005's picture

I desperately want to make love to a cyprus banker!

mick_richfield's picture

I'm getting google-ads for that on these ZH pages!

Man, have I been going to the wrong websites or what ?!

Mentaliusanything's picture

Make sure you practice safe Sex.... a little rough and fast is permitted.... OK lots of rough play is fun, after all thats how Bankers do it.

Crash Overide's picture

Wait... do people still think that these banks will reopen?

Augustus's picture

You may have identified the real Bingo event.  Banks don't open as promised.  Much of the LARGE cash is already transferred.  Nothing left for the little guy uninsured depositors anyway at any of the Cyprus banks.  Banks start to liquidate assets to raise cash for depositors.  It may well be the first forced Mark-to-Market moment since the bank problems began in 2008.  Once the real prices for the PIIGS junk is revealed because of the volume of the dumping from the Cyprus banks, additional selling will come.  The ECB already has a full load of this stuff.

sunaJ's picture

OH, yes, by all means, we must start periodically posting this chart.  We can open a whole new market betting on the odds that this will go all the way.  It is March Madness, anyway.



Aguadulce's picture

I've got Sealy vs Serta in my bracket championship game. Serta winning because it has slightly more total cubic inches in the mattress for storage.

NoWayJose's picture

ECB is probably runnng the printing press and sending more fiat to Cyprus to handle the demand on Thursday. Cypriots will want cash - not a bank check!

pods's picture

Be on the lookout for cargo planes landing with bellies full of Euros.


mick_richfield's picture

The first 4 planes drop the loose euros. 

Rainbow-hued confetti, joy in the streets. 

Somebody call Paul and Ben: it works!

It really works.

The fifth plane drops the fuel-air weapon.


Mentaliusanything's picture

Oceans 14! .... anyone?

Nah its better to hold quality poo tickets

DeadFred's picture

I wonder how they will break the news that the leaked deposits will make the bailout useless. "Er, by the way..." Should be fun to watch.

Mae Kadoodie's picture

Yeah, these banks are never going to open.

THX 1178's picture

"Expect to hear from us."

-The Cypriot People

Matt's picture

Argentina had capital controls in place until December 2011, and then in 2012 they started going into high inflation. Coincidence?

Augustus's picture

They can only be open (if open at all) for as long as the few miliseconds it takes to transfer the deposits out.  What Euro entity will stick more money into any of these banks to stop the run?  There is going to be a large asset dump of the junk debt they have on the books.  We will finally know what a real market price is.

tmosley's picture

Don't worry guys, this is all just an early April Fool's prank.  Krugman sez it's good for the economy.