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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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Mon, 03/25/2013 - 22:17 | 3375314 RaymondKHessel
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.

Mon, 03/25/2013 - 22:25 | 3375357 toys for tits
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?

Mon, 03/25/2013 - 22:31 | 3375381 asteroids
asteroids's picture

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

Mon, 03/25/2013 - 22:38 | 3375412 Bunga Bunga
Bunga Bunga's picture

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

Mon, 03/25/2013 - 22:55 | 3375470 SafelyGraze
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


Mon, 03/25/2013 - 23:00 | 3375494 Big Slick
Big Slick's picture

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

Tue, 03/26/2013 - 01:16 | 3375675 knukles
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

Tue, 03/26/2013 - 02:47 | 3375775 TruthInSunshine
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.

Tue, 03/26/2013 - 06:57 | 3375949 Mentaliusanything
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.


Tue, 03/26/2013 - 07:25 | 3375994 negative rates
negative rates's picture

You woke up with hope, but you only found fear. I will gladly pay you Wednesday in Spain, for a hamberger today in Cyprus. 

Mon, 03/25/2013 - 23:05 | 3375501 Bunga Bunga
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.

Tue, 03/26/2013 - 00:31 | 3375641 eatthebanksters
eatthebanksters's picture

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

Tue, 03/26/2013 - 01:09 | 3375670 HeliBen
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?

Mon, 03/25/2013 - 22:39 | 3375416 rotagen
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.

Mon, 03/25/2013 - 22:50 | 3375440 SafelyGraze
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

Tue, 03/26/2013 - 01:12 | 3375671 in4mayshun
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?

Tue, 03/26/2013 - 03:06 | 3375798 Notarocketscientist
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? 



Tue, 03/26/2013 - 05:47 | 3375897 Oracle of Kypseli
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


Tue, 03/26/2013 - 06:31 | 3375928 Urban Redneck
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.

Tue, 03/26/2013 - 10:04 | 3376513 The Grip
The Grip's picture

Proof that ZH is better than college. 

Tue, 03/26/2013 - 11:48 | 3377272 Urban Redneck
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.      

Tue, 03/26/2013 - 06:41 | 3375939 Obadiah
Obadiah's picture

You sir are a dumbass

Tue, 03/26/2013 - 07:03 | 3375960 Mentaliusanything
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.

Tue, 03/26/2013 - 07:54 | 3376036 Vince Clortho
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.


Tue, 03/26/2013 - 08:02 | 3376063 Freegold
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.”

Tue, 03/26/2013 - 10:00 | 3376496 Vendetta
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.

Wed, 03/27/2013 - 17:34 | 3383202 GeoffreyT
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...

Tue, 03/26/2013 - 09:04 | 3376235 ShrNfr
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

Mon, 03/25/2013 - 22:33 | 3375383 flacon
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?

Tue, 03/26/2013 - 04:03 | 3375833 Debugas
Debugas's picture

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

Mon, 03/25/2013 - 22:39 | 3375389 MS7
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.

Tue, 03/26/2013 - 07:06 | 3375966 B2u
B2u's picture

Potter is offering a great deal.

Tue, 03/26/2013 - 10:18 | 3376578 TeMpTeK
TeMpTeK's picture

It's good Friday Monday thru Sunday...

Mon, 03/25/2013 - 22:35 | 3375397 Martial
Martial's picture

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

Mon, 03/25/2013 - 22:37 | 3375408 knicks3005
knicks3005's picture

I desperately want to make love to a cyprus banker!

Tue, 03/26/2013 - 02:47 | 3375778 mick_richfield
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 ?!

Tue, 03/26/2013 - 07:08 | 3375971 Mentaliusanything
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.

Tue, 03/26/2013 - 00:06 | 3375618 Crash Overide
Crash Overide's picture

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

Tue, 03/26/2013 - 02:37 | 3375770 Augustus
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.

Mon, 03/25/2013 - 22:15 | 3375316 sunaJ
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.



Mon, 03/25/2013 - 23:29 | 3375566 Aguadulce
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.

Mon, 03/25/2013 - 22:16 | 3375319 NoWayJose
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!

Mon, 03/25/2013 - 22:16 | 3375320 pods
pods's picture

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


Tue, 03/26/2013 - 02:51 | 3375782 mick_richfield
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.


Tue, 03/26/2013 - 07:12 | 3375972 Mentaliusanything
Mentaliusanything's picture

Oceans 14! .... anyone?

Nah its better to hold quality poo tickets

Mon, 03/25/2013 - 22:17 | 3375323 DeadFred
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.

Mon, 03/25/2013 - 22:17 | 3375325 Mae Kadoodie
Mae Kadoodie's picture

Yeah, these banks are never going to open.

Mon, 03/25/2013 - 22:24 | 3375351 THX 1178
THX 1178's picture

"Expect to hear from us."

-The Cypriot People

Mon, 03/25/2013 - 23:00 | 3375491 Matt
Matt's picture

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

Tue, 03/26/2013 - 02:42 | 3375773 Augustus
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.

Mon, 03/25/2013 - 22:19 | 3375328 tmosley
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.

Mon, 03/25/2013 - 22:19 | 3375330 BeaverFever
BeaverFever's picture

I love the smell of fresh ink in the morning...

Mon, 03/25/2013 - 22:23 | 3375348 SubjectivObject
SubjectivObject's picture

Smells like .... capitulation.

Mon, 03/25/2013 - 23:04 | 3375503 wee-weed up
wee-weed up's picture

Smells like .... hyperinflation. Got gold?

Mon, 03/25/2013 - 22:19 | 3375331 ziggy59
ziggy59's picture

It takes 2-3 weeks to have the new €s with "SUCKERS!" Printed on them.

Mon, 03/25/2013 - 22:19 | 3375335 Pancho Villa
Pancho Villa's picture

Shame on you ZH, for not using the more politically correct term: "bank holiday". Bank "closure" or bank "lockdown" sounds so harsh, while "holiday" sounds happy and care-free.

Mon, 03/25/2013 - 22:25 | 3375346 CheapBastard
CheapBastard's picture

I love Holidays !


BTW, I chatted with a few friends who have internet shops...ALL have now placed Cyprus on the "Excluded" list. Poor (innocent) folks/savers gettting the 'trickle down effect' from bankers' mischief.

Mon, 03/25/2013 - 22:35 | 3375396 yrad
yrad's picture

A Mexican Siesta para banco, for all my illegal pals here in Tx

Mon, 03/25/2013 - 22:28 | 3375360 toys for tits
toys for tits's picture

If it were the US, it would be a bank vacation, with all the associated sun worshipping and frolicking. Just like spring break.

Mon, 03/25/2013 - 23:08 | 3375517 wee-weed up
wee-weed up's picture

I can hear George Carlin now...

in his best sing-song mocking voice... "it's not a bank closing, it's a bank holiday".

Mon, 03/25/2013 - 23:19 | 3375524 Bunga Bunga
Bunga Bunga's picture

Bank holidays, something we should associate with white beaches, palm trees, peace, girls in bikinis ....just wonderful.


Picture of a bank holiday: ;)

Tue, 03/26/2013 - 03:35 | 3375814 JuliaS
JuliaS's picture

Bank Holiday - what a cheerful concept. Kinda like "friendly fire".

Tue, 03/26/2013 - 04:24 | 3375852 John_Coltrane
John_Coltrane's picture

Indeed!  Its a double plus good bank holiday for all!  Let the games begin.

Mon, 03/25/2013 - 22:21 | 3375340 CvlDobd
CvlDobd's picture

Just one more category that 'Murica kicks everyone else's ass at. Just look at the US domination at the top of the chart.


So what is this chart telling me now?

Mon, 03/25/2013 - 22:24 | 3375350 ziggy59
ziggy59's picture

Tells me that someone in the US, maybe the BLS(one letter too many), started their statistical alchemy in '33

Mon, 03/25/2013 - 22:28 | 3375364 toys for tits
toys for tits's picture

FDR loved shutting banks down for a month at a time.

Mon, 03/25/2013 - 22:56 | 3375471 otto skorzeny
otto skorzeny's picture

most statists do

Mon, 03/25/2013 - 22:28 | 3375362 Schmuck Raker
Schmuck Raker's picture

It's telling you it only took the Fed 20 years to cause the First Depression...Oh, and WWII.

Mon, 03/25/2013 - 22:25 | 3375354 HondaFullOfSilver
HondaFullOfSilver's picture

I'm still a little confused about how the #s add up.

If these banks had 68B in deposits and a 10% levy would get them 6.8B to use as collateral for a 10B loan?  Except that the 68B is now a lot less if Russians transferred out, and thus they need all savings of everyone over 100k to get "rescued"

Clearly I am missing something, help me out ZH.


Mon, 03/25/2013 - 22:29 | 3375369 ziggy59
ziggy59's picture

No, you got it...

Mon, 03/25/2013 - 22:32 | 3375387 HondaFullOfSilver
HondaFullOfSilver's picture

Why are there not dead government officials and banksters heads being paraded around on sticks?  It's seems ... fair.

Mon, 03/25/2013 - 22:39 | 3375415 ziggy59
ziggy59's picture

Fair...just... Words that used to exist in the english language..
Now? We have Bankster...
Its multidefinition changes daily

Mon, 03/25/2013 - 23:06 | 3375510 Big Slick
Big Slick's picture

This reminds me of how Social Security works

Tue, 03/26/2013 - 00:36 | 3375646 HondaFullOfSilver
HondaFullOfSilver's picture

Sarcasm detected....  Social security works??  Why do you think I have a "Honda Full Of Silver" ?  Perhaps I think that SS will be means tested, as will any savings I put away.  Yes, I expect to be punished for having easily tracked assets such as stocks/bonds/401ks and banking accounts...    However, I'm interested in taking some cruises where "my life savings" are involved in a horrible boating accident.  If I could physically take delivery of it, I'd like to take down a few tons of copper while I am at it.  At the very least, it can be turned into bullets.  I think the 5.56 mm round might just be the next currency.  Lets hope I am wrong.

Tue, 03/26/2013 - 06:22 | 3375919 Flagit
Flagit's picture

they raised the fees on parade permits in advance of this event.

Mon, 03/25/2013 - 22:32 | 3375391 Room 101
Room 101's picture

Uhhhh.  Why do you think the banks are still closed? 

Mon, 03/25/2013 - 22:35 | 3375398 HondaFullOfSilver
HondaFullOfSilver's picture

Oh, it's a holiday..  Saint Bankers Day

Mon, 03/25/2013 - 22:58 | 3375483 otto skorzeny
otto skorzeny's picture

those are 2 words I have never seen side-by-side

Tue, 03/26/2013 - 01:32 | 3375695 chump666
chump666's picture

ZH gave you a hint.  Study Argentina bank closures,  2002 version:

"The government is now hoping to pass a bill that would convert most depositors' savings into 10-year bonds." 2002 Argentina

The 100K haircut is the biggest pile of BS sold to the Cypriots.  They are going to get f*cked.  Russia and any body else with swing got out a week back.  Check your liquid safe haven flows, namely in FX, shows up there.

Tue, 03/26/2013 - 01:59 | 3375725 Buck Johnson
Buck Johnson's picture

"Cyprus' tottering banks held 68 billion euros in deposits, including 38 billion in accounts of more than 100,000 euros - enormous sums for an nation of 860,000 people that could never sustain such a big financial system on its own.", and Russian nationals are said to hold 20 billion of the total 68 billion in deposits.  So lets see if there was loopholes and banks open all week associated with the big money people.  Not only the Russian 20 billion give or take a billion for maybe staying in the country but I don't buy that (if other russians are able to get their money out they will tell others they know and if they see what was going on they would have took their money out), and possibly 18 billion of others who wanted their money out also. 


So at the very least 30 billion is left in deposits and from the numbers all of that should be under 100,000 euros.  Even if said individuals where stupid and didn't try to get their big deposits out, I can't see 5.8 billion even being left over 100,000 euros.  They are lying or will have to take the money from the ones under 100,000 euros, the EU must know that or they are delusional.  They are playing this out and waiting for Thursday (if the banks will open) for the banks to open.  Then we will hear reports of people balances not being the same or 20% less etc. etc. and then the banks will close saying they have to fix it and it will be closed on that friday and then the weekend we will know that they had to take money from the under 100,000 accounts. 

Because the big money guys are gone and had ample time for the other non russians to get their money out also.

Tue, 03/26/2013 - 03:04 | 3375795 Kiwi Pete
Kiwi Pete's picture

I doubt they'd be able to move that much money out in a week. The cash wasn't just sitting around waiting for a bank run. It will have been invested into something else to generate the income needed to pay depositers their interest. I read they were heavily into high yielding Greek bonds. They just aren't that liquid.

Tue, 03/26/2013 - 09:09 | 3376258 marathonman
marathonman's picture

So all this hot money that people say to get out of the US is going to be safe where exactly?  The US will steal about 10% of the value of your currency per year.  Everyone else will steal about that or more to keep up in the currency wars.  If the hot money gets scared, it escapes and pulverises the leveraged lending of the 'safe haven' fractional reserve bank.  This transmits default into the rest of the leveraged and fractional reserve system so that a tiny nation defaulting can pancake the entire world financial system in short order.  Where in the world is your money safe?  Nowhere.  If its not in real stuff, its value will dwindle to nothing, sometimes slowly, sometimes lightening fast. 

As I sit and look at that lying sack of shit Joe Biden on the ZH Gun Control ad, I think with government thugs like that at the helm, there is nothing safe anymore.  The veil is torn, the grand illusion is revealed.  We are fucked.  Free Jon Corzine....

Tue, 03/26/2013 - 06:42 | 3375941 Urban Redneck
Urban Redneck's picture

The 6.8B isn't collateral for the 10B, it's in addition to it.  The 10B goes to the State to prop up its balance sheet (which in turn props up the ECB/Eurozone balance sheet/ponzi scheme, the other escalating 4-6 number is to prop up the bank balance sheets so that Cyprus remains "solvent" and in turn the clowns up north remain "solvent"... It's not about about actually helping the troubled Banks in Cyprus (or God-forbid their depositors). 

Tue, 03/26/2013 - 07:24 | 3375992 Mentaliusanything
Mentaliusanything's picture

No your on the right track... now factor if those deposits have been "used" to gamble on some safe government backed bonds of some friendly close nations and when the people ask for cash please the bank has two options. option 1/ tell the truth and suffer the anger or 2/ pull the shutters down and run like a cat in flames. Can you sing " when the trust has gone"

Mon, 03/25/2013 - 22:29 | 3375370 MS7
MS7's picture

I heard that the EU banks are closed for the holiday on Friday and Monday. If banks in Cyprus follow the EU schedule, does it make sense to open them for one day?

Mon, 03/25/2013 - 22:29 | 3375371 sosoome
sosoome's picture

Dollars in mattress looking smarter and smarter...

Mon, 03/25/2013 - 22:41 | 3375411 ziggy59
ziggy59's picture

A dollar from 1913 buys around 3 cents today, or what took .03 in 1913 now takes $1.00(at least!) if you had that paper dollar converted to a silver dollar, since it was backed by silver, it would be worth almost $30.00

Same story for a $20.00 paper bill..100 years later it buys approx. 0.65 or what took 0.65 in 1913 now takes $20.00.
But if you were wise to buy a double eagle for the $20.00, and were wiser and didnt turn it in to the .gov in '33, its now worth $1700.00 approx

Paper or Shiney?

Make mine Shiney!

Tue, 03/26/2013 - 00:21 | 3375634 RockyRacoon
RockyRacoon's picture

In 1964 the minimum wage was $1.25 -- 5 silver quarters.

That's $25.95 in today's "money".

So much for that.

Fixing the money is more important than inflating the minimum wage.

Tue, 03/26/2013 - 01:36 | 3375707 JayKitsap
JayKitsap's picture

Mattresses have a better rate of return than savings accounts now.


1/2% which taxes need to be paid on.  Then a 10% fee for holding the money when the bank siezes up.  In the mattress it goes.

Or just Party Hardy as there is no need to save for retirement as it will be taken or taxed anyway.


Oh Joy

Mon, 03/25/2013 - 22:36 | 3375373 graspAU
graspAU's picture

Not sure about those numbers on the US capital controls, I seem to remember reading and still have copies of these that mentioned lots of controls:

The Public Papers and Addresses of Franklin D. Roosevelt: The Year of Crisis, 1933

Public Papers and Addresses of Franklin D. Roosevelt: The Advance of Recovery and Reform, 1934

Heck, not being allowed to legally own gold from 1933 to 1973 seems like it qualifies as one heck of a long capital control to me.

This is a quote I like that you can find on the Fed's web site:

"Where would we be if we had I.O.U.'s scrip and certificates floating all around the country?" Instead he decided to "issue currency against the sound assets of the banks. [As opposed to issuing currency against gold.] The Federal Reserve Act lets us print all we'll need. And it won't frighten the people. It won't look like stage money. It'll be money that looks like real money.
-Treasury Secretary Woodin,  3/7/1933 (Source: 'Closed for the Holiday: The Bank Holiday of 1933', p20 - Federal Reserve Bank of Boston)





Mon, 03/25/2013 - 22:33 | 3375392 TNTARG
TNTARG's picture

We should close banks forever.

Use their buildings for museums.

Life would be nicer.

Mon, 03/25/2013 - 23:14 | 3375532 seataka
seataka's picture

Close all the banks, turn them into brothels.

Tue, 03/26/2013 - 03:02 | 3375792 Notarocketscientist
Notarocketscientist's picture

Gay brothels with Bernanke and Krugman manning the GLORY HOLES

Mon, 03/25/2013 - 22:36 | 3375405 Yen Cross
Yen Cross's picture

      Long, Cypriot Pawn Shops.

Mon, 03/25/2013 - 22:55 | 3375460 otto skorzeny
otto skorzeny's picture

there was a story on local chicago news the other night about how high-end pawn shops in ritzy north shore burbs( jew-y money changer hamlets- if you know what I mean) can't open fast enough- interesting

Mon, 03/25/2013 - 23:00 | 3375450 Bunga Bunga
Bunga Bunga's picture

What's worse? Eurozone or the Russian October Revolution?

...All commercial banks closed down in October 1917. Their staff received salaries but were instructed not to perform any banking functions in the hope that economic paralysis would bring down the Bolshevik regime. Nevertheless, by the end of the year, the Bolsheviks had succeeded in nationalizing all commercial banks, sending armed detachments to occupy their offices in Petrograd. While business accounts were confiscated, private savings accounts were respected.

Mon, 03/25/2013 - 22:53 | 3375455 TheDuke
TheDuke's picture

In the 1890s there was a week-long bank holiday in the Colony of Victoria (subsequently State of Victoria in the Commonwealth of Australia); first week of May 1893 IIRC. It was during the worst of the land boom-bust cycle. It was highly criticised in the press at the time.

What followed was the worst economic depression in Australia's history.

Mon, 03/25/2013 - 22:59 | 3375486 valkir
valkir's picture

I can give you inside info,what possibly can happend later in Cyprus bank "opening".I was banker,7 years,i did bank run 12 years ago.Meantime 16 years ago,15 banks went  to bankruptcy,overnight,in Bulgaria.Yes,the goverment told this news to citizens friday night.Decision was,all deposits in national currency,and foreigh currency to be paid to depositors,in 4 instalments,every six months.Any depositor,who was lucky to have deposits in "hard"currency,as us dollar or deutsche mark,was not happy,but get his monney in full after 2 years.Guess what happend with others-inflation bitchez.Good luck with Kypriots,who eventualy will get theyr deposits in euro,after months,or years,and if euro still exist,how many euro will be loaf of bread.

Mon, 03/25/2013 - 23:05 | 3375508 Fix It Again Timmy
Fix It Again Timmy's picture

What ever happened to the "E" word: Embezzlement?

Mon, 03/25/2013 - 23:28 | 3375563 toys for tits
toys for tits's picture

A brief history about Cyprus from a journalist.

Do your homework, Mr Schäuble!

After the failure of the EU's €10bn Cyprus rescue plan, the German Minister of Finance has questioned the island’s low tax regime. However, a well known journalist argues that following the 1974 Turkish invasion, Nicosia had no option but to offer tax breaks.

Aristos Mihailides

In his bid to justify an unprecedented tax on bank deposits, German Finance Minister Wolfang Schäuble insists that the Cypriot economic model “has gone bankrupt.” In his fascist opinion, "anyone who invests money in a country where taxes are low and supervision is weak should suffer the consequences when the banks and the country itself cease to be viable."

We are convinced that the tax measures involved in the deal were discussed in front of Greek and Cypriot ministers. And what was their response? Did they point out that the Cypriot model was not devised by a rabble of swindlers but by a European state which had to find a means to survive in the aftermath of military invasion and occupation?

To avoid collapse, this state — half of which is still under military occupation, not that it would make any difference to Mr Schäuble — took the step of lowering taxes on tourism, marine charters and bank transactions to attract foreign investment.

The economy had to be given the means to develop in a context where Turkey — which controls 700,000 voters of Turkish origin in Germany — had strangled the Cypriot state by stealing 65 per cent of its hotels, 87 per cent of its holiday complexes, 40 per cent of its schools, 48 per cent of its agricultural exports and 56 percent of its beaches (and we will continue to reiterate these figures so that history will not be forgotten).

How was the Republic of Cyprus supposed to survive without an economic model designed to attract a level of investment that was sufficient to enable it to recover from the invasion [of 1974]? Is Mr Schäuble so focused on his economic lessons that he has no time for history?

Has no one thought to tell him that of the 80 foreign shipping companies registered in Limassol, 36 are German and only three are Russian? Or could it be that this is in fact the problem: the Germans have three Russian companies under their feet at a time natural gas is going to boost business and tankers will bustle to and fro throughout the Mediterranean?

Tue, 03/26/2013 - 06:53 | 3375946 Urban Redneck
Urban Redneck's picture

Meanwhile Schauble says taxes in France are too high, meaning that the only correct tax rate in the world (or at least the EU, for now) is whatever tax rate Germany happens to have at that moment, so that there is no opportunity for arbitrage or outsourcing that does not benefit Germany.

Seriously, what would he say if Hollande actually cut French taxes and structural labor expenses so that France was more competitive than Germany?


Tue, 03/26/2013 - 00:33 | 3375644 Cacete de Ouro
Cacete de Ouro's picture

As stated previously, it would be poetic justice for the banks (whatever remains) to open next Monday - April Fools Day....
If this pans put, then maybe, just maybe, its a big Rothschild joke....
Which it is anyway; although they and their ilk in St James' are the only ones laughing. They will die soon though

Tue, 03/26/2013 - 00:35 | 3375645 ebworthen
ebworthen's picture

Wait, I thought everything was all fixed?

Tue, 03/26/2013 - 00:42 | 3375652 gwar5
gwar5's picture

Since the global banks have agreed on 'coordinated' actions, I could see a series of sudden bank holidays with capital controls and boat inspectors to confiscate any hot money that tries to flee.  


Speaking of capital controls, whatever happened to the two Japanese guys that got caught with $130 billion worth of UST bonds in Italy?

Tue, 03/26/2013 - 01:27 | 3375688 ebworthen
ebworthen's picture

Bank closures during depressions and currency and debt crises, hmm...

But don't worry folks, the recovery is here, your money is safe; now go shopping!

Tue, 03/26/2013 - 01:31 | 3375697 q99x2
q99x2's picture

Really isn't it time to arrest Paul Krugman for conspiracy to commit fraud.

Tue, 03/26/2013 - 02:01 | 3375731 serema
serema's picture

Reign in artistic people today. wedding dresses Should you be fortunate enough to possess artistic good friends they'll be a big asset. That being said, you are the one particular who will shell out the expenses and do loads of the function (or shell out someone else to perform it.) So go wholesale wedding dresses ahead and get the terrific suggestions but be reasonable about what it is possible to afford and just how substantially time you (or your delegated helpers) really bridesmaid dresses have and don be afraid to say, we don possess the resources to do that.

Tue, 03/26/2013 - 06:27 | 3375925 Bangin7GramRocks
Bangin7GramRocks's picture

Was some sort of attack just ordered by code?

Tue, 03/26/2013 - 03:36 | 3375816 mdtrader
mdtrader's picture

EUR/USD has broken below its 200 DMA. Next leg down should see it hammered into 1.2660. No reason to own this thing now. Europe bank funding is going to be real problem as capital flees, and it was already strained anyway.

Tue, 03/26/2013 - 04:41 | 3375863 css1971
css1971's picture

It's only taking so long because they are out of practice. Next time will be much faster.

Tue, 03/26/2013 - 06:37 | 3375931 El Gordo
El Gordo's picture

It's just taking longer for the Russians to tunnel through all that rock to get into the vaults than was expected.  As soon as they get in and clean them out, then the banks can reopen.

Tue, 03/26/2013 - 06:39 | 3375934 Downtoolong
Downtoolong's picture

When one thing these banksters say is going to happen actually happens, I'll start believing them.

When that happens twice in a row, I'll know for sure the system is rigged.

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