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Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?
Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.
Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.
The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.
As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.
From Reuters:
While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.
No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.
So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates?
Just brilliant.
And if there was any doubt that the entire process of destroying one entire nation was simply to punish Cyprus, it can be completely cleared away now:
ECB officials contacted Latvia, another EU country that has received large Russian deposits, to warn authorities against taking in Russian money fleeing Cyprus, two sources familiar with the contacts said.
"It was made clear to our Latvian friends that if they want to join the euro, they should not provide a haven for Russian money exiting Cyprus," a euro zone central banker said.
If one thinks there is any material Russian cash therefore left in Cyprus with this epic loophole in place, we urge them to make a deposit in the insolvent nation. One person who certainly will not be allocating any of his money into Bank of Cyprus is German FinMin Schaeuble:
German Finance Minister Wolfgang Schaeuble said the bank closure had limited capital flight but that the ECB was looking closely at the issue. He declined to provide figures.
Perhaps because if he did, it would become clear that the only entities truly punished by this weekend's actions are not evil Russian billionaires, but small and medium domestic companies, and other moderately wealthy individuals, hardly any of them from the former "Evil Empire."
Companies that had to meet margin calls to avoid defaulting on deals were granted funds. Transfers for trade in humanitarian products, medicines and jet fuel were allowed.
The stealth withdrawals by Russians of course means that the two megabanks are now utterly drained of capital, and that the haircuts on those who still have unsecured deposits with the two banks will be so big it will likely mean a complete wipeout of all deposits. As in 0% recovery on your deposits!
In other words, by now any big Russian funds in Cyprus are long gone, and the only damage accrues to the locals: for one reason because their money over the critical EUR100K threshold has been "vaporized", and for another because the marginal driving force and loan demand creator in Cyprus, the Russians, are gone and are never coming back again.
This is what passes for monetary real-politik in the New Normal - an entire nation becomes collateral when pursuing a wealthy group of people. And the "wealthy group" is victorious in the end despite everything...
If we were Cypriots at this point we would be angry. Very, very angry.
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I call BS. If this is true, the tranche of bailout money can't be delivered and the whole deal falls apart.
We will know very soon.
That's what I was thinking unless the ELA hit that send button a little too fast.
During the presser last night, DieselBoom thought bailout funds would be ready by early May. Not sure if that was ESM or ELA or LMNOP...but it didn't sound like money was moving too quickly.
This reminds me of closing my BofA account and the teller informing me that I could only take out so much per day. I want to say that the limit was 10k at the time. I promptly went home and placed an electronic transfer to my new account at the credit union for the full amount. Bloody sheep.
This reminds me of the bin laden family flying outta here on Sept 11th when all air traffic was grounded.
except they're less murderous...and criminal
ditto.
SsssssH!
It should be interesting to see how markets react to this as the news trickles out to the masses.
The masses haven't a clue....
Wouldn't understand it anyway.
EDIT: Please excuse..., I thought you meant the American masses.
Beck - Devils Haircut
http://www.youtube.com/watch?v=aa3rBVb3v4g (3:15)
Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.
These banks had branches that remained opened elsewhere and placed no limits on withdrawals and nobody noticed it until today? Seriously?
No shit, Fonz. Like I said earlier, you just can't make this kind of stuff up.
Maybe nobody was looking? There wouldn't be even a hint of collusion here would there?
That is probably why the costs kept going up 2 billion a day....because the so called "stolen funds" were leaving fast...before they could be stolen...lol
I doubt it, but we don't have final numbers on the Heathrow or Domodedovo Express yet. The amount of leakage/pilferage increases required to replace departing funds in the planned wind-down is 1:1. So as of midnight last night - the brightest assclowns in Brussels were confident that less than 4 billion had escaped their clutches. If the final number number turns out to be more than the 4 billion or so of their escalations then it means THEY WERE PULLING NUMBERS OUT THEIR ASS JUST TO STICK IT TO THE DEPOSITORS AND LINE THEIR OWN POCKETS.
That church was too busy bitching and looking for their stool
that gives new meaning to willful blindness
Nobody noticed it until today?
Somebody noticed: the Russian Oligarchs noticed. Then they withdrew all their money.
smart bastages hey? can you imagine the call to the london based branch of the cypriot bank?
ollie garch: i vant my mawnee
cyrpiot bank branch officer, lefkis mychiki: who da fook are you?
ollie garch: i haf a knife under your wife's left tit
lefkis mychiki: where would the light of thousand stars like the money paid to, you incrediblemagnificentness?
The Bank of Cyprus has four UK Branches, all of which remained open for business.
You want a giggle - this will put a smile on your face - http://www.bankofcyprus.co.uk/ , especially
Bank of Cyprus UK "" There are a number of reasons why Bank of Cyprus UK is a safe and attractive home for your savings and a strong banking partner for your business. """Just brilliant"
I don't think this will have a happy ending for the average pleb.
“Sometimes I wonder whether the world is being run by smart people who are putting us on or by imbeciles who really mean it.”
-mark Twain
"Only two things are infinite, the universe and human stupidity, and I'm not sure about the former." - Albert Einstein
Not Mark Twain, but upvote for the quote
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&add...
holy shit batman!
I thought the goal was to grab this cash in order to get the EXB bailout money... Maybe the Cyprus President is not as stupid as his actions seem to show... He may have gotten the ECB bailout money in exchange for a stack of Rusdian withdrawal slips.
Or his Life.....
https://www.youtube.com/watch?v=C6DGs3qjRwQ
"When stands the Banks of England, England stands. When the Banks of England fall, England falls." -Banker in the movie Mary Poppins.
The Russians didn't even have to leave the country to get their money out, no wonder they didn't make too much of a fuss, the ECB were doing it all for them whilst they took their money and walked casually away from the bank
Surprise! Surprise!
The Russians got their money back.
Who knew?
The Fourth, Fifth, Sixth, Sevnenth and Eigth Reich Chicago School of Econonics Milton Freirdmen. Fascist asshole
Aaaannnnddd its gone.
It's just a math issue. The higher the haircut rose the lower the leftover in deposit were, now at 40% and 100% - up from about 16% several days ago.
And it's very kind for a democracy that demos can't do anything against this theft.
Murray Rothbard explains what the ECB should have done and why Europe is now screwed.
http://www.youtube.com/watch?v=Ta7q1amDAN4&t=19m40s
3 minutes of gold. You can stop when he says "lender of last resort".
Michael Jackson - Don't Stop 'Til You Get Enough
http://www.youtube.com/watch?v=yURRmWtbTbo (4:12)
Der Kommissar is in town. Alles klar.
http://www.youtube.com/watch?v=Guvo7gUdUnE
Still waiting for an answer, who's in charge of this cluster fuck?
you are!
(i am spartacus)
Nelson asked me to tell you all.....HA HA!!
The vaporized God's money and he is very very angry.
"It was made clear to our Latvian friends that if they want to join the euro,"
Now if ever there was a statement to welcome the Russians with outstretched arms, then that was most definitely IT!!!!
Bullying and dictating and they haven't even joined yet!
As if the Latvians would still want to join that shit show?
Unless Latvia is stupid, they need to move their country as far from the European Union as possible.
I remember reading somewhere on here that a lot of that Russian money was from some 'not' friends of Putin, so could this be an opportunity not to have been lost.....somehow? Can there be follow-up and see if there might be an interesting breakdown that might come out???
Damn, I should have paid more attention to last week's email!
Dear prestigious associate,
I am the esteemed Finance Minster of the Russian Republic. Recently we have discovered undocumented funds held by us in special accounts in Cyprus. WE solicit your help in receiving 30 BILLION EUROs to an account which you establish for our mutual benefit. For your assistance you will be awarded 10% of the amount transferred. Please respond with your account details so that we may direct our agents to transfer the cash proceeds for our mutual benefit.
Best regards,
Dr. Ripthefuckyouoff\
Russian Foreign Minister of Finance
hilarious!
Frack-tional Reserve Banking
FWIW never seen as many private jets in and out Cyprus than during last week... would be interrested to compile a stat if anyone has the means to...
i cant find anything..but you are on to something i think
http://inagist.com/all/313647890230829057/
love the comment about john le carre's novels...he wrote lots of books about this shady side of global trading (russian oligarchs emerging from the death of the soviet union)
I hope so. People bitching about Russian money should try them for whatever law has been broken. But to seize it outright is bullshit.
'
Go Ruskies!
Hmmm ... maybe that's why the Russians haven't been massing armored divisions on the Polish frontier.
Of course, if there are no deposits to confiscate, obviously Laiki and BoC need more bailout!
:)
The politicians will refine their techniques for next time, but the bad guys will almost certainly remain one step ahead.
If its a toss twixt the shitheads in Brussels and the bad guys, then I'm rooting for the latter.....
Never, never try and fuck with the Russians. Way too smart and they will stop at nothing to get what is theirs, and yours. Why did I not think of this. So simple, easy and legal. luv it.
Depending on the amount of EUR 100k+ deposits that have been withdrawn despite the restrictions, adding in that the new money is not supposed to go into recapitalising the banks, doesn't that mean that the charge on the remaining large deposits could exceed 100%?
So in this event, the deal has to be re-jigged to require more external money?
If true, Merkel will not like this six months before the election.
Polonium 210 accounts are secured up to $1.500.000.000
But money in those accounts only has a half life of 138 days.
heh....is that what they are doing with fukushima and tepco bonds? principal linked to half life?
Does this explain why the ruble was rallying today? Repatriation?
I understand that Putin sent a copy of this to Schaeuble - "Troika Banking For Dummies"....
Priceless...
Not surprising Cypriot bankers and politicians know where their bread is buttered. Better to be broke and still breathing....
ZH should support Cyrillic text display, in order give due weight to these important trendsetting developments --- suki !
Look at all the g'ment shills in this thread placating the unaware; funny shit.
"It's contained."
"It will never happen here."
"This time is different."
Hey folks with deposits in banks, Jaws the central bank shark is coming for you.
"You're going to need a bigger boat."
http://www.youtube.com/watch?v=2I91DJZKRxs
Those folks are too stupid to hang out with. I mean seriously.
"We have deposit insurance."
"It's the law." and "They have to pay by law."
A bunch of arrogant morons. When the big reset hits them, they'll deserve it for being too stupid to live.
I hope Banzai does a Keystone Cops thing with the Troika. I never thought the world of high finance would be this entertaining,
and the english snub the eu's once a`gain...
yeah, whatever happened with that financial transaction tax designed by the EU to hit the City...
Actually, if you read Reuters the article, it appears that only a few million euros were able to leak out during the week, not billions.
The smart money was long gone months ago.
IMHO, the whole thing's a set-up. All the negotiations and beggings during previous week is just to give time for the Russians to pull their money out. Then comes the "DEAL"....but within 12 hours, all hell break loose. Next step: now there's REALLY no money left, will the Eurogroup cave and fork over the $$s or will they kick Cypus out, which is part of the 'master' plan anyway.
The ECB and EU don't care about the depositors money - all they care about is the Cypriot debt being held by the other EU countries - they did not want to see that defaulted on because that would mean real losses - not for Cyprus - but for the EU banks. The ECB is happy to bail out the EU banks by covering the Cypriot debt - then handing out austerity and the IOU to the Cypriot people for the next 30 years.
I think it is more a case of burying bad derivative trades that if exposed will cascade through the whole EU banking system causing an outright collapse. I bet they are scared shitless if the graveyards where the most toxic dead bodies are exhumed. Looks like Greece and Cyprus are ground zero looking at it from the outside.
There is always more cash to bleed from U.S. and European taxpayers via the IMF.
Something is wrong here. Where did these two banks raise the liquid funds to make the transfers out in the size required by the Russians? I thought they were up to their eyeballs in Greek debt and other illiquid and depreciated investments.
Those banks KNOW they will be insolvent once they open their doors... all they have to do is send electronic money... It's easy... Just add zeroes.... It doesn't have to be real... Besides, the ECB has all that covered now...
It's... It's... It's.... - The MIRACLE of modern global banking!
Cypriot savers with smaller deposits at Laiki will see their accounts transferred to the Bank of Cyprus; however, in the UK the two banks will remain separate.
Bank of Cyprus UK customers have been told they will be completely unaffected by the bailout, as the bank operates as a separate entity incorporated in the UK.
In contrast, Laiki Bank's UK operation is set up as a branch of the Cypriot parent bank, so the situation is less clear-cut.
I see confusion!!!!
http://www.guardian.co.uk/money/2013/mar/25/uk-laiki-bank-customers-busi...
Thanks for the post.
DUH.....
My understanding is that to get the highest interest rates (> 10%) people had to agree to deposit their money for a fixed term (typically 5 years). So my guess is that most of the uninsured money left in Cyprus was in accounts of that form.
But now the real fun begins. My guess is that the Cyprus banks have lots of bad assets that are still being carried on the books at far more than their actual values. In order to settle accounts, these assets will need to be sold at their real values and the size of the haircuts will get larger and larger. People with uninsured accounts are going to end up looking like Kojak.
Probably more like the headless horse man at this rate. At least the headless horse man didn't have to pay for his horse meat.
I wonder how much money Hugo had in Cyprus banks.
Serious Question: WHAT exactly were the EU rulers trying to punish Russian billionaires for?
I guess I missed an episode...
...and why do they not want their money in the first place
I don't think they were, NC. I think they picked Cyprus because they could carry out their financial experiment more easily there. Make people believe that its all dirty money anyway, so were doing the world a service by punishing an unpopular country (Russia) anyway. A bit more palatable that way.
Diesel Boom messed up so bad today. And the fact that subsidiary banks were open all last week in London blows the lid off what theri real intentions were all along.
Yes, I posted an article yesterday indicating the ratio of deposits and the fact that Cyprus was a ECB bailout in June 2012. It's hard to believe the Russian mega wealthy had huge stakes in Cyprus beyond the obvious.
The Russian/foreigner depositor issue was used to create an urgency and force a restructure/bailout without a public vote.
Cypriots. Vote yourself out, you'll send an almighty shock-wave to Brussels and Frankfurt and take out Paris. Go for it. If you don't, you'll encourage ECB/Fed and IMF capital controls and 'hunts' for safe havens.
Look....over there
Kid to majician: Uh, what's in your hand behind your back?
Nigel Farage: Major European bank runs now taking place....
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/25_Ni...
Remove every fukin penny and then close the account...
It is as I suspected. Thanks for the link Bingfa.
Punish and Humiliate*
*No Russians (or Russian Jewish Oligarchs) were hurt in the making of this flim flam (well, except the nogoodnik Boris Berezovsky, but his money was already gone.)
I had half the plan correctly predicted - Electronic digits transfered to non cypriot banks and so swiftlt with just a hit of a key ....
Beppe Grillo would be impressed!
didnt i state this the other day...?..no russian money was in cyprus.
Ever since I was a young Lad I was told that the Russians are liars. After all the stuff in the world finance since 2001,I am not so sure they are the champs in this area. Cyprus breaks new ground.
On a different topic, can the ZHr's start a charitable fund for all the ladies of fallen virtue left stranded in the Med with no airfare home,absent boyfriends,and frozen bank accounts.Give generously guy's. Also,great time to score a stolen Lamborghini in Cyprus,they're going fast!
who the fuck would want to join the euro now?
join the euro and get fucked or get boatloads of russian money to play with.
go Latvia.
Don't blame Russian Money. Blame the Banksters.
Those POS should have their lives turned upside down or even terminated.
Russian Big Money vs European Big Money
When the Big Boys start to duke it out... wars get started.
Let's start a betting pool!
How long until the US decides to implement the new "European Template" (That we never heard about and was never said and never retracted after never being said) for US banks?
I'm going to say we see the first trial balloons here by June when everyone is busy getting out of school and planning vacations and implementation by August when everyone is on vacation.
You aren't going to "see" bank accounts confiscated in the USA. It's already being done, by way of QE.
There's no need to be blatant here, the FED can drain your savings while leaving the nominal number shown in your accounts exactly the same.
Over the next ten years you can expect to lose about 45% value of paper money held in bank or other accounts, or in your mattress. There are few escapes left, and all those are in danger too.
I went with more farmland and less gold myself, but everyone paying attention has their own plan.
We were way ahead of Cyprus, this has been going on for many years, and has recently been accelerated.
Only 45%?
Given that the purchasing power of the US dollar has fallen by at least that amount in the past decade, I would be willing to bet that the dollar will end up losing FAR more than 45% over the next ten years ---- if it even survives at all.
It's not a bad starting point of thought. With that he assumes annual inflation of 8.3%.
I'd personally put current annual real inflation at 9%, so if it stays like that a decade gives you 58% loss of purchasing power. With lots of room for the over.
Great points! But I guess I mean how long until the government here feels ballsy enough to just walk in and TAKE X% the way they're doing in Cyprus?
You miss his points. They HAVE BEEN doing this for years, decades... in fact, for exactly one century. They don't need to be as overt here, but they get the exact same results.
Yes, they WILL get just as overt here, but they'll be just a tad more subtle. They will force every company holding assets for every retirement account to convert half the assets in each account into government bonds. In other words, the government will STEAL half the retirement accounts of everyone who has one. The bond they leave in its place will be near worthless, and will become literally worthless shortly thereafter.
The EU is clumsy. That's the only difference.
EU citizens are not armed to the teeth, either.
UK Cypriots scramble to beat savings levy by moving money
Costas Pitas
Reuters
1:08 p.m. CDT, March 18, 2013
http://www.chicagotribune.com/business/sns-rt-us-eurozone-cyprus-britainbre92h0tf-20130318,0,86195.story
Cyprus's proposed tax on bank accounts, part of a 10 billion euro ($13 billion) bailout by the European Union, has angered many of the 300,000 Cypriots and British citizens of Cypriot extraction who live in Britain.
"For sure, from tomorrow morning, my account balance in Cyprus is going to be zero," said Constantinos Pittas, a 28-year-old owner of a fish shop in London who moved to Britain from Cyprus a decade ago.
"I will send my money to a different country or I have to do something because who tells me now that in six months, they're not going to do the same," Pittas told Reuters. "I think the UK is the best place."
...
At a bakery making traditional Cypriot cakes and bread, the owner was on the phone discussing how to manage her financial affairs and whether any of her savings would come out of the automatic teller machines on the island."I'll bring them back definitely. I won't go there to live, I don't want to go there anymore," said Maroula Ioannou, 62, saying she had lost tens of thousands of pounds, and had been planning to use the money to retire to Cyprus.
The Bank of Cyprus and Cyprus Popular Bank - known in Greek as Laiki - were open for business on Monday in London.
"What is clear from the proposals so far is that the levy will not apply to foreign branches of subsidiaries of Cypriot banks, including those operating in the UK," Britain's financial services minister Greg Clark told parliament.
But for many Cypriots in Britain, the decision is clear: move your funds to Britain.
For the sake of clarity I am replying to my own post. Notice the following:
"What is clear from the proposals so far is that the levy will not apply to foreign branches of subsidiaries of Cypriot banks, including those operating in the UK," Britain's financial services minister Greg Clark told parliament.
Did this provision exempting foreign subsidiaries remain in the final outcome?
[EDIT] Looks like this question is addressed in an earlier post by Bobportlandor #3374325, with link.
Cyprus just ordered banks to stay closed until thurs.
Thursday of what year?
A lot of the Russian money was moved over 2 weeks ago as the Kremlin has the entire of Berlin bugged wall to wall, floor to ceiling.
The Russians ran Berlin until just 20 years ago, if anyone thinks they all packed up and went home one night then you're plain nuts.
The EU is the USSR in stealth.
The front line of the Cold War has advanced 300 miles West since the fall of the Berlin Wall and now plays out on the streets of London.
Mayfair is the new Checkpoint Charlie.
.
I disagree.
Ok comrade akak
They're not as tough as they make out
"The EU is the USSR in stealth."
As other folks will know, I have a lot of sympathy with that view.
Too bad the citizens of Europe are asleep and haven't spotted what's happening. When they wake up, it'll be too late.
Why would Latvia want to join the Eurozone at this point?
StuntPope has the question of the day. Why, indeed? And on a separate note, are we really sure all this money has vanished from the Cypriot banks? If it has, we should know by the middle of next week, correct?
Well, it wouldn't be Latvia joining the Eurozone, it would be the political elites of Latvia.
And the reason for that is probably the same as other countries who's elites wanted to join; to big themselves up, join the growing EU socialist comrade club and cream off some more slush.
A former Russian finance minister said Russia could freeze German assets in Russia in retaliation for this whole thing... if that were to happen, it would be quite hilarious and Merkel would probably blow a fuse.
"Would you tell me, please, which way I ought to go from here?"
"That depends a good deal on where you want to get to," said the Cat.
"I don't much care where--" said Alice.
"Then it doesn't matter which way you go," said the Cat.
"Mas long as I get somewhere," Alice added as an explanation.
"Oh, you're sure to do that," said the Cat, "if you only walk long enough."
'The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks'
disagree.
laiki was insolvent.
the boc was close to it.
the cypriot gov was in need of funding.
that cyprus was too small to have the gov issue sovereign debt to prop up the banks and had already borrowed 2+ billion from russia and could not make those payment was already known.
that there was a danger of confiscating deposits was well known. in fact, the pres of cyp ran on the promise to stop that from happening.
that there were confiscations on deposits surprised me, only because i don't live in cyprus and am not a depositor there. anyone who fits either of those two categories knew well in advance what could happen to their deposits.
to think that russian billionaires were going to be humiliated or punished is nonsense. they left cyprus for malta/luxembourg/singapore/ etc long ago.
to think that the ecb et al was 'primarily' doing what it was doing in order to humiliate the russian oligarchs rather than doing what the ecb et al had done to other countries before, that is, to deal with sovereign debt problems, is complete and utter nonsense.
had either the banks been solvent or the government of cyprus been able to pay its debt, the ecb et al would not have been involved.
now, as to the gaining of an extra week for money to leak out, perhaps there was another game afoot.
but i have rambled on about that enough already on zh.
WallowaMountainMan, you have not "rambled" enough on ZH imo, and I fully agree with you
thank you for your comment.
BBC world report a late development that Cyprus banks will not open tuesday and may open at the earliest on wendesday
Just reported that ALL Cypriot banks to be closed until Thursday
So with all the other holidays that will mean until after yet more bank holidays
All Cypriot banks will remain closed until Thursday, the central bank now says, and temporary measures will be placed on transactions when they reopen despite an EU/IMF bailout deal.
Earlier, the authorities said all but the biggest two would open on Tuesday.
The central bank now says all will remain closed to ensure the whole banking system functions "smoothly".
http://www.bbc.co.uk/news/business-21933473
Why yes, I do believe closed banks are the epitome of a smoothly functioning bank system!
Make that into THURSDAY
http://www.bbc.co.uk/news/
A thread about this on the Ex-$cientologist board,
seems there are reports $cientology's big money was in Cyprus Banks.
The more $cientology loses over there the better it is for mankind.
They worship money.
I bet the Russian oligarchs did not beat the American and European oligarchs out the Cyprus bank doors. If and when the yellow crime scene tape goes up, watch for JPMorgan and/or Goldman-Sachs to be just leaving the area.
its worse, $10 says that that Russian Billionaire that died had a multi-billion dollar life insurance policy writen by German insurance company(s).
The insurance won't pay if the official cause of death is suicide.
No matter how he died, I have a feeling the finding will be suicide.
While it depends on the policy terms, it has been my observation most US life insurance policies only exclude suicide as a payable cause of death for the first one or two years.
Suppose you were a bank manager in Cyprus pulling in $65K a year and with a wife and two kids. A Russian gangster steps in and asks for his money. Would you deny him?
The agents of the Russian billionaires went to the London branches and requested immediate electronic transfers. Nobody set foot in Cyprus.
Then a few cups of hot tea should be in order shortly for those people if Russia follows form.
So if this is true would anyone in the Troika even have the guts to admit it or would Cyprus be the recipient of a multi-billion dollar grant from an unknown benefactor (the Fed)?
Come on.....and the EU thinks the Latvians want in on this nest of thieves? You have got to be kidding.....They'll trust the bear before a bunch of bureaucrats.
(The thief who stole an altyn (3 kopecks) is hung, and the one who stole a poltinnik (50 kopecks) is praised.)
Absolutely mind boggling !!
They had to know about the subsidiaries, they just had to.
This unraveling of details proves that all they were trying to do was establish a mechanism of control over euro member states. Diesel Boom's confession this afternoon was no different than the Whore House, I mean White House, floating trial balloons to gauge peoples reactions.
I really think they are bringing the financial systems down. The speed at which they pursue this will depend on what people do with their monies on deposit.
Coming also to America, soon !
This whole debacle is surreal. Does anybody have a read on what's going on in other Euro countries with regard to capital flight? Italy? Spain?
Well looking at their bond prices for the last couple years I'm guessing most of the money is long gone....
…”the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs.” -- Tyler
As it turns out, the idea behind this whole operation was to hold the Eurozone together with scotch tape and it’s not holding.
Cyprus was going down the drain, going bankrupt, in danger of exiting the Eurozone and setting up a chain reaction with Spain and Italy following, taking down the entire EZ.
This thing is going to unravel for several days. And, as Egon von Greyerz said, when you look back it could be as significant to the fall of a century long Ponzi scheme as the assassination of the archduke at Sarajevo that started WWI.
I think that very likely.
The IMF and the elite banking families are going to pay for this; they made a huge, huge error in suggesting that they tap all accounts in Cyprus’s banks, a warning heard last week round the world.
All Europeans depositors know, as of now, that in banker lingo anyone with 100,000 euros in savings is tappable with impunity for being “rich.”
This is the biggest story of the decade, and involves not only the crooks at the IMF but is linked both to the US Congress and US presidency and the Fed. Finally these international entanglements are going to unravel; it’s too bad innocent Cypriots had to be the catalyst.
Egon in Switzerland, home of the BIS, and Nazi types, plays for gold, so long as the rest of the world pays in blood, for his profit and his ilk. Same ol same ol arse covering whining from money whores with no conscience except for their bank balance.
I own more gold and silver than most private investors, and I can spot a cheap salesman shilling for his shekel when I see one: Egon is one.
On the subject of Russia:
China is buying 24 Su-35 fighters and four Lada-class submarines, reported the Communist Party organ the People's Daily and China Central Television (CCTV).
Why would Chinese need these? (this is rhetorical question). Maybe Chinese apparatchiks have large deposits in Euro land.
Hope they're better than Lada cars
Actually their build quality (based on price) was not that bad. The big issue was parts availability (particularly body panels).
You think Lada were bad (their Samara was a pretty good vehicle) - I used to drive a Moskvitch - truck-cab pickup. Bought it for 120 UK Pounds - with only 35k miles on the clock!
Heavy on petrol, but kept going for 7 years. Final scrap value was same as I paid for it - 120 Pounds. Quite a bargain in retrospect, and with absolutely zero risk of it being stolen, quite a fun car too.
What's wrong with Lada cars, they are pretty tough