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Is Cyprus' Last Remaining Big Bank Set For An Unexpected Liquidation?

Tyler Durden's picture




 

As part of the weekend's Cyprus parliamentary vote-bypassing "bank resolution", we learned that the second largest Cyprus bank, Laiki, will be liquidated, with the bulk of its good assets rolled into what would remain of the first and only remaining major bank in the island: Bank of Cyprus (whose uninsured depositors would also suffer a haircut, but supposedly a smaller one, less than 30%). Then, in a very surprising move overnight, news hit that the Chairman of this last standing bank, Andreas Artemis, has tendered his resignation.

Why now, when everything is supposedly fixed and when the impression of stability is paramount? Perhaps the reason is that as CNBC's Michelle Caruso-Cabrera reports from Cyprus, there is now an rumor that the "other" bank - Bank of Cyprus - may also be on the verge of liquidation.

While this is unsubstantiated for now, it would make sense in the aftermath of yesterday's confusing announcement of a select bank reopening today, followed hours later by an extension of the bank closure through Thursday (at least, likely longer), but more importantly, following reports that Russian depositors may have already long pulled out their cash from Cyprus, meaning not even full impairments on all uninsured depositors will be enough to cover the capital shortfall, with the only option being impairment of the insured depositors after all... or bank closure.

Keep a close eye on what happens here next because if the only remaining "good" Cypriot bank is shuttered, then the entire European bailout package, cobbled in the last hours of Sunday, goes poof.

From Michelle Caruso-Cabrera:

Bank of Cyprus employees now inside. They are here because of rumors that BofC will be liquidated like Laiki Bank.

 

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Tue, 03/26/2013 - 09:12 | 3376270 LawsofPhysics
LawsofPhysics's picture

"Fuck you, pay me" - Goodfellas.  Roll tha god damn guillotines already.

Tue, 03/26/2013 - 09:13 | 3376275 greased up deaf guy
greased up deaf guy's picture

aaaaaaaaaaand it's gone...

Tue, 03/26/2013 - 09:17 | 3376295 kaiserhoff
kaiserhoff's picture

What is Jean Luc Picard doing in the back row???

Tue, 03/26/2013 - 09:23 | 3376332 yrbmegr
yrbmegr's picture

I didn't think Picard had hair.

Tue, 03/26/2013 - 09:27 | 3376363 unrulian
unrulian's picture

He's come back in time to catch the Ferengi that have infiltrated the ECB

Tue, 03/26/2013 - 09:30 | 3376373 BaBaBouy
BaBaBouy's picture

Profit ... Arrrrr, PROFIT ...

Tue, 03/26/2013 - 09:30 | 3376374 Pladizow
Pladizow's picture

Tylers, does "unexpected" have a new defenition?

Tue, 03/26/2013 - 09:36 | 3376395 NotApplicable
NotApplicable's picture

Not when viewed through the Troika's rose-colored glasses.

YMMV

Tue, 03/26/2013 - 09:48 | 3376442 Joe Davola
Joe Davola's picture

I'm kinda fuzzy on this whole good/bad thing.

Tue, 03/26/2013 - 10:26 | 3376618 BurningFuld
BurningFuld's picture

What a freakin' gong show.  I'm sure these "Ministers" or whatever the fuck they are are not even looking at the current Banks Balance sheets when they make their sweeping decisions. They SHOULD have locked these Banks down tight sat down and got firm numbers....this is just like trying to hit a moving target while riding a horse at full gallop.

Tue, 03/26/2013 - 11:02 | 3376906 DonutBoy
DonutBoy's picture

Oh it's pretty simple.  The Russian mobster explains to the banker what's going to happen to the banker's family if his money doesn't magically make it out from under the "lockdown"

Tue, 03/26/2013 - 14:25 | 3378035 Buck Johnson
Buck Johnson's picture

I know, they fucked up big time.  By allowing the banks to still be open via it's subsidiaries (to get their money out) and not locking down the bank to get real numbers on what the bank owes and has for assets.  I think this rumor will be found to be correct, I think everything is going to fall apart either Wed or before the bank "opens" on Thursday.  And even with capital controls, they can't allow people to draw money out it would start to shrink their assets.  The insured are going to lose their money.

Tue, 03/26/2013 - 09:38 | 3376398 NotApplicable
NotApplicable's picture

 

...

Tue, 03/26/2013 - 09:40 | 3376406 Croesus
Croesus's picture

Speaking of Ferengi, don't forget about Merkel.....

Tue, 03/26/2013 - 09:29 | 3376368 BaBaBouy
BaBaBouy's picture

Beam All Them Poor Souls Up, Scotty ...

Tue, 03/26/2013 - 09:36 | 3376396 Miss Expectations
Miss Expectations's picture

His big scene is coming up...

http://www.youtube.com/watch?v=5lE3IeNUzIo

Tue, 03/26/2013 - 09:46 | 3376435 TrumpXVI
TrumpXVI's picture

JLP has to have his moment of glory.  

He's the one who will get to say, "Make it so."

Tue, 03/26/2013 - 10:46 | 3376753 krispkritter
krispkritter's picture

Piloting the 'Banking Enterprise' and boldly going where no bank has gone before...with photon torpedoing of depositors accounts any minute now...

 

Tue, 03/26/2013 - 11:56 | 3377312 FeralSerf
FeralSerf's picture

He's waiting to get his haircut.

Tue, 03/26/2013 - 09:19 | 3376309 LynRobison
LynRobison's picture

If this keeps up, I might start to get the impression that fractional reserve banking is not a stable system...

Tue, 03/26/2013 - 11:29 | 3377149 Peter Pan
Peter Pan's picture

Not just fractional reserve banking..........evn banking your money is not safe.

Tue, 03/26/2013 - 09:31 | 3376276 GetZeeGold
GetZeeGold's picture

 

 

"Fuck you, pay me" - Goodfellas

 

You're funny...

http://www.youtube.com/watch?v=IWINtUCshxY

Tue, 03/26/2013 - 10:16 | 3376557 Mark Urbo
Mark Urbo's picture

"Your worried you can't swim ?  Hell, the fall will kill you..."

Butch to Sundance

Tue, 03/26/2013 - 09:35 | 3376390 Groundhog Day
Groundhog Day's picture

Looks like Andreas might be in a postion to get a job at a larger institution now that he has one liquidation under his belt

Tue, 03/26/2013 - 11:21 | 3377073 SDShack
SDShack's picture

Andreas got tired of having one after another Russian Oligarch call him with the same account PIN.... Y-O-U-R  D-E-A-D

Tue, 03/26/2013 - 09:37 | 3376397 Teamtc321
Teamtc321's picture

"Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced."

http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-o...

Tue, 03/26/2013 - 09:12 | 3376272 negative rates
negative rates's picture

You mean that other MAJOR bank?

Tue, 03/26/2013 - 09:17 | 3376300 jughead
jughead's picture

I see the problem...two Major Banks under the command of General Confusion.

 

Tue, 03/26/2013 - 09:33 | 3376384 negative rates
negative rates's picture

That's enough to give ya MS.

Tue, 03/26/2013 - 11:17 | 3377044 SDShack
SDShack's picture

Don't you mean General Disarray.

Tue, 03/26/2013 - 09:24 | 3376345 johnnymustardseed
johnnymustardseed's picture

Which bank is not propped up?

Tue, 03/26/2013 - 09:31 | 3376362 Sudden Debt
Sudden Debt's picture

remember Bankia?

 

218 BILLION EURO MARKET VALUE ON THE STOCKMARKET!!!! 218!!!!!!!!!!!!

oh... and real value? MINUS 4,18 BILLION EURO'S!!!!

THAT BANK IS WORTHLESS!!! AND STOCKS ARE TRADING AT 0.14€!!!

OOPPPSSS!! JUST POPED UP TO 0.15€!!

http://finance.yahoo.com/q;_ylt=Ar2phOG3dF3obECbemz91NfxVax_;_ylu=X3oDMTFjaWRsaWZiBHBvcwMxMgRzZWMDeWZpU3ltYm9sTG9va3VwUmVzdWx0cwRzbGsDYmtpYW1j?s=BKIA.MC

FOR FUCK SAKE!! 218 BILLION EURO'S THAT ARE GOING TO GO DOWN THE SHITTERS!!!!

 

AND WE'RE CRYING ABOUT A 10 BILLION BAILOUT PROBLEM FOR CYPRUS??!!!

10 VERSUS 218 THAT WE NEVER MENTION?!

WHERE THE FUCK IS MERKELMANIA NOW?!!

 

 

A COMPANY WITH 1.5878 TRILLION!! YES TRILLION SHARES OUTSTANDING!!!!

WTF!!!

Tue, 03/26/2013 - 09:52 | 3376433 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

There is no Russian black money to steal there and too much bad derivative exposure to keep hidden until they can adjust their positions accordingly so when the domino falls they can cover those bad trades with new bad trades elsewhere.

As the dominoes fall they will have less and less counterparties to hide the toxic turds with more toxic turds. At some point even Benny Boy here won't be able to cover those bets with his back channel bailouts anymore. This isn't going to end well at this point no matter how long they keep it up now.

Tue, 03/26/2013 - 10:20 | 3376588 Sudden Debt
Sudden Debt's picture

No Russian Money?! HA!

RUSSIAN BLACK MONEY AND MOST OF EUROPEAN BLACK MONEY!

 

Tue, 03/26/2013 - 09:25 | 3376352 fonzannoon
fonzannoon's picture

(Collect call from George Orwell)

(I'll accept)

"The decision to further push back the re-opening of Cypriot banks, which have been shut since March 16, even as the country hammered out a last-minute bailout deal, may be seen as a signal of further uncertainty in the crisis-hit island nation. But analysts tell CNBC that on the contrary, the move will help restore investor confidence.

The extension of the banks closure to Thursday, to prevent a run on deposits, shows that the authorities are working hard to put in place measures to stabilize the battered banking system, said experts.

"People who have got money with these banks will want them to re-open, but it's much more important in terms of global financial stability for it to be done the right way," said Steve Brice, chief investment strategist at Standard Chartered Bank in Singapore"

http://www.cnbc.com/id/100590156

Tue, 03/26/2013 - 09:51 | 3376460 Agent P
Agent P's picture

I'm sure they're just redecorating the lobby and don't want to re-open until all the finishing touches are in place. </sarc>

If these banks go under and it turns out to be true the Russkies were able to pull funds out during the closure, I have a feeling Cyprus will burn.

Tue, 03/26/2013 - 10:02 | 3376507 Winston Churchill
Winston Churchill's picture

Very true.

Reports "i'm getting are that violence is not far away.(have Cypriot nieces and nephews).

Tue, 03/26/2013 - 10:35 | 3376664 BurningFuld
BurningFuld's picture

Too bad Cyprus did not have an army. It would have taken over control by now.

Tue, 03/26/2013 - 10:05 | 3376521 Super Broccoli
Super Broccoli's picture

"to restore investors confidence"  MWAHAHAHAHAHA :-)

"people with money in those banks" MWAHAHAHAHA it's long gone fellas, forget it !

Tue, 03/26/2013 - 10:35 | 3376670 NoDebt
NoDebt's picture

I said in yesterday's "I believe" thread that those banks will not reopen.  I stand by that statement.

Not trying to take credit- I was not the first one on ZH to say so.  Just pointing out that when troubled banks close, they generally don't reopen- ever.

Tue, 03/26/2013 - 09:14 | 3376281 grunk
grunk's picture

No chess pieces, no chess.

Tough break, eurotrash.

Tue, 03/26/2013 - 09:14 | 3376282 the not so migh...
the not so mighty maximiza's picture

the good bank is actually a sorta kinda borderline bad bank also

Tue, 03/26/2013 - 09:19 | 3376307 kaiserhoff
kaiserhoff's picture

These guys could fuck up a two car funeral.

Tue, 03/26/2013 - 09:46 | 3376434 rzero
rzero's picture

Bad bank, badder bank.

Tue, 03/26/2013 - 09:15 | 3376287 Dr. Engali
Dr. Engali's picture

Corzined bitchez!

Tue, 03/26/2013 - 09:41 | 3376411 Winston Churchill
Winston Churchill's picture

KreditAnsalt'ed bitchez.

Its not ryhming,its repeating.

Tue, 03/26/2013 - 10:36 | 3376676 BurningFuld
BurningFuld's picture

They need to fly in MC Hammer to run their finances.

Tue, 03/26/2013 - 09:16 | 3376293 Desert Irish
Desert Irish's picture

About the only thing left that could save the EU further embarrassment is a giant asteriod hitting Cyprus...

Tue, 03/26/2013 - 09:21 | 3376320 stock trout
stock trout's picture

which explains the presence of Jean Luc Picard in the back row. 

Tue, 03/26/2013 - 09:17 | 3376294 francis_sawyer
francis_sawyer's picture

Somebody tell MCC that if she's trying to score a Becky~Warren for herself, all the Russian billionaires have left the building already...

Tue, 03/26/2013 - 09:42 | 3376415 Hippocratic Oaf
Hippocratic Oaf's picture

MCC is a pitching wedge: she looks good from 100 yards.

I'm watching Bob Piss-on-me on CNBS and Cramer pushing this BS market and cheerleading housing.

Even Santelli is jumping on board.

Fuck me!

Tue, 03/26/2013 - 10:12 | 3376541 Mark Urbo
Mark Urbo's picture

More like a 7 iron...

Tue, 03/26/2013 - 09:17 | 3376297 Seasmoke
Seasmoke's picture

The fuckers can't even make it to Good Friday.

Tue, 03/26/2013 - 09:24 | 3376339 yrbmegr
yrbmegr's picture

Good Friday is May 3 in Cyprus.

Tue, 03/26/2013 - 09:57 | 3376487 Agent P
Agent P's picture

Assuming it's not delayed again.

Tue, 03/26/2013 - 09:17 | 3376299 Translational Lift
Translational Lift's picture

POOF...........

Tue, 03/26/2013 - 09:18 | 3376304 Cdad
Cdad's picture

So regarding this:  "then the entire European bailout package, cobbled in the last hours of Sunday, goes poof."

This is a good thing, yes?  I've been a close observer of the markets during all of this, and it seems the truly bullish things are:

  • things going poof
  • things being closed indefinitely
  • statements from ministers suddenly revised by the Ministry of Truth
  • overnight taxes on deposits, or people stealing things
  • marches filled with angry "resigned" people
  • Russians that suddenly die in their bathtubs
  • Russians that beat the bell on withdrawals
  • the statement "whatever it takes"
  • fundamental economic data that topped out years ago
  • diesel booms

Stop me now...if I have any of this wrong....




Tue, 03/26/2013 - 09:24 | 3376337 kaiserhoff
kaiserhoff's picture

Good list.

Also Ghoulies and ghosties and long leggity beasties and things that go bump in the night.

Courtesy of the English Book of Common Prayer...., for way too long.

 

Tue, 03/26/2013 - 09:41 | 3376408 Temporalist
Temporalist's picture

Don't forget great quotes:

"When it becomes serious you have to lie."

Tue, 03/26/2013 - 09:41 | 3376412 SheepDog-One
SheepDog-One's picture

'The important thing is'...we can apparently do whatever we want, no matter how outrageous, and the peasants never pull their money out of our grasp so we can steal it whenever.

Tue, 03/26/2013 - 10:11 | 3376539 Super Broccoli
Super Broccoli's picture

you forgot "QEs", "INFINITY", "NEGATIVE INTEREST RATES"

Tue, 03/26/2013 - 09:18 | 3376305 yabyum
yabyum's picture

Name one bank in the USA this can not happen too.

Tue, 03/26/2013 - 09:19 | 3376313 Cognitive Dissonance
Cognitive Dissonance's picture

The Bank of CD with only one depositor family.

Tue, 03/26/2013 - 09:22 | 3376328 yrbmegr
yrbmegr's picture

The so-called "community banks" seem to be doing fine.

Tue, 03/26/2013 - 09:30 | 3376370 Argonaught
Argonaught's picture

Only because real estate has been propped back up (or at least has stopped cratering).  In 2008/9 many of these "stable" banks were on the verge of shuttering.  

If there is another down leg on home prices, many community banks will be back in hot water. 

Tue, 03/26/2013 - 09:42 | 3376420 SheepDog-One
SheepDog-One's picture

Yea what shape would the 'community banks' really be in minus FEDs total propping of MBS?

Tue, 03/26/2013 - 09:57 | 3376486 francis_sawyer
francis_sawyer's picture

I've heard that it only costs $5 to dig a shuttered bank out of the ground...

Tue, 03/26/2013 - 09:26 | 3376355 Shell Game
Shell Game's picture

We're all bankers now, bitchez.

Tue, 03/26/2013 - 09:30 | 3376376 unrulian
unrulian's picture

the sperm bank....they are seeing the rate of deposit flows accelerating

Tue, 03/26/2013 - 10:01 | 3376505 Agent P
Agent P's picture

If that bank is so safe, then why do millions of teenage boys still keep their deposits under their mattress (in a sock)?

Tue, 03/26/2013 - 10:07 | 3376526 akarc
akarc's picture

Hope they change their socks occasionally

Tue, 03/26/2013 - 09:37 | 3376399 jeebus
jeebus's picture

Bank of bitcoin.

Tue, 03/26/2013 - 10:12 | 3376543 Super Broccoli
Super Broccoli's picture

got one : The Sprem Bank !

Tue, 03/26/2013 - 09:19 | 3376312 HD
HD's picture

I'd be calling Mr. Buffet around bath time to see if he has any ideas...

Tue, 03/26/2013 - 09:20 | 3376315 FLUSA.com
FLUSA.com's picture

So is the Euro now officially the Uowe?

Tue, 03/26/2013 - 09:20 | 3376316 GrinandBearit
GrinandBearit's picture

With the shit starting to hit the fan, why haven't major bank runs started all over Europe yet?

Tue, 03/26/2013 - 09:22 | 3376329 FLUSA.com
FLUSA.com's picture

I wonder the same thing too.  And why hasn't gold and silver moved up? 

Tue, 03/26/2013 - 09:25 | 3376347 Gief Gold Plox
Gief Gold Plox's picture

Coz we all have bank accounts in Cyprus :-P

Tue, 03/26/2013 - 11:11 | 3376985 SmallerGovNow2
SmallerGovNow2's picture

Three words, naked short selling...  of paper gold that doesn't exist...

Tue, 03/26/2013 - 09:23 | 3376338 HelluvaEngineer
HelluvaEngineer's picture

You think they're going to tell us when that happens? 

Tue, 03/26/2013 - 09:25 | 3376349 yrbmegr
yrbmegr's picture

It probably has, more than once.

Tue, 03/26/2013 - 09:26 | 3376358 GrinandBearit
GrinandBearit's picture

Ever heard of Twitter?

They're good, but they're not that good. 

Tue, 03/26/2013 - 09:43 | 3376423 SheepDog-One
SheepDog-One's picture

Maybe everyone is too broke?

Tue, 03/26/2013 - 10:45 | 3376740 Arisu
Arisu's picture

With the shit starting to hit the fan, why haven't major bank runs started all over Europe yet?

"The normalcy bias, or normality bias, refers to a mental state people enter when facing a disaster. It causes people to underestimate both the possibility of a disaster occurring and its possible effects. This often results in situations where people fail to adequately prepare for a disaster, and on a larger scale, the failure of governments to include the populace in its disaster preparations."

Still, I do know several people who have withdrawn money from their bank accounts even though they do not live in the critical parts of the EU, so I think it's possible that the true extent of the deposit outflow might also be underreported.

Tue, 03/26/2013 - 11:17 | 3377040 Colonel Jessup
Colonel Jessup's picture

That's an excellent question - the good people of Italy, Spain & Greece must still be asleep - but if they are, the they deserve whats coming to them. Anyone with an account in any Eurozone bank should have emtpied their accounts and demanded their cash last week. It's incredible that this is actually happenning - the complete failure of the entire banking system it literally on the razors edge.....

Tue, 03/26/2013 - 09:21 | 3376322 yrbmegr
yrbmegr's picture

Bank of Cyprus probably needs to liquidate and come back as a community bank in Cyprus.  Community banks that keep their risks low are thriving in the U.S.  Bank of Cyprus could be one of those, if it cleaned up its balance sheet.

Tue, 03/26/2013 - 09:52 | 3376462 Crtrvlt
Crtrvlt's picture

not "thriving" nearly as much as the big banks with access to the Fed's perpetually open $ spigot 

Tue, 03/26/2013 - 09:23 | 3376333 Sudden Debt
Sudden Debt's picture

They are here because of rumors that BofC will be liquidated like Laiki Bank

IS THAT THE ONLY REASON TO SHOW UP FOR WORK?!! NO WONDER THAT SHIT IS GOING BANKRUPT!!!

Wed, 03/27/2013 - 10:31 | 3381209 Tango in the Blight
Tango in the Blight's picture

The banks are closed so there's not much work to be done.

 

Tue, 03/26/2013 - 09:24 | 3376340 SheepDog-One
SheepDog-One's picture

Just stand still while we rob your bank account...nothing to see here...go keep yourselves busy buying stawks!

Tue, 03/26/2013 - 09:24 | 3376342 the not so migh...
the not so mighty maximiza's picture

there is only one option, open the banks but shut off the Cyprus electrical grid.    Banks are open but nothing happens accept you get free candles with a deposit.  

Tue, 03/26/2013 - 09:41 | 3376413 spdrdr
spdrdr's picture

 

 

Novice Nun:  "Where's the candles?"

Mother Superior: "Yes, doesn't it!"

Tue, 03/26/2013 - 11:41 | 3377232 Peter Pan
Peter Pan's picture

Mother Superior and young nun riding their bikes along a cobblestone road.

Young nun says: I haven't come this way before

Mother superior replies: It's the cobblestones dear.....it's the cobblestones.

Tue, 03/26/2013 - 09:25 | 3376348 holdbuysell
holdbuysell's picture

What's the problem? No bank, no bank bailout needed, no problem. /s

Political move by Cyprus to jam pressure back on EU?

Tue, 03/26/2013 - 09:25 | 3376350 NEOSERF
NEOSERF's picture

The only question for those employees is "To Loot or not to Loot".

Tue, 03/26/2013 - 09:26 | 3376351 yirgacheff
yirgacheff's picture

It seems like the Russians managed to get some money out the BofC during the bank holiday of last week! Ah those Russians

Tue, 03/26/2013 - 09:26 | 3376354 apberusdisvet
apberusdisvet's picture

Don't fret, Cypriots:

 

THE RUSSIANS ARE COMING!!!!

 

 

 

Tue, 03/26/2013 - 09:27 | 3376359 virgilcaine
virgilcaine's picture

Cyprus and NYC have the same Financial Sector biz models.

Tue, 03/26/2013 - 09:27 | 3376361 dunce
dunce's picture

Votes? We don't need no stinkin' votes.

Tue, 03/26/2013 - 09:31 | 3376375 alien-IQ
alien-IQ's picture

Somehow the /ES is seeing this as a positive...WTF?

Tue, 03/26/2013 - 09:31 | 3376379 Jason T
Jason T's picture

Armstrong says if they open the banks in Cyrprus, it'll be a MELTDOWN

http://armstrongeconomics.com/2013/03/26/if-cyprus-opens-the-banks-this-...

Tue, 03/26/2013 - 10:07 | 3376523 RaceToTheBottom
RaceToTheBottom's picture

I never believed Lance anyway

Tue, 03/26/2013 - 10:11 | 3376536 MsCreant
MsCreant's picture

THIS IS THE MELT DOWN.

Tue, 03/26/2013 - 09:33 | 3376383 Nussi34
Nussi34's picture

There are no major banks on this "half an island"!

Tue, 03/26/2013 - 09:35 | 3376388 FLUSA.com
FLUSA.com's picture

When does the bidding start for the speaker system in the ceiling? I'm also interested in the wood paneling...

Tue, 03/26/2013 - 09:36 | 3376393 Quinvarius
Quinvarius's picture

Yes.  And this is just the begining.

Tue, 03/26/2013 - 09:38 | 3376400 Bangin7GramRocks
Bangin7GramRocks's picture

Maria Caruso Cabrera is a cunt banker shill, but I do need to give some credit to CBNC for sending her to Cyprus. They could be completely ignoring the story.

Tue, 03/26/2013 - 09:40 | 3376403 williambanzai7
williambanzai7's picture

Is it true Miley Cyprus is going into rehab?

Tue, 03/26/2013 - 09:43 | 3376424 virgilcaine
virgilcaine's picture

I tweeted a few days  the Banks will never open ..

Tue, 03/26/2013 - 09:49 | 3376448 Racer
Racer's picture

Well if they leave the backdoor to the bank open in Russia what do they expect?

Tue, 03/26/2013 - 09:52 | 3376461 americanspirit
americanspirit's picture

So when high bank officials begin resigning (or jumping) is that like crazy animal behavior before an earthquake? Are they tuned into things deep beneath the earth that the rest of us can't detect - like the truth, for example.

Tue, 03/26/2013 - 09:52 | 3376465 virgilcaine
virgilcaine's picture

MCC's  ample cleav. will feed thousands of hungry cypriots.  

Tue, 03/26/2013 - 11:29 | 3377150 earnyermoney
earnyermoney's picture

None of the employee's in the photo are looking in her direction. Maybe she's not that hot to Cypriots?

Tue, 03/26/2013 - 09:56 | 3376476 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

They probably can't hide those toxic derivative positions without being burnt if they allow the Bank of Cyprus to open now. I bet they are using the Greek Central Bank or equivalent in Greece to cover those positions or absorb them so they can stay hidden longer and keep the farce rolling.

Tue, 03/26/2013 - 09:59 | 3376489 fdgdfgd
fdgdfgd's picture

If it's true Russian cash has been pulled, and media gets a hold of this, it should be troublesome for EU politicians to keep defending an ever changing package under fire.

Tue, 03/26/2013 - 10:01 | 3376498 Fezter
Fezter's picture

Ha....No one expects the Cyprus Liquidation.....Put them in the comfy chair.

Tue, 03/26/2013 - 10:02 | 3376504 Chippewa Partners
Chippewa Partners's picture

Would Ms. Lagarde open some credit unions for the Cypriots?

Tue, 03/26/2013 - 10:05 | 3376512 RaceToTheBottom
RaceToTheBottom's picture

If a bank fails in Cyprus, but it had no money, did it really fail?  Financial equivalent of the tree falling within the forest story...

Tue, 03/26/2013 - 10:24 | 3376604 Mark Urbo
Mark Urbo's picture

That's great !

Tue, 03/26/2013 - 10:14 | 3376551 MsCreant
MsCreant's picture

If you don't have it in your posession right now, you don't own it.

I am assuming my retirement account, which I can't get to unless I am unemployed, is GONE. 

GET OUT OF THE BANKING SYSTEM.

PROCESS YOUR GRIEF ABOUT ALL OF YOUR LOSSES NOW.

MOVE ON TO THE NEXT STEP TO SECURE YOUR LIFE NOW.

Tue, 03/26/2013 - 10:17 | 3376572 Zer0head
Zer0head's picture

Why do I get the feeling that this article will be linked back to a week from now when TD's prophecy becomes reality.

Tue, 03/26/2013 - 10:52 | 3376800 epwpixieq-1
epwpixieq-1's picture

Here it comes the liquidation of ( a tiny fraction of ) useless jobs in the highly leveraged financial (eco/expense)onomy.

When a waste is a (standard) way a live for some time, at a given point there will be a rebalancing to the other side. What you see is just a normal part of this rebalancing. And now worries, these are going to be common events for a decade to come.

Tue, 03/26/2013 - 11:14 | 3377013 hairball48
hairball48's picture

This Cypriot bank clusterfuck should be, but will not be, a lesson for the Sheeples  in fractional reserve banking.

 "Money" can disappear just as fast as the banksters can create it.

Tue, 03/26/2013 - 15:55 | 3378589 Miffed Microbio...
Miffed Microbiologist's picture

Funny how it always seems to reappear in the bankster's pockets in the form of bonuses. Same as it ever was. It's just easier today for them because it occurs virtually vs physically. Time is running out and this abscess is getting ready to burst. Some people are going to be overwhelmed when the putrefaction is finally released! Sorry for the microbiological metaphor.

Miffed;-)

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