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The Cyprus Lie Changes Again: Capital Controls Will Be Present After All

Tyler Durden's picture





 

In an unsurprisingly supportive tone for the ECB and the Eurogroup, Cypriot Central Bank governor Demetriades says:

  • *DEMETRIADES SAYS SUPPORTED FIRST EUROGROUP PROPOSAL ON CYPRUS, and
  • *DEMETRIADES SAYS ECB DOING ITS JOB RIGHT ON CYPRUS BANKS

But, it seems, in recognition that there are 'leaks' in their current capital control scheme, Demetriades has just admitted that:

  • *DEMETRIADES SAYS CAPITAL CONTROLS TO BE SAME FOR ALL BANKS
  • *DEMETRIADES SAYS CAN'T GO INTO MORE DETAILS ON CAPITAL CONTROLS

Not only that but he clarified that if the deal had not happened then ATM limits would be EUR30 per day not the current EUR100 per day. Now that all the Russian money is gone, the only question remains just how big the capital shortfall will be - earlier we learned that it will be at least EUR2.5-3 billion.

 

The EUR is not happy...

 


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Tue, 03/26/2013 - 11:58 | Link to Comment Sudden Debt
Sudden Debt's picture

Endgame => dead ahead.

Tue, 03/26/2013 - 12:02 | Link to Comment camaro68ss
camaro68ss's picture

All this bullish double speek is giving me what ones purple pills would give you

Tue, 03/26/2013 - 12:04 | Link to Comment Careless Whisper
Careless Whisper's picture

The Careless Whisper News Update & Threadjacking AHEAD OF DRUDGE

Mayor Bloomberg Suspends NYC Fireman Without Pay For Calling Him "King Heeb" On Twitter

http://www.nypost.com/p/news/local/don_be_twit_mayor_ZlWnp860Bj10Wstx5WQlBO

Supreme Surprise; Scalia, Thomas, Bader-Ginsburg, Sotomayor, & Kagan, Team Up To Uphold 4th Amendment

http://www.sfgate.com/news/crime/article/Court-Drug-dog-sniff-is-unconst...

Blogger Gives Breakdown Of Yahoo's Wasted $30 Million For Summly News App

http://philosophically.com/the-summly-deal-makes-no-sense

Goophone Releases iphone5s Ahead Of Apple

http://shanghaiist.com/2013/03/25/goophone_released_goophone_i5s_whic.php

NY Gov Andrew Corleone To Send $350 Kickback To Voters Three Weeks Before 2014 Election

http://www.nypost.com/p/news/local/gov_budget_taxes_bizmen_patience_nUQQ...

NOTE TO CANADIAN JIM CARREY: 1963 - Charlton Heston Marches For Civil Rights (h/t Black History Month) VIDEO

http://www.youtube.com/watch?v=og0QBldrKd4

 

 

Tue, 03/26/2013 - 12:26 | Link to Comment Beam Me Up Scotty
Beam Me Up Scotty's picture

What are they going to do when there is no more money left in those banks to control? Or will ATMs be modified to dispense coins to drag this out a bit longer??

Tue, 03/26/2013 - 12:37 | Link to Comment Quinvarius
Quinvarius's picture

They will be modified to eat 70% of all ATM cards.

Tue, 03/26/2013 - 12:43 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

Does anyone know behind which curtain the Wiz is? There are so many curtains now we're running out of dogs.

Tue, 03/26/2013 - 13:05 | Link to Comment toys for tits
toys for tits's picture

BREAKING NEWS:

Cyprus is escalating capital controls and will now determine how bank customers utilize their capital.

Tue, 03/26/2013 - 13:17 | Link to Comment jumbo maverick
jumbo maverick's picture

All your capitals belongs to us

Tue, 03/26/2013 - 13:21 | Link to Comment knukles
knukles's picture

A tin cup on every beggars corner

Tue, 03/26/2013 - 12:39 | Link to Comment Dr. Kananga
Dr. Kananga's picture

Nah. The reciept you normally get will have a value printed on it. You'll be instructed to use the receipt itself to buy groceries. No actual money will come out of the machine. Just the receipt.

Benanke and the rest of the money printers will have a fit when this happens, but hey, when the shit hits the fan, you gotta cut out the middleman.

Tue, 03/26/2013 - 13:02 | Link to Comment catacl1sm
catacl1sm's picture

Isn't money just a receipt with the value printed on it anyways?

Tue, 03/26/2013 - 12:28 | Link to Comment Town Crier
Town Crier's picture

I just hope Gerard Depardieu is still happy about his move.

Tue, 03/26/2013 - 12:36 | Link to Comment Town Crier
Town Crier's picture

I also worry about Kim Jong-un.  With all this attention on Cyprus, he may be feeling left out.

Tue, 03/26/2013 - 12:36 | Link to Comment Town Crier
Town Crier's picture

I also worry about Kim Jong-un.  With all this attention on Cyprus, he may be feeling left out.

Tue, 03/26/2013 - 22:17 | Link to Comment thisandthat
thisandthat's picture

So Yahoo bought Chumlee for 30Mil - does that mean Pawn Stars is toast (like I'd care)?

Tue, 03/26/2013 - 12:15 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

Reminds me of a bunch of criminals scrambling to get their stories straight before being questioned by detectives.

It doesn't make a lot of sense considering that they're outside the law.

Tue, 03/26/2013 - 12:24 | Link to Comment TumblingDice
TumblingDice's picture

But they still have to put in effort to make it look like they are formally below the law. 

Tue, 03/26/2013 - 12:29 | Link to Comment Bay of Pigs
Bay of Pigs's picture

The Usual Suspects?

Tue, 03/26/2013 - 13:22 | Link to Comment knukles
knukles's picture

They employ and pay the law, lawyers, judges and military

Tue, 03/26/2013 - 14:32 | Link to Comment Buck Johnson
Buck Johnson's picture

But not outside with the people who will lose all their money in their country.  Also not outside the reach of the bankers who may have been lied to to bail them out.  This is becoming a farce.

Tue, 03/26/2013 - 16:37 | Link to Comment Muddy1
Muddy1's picture

@camaro68ss,

An erection?????

oh, wait, that's the blue pill, my mistake

Tue, 03/26/2013 - 12:03 | Link to Comment DJ Happy Ending
DJ Happy Ending's picture

And still no bank run in any of the PIIGS. I don't get it.

Tue, 03/26/2013 - 12:06 | Link to Comment GrinandBearit
GrinandBearit's picture

I've been saying that since this Cyprus crap all started.

Tue, 03/26/2013 - 12:09 | Link to Comment flacon
flacon's picture

Maybe it's all electronic bank runs...

Tue, 03/26/2013 - 12:17 | Link to Comment Manthong
Manthong's picture

Heh heh.. I think the real end game was linked in Frontrunning this morning.

And gee, I don’t know what those guys are going to want to use to stabilize their exchange rates, but I don’t think paper “claims” or “receipts” from the Fed or ECB will do.

BRICS Nations Plan New Bank to Bypass World Bank, IMF (BBG)

Tue, 03/26/2013 - 12:36 | Link to Comment Kiss My Iceland...
Kiss My Icelandic Ass's picture

"BRICS Nations Plan New Bank to Bypass World Bank, IMF" ... Hey, we want to print too !!!

Tue, 03/26/2013 - 12:43 | Link to Comment The Big Ching-aso
The Big Ching-aso's picture

Hey did you ever stop to think there's no money for people to actually DO a bank run?

Tue, 03/26/2013 - 12:16 | Link to Comment Timmay
Timmay's picture

Run on Guns, ammo, drones, armored personnel carriers, physical Gold and an end run on Liberty here in the U.S.

How's that for a "run"?

Tue, 03/26/2013 - 13:20 | Link to Comment HurricaneSeason
HurricaneSeason's picture

I think Greece might have lost at least a few billion in deposits during last years "situation".

Tue, 03/26/2013 - 12:09 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

It's happening.  They just aren't reporting it.

Tue, 03/26/2013 - 12:13 | Link to Comment ziggy59
ziggy59's picture

Most peop, uh, sheeple are visually oriented. Cant allow herd mentality to occur without controlled alternatives

Tue, 03/26/2013 - 12:22 | Link to Comment machineh
machineh's picture

OF COURSE the capital controls apply to every bank and every depositor.

Otherwise, capital just leaks from one bank to another, then out. Capital controls are to stop capital leaving the island.

What part of Argentine-style corralito did people not understand?

Argentina's corralito turned into a corralón (Big Gulp, to use a Bloomberg metaphor), and it LASTED A YEAR.

So far, all we've heard is the tip of the iceberg. The capital controls are a monster, and they're still writing them.

Tue, 03/26/2013 - 12:36 | Link to Comment Going Loco
Going Loco's picture

Daily Telegraph gave Nigel Farage an OpEd today and he used it to expand his off-the-cuff advice to a detailed set of instructions to any Brits with money in any southern European country - GET YOUR MONEY OUT NOW. Brits are very slow to panic and generally prefer to see an orderly queue before getting imvolved in a bank run, and we haven't had much practice, just one in 150 years (Northern Rock). Also there are many who worry that Farage is a bit of a stirrer and won't want to be seen to follow his advice. But its probable that a lot of online bank transfers are happening today. As a card-carrying member of UKIP I am meeting Farage soon at a constituency event - looking forward to it. 

Tue, 03/26/2013 - 13:22 | Link to Comment HoaX
HoaX's picture

If you do please ask him how the rest of his banker friends are doing today. As an esteemed fellow of the corporation of the City of London anything that pisses him off in this respect must have been a good measure after all.

Go Diesel-Boom go!

Tue, 03/26/2013 - 12:12 | Link to Comment Sudden Debt
Sudden Debt's picture

Average Joe is a idiot... people just don't want to realize it because it would destroy their Nirvana...

Tue, 03/26/2013 - 12:26 | Link to Comment mdtrader
mdtrader's picture

Capital will probably flow out of the Eurozone slowly. There's no immediate threat to other banks, but of course large depositors will probably reduce and or move capital. I also think that some insured depositors will take action as well. For example if I had 50K in an EU bank, I would probably still think about moving some of it, despite being insured. Firstly the banks can shut for an extended period of time if things turn sour, and secondly we know that the EU, ECB and IMF all signed up to raid all accounts in Cyprus, even the insured. If it wasn't for Cyrpus voting that deal down it would have gone through. All in all it's a tremendous own goal for the EU and one that will be hard to undo. It's likely to make bank funding in the Eurozone even more difficult than it already was.

Tue, 03/26/2013 - 12:17 | Link to Comment Gooseone
Gooseone's picture

That's because there are probably honourable people left who feel that if they would do so , they would aid in ruining what is left.

They might be the same people keeping this whole ponzi sceme up , the ones who intend to pay back their debt and feel morally oblidged.

(They might not be very knowledgeable though...)

Tue, 03/26/2013 - 12:27 | Link to Comment kliguy38
kliguy38's picture

Do you REALLY believe there are no bank runds in the PIIGS......remember the fiat is now "digital" and make no mistake the digital run is going on with big depositors

Tue, 03/26/2013 - 12:43 | Link to Comment Joe A
Joe A's picture

People always will think that bad things won't happen to them.

Tue, 03/26/2013 - 12:13 | Link to Comment ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Hope you are right, but I fear we are underestimating the psychology/ignorance of depositors here. 

 

I can just see us all here in a month saying, "well I'll be damned, people are actually standing for this!".

Tue, 03/26/2013 - 12:23 | Link to Comment Son of Loki
Son of Loki's picture

NICOSIA (Reuters) - Thousands of students and hundreds of bank workers protested in the Cypriot capital Nicosia on Tuesday as banks stayed shut to stop a run on deposits after the island agreed a painful bailout to avert bankruptcy.

 

http://ca.finance.yahoo.com/news/cyprus-banks-remain-closed-avert-run-de...

Tue, 03/26/2013 - 14:14 | Link to Comment ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

I remember the zerohedge "riot-cams" during the Greek crisis and the talk of hanging "wanking bankers" in Ireland.

 

Then... nothing...

 

The only win for the little people I remember seeing was Iceland.  They had three referendums where the people rejected bailing out foreign depositors.  The third one had over 90% voting "no".  The iceland government's response was "its meaningless".  Then enough people showed up with torches to credibly threaten to burn govt buildings down and they relented.  

 

It can be done.  It just almost never is.

Tue, 03/26/2013 - 12:36 | Link to Comment HardAssets
HardAssets's picture

Its truly amazing what people will stand.

In America a lawyer/liar/politician can order you imprisoned or killed without evidence or trial. DHS is ordering billions of rounds of ammo while the criminals in government are trying to take away your Constitutional right to defend yourself using the excuse of an event less likely to happen than your being struck by lightening. The banksters are given a monopoly that has allowed them to steal 98% of the value of your money over the last 100 years. Elections are rigged. Young fools go off to 'defend the nation' not realizing those wars are a scam that only enrich and empower a very small group of insiders. In the meantime those 'defenders' will be used as pawns to destroy the very 'freedoms' & citizens they thought they were defending. Most of them don't know it, but they are the greatest threat to the country, not any 'terrorist'.

Say any of this to most Americans and you will be met with either knee jerk anger or a blank look of ignorant incomprehension. They have 'more important' things to do such as watch the latest spectator sport or propagandist sit-com on t.v.

No, its not very surprising what people will put up with if they have been trained long and hard.

Tue, 03/26/2013 - 12:55 | Link to Comment unknownknowns
unknownknowns's picture

"Endgame"

Does Putin ride back into town and calm down all those newly found EU-haters?

Tue, 03/26/2013 - 11:58 | Link to Comment Cookie
Cookie's picture

More slippery than a bag of eels

 

Tue, 03/26/2013 - 11:58 | Link to Comment TeamDepends
TeamDepends's picture

WHOA!!!  Dude on Bloomberg just caught a fly with his tongue!!  What the....???

Tue, 03/26/2013 - 12:19 | Link to Comment Manthong
Manthong's picture

Obama is pretty good with flies, too.

Tue, 03/26/2013 - 11:59 | Link to Comment Cursive
Cursive's picture

They should consider putting "bitchez" at the end of all official statements.  It would be very fitting.

Tue, 03/26/2013 - 12:03 | Link to Comment FLUSA.com
FLUSA.com's picture

"ATM limits would be EUR30 per day not the current EUR100 per day."....  "Thank you sir may I have another"

Tue, 03/26/2013 - 12:18 | Link to Comment Bananamerican
Bananamerican's picture

"yea, and if there are any more slip-ups, folks might end up getting EUR-0, so please keep your money in our banks!"

(facepalm)

Tue, 03/26/2013 - 12:06 | Link to Comment TeamDepends
TeamDepends's picture

"Assume the position"

Tue, 03/26/2013 - 12:06 | Link to Comment Sudden Debt
Sudden Debt's picture

http://image.shutterstock.com/display_pic_with_logo/71008/71008,1223892097,2/stock-photo--dollar-bill-detail-of-this-note-is-legal-tender-for-all-debts-public-and-private-18813409.jpg

think about it...

In America, this could also mean you OWN DEBT instead of money.

The situation in America when capital controls hit will be quite different than in Europe. It's all already factored in...

 

Tue, 03/26/2013 - 12:12 | Link to Comment flacon
flacon's picture

All bank NOTES are the same. A NOTE OF INDEBTEDNESS. 

Dumb & Dumber -- Empty Suitcase of Money

http://www.youtube.com/watch?v=7GSXbgfKFWg

 

Tue, 03/26/2013 - 12:15 | Link to Comment ziggy59
ziggy59's picture

The new app.. iOwn

Shows the debt clock and your share of it in realtime!

Tue, 03/26/2013 - 12:30 | Link to Comment Udubfan13
Udubfan13's picture

Oh my science, we are screwed.

Tue, 03/26/2013 - 12:38 | Link to Comment deKevelioc
deKevelioc's picture

ATM fee, EUR20.  

Tue, 03/26/2013 - 14:25 | Link to Comment BooMushroom
BooMushroom's picture

30€ won't even fill up my gas tank. I wonder how the poor bastards are going to pay the rent on the first.

Tue, 03/26/2013 - 12:00 | Link to Comment Debugas
Debugas's picture

30 euros per day is still more than daily wages in China. It can get even worse

Tue, 03/26/2013 - 12:01 | Link to Comment JOYFUL
JOYFUL's picture

Where is Reggie?

It's time to drop the bomb....

let's just get this done n over with.

Tue, 03/26/2013 - 12:40 | Link to Comment deKevelioc
deKevelioc's picture

You mean, where's Reagan!

Tue, 03/26/2013 - 13:26 | Link to Comment HurricaneSeason
HurricaneSeason's picture

My fellow Americans, I'm pleased to tell you today that I've signed legislation that will outlaw Russia forever. We begin bombing in five minutes

Tue, 03/26/2013 - 12:01 | Link to Comment Dr. Engali
Dr. Engali's picture

There is no possible way they can not have capital controls. If they didn't the moment they opened the bank there would be a run that would bleed it dry.

Tue, 03/26/2013 - 12:06 | Link to Comment Mordenkainen
Mordenkainen's picture

Which is why that moment will never arrive.

Tue, 03/26/2013 - 12:10 | Link to Comment Schmuck Raker
Schmuck Raker's picture

I beg to differ, dear Doctor. I think one possibility, which I have not yet seen proposed, would be for the central bank to insist that Cypriot bankers are to wear clown noses when banks reopen, that should raise the level of confidence depositors now have, considerably.

Tue, 03/26/2013 - 13:29 | Link to Comment moonman
moonman's picture

New bumper Sticker

 

My other car ran over a banker

Tue, 03/26/2013 - 12:01 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

this precedent will set a new template of capital controls...oh, nevermind.

Tue, 03/26/2013 - 12:01 | Link to Comment LawsofPhysics
LawsofPhysics's picture

The death of fiat in the western world is accelerating exponentially.  Do the BRICs have that commodity/gols-backed currency established yet?  if not, all eCONomies are about to get considerable more "local".

Tue, 03/26/2013 - 12:05 | Link to Comment mayhem_korner
mayhem_korner's picture

 

 

I have a gold-backed currency.  It's gold.

Tue, 03/26/2013 - 12:01 | Link to Comment HelluvaEngineer
HelluvaEngineer's picture

That's good because you can't really buy a quality pitchfork for 30 Euro.

Tue, 03/26/2013 - 12:11 | Link to Comment Sudden Debt
Sudden Debt's picture

 

A good molotov coctail:

1. Empty bottle : 10 Cents

2. Liter of diesel : 1,39 euro

3. cloth... : let's say another 5 cents.

4. THROWING ARM: FREE!!! QUALITY IMPROVES WITH PRACTICE!!

 

ps: If you want to go retro style, I propose you use a Wodka bottle

ps: Add sugar syrope and mix for improved effects

Tue, 03/26/2013 - 12:16 | Link to Comment Edward Fiatski
Edward Fiatski's picture

Found that CIA EOD manual, have you? :)

BELGIUM NOW HAS TERRIRISTS ON THE LOOSE 

Tue, 03/26/2013 - 12:24 | Link to Comment machineh
machineh's picture

Not diesel ... jet fuel (kerosene).

Eats thru structural steel like lions devouring an antelope.

AS SEEN ON TV (9/11/2001).

Tue, 03/26/2013 - 13:05 | Link to Comment Urban Redneck
Urban Redneck's picture

more important is a gelling or binding agent so that the fuel "sticks" when the bottle breaks 

btw kerosene and diesel are interchangeable

(and I don't play a terrorist on TV... yet)

Tue, 03/26/2013 - 12:29 | Link to Comment ParkAveFlasher
ParkAveFlasher's picture

I've read here on ZH that adding little bits of styrofoam also improve "performance". 

Tue, 03/26/2013 - 12:45 | Link to Comment Frank N. Beans
Frank N. Beans's picture

5.  match

not necessarily in that order

Tue, 03/26/2013 - 13:36 | Link to Comment OldE_Ant
OldE_Ant's picture

5.  sub $1 Lighter (1000+ quality starts).

So this is how it works.  They simply will restrict access to physical euros with permanent bank holiday ATM access scheme.  Well heck then it seems Cyprus is well on its way to having a good reason to make/find a new currency.

Will they choose the right one?  If I were Cypriot now I'd be wondering if 'getting out' is worse than staying in.   Take my medicine now, or theirs forever.

Time will tell.

Perhaps 'this' is the Template we need to be looking at more carefully.

Tue, 03/26/2013 - 12:04 | Link to Comment Peter Pan
Peter Pan's picture

There will be nothing left. Mark my words....nothing.

Tue, 03/26/2013 - 12:05 | Link to Comment GrinandBearit
GrinandBearit's picture

Bullish for the US stock market.

Tue, 03/26/2013 - 12:07 | Link to Comment Mordenkainen
Mordenkainen's picture

That's now a tautology. 'P v ~P' is bullish for the US stock market.

Tue, 03/26/2013 - 12:13 | Link to Comment GrinandBearit
GrinandBearit's picture

My point is that it's become insanely ridiculous trying to figure any of this out.  Nothing makes sense anymore.  White is black and black is white... down is up and up is down.  We live in bizarro world now.  

Tue, 03/26/2013 - 12:22 | Link to Comment Mordenkainen
Mordenkainen's picture

I know, I was agreeing with you and trying to appear clever in doing so. I guess I failed :-[

Tue, 03/26/2013 - 12:23 | Link to Comment ziggy59
ziggy59's picture

My avatar? Its called Htrae, The Bizarro World

Tue, 03/26/2013 - 12:27 | Link to Comment HulkHogan
HulkHogan's picture

My Bizarro World avatar would be ThunderLips.

Tue, 03/26/2013 - 12:05 | Link to Comment SuperDeDuper
SuperDeDuper's picture

what can you do with 100 euros?  What if you had 50,000 euros in the bank, and you were allowed to take out 100 euros a day, then it would only take you 500 days to get all your money out.  Anyone who has more than 1000 euros is screwed, all the money will be gone after 10 days of the banks being open.

Tue, 03/26/2013 - 12:07 | Link to Comment Dull Which
Dull Which's picture

I am sure I read somewhere that the imposition of capital controls was effectively illegal under EU/EZ regulations and "offenders" would be kicked out

Or have they changed that rule as well?

Tue, 03/26/2013 - 12:44 | Link to Comment tsuki
tsuki's picture

The EU/EZ has rules? 

Tue, 03/26/2013 - 12:08 | Link to Comment Long-John-Silver
Long-John-Silver's picture

If the Depositors were saving in physical gold and silver in their possession they would not be involved in this Banking problem.

Tue, 03/26/2013 - 12:19 | Link to Comment Belrev
Belrev's picture

If:

1) Their gold was not filled with tungsten

2) If they did not keep it in the banks' vaults

3) If they could leave the country with it

 

See it is not gold that you need, it is guns and use them. Sitting on your gold waiting for it to be taken away is just as an austrich attitude as keeping the money in fiat. German mark during Third Reich was not tied to gold, but it was strong, because its government was conducting economically sound policies.

Tue, 03/26/2013 - 12:09 | Link to Comment Super Broccoli
Super Broccoli's picture

30 euros a day ? hum cab to fast food or fast food ?

Tue, 03/26/2013 - 12:20 | Link to Comment ziggy59
ziggy59's picture

A silver philly/day keeps the sociopaths away

Tue, 03/26/2013 - 12:12 | Link to Comment Z'
Z''s picture

 

Cypriots in UK tell of despair at bank crisis

Laiki customers blame EU, Germany and single currency as they face losing slice of savings

 http://www.guardian.co.uk/world/2013/mar/25/cypriots-uk-despair-bank-crisis

Back at the community centre, where men of a certain age sat playing cards and drinking coffee, Ali was feeling less optimistic.

The 65-year-old Turkish Cypriot, who had returned to the UK from the island on Sunday, had seen the panic there first-hand.

"Everybody is hoping for something to happen but they don't know what," he said. "They are trying to decide whether to buy shoes for their children or to spend the money on food and drink."

Unless that something – whatever it might be – happened soon, Ali added, he foresaw strike after strike after strike.

"Everyone is in the middle," he said. "They don't want to go into the sea because they might drown, but they don't want to go into the forest because it's burning."

---

Well, at least the new EUR30/day limit will alleviate the stress of deciding between shoes for the children or food and drink at the EUR100/day controls.  No question about it... it's all about the food.  Gotta look at the positive.

/sarc

Tue, 03/26/2013 - 12:42 | Link to Comment Mr. Hudson
Mr. Hudson's picture

: "England, America and fucking Germany," he said. "I blame America – that's where all the trouble started."

Americans will be targeted all around the world. We used to be loved; now we are hated.

Tue, 03/26/2013 - 13:28 | Link to Comment HoaX
HoaX's picture

It seems like self-reflection isn´t one of the Cypriots strongpoints so I wouldn´t bother too much about it.

Tue, 03/26/2013 - 12:13 | Link to Comment Yen Cross
Yen Cross's picture

    Look at the spreads in bonds. This shit show is beyond pathetic.

 

     Germany 10-Year   • 1.340    1.339    1.368    1.337    0.002    0.07%    16:09:45
     Spain 10-Year       •  4.943    4.937    4.955    4.892    0.005    0.12%    16:09:27
     Italy 10-Year        •  4.587    4.584    4.591    4.516    0.003    0.07%    16:09:37

Tue, 03/26/2013 - 12:14 | Link to Comment Edward Fiatski
Edward Fiatski's picture

Well, Tyler, out of 70 EUR bln in deposits nation-wide, about 20 bln were in USDs, that were presumably 99% foreign money, so you could write that off - nearly 30% outflow.

Tue, 03/26/2013 - 12:15 | Link to Comment MartyBee
MartyBee's picture

Need help setting up a Cyprus offshore a count?

This guy can help:
http://privateinternationalbanker.blogspot.ca/2009/11/cyprus-offshore-ba...

Tue, 03/26/2013 - 12:15 | Link to Comment Belrev
Belrev's picture

Panicos Demetriades to be exact.

Tue, 03/26/2013 - 12:16 | Link to Comment Super Broccoli
Super Broccoli's picture

whole europe sound a bit like "no", i mean "yes" but no, wait indeed yes, erm let me think

STOP ASKING QUESTIONS ! 

Tue, 03/26/2013 - 12:18 | Link to Comment Mark Urbo
Mark Urbo's picture

Read this Reuters story and the comments - they are really working to keep a lid on this...

http://www.reuters.com/article/2013/03/26/us-markets-forex-idUSBRE92E111...

Tue, 03/26/2013 - 13:25 | Link to Comment moonman
moonman's picture

All 3 comments?

Who has time for that?

I am watching survivor on DVR

Tue, 03/26/2013 - 12:17 | Link to Comment ziggy59
ziggy59's picture

Makes FastMoney look like SlugMoney

Tue, 03/26/2013 - 12:21 | Link to Comment Charles Wilson
Charles Wilson's picture

Thus begins the Next Phase, having limited the amount of money a Prole can have and controlling the production of Goods and Services ("Hey, Ireland, your Corporate Tax Rate is about to be EQUALIZED!!!"). The next Step is simply this:

CONFISCATION OF PRIVATE OWNERSHIP OF GOLD.

Feudalism 2.

 

CW

Tue, 03/26/2013 - 12:26 | Link to Comment Quinvarius
Quinvarius's picture

Sorry bro. They are taking all your paper money, your stocks and your bonds.  What they don't take they will make worthless.  They cannot find anyone's gold.  That is a point of owning it.

There is no place else to go but gold.

 

Tue, 03/26/2013 - 12:24 | Link to Comment Quinvarius
Quinvarius's picture

This is the start of the final collapse.  They heaped all of their hopes on the back of the Central Bank printing donkey.  Then they shot the fucking donkey.  Its over folks.  No one is staying in the banking system.  Every story you hear about "no bank runs yet", is just more evidence of the collapse ramping up.

You'd best get gold in your own hands.

Tue, 03/26/2013 - 12:28 | Link to Comment Piranhanoia
Piranhanoia's picture

"Mr. Demetriades,  a Russian gentleman is waiting to see you, may I send him in?   

Tue, 03/26/2013 - 12:33 | Link to Comment Kiss My Iceland...
Kiss My Icelandic Ass's picture

The next travel best-seller: Cyprus on EUR30 a day ...

Tue, 03/26/2013 - 12:53 | Link to Comment Bobportlandor
Bobportlandor's picture

When he says for ALL banks what does he mean?

Tue, 03/26/2013 - 13:33 | Link to Comment mendigo
mendigo's picture

They may be nitwits or this may be an orchestrated fire drill.
For one thing I find it hard to believe that a bank does not realize that billions are being withdrawn in the space of days. Sounds like capital is more controlled for some. And the eurocrats are not howling so are they simply embarassed or was this part of the template? Germany is being rewarded with lower rates and maybe the market is safer place to launder your money¿ Seems like money is being herded.

Tue, 03/26/2013 - 17:24 | Link to Comment ozzz169
ozzz169's picture

If I was a Russian that walked into the local branch that was still open transferred all my money out while the inept "elites" bicker over what they were going to do and preannounced that they were going to rip people off one way or another, I would be watching the tv sipping a nice cognac smoking a Cuban and laughing my ass off. Though they should probably be thankful they were able to get their money out since now there will probably not be too many cars randomly blowing up.

Tue, 03/26/2013 - 19:19 | Link to Comment WallowaMountainMan
WallowaMountainMan's picture

'DEMETRIADES SAYS SUPPORTED FIRST EUROGROUP PROPOSAL ON CYPRUS'

which first one?

the one the ecb et al originally proposed with 15% on the over 100k crowd and funding for the banks?

or:

the second first one, in which the pres of cyp insisted on a 10% cap on the over 100k crowd, 6+% on the insured under 100k, and funding for the banks?

that is the one the pres delivered to the cyp parliament voted on. deafeted by the majority with 19 abstentions from the pres of cyp's party.

then, in the same session, the vote on the bank resolution proposal passed, taking away the opportunity for the parliament to vote on the final solution that then needed no further approval on the bank resolution aspect. snuck through perhaps in the heat of the moment? not mentioned in msm or even fringe blogs at the time 'cause nobody bothered, noticed, or volunteered an explanation. hence, the 'can't vote on it' bombshell.

my guess is the second first one. the one that traded 5 points on the over 100k crowd so that the unisured under 100k crowd could 'participate'.

just askin so as to keep these things straight in my head.

timelines are such a pain in the....

analysis.

"In an unsurprisingly supportive tone for the ECB and the Eurogroup"

yeah, right. it was the ecb et al's proposal. not. the ecb et al did in no way want the insured under 100k to be part of the levy/confiscation. doubt that?

check the ecb et al final deal. no under 100k levy/confiscation. in the pudding proof is.

 

the fascinating question is, of course, why did the pres of cyp ran the risk on losing the funding for the banks? did he think he could 'deliver'.

listen to the 'live webcast'. especially 34:30 ish for a bit and 59:50 ish. for answers.

also:

http://www.bloomberg.com/news/2013-03-16/anastasiades-seeks-cyprus-parli...

http://www.bloomberg.com/news/2013-03-17/cyprus-parliament-to-vote-on-de...

my 'best' and final guess now is that the pres knew he did not have the votes for a 15% on the over, and tried to set up enough of a coalition by spreading the deal out, so as to save the banks. that would preserves the integrity of the presidency and the individual, albeit not the popularity of the individual. and save the country of cyprus...at least for a while longer.

 

(a grand secret scheme between germany and the pres of cyp to bust the eu while saving the banks by busting the guarantee? gone wrong when he couldn't deliver?

bizaroo?

yes. even for me.

but have fun with it folks:  http://www.bloomberg.com/news/2013-02-24/cyprus-picks-anastasiades-as-pr... :)

)

 

 

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