The Next Cyprus?

Tyler Durden's picture

In the seven days since Slovenia's new government has been in power, their 10Y bond has seen its yield explode over 120bps as the investing world searches for the next 'Cyprus'-like land-mine. Of course, the Slovenian leaders are proudly denying it all, "Slovenia won't need aid, we can do this on our own," but with the nation needing EUR3 billion in bailout funding and the previous government proposing a 'bad-bank' style breakup, one can only imagine the capital outflows that are viciously circling this nation's financial system (given the relative size of their large 'uninsured' depositor base as shown here - SI). How will they solve the problem? By tapping international bond markets of course, "depending on market sentiment."



Charts: Bloomberg

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Edward Fiatski's picture

Today is a bad day to quit drinking.


maxmad's picture

I'll take Slovenia for 300 Bernnake dollars..

toys for tits's picture

First they came for the bankers, but I said nothing ... because I was too busy laughing my ass off.

SafelyGraze's picture

ot --

in yet more surveillance-style targeted advertising, the zh ads are not only asking whether I want to date more ukrainians, but now are asking me about my taste for columbians

damned rfid tags

they know everywhere you go nowdays



Going Loco's picture

That's funny, I don't get those sort of ads. I keep getting some shill trying to persuade me to buy these queer round shiny things for ridiculously high prices. I mean GBP257 for a tiny round shiny thing? Why would anyone think I might be interested in a scam like that?

TPTB_r_TBTF's picture

A lot of people like to buy shiny-plated tungsten. You are not alone.



matrix2012's picture

i hv no such issue with the minimalist browser: SRWare Iron -


try to tweak your HOSTS file if the problem is persistence

Kirk2NCC1701's picture

Try using Tor browser or use VPN SW.
Also, use a cheap, basic laptop purely for surfing, and keep the real data on another PC that will NEVER be connected to the internet. USB and SD storage is now so massive that you can port data from one to the other.

MeelionDollerBogus's picture

If you’re going that far you could just boot from a USB stick & reboot when you plug the hard disk back in & use the regular OS. Or in Linux you could unmount / not mount the hard drive while booting from the USB drive.

MeelionDollerBogus's picture

You’re smart enough to invest but not smart enough to use firefox with adblock & noscript? Really?

I don’t see ads. Ever.

machineh's picture

Domino theory, bItCheZ!

There's never just five cockroaches.

scatterbrains's picture

sheet Bear Grillz couldn't even think that fast.  Give that sand nig...  guy a tv series.

MeelionDollerBogus's picture

Bread helmets for the muthafuckin win!

Super Broccoli's picture

Slovenia ? who on earth placed money there ? italian mobsters?

Muddy1's picture

Please make up your mind, Tyler.  A few moments ago I read the next to go is Luxemborg, now you are saying Slovenia.  Oh, wait, first luxemborg, then Slovenia.  How silly of me not to clearly see the race to the bottom.  Sorry, I'll do better next time.

e-recep's picture

rule of thumb : the smaller states will fall first.

StychoKiller's picture

Lichtenstein is pretty small (or did you mean measured in Euroz?)

e-recep's picture

population wise. there can be deviations though. who is next? malta? portugal? slovenia? ireland? lickmystein? singapore? hong kong? i dunno.

Kirk2NCC1701's picture

Mostly older people, civil servants, tax evaders and criminals from former Yugoslavia use Slovenian banks. The rest use local branches of Austrian banks.

Since bloody FATCA, the banks in all these countries have become 'impossible' to deal with. Not just for Americans, but others also.

HulkHogan's picture

Didn't you hear, the real estate is great in Ptuj, Trzic, Krsko, Cmomej, Ajdovscina and all the other unpronounceable city's in that country?

Why does anyone care if a country with less GDP than Disney World goes bankrupt?

Gief Gold Plox's picture

Lol. Go to Google Earth find the places you've named and compare that to a city. Any city.

sangell's picture

Slovenia has an English language newspaper on line. I went to its website a couple of days ago to see what was going on. They had a tourism ad on the page where they interviewed a former finance minister of Slovenia. I felt bad for the country as their showcase attractions seemed to consist of a cave, a not spectacular lake and a moth eaten 'castle' no rock star or billionaire would ever want to buy.

Ratscam's picture

nice, tall ladies though

Kirk2NCC1701's picture

One of them married Trump, who has a thing for German-Slavic women.

eclectic syncretist's picture

Open the motherfucking banks bitchez!

espirit's picture

Mother Nature says the Laws of Gravity can't be broken...

blabam's picture

It's all bullish!'s picture

ECB and IMF playing wack-a-mole with these problematic countries popping up....they better get the big mallets ready for Spain and France

surfsup's picture

How come no ZH comments on this:



The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. "

“The deepest rationale for the BRICS is almost certainly the creation of new Bretton Woods-type institutions that are inclined toward the developing world,” Martyn Davies, chief executive officer of Johannesburg-based Frontier Advisory, which provides research on emerging markets, said in a phone interview. “There’s a shift in power from the traditional to the emerging world. There is a lot of geo-political concern about this shift in the western world.”

MeelionDollerBogus's picture

BRICS Nations Plan New Bank to Bypass World Bank, IMF

By Mike Cohen & Ilya Arkhipov - Mar 26, 2013 9:36 AM ET  

The leaders of the so-called BRICS nations -- Brazil, Russia, India, China and South Africa -- are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban.



Cough, cough, WMD’s, al Qaeda-in-Brazil, cough, cough

pashley1411's picture

They need another slug of Bernanke Balm.

I saw this on a video game once.   Seriously.   You get to a level where the aliens just keep coming, too fast and too furious. 

hugovanderbubble's picture

Next Cyprus is PORTUGAL , period.

Silver Garbage Man's picture

I've never once doubted my faith in physical silver, and every day I am more sure it is the best way to go. I would be terrified to hold my life's savings in any paper.

hugovanderbubble's picture

Then Latvia and Hungary



Edward Fiatski's picture

And France... No.. Wait France has only poor people.

UK then! £25 bln capital shortfall in banks, most of it in the 83% State-owned RBC.

Edward Fiatski's picture

DoucheBank with it's 50x leverage as well - don't you forget that.

Hope you're not saddened, if I didn't mention your country/farm.

NoClueSneaker's picture

DoucheBank HAD an 50X leverage . The stock lost 10% in 3 days.

The risk of bankrupcy WAS 38,5% . ( Champ is Unicredit, Douches must improve ).

But, Jens Weidmann will bail them out . He has 900 Bn. € in PIIGS Bonds wich everyone want to have so desperately.

Boondocker's picture

Just confiscate the City of London....

Going Loco's picture

You mean you actually want all those banksters? Thank God. I thought we'd never get rid of them.

bichat's picture

I remember watching a program about Greece ... it was around their 1st bailout

They said it will happen in that order

Greece, Portugal, Spain, Italy, France...and then Germany

The big question is what is Germany without its partners? Nothing

Never forget that France is Germany's main trading partner

timbo_em's picture

With NPL at a record high of roughly 20 percent of GDP and a socialist government in power, that surge seems reasonable. Troika coming to town! Looking forward to the new one-off measure.

MeelionDollerBogus's picture

Troika to claw back / claw out any money they can?

 No longer in season but…

Better not save,

Better not try,

Better not bank, I’m tellin you why….

Troika-claws is comin’ to town!


NoWayJose's picture

We won't need aid, we can do this on our own...  same words spoken by the Cypriot Central Bank in January...  And Spain's Bankia in 2012...  and Ben Bernanke for years....

Urban Redneck's picture

"We won't need aid, we can do this on our own..." ONLY IF THEY EXCISE THAT CANCEROUS TUMOR ON THEIR BACKS THAT IS THE EURO, before Dr. Frankenfreak and his Brussels Bitchez arrive in town to do their medieval version of "surgery"...