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Cyprus Banks Reopen Following Two Weeks Closure Under Armed Guard - Live Webcasts

Tyler Durden's picture




 

Moments ago Cyprus banks reopened, under heavy guard, without signs of a stampede. However, since as was made clear yesterday, all bank branches will serve merely as glorified ATMs, allowing for a maximum €300 cash withdrawal and practically no outbound cash transactions allowed, there has been no stampede, and no lines as the bulk of services provided legally are merely what one can find at an automated teller machine. The question is whether the five shipping container full of ECB cash delivered last night into the country will be enough to cover the cash-strapped public's demands, and for how long.

A picture courtesy of Michelle Caruso-Cabrera on the ground in Larnaca captures quite well that while one may not have "stampedes" at least not yet as the banks still are stocked with cash, the lines most certainly are there:

The WSJ writes: "Cyprus's banks were bracing for a stampede of nervous savers as lenders on the island reopened after a two-week long hiatus. But on the streets of the Cypriot capital early Thursday, there was little sign of panic with only a handful of depositors--mostly pensioners--waiting for the banks to formally reopen at noon (1000 GMT) local time. Gregos Hadjisophoklis, a retiree, was queuing outside the central branch of the Bank of Cyprus Pcl, the island's largest lender, since nine in the morning, unaware that the bank would open later than its usual business hours. But he was prepared to wait: he badly needed cash to pay his rent and buy food. "I have to get money because I have no [cash] card. It's been very difficult," Mr. Hadjisophoklis said as he stood in the pedestrian area in front of the bank astride the city's main Ledra Street shopping district. "There may be no one here at the moment but it's early; more will come." Naturally, the full impact of the reopening will not be made apparent for days, when the true liquidity situation of the local system is exposed, however for the time being no panic is evident as the local government has managed to avert a chaotic crisis and loss of all confidence.

AFP adds:

Cyprus banks have reopened under armed guard after a long lockdown, with harsh curbs on withdrawals to stop depositors punished by a eurozone bailout from draining the island's coffers dry.

Bank tellers urged customers not to take out their frustrations when the doors swung open at noon (local time) on Thursday for the first time in 12 days, while authorities trucked in shipping containers full of euros under heavy security.

World markets were jittery over the crisis, which has seen capital controls imposed for the first time by a eurozone economy in order to prevent financial meltdown after the 10-billion-euro EU-IMF rescue package.

Most banks in Nicosia had between one and three guards posted at their entrances early morning, some of them carrying weapons - an alien sight in the generally peaceful east Mediterranean tourist destination.

Banks opened unusually late to allow time to prepare for the new cash curbs and are set to stay open for six hours until 6pm (local time).

Cypriot authorities appealed on television late Wednesday for people to give priority to the elderly as many did not have credit cards and had to withdraw their money over the counter.

Authorities imposed severe restrictions to prevent a run on the banks that could wreak havoc on the island's already fragile economy, with daily withdrawals limited to 300 euros.

The restrictions - which last for a week before they are reviewed - also ban the cashing of cheques and ordered those travelling abroad not to take more than 1,000 euros out of the country.

Under a deal agreed in Brussels on Monday, Cyprus must raise 5.8 billion euros to qualify for the full 10-billion-euro loan from the troika of the European Union, European Central Bank and International Monetary Fund.

Depositors with more than 100,000 euros in the top two banks - Bank of Cyprus and Laiki or 'Popular Bank' - face losing a large chunk of their money.

Five shipping containers reportedly filled with billions of euros were delivered to the central bank late Wednesday, an AFP photographer said. A helicopter and police cars accompanied the cash convoy.

Banking employees union ETYK said staff were ready to go back to work but urged the public not to blame them for the tight controls.

Unlike in other European countries Cypriot tellers are not housed behind glass barriers.

"We must all keep in mind that as bank employees, we are not responsible but on the contrary colleagues are themselves victims of criminal acts and/or omissions that led to this destruction and many are in a very tragic situation," said an ETYK union statement.

* * *

And for those who would rather avoid the media spin, and see for themselves the bank lines in Cyprus without narration, here are two live webcasts, one from RT and one from local Mega TV:

 

 

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Thu, 03/28/2013 - 06:24 | 3384545 Super Broccoli
Super Broccoli's picture

when the head of your central bank is named "Panicos", it's hard not to !

Thu, 03/28/2013 - 06:45 | 3384582 negative rates
negative rates's picture

Has someone been trying to break into that A bank?

Thu, 03/28/2013 - 07:56 | 3384681 Ghordius
Ghordius's picture

funny to see that EUR cash travels in containers - it reminds me how in the Weimar Hyperinflation period assaults on cash transports were very common - until it wasn't worthwhile anymore

Thu, 03/28/2013 - 08:11 | 3384723 francis_sawyer
francis_sawyer's picture

So does this mean that the wheelbarrow token piece in the Monopoly set is going to be replaced with the "Container" token?

Thu, 03/28/2013 - 07:39 | 3384665 Ghordius
Ghordius's picture

A few words to be added to the modern financial vocabulary

 

- enronized: describes when a company has hidden liabilities together with rotten assets mixed with dubious derivatives that are tailored for off-balance sheet vehicles. Deemed legal, just don't get caught or go near bankrupcty

 

- corzined: describes when a company "just notices" that customer accounts have "vaporized". Legal if you are too big to be prosecuted

 

- bernankized: when a global reserve currency goes to NIRP, and so saving accounts are depressed - don't call it stealing, then it's for the greater good. Legal beyond doubt. see "NIRPed"

 

- diesel-boomed: when eurozoners offer to help reorganize rotten eurozone banks with fresh funds (from tax-payer money, of course) against bank stocks if-and-only-if part of the cost is shared by "internal assets" - which can be even deposits above 100k. Legal in the eurozone - though against all Anglo American (Common Law) legal traditions, which would expect a judiciary involvement, a consideration for precedent which is the very basis of Common Law, and seem to express a preference for alternatives, see: "enronized", "corzined" and "bernakized"

Thu, 03/28/2013 - 07:59 | 3384700 Sandmann
Sandmann's picture

Let's think PARMALAT.......or perhaps BANCO AMBROSIANO......or even BCCI

Thu, 03/28/2013 - 08:04 | 3384706 Ghordius
Ghordius's picture

for Parmalat: "ownerized, Italian style" - when a company that was previously family-owned suddently discovers that it was being "enronized" by the previous owners after going public

Thu, 03/28/2013 - 08:05 | 3384710 Ghordius
Ghordius's picture

for Banco Ambrosiano: see "financial suicide": when bankers are found hanging from a bridge in London and it was clearly a suicide. just don't mention that it was impossible for someone to hang himself voluntarily without getting wet in the process

Thu, 03/28/2013 - 08:11 | 3384726 Ghordius
Ghordius's picture

BCCI? you mean Bank of Credit and Commerce International? I'm not familiar with that. I mean there was this involvement of the Bank of England, so I suppose it was... legal?

Thu, 03/28/2013 - 08:35 | 3384798 Disenchanted
Disenchanted's picture

Don't forget Nugan Hand, Riggs Bank, Castle Bank and Trust, Franklin National Bank, Continental Bank of Chicago, etc., etc., etc....

Thu, 03/28/2013 - 09:37 | 3385049 swiss chick
swiss chick's picture

BCCI - Banks of crooks and criminals international (it used to be funny), now they all are BCCI...

Thu, 03/28/2013 - 08:03 | 3384707 Go Tribe
Go Tribe's picture

I noticed in a news report this morning that some Cypriots were keeping their deposits in their banks because it's the patriotic thing to do - they wanted to help Cyprus.

That will be perverted in the U.S. as the reason for confiscating a lot of wealth from us, gold, silver, cash, etc. Those of us wanting to preserve our assets will be labelled unpatriotic and against the common "good".

Perfect obamastrategy.

Thu, 03/28/2013 - 08:17 | 3384743 francis_sawyer
francis_sawyer's picture

Seriously

~~~

Yesterday, because I was truly bored [perhaps to an overly masochistic degree]... I went to see the new movie "Olympus Has Fallen"

What a goddamned piece of garbage... Like, 10x worse than 'Air Force One' garbage... There's one fucking scene where the [North Koreans ~ they're the scary tear out wrists in the movie], are dragging the Secretary of Defense [who is a woman in the movie], to go beat the shit out of her or something... So they're dragging her along the floor & she's, not praying or anything, what's she doing?... Fuckin reciting the 'Pledge of Allegiance' [of flag fame]...

Has fucking "Oscar" written all over it [rolls eyes]...

Thu, 03/28/2013 - 08:26 | 3384768 Chupacabra-322
Chupacabra-322's picture

YuP, just like Zero Dark Thirty.  Won the Oscar for best Psyche Warfare PsyOp Film of the Year.

Jam packed with all the desensitizing, conditioning and programing anyone could want.  Torture, Torture and even more TORTURE. 

Thu, 03/28/2013 - 08:59 | 3384897 TeamDepends
TeamDepends's picture

It's what pays the rent in Hollywood these days.

Thu, 03/28/2013 - 09:07 | 3384937 fiftybagger
fiftybagger's picture

Yeah, we saw that piece of garbage too.  My wife had to keep waking me up.  Pathetic.

Thu, 03/28/2013 - 10:36 | 3385288 dark pools of soros
dark pools of soros's picture

why you guys waste your time with the propaganda stuff..  there are some cool things that still come out or just get netflix, etc and watch stuff from the 50's

Thu, 03/28/2013 - 13:50 | 3385969 vulcanraven
vulcanraven's picture

No shit, literally all I watch nowadays is The League on Netflix. Haven't had cable TV in 3 years, feels good man.

Thu, 03/28/2013 - 08:30 | 3384781 edb5s
edb5s's picture

I know he's a jew (sorry Francis), but I couldn't help be reminded of this skit when reading about the woman SecDef.  http://www.youtube.com/watch?v=kEaef07rD6c&feature=youtu.be&t=2m43s

Thu, 03/28/2013 - 08:43 | 3384821 francis_sawyer
francis_sawyer's picture

I don't care about the fact that, in the movie, they had a woman as Sec. of Defense... I only mentioned it because all the characters in the movie were the same claptrap MIXTURE of carefully placed blacks [Morgan Freeman plays the Speaker of the House ~ who has to come in & save the day], asians, & latinos [The VP in this movie is a latino] & the head of the Secret Service Agency is, of course, a black woman... If you remember the movie 'Air Force One'... Glenn Close [woman] was VP & all the rest was the usual salt & peppering...

I didn't bother to see Zero Dark Thirty because I was afraid I'd find myself tearing my hair out...

Thos OLYMPUS HAS FALLEN is such unadulterated bullshit it isn't funny... The hilarious thing is that in REAL LIFE we spend gazillions on Homeland Security, military, paramilitary, secret service, & whatever else alphabet soup... Yet here, a North Korean gang [literally with towel masks ala Palestinians], takes over the White House in 13 minutes flat...

I guess we're not spending enough...

Thu, 03/28/2013 - 09:13 | 3384972 Chupacabra-322
Chupacabra-322's picture

Yea right, and three jets just managed to break threw the most secure air defenses in the world on the morning of Sept 11, 2001. 

People will truly believe just about anything. 

Thu, 03/28/2013 - 12:39 | 3385195 francis_sawyer
francis_sawyer's picture

LOL ~ Chupacabra... Looks like the 'HS' comment above must have triggered the alphabet soup troll monitors [because somebody junked your, clearly, patently false insight on 9/11]...

~~~

@edb5s [above]

Why should I hate on Ali G whether he's a jew or not?

I've clearly stated umpteen times on this site that:

1. It has zero to do with religion

2. What appears to be 'jew bashing' [to people who do not look beyond the surface of my comments], is, instead, CURIOSITY as to why the 'POWER NODES' in the burgeoning global community [before it becomes UNBURGEONING], which are; banking, political lobbying, & MSM, are controlled by jews to mathematically impossible demographic ratios...

When are people going to get that through their cabesas?

~~~

So, there is no reason for me to hate on Ali G [because he's a jew]... You know ~ like in a way that some posters simply junk all francis_sawyer comments blindly whether or not there's any TRUTH to the comment...

I fucking swear... I could type... "The sky is blue, the birds are singing, & I truly wish you all a wonderful day", and somewhere in AIPAC's computer command center an algo would be triggered to junk the comment...

~~~

It just dawned on me... The garb that these North Koreans wore in this movie made them look exactly like the 'terrorists' from the 1972 Munich Olympics... I mean fucking EXACTLY...

Thu, 03/28/2013 - 14:02 | 3386017 vulcanraven
vulcanraven's picture

Speaking of national security....

 

With all of the money wasted on monitoring US citizens, protecting its borders from "terrorists", and militarizing our police force.... how in the FUCK was some nerd able to purchase a semi automatic rifle, ammunition, body armor, tear gas, and bomb making material—OVER THE INTERNET, and pull off a mass shooting in a movie theater without setting off ONE red flag to the CIA/NSA/FBI/DHS/Utah Data Center/etc?

 

Yet a father posts a picture of his son holding an AR-15 on Facebook and his house gets raided, an ex-marine posts a few anti government rants on his Facebook and his he gets arrested, lather, rinse, repeat.

 

I seriously can't take much more of this shit.

Thu, 03/28/2013 - 08:33 | 3384793 TruthInSunshine
TruthInSunshine's picture

Why do you watch shit like that?

I realize it's easy to be lulled into the world of fantasy/escapism at times like these, but that's the easy way out.

You should've kept it real and gone to see the documentary ZERO DARK KNIGHT THIRTY

 

Thu, 03/28/2013 - 08:45 | 3384836 francis_sawyer
francis_sawyer's picture

I know I know...

~~~

It was a matinee & I was away from home & had 3 hours to kill in the afternoon before an appointment... It was the only movie that the hours fit into the timeframe [besides ~ I knew it was going to be shit beforehand, but I was kind of curious just EXACTLY the kind of shit they are feeding people these days]... It was kind of like getting a craving for a McDonalds cheeseburger...

Thu, 03/28/2013 - 09:11 | 3384960 BLOTTO
BLOTTO's picture

'Keep friends close and your enemies closer'...because sometimes their is important information from that shit they spew at us where we think its completely useless...but actually gives us clues for 'those of us in the know' on maybe what to do or not do next...

.

Not to mention we are all posioned a bit...its too hard to fully leave the matrix as we all participate a lil in it...i.e., watch movies, eat some junk food, follow sports, etc...

.

But everything is occult these days...vampires, monsters zombies, magic, talking salt and pepper shakers - its ALL fanatasy...all these kids growing up are being indoctrinated into the fanatasy world...maybe becasue the reality they have provided us is the illusion...and the fanatasy is the reality...

Thu, 03/28/2013 - 09:47 | 3385096 css1971
css1971's picture

Vampires, werewolves, zombies and the like are all representations of humanity. They all exist within society. You can make your own mind up who is what.

Thu, 03/28/2013 - 10:15 | 3385209 francis_sawyer
francis_sawyer's picture

Yeah ~ I guess 'bitcoins' exist within society along with gold & silver

~~~

You can make up your own mind what is what...

Thu, 03/28/2013 - 15:56 | 3386489 Scarlett
Scarlett's picture

wow, just reached $95.  what is going on?

Thu, 03/28/2013 - 08:07 | 3384715 Chupacabra-322
Chupacabra-322's picture

@ Ghordius,

That's some funny stuff.  I'm laughing my ass off. 

What happened in Cyprus was confiscation of capital (in Cyprus banks) by the EU to offset losses (i.e., the EU/ECB knows the Cyprus debt is unsustainable and they won't be paid back). When they confiscated the depositor's money, they set an ugly precedent. They intend to use this "method" going forward as they continue to bail-out other countries (most likely Spain, Italy or Greece next).

Time-out: Quick reality check. Banks need depositors. They take those deposits and leverage them (as they should) putting that money to work. We all know the scene from "It's a Wonderful Life" where the depositors want their money and James Stewart talks them out of it – right ?

Well, if banks start confiscating their depositor's money – people won't deposit their money in the banks anymore. Then – as deposits decrease – the banks [that are basically over ratio or insolvent] begin to collapse and need further bail-outs, etc. It won't take much to get this snowball rolling with the Euro and that's what you just saw in Cyprus - a small peek behind this curtain at a potential trigger event.

Get your money out of the Euro !!!  The Global Criminal Cabal (Bankster/Intelligence) Crime Syndicate hard at work. 

Very Chilling Times Ahead.

Thu, 03/28/2013 - 08:21 | 3384755 Ghordius
Ghordius's picture

as I'm hinting further below, in Common Law precedent is very important - I'm not a legal expert but I understand that any "new" legal situation is typically with involvement of the judiciary

reactions to this story on the continent were completely different than those in the Anglo American world - this is a fact

as I'm writing here until my fingers bleed (well, not really) we continental europeans have a different legal setup - at the end we are mostly previously revolutionary republics

as I understand the thing the Cypriot debt was never an issue - it's all about the banks - compare with a different story like Ireland that was big enough to bail Anglo-Irish out

the way I see it the Criminal Cabal is telling us all to avoid all things EUR - also because those methods like "diesel-booming" are not "nice" to banks at all - they prefer to see you "corzined"

Thu, 03/28/2013 - 08:29 | 3384777 Chupacabra-322
Chupacabra-322's picture

 "they prefer to see you "corzined"

That's pretty Funny,

thing is, we prefer to "See" them DEAD. 

Thu, 03/28/2013 - 08:43 | 3384822 Ghordius
Ghordius's picture

like after a "financial suicide"?

Thu, 03/28/2013 - 08:57 | 3384890 Chump
Chump's picture

Death would be a gift compared to what I'd like to see.

Thu, 03/28/2013 - 08:45 | 3384830 sumo
sumo's picture

"Well, if banks start confiscating their depositor's money – people won't deposit their money in the banks anymore."

People won't have a choice. Bans on large cash transactions will spread. Bitcoin will be crushed before it becomes significant. Wages, salaries, pensions benefits will be forced to go through the banking system. And then the predators will turn their attention to gold and silver coins ... BOOM goes the Dieselmite.

It's all coming along rather nicely.

Thu, 03/28/2013 - 09:08 | 3384928 Chupacabra-322
Chupacabra-322's picture

The Gobal Criminal Cabal (Bankster/Intelligence) Crime Syndicate envisions a One World Currency anyway. In the meantime they're out stealing and taking money off the streets.

Problem is, the One World Currency is going to be a cashless one controled by the Authoritarian Totalitarian Police State Tyranny. 

Thu, 03/28/2013 - 09:10 | 3384956 Ghordius
Ghordius's picture

the BRICs would for sure welcome a One World Currency - because it would displace the USD hegemony

but the Criminal Cabal? the way I see it they love the current setup, and profit heavily from it

Thu, 03/28/2013 - 09:26 | 3385014 Chupacabra-322
Chupacabra-322's picture

"the way I see it they love the current setup, and profit heavily from it"

It's not a "setup" per se, but a "System" and they own the System.  Especially the Elected Global Criminal Leaders and the Court System they also own. 

Add the Drug Distribution via CIA and money laudering through the TBTFB etc...  and indeed you have a very profitable System.

A Feudal System.  We're just the Slaves. 

Thu, 03/28/2013 - 10:00 | 3385132 Anasteus
Anasteus's picture

If this all were to take place there would be no shorter way to their own suicide. Go over history.

Thu, 03/28/2013 - 08:26 | 3384769 Disenchanted
Disenchanted's picture

New entry: Cypriotized...

Thu, 03/28/2013 - 08:37 | 3384806 Ghordius
Ghordius's picture

I personally find diesel-boomed has a better sound - it's after all a template, isn't it? ;-)

Thu, 03/28/2013 - 07:58 | 3384690 Ghordius
Ghordius's picture

 

Meanwhile the greatest anguish in the English-speaking financial press (which I initially understood as 100% propaganda until I realized that it's really based on a completely different cultural and legal view on the matter) has been for: 


- the discussion of the possibility of having the "sacrosanct" smaller-than-100k accounts touched. Here the later reaction in the eurozone parliaments was quite unanimous: they should not be touched and they were not touched - and yet we had all to witness the incredible scene of the Cypriot delegation asking this question to the Cypriot parliament

 

- how badly the account holders were "robbed" (a word that is not allowed in the modern financial vocabulary). No mention of the fact that this money is deemed to be exchanged for bank stocks - the common assumption is that it's being "corzined" - see also "vaporized"

 

rumours that the Cypriot parliament has been bypassed by "eurocrats" - or not been asked at all - which is simply not true, see hereherehere,here, and here and here - the unpalatable truth is that the Cypriot parliament passed all necessary laws before every round of negotiations

 

- new discussions headed by Prof. Dr. Krugman how Cyprus would be soo much better off by leaving the eurozone - a question that has either little to do with the current Cyprus situation involving it's banks or would imply that Cyprus should forcibly exchange the current euro-liabilities of their banks into Cypriot Pounds - which would beg the question if account holders would be better off by such a classic "corralito" manouver

 

Thu, 03/28/2013 - 08:42 | 3384817 chubbar
chubbar's picture

I find the whole discussion interesting as well. Here's my understanding of what happened and would be interested in whether or not I have some facts wrong?

The banks, which I understand are private institutions, took depositor money and invested them in Greek Bonds that subsequently lost a lot or all of their value. A side question is whether these bankers were ordered or strongly advised to do this by the EU? This seems to be a pretty blatant case of malfeasance either way.

So, the banks lost the money and there is no money to pay depositors, it's gone (or most of it). What is the general consensus of how a private bank should face this situation? First, the bondholders and equity holders take the write downs all the way to zero if necessary. I think we all agree on that.

What happens, or should happen then? Insurance? With what reserves? There are no insurance reserves that cover this amount, just like here in the U.S. Here in the U.S. the FED "could" step in and print the money, but not in Cyprus apparently. So, without insurance reserves the decision is whether the remaining depositors take the hit or the gov't steps in with additional taxes on folks completely unrelated to the bank (or a combination, which is what I think they are doing). I say taxes because the gov't doesn't have any money and the money it does have comes from taxes which is really just money they steal from the general public.  In this case they were intitially going to spread the pain by making all depositors "donate" to the cause. That changed after public outrage, to them taking the money just from the folks with over 100K in deposits and essentially making those depositors cover the loss of the under 100K depositors. It's just a case of who they are taking the money from to cover the bad bets of the bankers as I see it.

I don't see any discussion of the culpability of the bankers, claw backs of bonuses (if any were paid) and/or holding them personally responsible in any way what so ever. Assuming that the bonds/equity holders go to zero (and they should but who knows the reality of what they are doing here), I don't see what other pot of money they can go after other then the depositors? What am I missing here?

Thu, 03/28/2013 - 08:57 | 3384874 Ghordius
Ghordius's picture

malfeasance: 100% correct

while the EU is usually described as a "monoithic bloc" the whole thing was covered by an EU law asking all member countries to set up an insurance - making a national matter and making Cyprus too small to have anything sensible in place for such a huge banking system - and making it too small to bail the banks out through new sovereign debt (like Ireland did)

I still think that the "outrage proposal" was somehow constructed and later well exploited - I have no clue by whom but it could not have been done without the help of the (British)-Cypriot finance minister and the Cypriot President

but the current "solution" is after all a restructuration of bank liabilities - "oh, here, you had cash, now you have cash and bank stocks, aren't you happy?"

Thu, 03/28/2013 - 09:03 | 3384918 jdelano
jdelano's picture

Guys, if you thought Krugman was bad enough, check out the new Yeswoman Bernank dug up to replace him....

http://www.bloomberg.com/news/2013-03-28/proving-greenspan-wrong-shows-w...

 

I wonder sometimes, are these people really insane powermongers, or are they really just this fucking stupid?  

Thu, 03/28/2013 - 06:29 | 3384546 mdtrader
mdtrader's picture

Non event this. China down 2.6% overnight and South Korea cut its GDP forecast from 3% to 2.3%. Eventually the slowdown around the world will hit US earnings numbers.

Thu, 03/28/2013 - 08:46 | 3384838 exi1ed0ne
exi1ed0ne's picture

What do you mean eventually?  Those numbers are so fluffed and pulled forward there better damn be magical unicorns and leprichans spending like mad by Q3-4.

Thu, 03/28/2013 - 06:25 | 3384547 lolmao500
lolmao500's picture

Wanna bet the ``one week`` capital controls last at least a month?

Thu, 03/28/2013 - 06:42 | 3384576 Sudden Debt
Sudden Debt's picture

well... nobody really mentions it but...

THE RESTRICTIONS ALSO APPLY FOR CYPRUS PEOPLE TRAVELLING OUTSIDE THE COUNTRY!!!!

THIS ACTUALLY MEANS TRAVEL RESTRICTIONS AS YOU'RE NOT ABLE TO HAVE CASH TO MAKE THE TRAVEL!!!

THE PEOPLE OF CYPRUS ARE NOW IN A LOCKDOWN SITUATION!!!!

YOU CAN GO OUT! BUT YOU CAN'T TAKE ANYTHING WITH YOU!! IT'S THE FINANCIAL CHAIN!!

 

Thu, 03/28/2013 - 06:48 | 3384584 negative rates
negative rates's picture

Darn, I can look at the menu, but I can't eat?

Thu, 03/28/2013 - 08:12 | 3384727 Temporalist
Thu, 03/28/2013 - 07:19 | 3384632 zerozulu
zerozulu's picture

 

LOCKDOWN SITUATION!!!!

 

Like we have TSA here, kind of!!!

Thu, 03/28/2013 - 08:07 | 3384708 GetZeeGold
GetZeeGold's picture

 

 

Do they have billions of bullets too? When does the DHS get it's cruise missiles?

Thu, 03/28/2013 - 08:51 | 3384861 sumo
sumo's picture

When does DHS get its drone-ready polonium rounds? Purely for defensive purposes of course.

Thu, 03/28/2013 - 08:05 | 3384709 Go Tribe
Go Tribe's picture

They're creating the 21st Century New Iron Curtain. Some countries will be free, others slaves.

Thu, 03/28/2013 - 08:17 | 3384742 pods
pods's picture

Lemme know when you find a free one.

pods

Thu, 03/28/2013 - 08:31 | 3384787 GetZeeGold
GetZeeGold's picture

 

 

Mother should I trust the government?

 

Mother should I build the wall?

http://www.youtube.com/watch?v=UdvIUHw31js

Thu, 03/28/2013 - 08:18 | 3384746 Bold Eagle
Bold Eagle's picture

"Political freedom cannot exist without economic freedom; a free mind and a free market are corollaries." Ayn Rand

Thu, 03/28/2013 - 08:54 | 3384867 sumo
sumo's picture

Did she say that before, while, or after taking Social Security and Medicare?

Thu, 03/28/2013 - 07:06 | 3384609 firstdivision
firstdivision's picture

Wanna bet that these capital controls will only apply to Cyprus banks in a month?

Thu, 03/28/2013 - 08:08 | 3384720 BullsNBeers
BullsNBeers's picture

Why should they ever end the controls? They could not have more blatantly announced that they planned on stealing depositors money and the Cypriots bent over and took it without so much as a peep.

Expect MUCH more of this.

Thu, 03/28/2013 - 06:26 | 3384548 bigwavedave
bigwavedave's picture

Anthropologists and Behaviorial Scientists converge on Cyprus to witness the rare sight of "Sheeple" lining up after their fleecing.  

Thu, 03/28/2013 - 07:12 | 3384621 valley chick
valley chick's picture

+1  More truth than not in that statement bigwavedave.

Thu, 03/28/2013 - 07:26 | 3384640 King_Julian
King_Julian's picture

+1 hypnotic avatar

Thu, 03/28/2013 - 08:06 | 3384711 Go Tribe
Go Tribe's picture

...lining up  after their fleecing for their butt fucking."

There, fixed it.

Thu, 03/28/2013 - 08:56 | 3384881 sumo
sumo's picture

After their mulesing and sulphuric acid enemas.

Thu, 03/28/2013 - 06:26 | 3384549 zorba THE GREEK
zorba THE GREEK's picture

Cypriots are permitted to visit their money and even take a small sample with them, a very small sample.

Thu, 03/28/2013 - 07:15 | 3384619 Mototard at Large
Mototard at Large's picture

Hey Zorba.  Do you known ZIRPa the Greek? I heard he works over at their central bank.

Thu, 03/28/2013 - 07:18 | 3384630 zorba THE GREEK
zorba THE GREEK's picture

No but I know ZERO the Greek, he's in charge of interest rates at the Fed.

Thu, 03/28/2013 - 06:30 | 3384550 RSBriggs
RSBriggs's picture

Ripped off, and they act like sheep.  So, what this trial balloon says to TPTB that it's time to shear the flock.  They're sufficiently controlled and ready for it.   Now, if we can just get those pesky "weapons of war" out of the hands of Americans so we can do the same there, and our coupe will be complete.   World wide slavery...

Sheep.   Baaa.   Baaaa.  Baaaa.....

Thu, 03/28/2013 - 06:37 | 3384568 e-recep
e-recep's picture

this one is better.

Thu, 03/28/2013 - 06:29 | 3384559 Super Broccoli
Super Broccoli's picture

Laiki bank couldn't open due to technical issues ?????? can anyone confirm this ?

Thu, 03/28/2013 - 06:31 | 3384560 RSBriggs
RSBriggs's picture

Technical issues??  I thought it was to be closed and shuttered.  Bad bank and all...

Thu, 03/28/2013 - 06:31 | 3384562 Mr. Hudson
Mr. Hudson's picture

Can you imagine how many armed robberies there would be if people came running out of the banks with tens of thousands of their Euros stuffed in bags?

Thu, 03/28/2013 - 06:34 | 3384566 Sudden Debt
Sudden Debt's picture

that's why people need guns in a SHTF moment.

Thu, 03/28/2013 - 08:33 | 3384795 GetZeeGold
GetZeeGold's picture

 

 

Hopefully with maximum magazine capacity.

Thu, 03/28/2013 - 09:40 | 3385057 css1971
css1971's picture

Anything you could possibly use to successfully disobey is or will be made illegal and removed well before the thought of possible use passes through the mind of your average citizen.

Thu, 03/28/2013 - 06:32 | 3384563 Tinky
Tinky's picture

From The Telegraph's Ambrose Evans-Pritchard 

 

All are being deceived.

It is not a bail-out. There is no debt relief for the state of Cyprus. The Diktat will push the island’s debt ratio to 120pc in short order, with a high risk of an economic death spiral, a la Grecque.

Capital controls have shattered the monetary unity of EMU. A Cypriot euro is no longer a core euro. We wait to hear the first stories of shops across Europe refusing to accept euro notes issued by Cyprus, with a G in the serial number.

The curbs are draconian. There will be a forced rollover of debt. Cheques may not be cashed. Basic cross-border trade is severely curtailed. Credit card use abroad will be limited to €5,000 (£4,200) a month. “We wonder how such capital controls could eventually be lifted with no obvious cure of the underlying problem,” said Credit Suisse.

The complicity of EU authorities in the original plan to violate insured bank savings – halted only by the revolt of the Cypriot parliament – leaves the suspicion that they will steal anybody’s money if leaders of the creditor states think it is in their immediate interest to do so. Monetary union has become a danger to property.

 

Thu, 03/28/2013 - 08:08 | 3384719 Go Tribe
Go Tribe's picture

The banks have most of us by the balls. They still have some cash in deposit, so people won't burn them to the ground.

Thu, 03/28/2013 - 06:39 | 3384564 Sudden Debt
Sudden Debt's picture

Friday... the first paychecks will be paid. Than people will start the pull cash out of the wall.

Saturday, people will start to spend cash to build up a storage of food in case it happens again.

Sunday, pretty quiet.

Monday: last withdrawls

Thuesday: THIS IS WHEN MONEY HAS TO RETURN TO THE BANK OR PROBLEMS WILL OCCUR!!!

the average paycheck in Cyprus is along the 1200 euro mark. That's where the 300 euro limit comes from.

So a 4 day spending and withdrawl spree is calculated into the game. Day 5 needs to be stabilized.

The news will report how quiet everything is and hopefullly it will stay like that.

Nobody wants a bankrun te happen and cause problems for us. The longer the shitstorm doesn't happen the longer we can profit from the preperation moment.

Thu, 03/28/2013 - 06:44 | 3384580 Gief Gold Plox
Gief Gold Plox's picture

You forgot FRIDAY (night, just after US market close): Someone with "power" fucks with the system.

Thu, 03/28/2013 - 08:01 | 3384705 Bobbyrib
Bobbyrib's picture

Do Cypriots get paid in cash? What company in Cyprus is going to have the cash to pay its employees? Everything will just keep going back into the banks and won't be allowed to be withdrawn too quickly. So when they get paid it will have to remain in the banks thanks to the capital controls. It has to, or else what said about the banking collapse is true. They can't let that happen. 

Thu, 03/28/2013 - 06:34 | 3384565 Super Broccoli
Super Broccoli's picture

"we've got a technical issue with your money, stay in the line"

Thu, 03/28/2013 - 06:40 | 3384571 Sudden Debt
Sudden Debt's picture

yeah... it's printed on toilet paper...

Thu, 03/28/2013 - 07:29 | 3384644 tarsubil
tarsubil's picture

So there is a use for it! We're on the toilet paper standard. Things don't seem so bad afterall.

Thu, 03/28/2013 - 06:38 | 3384569 Awakened Sheeple
Awakened Sheeple's picture

Bullish. We get a 30 handle on the S&P today.

Thu, 03/28/2013 - 06:43 | 3384579 Mad Mohel
Mad Mohel's picture

They'll take it and ask for seconds.

Thu, 03/28/2013 - 06:44 | 3384581 Peter Pan
Peter Pan's picture

The people are exhausted and need some cash, in fact any cash, to meet their immediate and pressing needs. Civility will evaporate as more of the truth comes to light and as shrinking economic activity further affects employment and therefore incomes.

It is still early but I feel an eerie darkness coming on.

Thu, 03/28/2013 - 06:48 | 3384585 Super Broccoli
Super Broccoli's picture

nah they definitly showed the world they were sheep ! if only EU and Anastasiades knew they wouldn't have bothered securing under 100k accounts !

Thu, 03/28/2013 - 06:55 | 3384600 Peter Pan
Peter Pan's picture

There will come a time for hanging politicians but practicalities dictate that the household be fed and bills be paid first.

Thu, 03/28/2013 - 07:23 | 3384635 CaptainObvious
CaptainObvious's picture

People should be fed, yes.  But if those bills are due to be paid to Cypriot banks or the Cypriot government, every Cypriot ought to use the excuse "I'm sorry, but I can't write you a check, pay with my credit card, or get my cash out of the bank to pay you."  One good assrape deserves another.  If they're not going to rise up and defend their rights with arms, they should at least rise up and defend their rights with what's left of their wallets.

Thu, 03/28/2013 - 07:25 | 3384639 valley chick
valley chick's picture

They are sheeple CaptainObvious.  They haven't figured it out yet.

Thu, 03/28/2013 - 07:39 | 3384663 CaptainObvious
CaptainObvious's picture

Yes, but even sheeple get hungry and need to be fed.  That's when the bloodshed starts.   The rule of thumb is that the average person only has a week's worth of food at home, and since prices are higher in Cyprus as compared to the rest of the EU, it won't be long before the Cypriots start to feel the pain of empty bellies because they can't get enough money out of the bank to shop for groceries.  And since the suppliers are insisting on cash payments, it's going to be damned fucking hard for the grocery stores to restock shelves.

Thu, 03/28/2013 - 07:46 | 3384679 valley chick
valley chick's picture

Bloodshed?  I picture more of the Black Friday scene first.

Thu, 03/28/2013 - 07:31 | 3384651 RSBriggs
RSBriggs's picture

Their idea of rising up was to have a solidarity concert, and a group sing of Kumbaya...

Thu, 03/28/2013 - 06:47 | 3384583 virgilcaine
virgilcaine's picture

The Island experiment has failed.

Thu, 03/28/2013 - 06:49 | 3384587 Anasteus
Anasteus's picture

This all is so humiliating. People were outright robbed by their government yet not taking part in riots or open defense. That's the misery of the sheeple; once getting scared they immediately back off not to lose that little still remaining in their possession... until they lose everything and become full-fledged sheep.

How much one has to lose to finally wake up? Must really be history repeated?

Thu, 03/28/2013 - 06:51 | 3384589 Super Broccoli
Super Broccoli's picture

looking at those scenes, one thing comes to my mind : if you don't fight against it, you deserve it !

Thu, 03/28/2013 - 07:36 | 3384638 Anasteus
Anasteus's picture

Well, what I don't understand either, is the way how the elected class treats its electorate. Are they happy with preferring their own interests to those of whom they should represent? Don't they feel basic accountability to serve and not to exploit? Don't they feel the basic human attributes such as compassion, sympathy or at least shame for failed due diligence?

To put it simply, we have wolves and sheep. Both belonging to the animal realm. But where the heck are THE PEOPLE?

Thu, 03/28/2013 - 07:40 | 3384667 CaptainObvious
CaptainObvious's picture

"Are they happy with preferring their own interests to those of whom they should represent?"

Well, yes.  That's why people seek elected offices in the first place.  Money and power.

Thu, 03/28/2013 - 08:02 | 3384703 blabam
blabam's picture

Thanks captain obvious

Thu, 03/28/2013 - 13:16 | 3385847 bigyimmy007
bigyimmy007's picture

See, you have to look at basic human nature. A normal human attempts to take into account the feelings of human beings their actions affect and cannot fathom others having such disregard for human life.

But a sociopath does not, and rather enjoys boosting their own value (socially as well as financially) at the expense of others. And guess who ends up in the government seats of power.

Thu, 03/28/2013 - 06:50 | 3384588 jubber
jubber's picture

DOW only up 70 points now to the HOD...sigh

Thu, 03/28/2013 - 06:52 | 3384591 Super Broccoli
Super Broccoli's picture

and euro back over 1.28 ...

Thu, 03/28/2013 - 06:54 | 3384593 gatorengineer
gatorengineer's picture

Everyone is missing the big point....

 

This is now a test of what people do under these circumstances.... it is being closely watched scrutinized and learned from....... Lessons learned will be applied world wide.

 

Do you now see the purpose of the billion rounds and the Armored Personnel Carriers....

 

It wasnt for the day when the EBT cards quit working it was for the day the ATM cards do.....  and the EBT cards are the only ones that will work.

Thu, 03/28/2013 - 08:12 | 3384728 Go Tribe
Go Tribe's picture

8000 bank branches in the U.S. If 100 are torched, the gov sends it minions to protect the other 2000 or so in the heavy urban centers, thereby concentrating its defensive assets. Not a good strategy when surrounded by pissed off people.

Thu, 03/28/2013 - 06:55 | 3384598 Moe Howard
Moe Howard's picture

Queue up and if you are nice we will let you have a bit of the cash you saved for your old age.

Fuck those cunts.

 

A few terminal cancer patients following the Arab lead aka human F16. That might wake folks up. Or not.

Thu, 03/28/2013 - 06:55 | 3384599 goldenbuddha454
goldenbuddha454's picture

IMO, bullish coffee as coffee cans will soon be in high demand to be buried in one's backyard as the best and last place for people to put their money/gold/silver as governments around the world begin deposit confiscation enmass.  Remember the socialist/communist credos, "We're all in this together" and "it takes a village" and "from each according to their means, to each according to their needs".

Thu, 03/28/2013 - 06:57 | 3384603 Paper CRUSHer
Paper CRUSHer's picture

Funny one day i kid you not i asked the kids which one do you like best,the original paper monopoly or the electronic credit card version board game?................"pa,i like the one with the paper money" said my 6 year old daughter,why i asked?....." when the batteries run out we can't play" she repilied...LOL.

Thu, 03/28/2013 - 07:00 | 3384605 Super Broccoli
Super Broccoli's picture

so the analysis is :

 

1. people are not ready to get violent, they might even never be

2. the real bank run starts when you can actually get your money out of the shit

Thu, 03/28/2013 - 07:03 | 3384608 e-recep
e-recep's picture

where are the masses? i don't see any masses.

Thu, 03/28/2013 - 07:07 | 3384611 fonzannoon
fonzannoon's picture

They are at home after adding their atm withdrawal to their etrade account. The SPX is on their radar.

Thu, 03/28/2013 - 07:09 | 3384616 Super Broccoli
Super Broccoli's picture

hum i wonder how many 4999,99 transfers will be done today ...

Thu, 03/28/2013 - 07:12 | 3384620 zorba THE GREEK
zorba THE GREEK's picture

Only old people in Cyprus have money, young people can't get a job.

Thu, 03/28/2013 - 07:54 | 3384688 TBT or not TBT
TBT or not TBT's picture

For the same reasons as in Spain? Where they simultaneously have an unusually low number of youth(low birth rates), meaning low supply of young workers, but even lower demand for them from employers?

What is the deal? Excessive minimum wages? Impossibility of firing or reducing hours or pay of older workers? Ie price fixing by gov? Simple lack of industries for too many youth?

Thu, 03/28/2013 - 07:09 | 3384613 Satan
Satan's picture

I have a German neighbour and this is what he had to say...

" FuckingCypriots! What the fuck is a Cypriot except a second class Greek. We already know that the Greeks are second class Europeans, which puts these useless fucks somewhere between Bulgarian car thieves and Algerian pick pockets...fuck them! "

I laughed but now I'm a little scared of him.

Thu, 03/28/2013 - 07:36 | 3384662 nicxios
nicxios's picture

Crispy Germans burn really well. Ask Dresdenites. Also make for good whores. Better a Russian on my stomach than an American over my head, they say.

Thu, 03/28/2013 - 08:00 | 3384701 Sandmann
Sandmann's picture

Tasteless comment..in Hamburg they melted

Thu, 03/28/2013 - 08:49 | 3384847 Non Passaran
Non Passaran's picture

What an idiot.

Tylers how many times do we have to ask for the "Ignore User" feature?

I'd pay you $1/month for it.

Thu, 03/28/2013 - 08:59 | 3384900 LFMayor
LFMayor's picture

Out of Pamprin, again?

Thu, 03/28/2013 - 08:35 | 3384799 Urban Redneck
Urban Redneck's picture

I'd look to move to neighborhood with smarter neighbors if I were you.

Thu, 03/28/2013 - 08:36 | 3384804 Ourrulersknowbest
Ourrulersknowbest's picture

I still have to believe in humanity.is the average German a power hungry imperialist?I don't think so.the problem may lie in the fact that they seem trustful of authority and so are willing to trust the power hungry imperialist fuckers they elected.

Thu, 03/28/2013 - 08:57 | 3384891 Zwelgje
Zwelgje's picture

Could it be that people who vote for power hungry imperialist fuckers are themselves wannabe power hungry imperialist fuckers but just not 'well' connected? Are the masses asses or just dumb?

Thu, 03/28/2013 - 07:09 | 3384615 goldenbuddha454
goldenbuddha454's picture

Prediction: this article will get over 80,000 reads today, possibly over 100,000

Thu, 03/28/2013 - 07:11 | 3384622 e-recep
e-recep's picture

around 4000 reads within the first 40 minutes.

Thu, 03/28/2013 - 07:28 | 3384642 CaptainObvious
CaptainObvious's picture

I'll bet you're right...do you accept Cypriot Euros?

Thu, 03/28/2013 - 07:10 | 3384617 disabledvet
disabledvet's picture

I think the bigger deal is getting the cash to businesses so they can restock shelves and pay employees. So far so good it would appear...but obviously you can't run a business on 300 euros a day.

Thu, 03/28/2013 - 07:13 | 3384627 Super Broccoli
Super Broccoli's picture

i'm waiting for a german pundit to explain me how this cap control as been fantastic for cyprus' trade ballance !

Thu, 03/28/2013 - 09:06 | 3384931 sumo
sumo's picture

"You have to Destroy the Maastricht Treaty to Save It."

http://globaleconomicanalysis.blogspot.com/2013/03/you-have-to-destroy-m...

 

Thu, 03/28/2013 - 07:13 | 3384623 q99x2
q99x2's picture

If they wouldn't keep money in banks where it isn't safe they wouldn't be having these roblems. Don't let your money near a bankster unless you desire it to be stolen. Banksters are like pedophiles they can't help themselves. They need to be locked up.

Thu, 03/28/2013 - 07:13 | 3384625 css1971
css1971's picture

Turning credit into paper massively increases the money supply.

This should be interesting.

Thu, 03/28/2013 - 07:14 | 3384626 Mototard at Large
Mototard at Large's picture

Savers and takers will be the new arena of struggle for the next couple of years.  What we are seeing in Cyprus and Spain is unnerving for many people – especially savers.   The government, the Banks and supra-national organizations are creating new policies that say they can take your savings. This includes USA and UK.   http://tinyurl.com/d9d74qf

Thu, 03/28/2013 - 07:31 | 3384652 CaptainObvious
CaptainObvious's picture

I wish them luck with that.  My bank accounts only have token cash in them to keep current with the terms of the bank, and I borrowed all the money out of my 401(k) after discontinuing contributions to it.  There's nothing left for them to take unless they show up on my doorstep and look me in the eye.

Thu, 03/28/2013 - 07:30 | 3384650 LongSilverJohn
LongSilverJohn's picture

Anyone know if authorities have also frozen access to safe deposit boxes? Keeping PMs at the bank works unless they try to seize that, too...

Thu, 03/28/2013 - 07:34 | 3384655 CaptainObvious
CaptainObvious's picture

The banks were most likely closed all this time for several reasons:

1) to let the elite move their money

2) to print up an adequate supply of Euros to fund these paltry little withdrawals the Cypriots are being allowed to make

3) to inventory and confiscate the contents of all safe deposit boxes

If you don't have it in your hands, you don't have it.

Thu, 03/28/2013 - 08:31 | 3384785 zerozulu
zerozulu's picture

If you have it in your hands it is your's, either you own it or not. Gold or money or whatever.

Thu, 03/28/2013 - 07:38 | 3384659 RSBriggs
RSBriggs's picture

The only gold they confiscated in the US (when they declared it illegal to own) was from safe-deposit boxes.   They cut off the owners' access to them and drilled them all open to see if there was gold in them.   If there was, it was confiscated.  That was the ONLY gold they located and confiscated. 

Do you really think that a safe deposit box, totally controlled by the bank, and residing inside of a vault that YOU don't have the combination to, is safe????

Thu, 03/28/2013 - 07:50 | 3384677 e-recep
e-recep's picture

here's an excerpt from wikipedia, but i am not sure if it portaits the truth.

"In fact, safe deposit boxes held by individuals were not forcibly searched or seized under the order and the few prosecutions that occurred in the 1930s for gold hoarding were executed under different statutes. One of the few such cases occurred in 1936, when a safe deposit box containing over 10,000 troy ounces (310 kg) of gold belonging to Zelik Josefowitz, who was not a U.S. citizen, was seized with a search warrant as part of a tax evasion prosecution."

http://en.wikipedia.org/wiki/Executive_Order_6102

Thu, 03/28/2013 - 08:10 | 3384725 chubbar
chubbar's picture

Seems like gold confiscation may already be happening here in the U.S.

"I woke up and thought . I think i will go to the bank today and see the gold coins my grandpa gave me about 15 yrs ago as its been about 2 yrs now since I have been to the Bank Box. So when i got there the bank mgr asks me how are you today, Mr Jones i am fine I would like to see my bank BOX please !!!!. Senior Officer–OK- Mr Jones this way . So he takes me into the vault room and Brings me my safety deposit Box here’s your box Mr Jones, take as long as you want , Ok thank you i said . To my surprise the (2 dozens GOLD KRUGERRANDS) that I had are GONE!

WHAT!!!!!!! Mr mgr where are my coins who has been in the box– No one should have been in it- its My box .

The bank mgr said the CIA has taken them, they think you are in the MOB . What there has not been a police officer notify me or i have knot been arrested for anything! that’s B . S !
You will hear from my lawyer so that’s were i am at right now. But here is the kicker– there was money in the box to and it was knot touched . I am still waiting for my lawyer to get back with me at this time . The bank was 5/3 of CINCINNATI OHIO, so if anyone has a bank box with this company or any bank at this time –PLEASE get your stuff out of your safety deposit boxes now before its too LATE!!!!!!!!"........

http://www.silverdoctors.com/gold-confiscation-begins-report-of-2-dozen-gold-krugerrands-stolen-from-safety-deposit-box-by-cia/

Thu, 03/28/2013 - 08:43 | 3384825 e-recep
e-recep's picture

this is based on anectodal evidence. i call it bullshit.

Thu, 03/28/2013 - 08:15 | 3384735 Go Tribe
Go Tribe's picture

That's simply not true. Provide a link otherwise. The only people who's gold was seized in boxes were the several who were investigated for tax violations and their assets seized. This was extremely rare. Do your research.

Thu, 03/28/2013 - 08:42 | 3384818 Urban Redneck
Urban Redneck's picture

They don't drill safe deposit boxes in mass confiscations, they simply remove the cabinet from its pedestal and remove the back panel.  At most they damage a bit of sheetrock and trim molding in the process.

Safe deposit boxes are a good metaphor for the false sense of security that the bankers and the politicians are so keen to provide. 

Thu, 03/28/2013 - 07:41 | 3384670 jubber
jubber's picture

@paulmasonnews: Paul Mason At a Co-op bank in Nicosia, savers queue: one man's lost 50k, and will lose 2x properties; another's ISA matured but has been frozen

Thu, 03/28/2013 - 07:41 | 3384672 larry david
larry david's picture

What I am wondering is, are there deposit limits? Will there even be a single deposit all day? Eagerly awaiting a CNBC "breaking news" alert that someone, anyone (politician/banker/michelle carusso cabrera) did a deposit for €600 and the Dow soars 50 pts instantly. 

Thu, 03/28/2013 - 07:52 | 3384689 CaptainObvious
CaptainObvious's picture

I sincerely doubt there are deposit limits, just as I sincerely doubt this is a "one time" levy.  I feel genuine pity for any Cypriot whose employer does not pay them in cash from now on.  Since the employers are now not allowed to write paychecks, they will have to either pay employees in cash (which they most likely don't have, as it is tied up in the fucking banks) or they will have to do direct deposit, which means the Cypriots will most likely never see their money again since the government will confiscate it before they can withdraw the cash.  Get it out now, folks, and convert to hard assets.  Cyprus is the warning shot for all other nations.

Thu, 03/28/2013 - 08:07 | 3384718 Monedas
Monedas's picture

I've had a $300 limit for years at my ATM .... of course, I'm a high flight risk !

Thu, 03/28/2013 - 07:50 | 3384687 Downtoolong
Downtoolong's picture

OK team, here’s our challenge. We’ve got to find the one idiot in this crowd today who is actually making a deposit so we can feed him a line of bullshit to say in a mock interview. If we’re going to make the 6:00 o’clock news in New York we’ve got to find our target in the next eight hours. Let’s move.

Arnie, Field Producer for CNBS  

Thu, 03/28/2013 - 08:02 | 3384702 Monedas
Monedas's picture

What if you had $200K Euro in a Cypriot bank .... your life's savings .... and you had finally made the decision to invest half of it in Gold .... and now you can't even get your hands on your fiat .... and you watch Gold start drifting away from the dock .... now, that's a boating accident !    Monedasnote:  5 containers would hold a lot of Euro filth fiat .... a million would fit in an attache case ?

Thu, 03/28/2013 - 08:01 | 3384704 PontifexMaximus
PontifexMaximus's picture

the Cyprus bank closing was a full success: no harm, no deads, everything under control and: 1 bank (competitor) away and Cyprus for the future as offshore place irrelevant, thanks to Wolfie. Well done. The Greek banks are even more happy, they have been capit. by EU states and could take over the branches of Cypriot banks. Dieslboom is the big master of the universe, a full win win situation. And on top, markets are yawning and moving higher. Why don't we close all PIG banks down, just to have a look, whats happening, any guts and balls,  Wolfie & Dieselboom?

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