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Visualizing The Cypriot Deposit Confiscation

Tyler Durden's picture




 

From 'why Cyprus could not bail out its banks' to its failed financing needs and the road to confiscation, Demonocracy provides the 'everything you wanted to know about Cyprus' infograph 'but were afraid to read'.

Via Demonocracy,

The big depositors will get hit harder than expected, because a lot of money left the banks right before the banks went into lock-down.

Cyprus' Banks are the first during the last 147 banking crises that will not get a single Euro from EU to bail out the banks. Greek branches of Cyprus banks had €15 Billion in deposits, they were sold last minute to another bank, by so they will not be included in sharing the losses- obviously suspicious. Some people are offering depositors to get their money out of Cyprus for a 20% fee. Cyprus officials are throwing around slogans such as "time for responsibility' (to pay up) just to turn around a week later and oppose it.

With the lack of backbone, the next political move is rather unpredictable. EU officials say Cyprus is a unique case, but EU has many countries with over-sized banking sectors.

The crash of Cyprus financial sector and government bailout sentences Cyprus to a long period of recession and debt. The list of demands by EU to Cyprus for accepting the €10 billion bailout includes things such as freeze on pensions, massive tax increase on just about everything and more taxes.

For America: Bernanke Fails to Answer Concerns about a Cyprus-Style Seizure of American Bank Deposits

 

 

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Tue, 04/02/2013 - 14:58 | 3400471 TeamDepends
TeamDepends's picture

Where's the Monopoly banker fleeing with the bags of cash in his Rolls-Royce?

Tue, 04/02/2013 - 15:26 | 3400570 McMolotov
McMolotov's picture

Where's the electrified Eiffel Tower-sized spiked dildo that got rammed up the Cypriots' asses?

Tue, 04/02/2013 - 18:01 | 3401093 TwoShortPlanks
TwoShortPlanks's picture

I look around when I go out at night and ask myself, "why don't these kids get what's happening?"

Here's why: https://www.youtube.com/watch?v=Qsy7kJyizoc

And here: https://www.youtube.com/watch?v=es3hQ5hMBhg

At least the second clip is a more realistic future.

Bom Bom Bom....Nuff Said!

Tue, 04/02/2013 - 18:06 | 3401127 Slack Jack
Slack Jack's picture

The EU gives the Cypriot system 10,000 per citizen yet Tyler tells us that the EU is stealing from Cyprus.

TYLER IS A TOTAL MORON.

Tue, 04/02/2013 - 19:09 | 3401280 OutLookingIn
OutLookingIn's picture

You have a bank account.

With your money in it.

You work hard for that money and your employer deposits it for you in your account.

Along comes the government and takes your account money away from you. Without asking.

Taking something that is not yours and not asking for permission to take it is... wait for it...

STEALING. Is it not?

Wed, 04/03/2013 - 00:06 | 3402024 thisandthat
thisandthat's picture

Don't feed the trollons (trolling morons).

Wed, 04/03/2013 - 06:14 | 3402374 gold-is-not-dead
gold-is-not-dead's picture

How can a bank go bancrupt if it has 70 billions in deposits?

Answer: quite easy, obviously...

Wed, 04/03/2013 - 10:27 | 3403090 thisandthat
thisandthat's picture

But, but, but... oh, never mind...

Wed, 04/03/2013 - 03:27 | 3402243 View From Germany
View From Germany's picture

You have a bank account.

With your money in it.

You work hard for that money and your employer deposits it for you in your account.

Along goes the B A N K S T E R, takes your account money and goes on a gambling spree.

The money is G O N E.

The Government is U N A B L E to R E I M B U R S E you in F U L L.

The EU partners are U N W I L L I N G to R E I M B U R S E you in F U L L.

No - this is NOT stealing. How can you steal something from an EMPTY vault???

 

Wed, 04/03/2013 - 08:30 | 3402609 View From Germany
View From Germany's picture

Ready for a reality check?

 

"On a morning like this Andreas Neocleous, a 73-year-old man and a behind-the-scenes mover and shaker in Cyprus, would normally drive out to the shore in Limassol shortly after sunrise. He would do his yoga exercises on the beach in the early morning light and then drive home again, shower and eat a light breakfast. At about 7:30, he would be sitting in his office, drinking green tea. He would stay there all day, working until late in the evening -- as always.

His office has its own elevator and occupies the top floor of the Neocleous Tower in downtown Limassol. It's where Neocleous employs scores of attorneys, notaries and experts on holding companies, who represent and advise companies from more than 100 countries.

"This company was my life's work," he says. "I started very small, at a time when Cyprus was completely backward. My father was a farmer. We had a rocky field and exactly 12 chickens. Today more than 100 attorneys work for me. Of course I was happy to have succeeded, but what happens tomorrow?" Today, at any rate, he is running back and forth in his office, cursing and saying that he is going to sue the bankers. They are all criminals, he says, and if he had his way he would lock himself in a room with them for 24 hours -- with a whip in his hand.

[...] 

Neocleous's firm, for example, has accounts with the country's three largest commercial banks. It has about €15 million in accounts with Laiki Bank, and significantly more with the Bank of Cyprus. Neocleous estimates his total loss at about €30 million.

"Only recently, I proudly told a business associate in Japan that my company had enough cash reserves to last two years without a cent in revenues. That's the way you have to do it, I said, and I was proud of myself. I had no idea at the time that the banks were being run by criminals."

 

http://www.spiegel.de/international/europe/cypriots-look-for-a-future-in...

 

Now the $64000 question - WHOM is this obviously quite intelligent cypriot multimillion dollar lawyer angry at?

Germany? The Troika?

 

To me it sounds, as if HE knows all to well WHO is really to blame.


 

Tue, 04/02/2013 - 20:01 | 3401403 RideTheWalrus
RideTheWalrus's picture

"I look around when I go out at night and ask myself, "why don't these kids get what's happening?"

Here's why: https://www.youtube.com/watch?v=Qsy7kJyizoc"

 

Watch these kinds of videos in mute to really understand how stupid humans are.

Tue, 04/02/2013 - 15:35 | 3400601 Ghordius
Ghordius's picture

On the left, tops, the LearJet at the horizon

Cool graphics - I miss the part where 10bn bail money from the other eurozoners are compared to the total population of Cyprus (1 million)

that's a cool 10'000 per head "here, you broke your banks? fix it, this is our participation in it" followed by "we are too tight to give 17'000 per Cypriot, that would look like giving a bad example"

but hey, we eurozoners obviously live in a superstate/s

Tue, 04/02/2013 - 15:59 | 3400720 NoTTD
NoTTD's picture

It's not the same when we can't see his monocle.

Tue, 04/02/2013 - 18:56 | 3401105 Slack Jack
Slack Jack's picture

Ghordius: The EU gives the Cypriot system 10,000 per citizen yet Tyler tells us that the EU is stealing from Cyprus.

So what does Tyler mean when he implies/says the EU is stealing Cypriot money?

He means the Cypriot banks have stolen the money, right?

If a bank invests your money and loses it, then is that theft?

 

Tue, 04/02/2013 - 19:13 | 3401290 OutLookingIn
OutLookingIn's picture

Aaaaand......Its gone!

Tue, 04/02/2013 - 17:11 | 3400962 Stuck on Zero
Stuck on Zero's picture

Did the graphics come from the new Sim City IV: The Debt Bomb?

 

 

Wed, 04/03/2013 - 00:31 | 3402062 thisandthat
thisandthat's picture

Cool graphics down to the actual (old) Volvo FH trucks, although to be nit picking, they forgot standard european trailers have 3x2 wheelsets, not 2x4 as in the US.

Tue, 04/02/2013 - 14:59 | 3400474 DaddyO
DaddyO's picture

A picture is worth a thousand words...

DaddyO

Tue, 04/02/2013 - 15:13 | 3400522 wee-weed up
wee-weed up's picture

Welcome to LegoLand...

Where "little" people are controlled by "big" people.

Tue, 04/02/2013 - 15:20 | 3400552 kliguy38
kliguy38's picture

Don't forget now......"little people" deserve some cake to eat too.........just not too much.

Tue, 04/02/2013 - 16:53 | 3400896 Melin
Melin's picture

Sacrifice and Sufficiency

 

words we shall all live by

Tue, 04/02/2013 - 15:20 | 3400551 DoChenRollingBearing
DoChenRollingBearing's picture

A perfect illustration of "Back up the truck".  Oh, wait..., in reverse!

Tue, 04/02/2013 - 15:26 | 3400569 Sudden Debt
Sudden Debt's picture

Visual management...

I fucking hate it actually... it's so populat these days...

Same at work.. I need to tell stories in pictures so the people understand it.
I CALL IT THE CHIMP TOUCH BUTTON TO GET BANANA MANAGMENT TRICKS!!

Tue, 04/02/2013 - 15:31 | 3400591 fuu
fuu's picture

Why you hating on chimps domo-kun?

Tue, 04/02/2013 - 16:06 | 3400746 DoChenRollingBearing
DoChenRollingBearing's picture

lolol-ing above dialog...

Wed, 04/03/2013 - 13:15 | 3404071 Papasmurf
Papasmurf's picture

It's very effective when the alternative button delivers an electric shock.

Tue, 04/02/2013 - 16:29 | 3400819 dukeland
dukeland's picture

Two words are equally worth the same amount..and scene.. 

Cyprus "template" just crossed the pond into Canada. 

http://business.financialpost.com/2013/04/02/ottawas-bank-bail-in-plan-targets-certain-liabilities/ 

Tue, 04/02/2013 - 15:00 | 3400475 JPM Hater001
JPM Hater001's picture

What you just missed was a Cypriot jumping off the very top of the last building...while engulfed in flames.

Tue, 04/02/2013 - 15:06 | 3400498 BTFDemocracy
BTFDemocracy's picture

There's one standing on top of Bank of Cyprus, ready to jump.

Tue, 04/02/2013 - 15:00 | 3400479 johnQpublic
johnQpublic's picture

cant sleep

mattress too lumpy

Tue, 04/02/2013 - 15:20 | 3400554 Dr. Richard Head
Dr. Richard Head's picture

I loved that story, The Princess and the Precious Metal, right?

Tue, 04/02/2013 - 17:37 | 3401043 Matt
Matt's picture

You need a mattress safe. Just remember to put the safe at the foot of the bed.

http://www.guardian.co.uk/business/shortcuts/2013/mar/29/mattress-safe-bank-with-confidence

Tue, 04/02/2013 - 15:00 | 3400480 francis_sawyer
francis_sawyer's picture

Well at least Laiki Bank had the foresight to build a heliport...

Tue, 04/02/2013 - 15:01 | 3400488 Seasmoke
Seasmoke's picture

it is good to see they have their Heliport in the last picture.....

Tue, 04/02/2013 - 15:06 | 3400501 falak pema
falak pema's picture

much ado about nothing locally; much ado about something globally! 

The Rubicon, and its legacy...

Tue, 04/02/2013 - 15:35 | 3400509 WarPony
WarPony's picture

are the Cypriots reCypriocating - as in rebellion?  Would we?http://www.webcamgalore.com/EN/Cyprus/countrycam-0.html

don't see fires and appears the ships have sailed.

Tue, 04/02/2013 - 15:15 | 3400534 icanhasbailout
icanhasbailout's picture

If you really want to visualize this Cyprus mess, Google "rape porn"

Tue, 04/02/2013 - 15:17 | 3400541 Esso
Esso's picture

Egads, what a depressing day in The New Normal. Stawks up, gold down, print, print, print, loot, loot, loot.

I sure could use a WB7 thread about now.

Tue, 04/02/2013 - 15:37 | 3400607 Racer
Racer's picture

It is not "Deposit Confiscation

It is robbery pure and simple

Tue, 04/02/2013 - 19:16 | 3401300 OutLookingIn
OutLookingIn's picture

THEFT By any other name is still...

STEALING!

Tue, 04/02/2013 - 15:42 | 3400641 FLUSA.com
FLUSA.com's picture

A condo just sold in Miami the (Setai South Beach) for $3,045 per square foot a non-penthouse.  A penthouse that was 7,100 sq ft, in the same building, sold in January for $3,802 per sq ft...yes thats 27Million.  Prices are not up, they are full retard in some spots.  And then I read a story of a lady from China buying a condo in New York ($6M) for her daughter when she goes to college yet the kid is only 6 years old.  This is 2006 retarded..so Cypress doesn't matter...to infiniti and beyond!!! <sarc>

Tue, 04/02/2013 - 16:08 | 3400758 DoChenRollingBearing
DoChenRollingBearing's picture

> $3000 sq ft!  Yow!  2006 retarded indeed.

Tue, 04/02/2013 - 16:11 | 3400774 FLUSA.com
FLUSA.com's picture

Not to mention all the condo fees, taxes, insurance, upkeep, utilities.......buyers are mostly Brazillian or Russian, all cash

Tue, 04/02/2013 - 16:25 | 3400804 22winmag
22winmag's picture

It's good to see the visualizations back.

 

It would be even nicer to see one for firearm and ammunition purchases since the made-for-tv Sandy Hook hoax. I saw more paid actors impersonating bereaved parents reading from teleprompters today.

Tue, 04/02/2013 - 16:27 | 3400811 PontifexMaximus
PontifexMaximus's picture

Who cares about Cyprus? Sunshine, gas stations and restaurants open, even banks, after a decent nice holiday, so what? I couldn't care lesser!

Tue, 04/02/2013 - 16:28 | 3400817 Smuckers
Smuckers's picture

I like trucks.

Tue, 04/02/2013 - 18:20 | 3401165 Herdee
Herdee's picture

The Royal Bank of Canada has the highest exposure to Derivatives in the Canada.There's another big problem.There is no National Securities Regulator.Numerous Provinces and Territories each have their own.The Federal Government in Canada has control over Derivatives.After the housing crisis in the States the Federal Government in Canada bailed the Banks out by removing hundreds of billions of toxic holdings off of the books at the Banks and transferred the toxic waste to CMHC(Canada Mortgage and Housing Corporation).It is essentially an Insurance Company set up by Government that charges extra insurance fees that go into an account which is funded by people that don't have enough downpayment and/or income to qualify for a standard mortgage.They must struggle to pay the extra insurance premium.It's basically backstopped by an Insurance scam.The Government in Canada used this monied up entity to bail out their Banking buddies in Toronto.It was done by Stephen Harper the Canadian Prime Minister who is supposed to be a conservative.He's a conservative with a small "red" c. He also helped bail out GM and Chysler.Here in Canada the Government is now perceived as being a slave to a gang of foreign international entities that they continually attend,which are literally a National Security Threat.It is a corrupt system helped by a Goldmanite who is Mark Carney that has ballooned the deficit to several hundreds of billions of dollars and has also passed a special law to hide what was spent on Afganistan(most likely about 50 billion).

Tue, 04/02/2013 - 19:23 | 3401323 OutLookingIn
OutLookingIn's picture

Don't forget King Stephen the 1st and his new 2013 budget, on pages #144 & #145 calling for a bank "bail-in" in the event that that any "systemically important" financial entity is threatened with insolventcy.

Tue, 04/02/2013 - 21:48 | 3401669 Kirk2NCC1701
Kirk2NCC1701's picture

I have to laugh at all the wise guys on ZH who were quick to jump onto the "Let's blame the Russian oligarchs" game.  Few flagged the fact that this was a classic Magician's Trick (distraction & action), that allowed the Brits to withdraw tons more. 

People are so gullible and easy to manipulate.  Exactly why I'm getting my assets out of the US.

Tue, 04/02/2013 - 21:54 | 3401687 Rompoculos
Rompoculos's picture

Cyprus is leaving the Euro. This is how the Germans say goodbye.

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

Wed, 04/03/2013 - 10:27 | 3403096 natronic
natronic's picture

$145 still going..................the buttcoyn tulip is still gaining speed.....................they say there's a sucker born every minute................as in the case of the buttcoyners..........there was a whole lotta them born in quite a few seconds

Wed, 04/03/2013 - 13:19 | 3404106 Papasmurf
Papasmurf's picture

It's called sucker-mining.  PT Barnum had a sayin'.

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