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Cyprus Suspends Probe Into Who Withdrew Money Early

Tyler Durden's picture


In a day full of stunners, we next get news from Cyprus, where a few weeks after the start of the "investigation" into who pulled their cash out of the country's doomed banking system in advance of the confiscation news on March 16 (and where even the current president was implicated in transferring over €20 milion in family money to London) the parliamentary committee tasked with tracking down the leaks, has suspended its probe.

As it turns out, it was "all the central bank's fault", which was charged with providing the data. The head of the Cypriot parliament's ethics committee, which was due to look into a list detailing transfers of more than 100,000 euros from the two major banks - Bank of Cyprus and Cyprus Popular Bank - said on Tuesday that the list fell short of what he had requested. "It was with great disappointment and anger that, when we opened the envelope, we realized it contained data for only 15 days even though we had asked for a year," lawmaker Demetris Syllouris told reporters. "This kind of behavior is unacceptable."

This "kind of behavior" also provides a very convient alibi for all those members on the committee who may have incidentally been among the lucky ones channeling funds while the banks were still subject not subject to capital controls. Them, or those who have been generous enough to provide "lobby" funding in order to quickly and quietly crush the inquiry.

But it gets better. Apparently the reason the central bank limited the list to only those who transferred funds in the two weeks prior to the Cypriot bank default, is that it would result in a "huge volume of information" - something the central bank believed the parliamentary committee would never be able to handle. From Reuters:

In a letter to Syllouris, then central bank deputy governor Stavrinakis said he was only attaching a list of individuals and companies who transferred money out of Cyprus between March 1-15 this year.


"We believe your request would lead to a huge volume of information, which would possibly not help the aim of your committee," Stavrinakis said. This included foreign companies that transfer large sums of money each day, as well as Cypriots who bought property, he said.


Stavrinakis was appointed by the former communist administration three weeks before it lost power in a February election, a move the then opposition decried as political.


The main party in the new government, the Democratic Rally party, has for months claimed the needs of the island's now-crippled banking sector were artificially inflated to divert attention away from fiscal mistakes by the previous government.


"Actions in Cyprus and beyond over recent months resulted in making the needs of the banks larger ... some people rolled out the carpet to lead us to this," Finance Minister Harris Georgiades told state radio.


Syllouris said the ethics committee had requested a list of who transferred money dating back to a year because it wanted to look into possible loans given with favorable terms. He expressed doubt that the list he received, which included the names of about 6,000 individuals and companies that shifted money abroad, was complete.


"The wording of the letter has caused concern that not all names are included," he said.

And so on.

Between this, and the endless race between Bitcoin and the S&P for who is most exponential, one can't help but sit back and laugh.


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Wed, 04/10/2013 - 12:12 | 3431810 Cognitive Dissonance
Cognitive Dissonance's picture

Whoops! We're getting a little too close to the truth. Suspend all operations.

< Idiot! I didn't mean for you to do a REAL investigation. Now look what you've gone and done.>

Wed, 04/10/2013 - 12:15 | 3431835 prains
prains's picture

I thought the standard line was; "it proved to costly and time consuming to pursue further"

Wed, 04/10/2013 - 12:17 | 3431850 knukles
knukles's picture

Surprise surprise
   - Gomer Pyle


Even my dogs get this shit

Wed, 04/10/2013 - 12:19 | 3431869 Abraxas
Abraxas's picture

We don't want to know anyway, right? What good can come out of it. It can only cause headache and worries and we don't want that, want we now?

Wed, 04/10/2013 - 12:36 | 3431942 Ahmeexnal
Ahmeexnal's picture

It was a lone gunman.

Wed, 04/10/2013 - 12:54 | 3432018 phalfa5
phalfa5's picture

These aren't the droids you're looking for. Move along.

Wed, 04/10/2013 - 12:55 | 3432027 MiguelitoRaton
MiguelitoRaton's picture

You want the truth? You can't HANDLE the truth!

Wed, 04/10/2013 - 13:00 | 3432055 Ahmeexnal
Ahmeexnal's picture

"We believe your request would lead to a huge volume of bankers and politicians hanging from lamp posts, which would possibly not help the aim of your committee."

Wed, 04/10/2013 - 13:14 | 3432127 12ToothAssassin
12ToothAssassin's picture

Dont ask; Dont tell.

Wed, 04/10/2013 - 17:47 | 3433922 giggler123
giggler123's picture

Cough, Cough, we're on the list, oh well we best blame someone and press the off switch, nothing to see move on...

Wed, 04/10/2013 - 18:59 | 3434177 nmewn
nmewn's picture


(Wink wink...nudge nudge)

Wed, 04/10/2013 - 14:40 | 3432642 The Heart
The Heart's picture

Starting with this guy ya think?

Central Bank governor to be quizzed over probe by Parliament:

Wed, 04/10/2013 - 15:43 | 3433147 californiagirl
californiagirl's picture

How many of the individuals on the investigative committee would be on that list if they extended it beyond 2 weeks?

Wed, 04/10/2013 - 13:21 | 3432159 NotApplicable
NotApplicable's picture

Why? Fuck You! That's why!

Wed, 04/10/2013 - 14:18 | 3432164 caconhma
caconhma's picture

With every single day, it becomes absolutely obvious that ordinary people are Muppets and deserve their slavery destiny.

Is not it wonderful that most of Central Banks executives are former and present communists and their sympathizers? By the way, working people are still buying their shit.


Wed, 04/10/2013 - 13:17 | 3432142 smlbizman
smlbizman's picture

maybe it does only take $5 to get an ounce...whoda thunk..

Wed, 04/10/2013 - 12:26 | 3431893 Whatta
Whatta's picture

Along the same lines...

They keep feeding us this Shit and telling us its Meatloaf.

Wed, 04/10/2013 - 12:35 | 3431934 pods
pods's picture

What, this ain't Calamari?

Fuck, gimme another Bud to wash it down.


Wed, 04/10/2013 - 12:36 | 3431950 Cognitive Dissonance
Cognitive Dissonance's picture

This Bud's for you......pods.

Wed, 04/10/2013 - 14:34 | 3432583 Groundhog Day
Groundhog Day's picture

A ZH experiment:

Please click on the Red arrow if you feel ignorance was bliss and you wish you could take the blue pill and stick your head back in the sand and not know the truth

Please click the Green arrow if you are truely happier knowing the truth and getting burned on the shorts and gold for the past 2 years

Just wondering 

Wed, 04/10/2013 - 12:18 | 3431855 Pladizow
Pladizow's picture

Of course they want a years worth of data vs. 15 days.

An investigation of 1 years worth of data will give the sheep time to forget about the slaughter!

Wed, 04/10/2013 - 13:23 | 3432174 NotApplicable
NotApplicable's picture

Meanwhile 15 days is a very short list of those "in the know."

We can't have that, now can we?

Wed, 04/10/2013 - 12:33 | 3431923 insanelysane
insanelysane's picture

Let's not bicker and argue about who killed who.

We are here for a happy occasion, the enriching of the banksta elite.

Wed, 04/10/2013 - 12:37 | 3431947 LasVegasDave
LasVegasDave's picture

Its a Banksta's world; Today we find out the Fed releases minutes early to Congress and lobbyists who then load up on futures contracts; then we learn that the Cyprus banks were complicit in letting preferred customers escape w their loot

Really, just not enough rope or lamposts for these guys.

Wed, 04/10/2013 - 12:43 | 3431970 Winston Churchill
Winston Churchill's picture

Appoint a blue ribbon commission and bury it.

SOP here ,and the UK.

Wed, 04/10/2013 - 13:21 | 3432163 SoilMyselfRotten
SoilMyselfRotten's picture

Thats silly Prains, actually the lead investigator wanted to spend more time with his family.

Wed, 04/10/2013 - 17:14 | 3433772 prains
prains's picture

and he's a cheap bastard

Wed, 04/10/2013 - 13:23 | 3432177 SoilMyselfRotten
SoilMyselfRotten's picture

Thats silly Prains, actually the lead investigator wanted to spend more time with his family.

Wed, 04/10/2013 - 12:15 | 3431838 ACP
ACP's picture

Geez, I feel for the citizens, almost even want to find out who the most angry and motivated people are and send them a bunch of guns and ammo.


"Go forth and KILL."


Wed, 04/10/2013 - 12:33 | 3431924 moonman
moonman's picture

"The gun is good"


Sean Connery's finest moment

Wed, 04/10/2013 - 12:16 | 3431839 Pladizow
Pladizow's picture


Wed, 04/10/2013 - 12:19 | 3431863 Lets_Eat_Ben
Lets_Eat_Ben's picture

Cypriots take it well. Good slaves.


EU: "You sit down when you pee!"

Cyprus: "Yes sir." (cries quietly)

Wed, 04/10/2013 - 15:47 | 3433192 Ghordius
Ghordius's picture

This story isn't about the EU, it's purely domestic / Cypriot

Wed, 04/10/2013 - 12:23 | 3431887 Tortfeasor
Tortfeasor's picture


Wed, 04/10/2013 - 12:13 | 3431825 mayhem_korner
mayhem_korner's picture



Frankly, I'd be far more entertained by the list of people who moved money into Cyprus banks.

Wed, 04/10/2013 - 12:14 | 3431831 observer007
observer007's picture

ECB to confiscate Euro 500 Notes?


THE ECB should exterminate Euro 500 Notes says BoA Analyst - "Its good for the economy"

"Significant evidence that much of the demand comes from criminals and tax evaders."

Wed, 04/10/2013 - 12:24 | 3431892 Son of Loki
Son of Loki's picture

i notice many stores now in USA will no longer accept the $100 bills...too many fakes or what?

Wed, 04/10/2013 - 12:29 | 3431906 catacl1sm
catacl1sm's picture

Not enough change in the register.

Wed, 04/10/2013 - 12:31 | 3431915 moonman
moonman's picture

Well its only used by money launderers, drug dealers and Russian Mafia.

Wed, 04/10/2013 - 12:14 | 3431832 Bearwagon
Bearwagon's picture

Sit back and laugh? This ain't funny, this an outrage! Oh man, am I getting tired ...

Wed, 04/10/2013 - 12:15 | 3431834 observer007
observer007's picture

ECB to confiscate Euro 500 Notes?


THE ECB should exterminate Euro 500 Notes says BoA Analyst - "Its good for the economy"

"Significant evidence that much of the demand comes from criminals and tax evaders."

Wed, 04/10/2013 - 12:15 | 3431840 Agent P
Agent P's picture

"These aren't the rich people you're looking for."

Wed, 04/10/2013 - 12:16 | 3431844 Smuckers
Smuckers's picture

Why bother, they probably can't read Russian anyways.


Wed, 04/10/2013 - 12:17 | 3431849 RSBriggs
RSBriggs's picture

Sure.  Less information is always better than more.

We believe your request would lead to a huge volume of information about people and things we don't want you to know about, which would possibly not help the aim of your committee.

Fixed it for them...

Wed, 04/10/2013 - 12:16 | 3431851 Dr. Engali
Dr. Engali's picture

Huge volume of information my hairy white ass... The volume of information they want to suppress will expose those they hope to protect.

Wed, 04/10/2013 - 12:18 | 3431853 Downtoolong
Downtoolong's picture

"It was with great disappointment and anger that, when we opened the envelope, we realized it contained data for only 15 days even though we had asked for a year,"

I guess Kyle Bass can now expand on his original comment "They never tell you in advance".

Turns out they don't tell you what happened afterwards either. 

Bottom line, f%^ck you peons. If you don't control at least $1 billion in a major world currency, you don't count.


Wed, 04/10/2013 - 12:20 | 3431864 ThunderingTurd
ThunderingTurd's picture


Wed, 04/10/2013 - 12:20 | 3431867 IamtheREALmario
IamtheREALmario's picture

Just more evidence that this was A TAKE DOWN by the central banking powers and no fault of the Cypriot people, their government or independent banks.

Seems as if ainternation law tribunal should be convened resulting in the revoking of the charters of the ECB and BIS.

Wed, 04/10/2013 - 12:19 | 3431868 Urban Redneck
Urban Redneck's picture

There are options other than Microsoft Excel (including free open-source packages that would do the job just fine).  Banks slice and dice data sets that add millions of transaction records EACH DAY to optimize their fleecing of the sheeple...

Wed, 04/10/2013 - 12:58 | 3432041 TJ00
TJ00's picture

And if you want it all organised and analysed for free, just give it to Wikileaks.

Wed, 04/10/2013 - 17:21 | 3433803 Urban Redneck
Urban Redneck's picture

I think sending it to Zerohedge would yield a more authoritative answer in a lot less time...

Wed, 04/10/2013 - 12:23 | 3431880 resurger
resurger's picture

Was written in year 644 by Umar

 "In the matter of administration do not prefer the rich to the poor. Be hard against those who violate the law. Show them no mercy. Do not rest content until you have brought the miscreants to book. Treat all the people as equal. Be a pillar of strength for those who are weak and oppressed. Those who are strong but do wrong, make them pay for their wrong-doings. In the distribution of booty and other matters be above nepotism. Let no consideration of relationship or selfish interest weigh with you."


Wed, 04/10/2013 - 12:22 | 3431881 Son of Loki
Son of Loki's picture

"Big numbers make me dizzy," says one Cypriot auditor to the other. "Let go get some ouzo."

Wed, 04/10/2013 - 12:22 | 3431882 i_call_you_my_base
i_call_you_my_base's picture

I would analyze the data for free. It would probably only take a day or two. The idea that people can't handle the amount data is absurd.

Wed, 04/10/2013 - 12:25 | 3431890 williambanzai7
williambanzai7's picture

George Orwell would be humbled by the creativity of the thieves currently running the operation.

Wed, 04/10/2013 - 12:29 | 3431909 swissaustrian
swissaustrian's picture

And Al Huxley would be stunned by the total apathy of the public. Moar soma please, I'm getting strange feelings.

Wed, 04/10/2013 - 13:26 | 3432186 Bearwagon
Bearwagon's picture

The only author who could have wrote a story like we are witnessing would be Franz Kafka. Think "The Trial" ...

Wed, 04/10/2013 - 15:29 | 3433042 Pseudo Anonym
Pseudo Anonym's picture

no, he wouldnt

George Orwell would be humbled by the creativity of the thieves currently running the operation.

the hofjuden families running the operation in orwell times were the same hofjuden families running the usury scam today

Wed, 04/10/2013 - 12:29 | 3431902 swissaustrian
swissaustrian's picture

The Cypriot central bank that was used by the Eurocrats to bypass the parliament in the theft of deposits turns out to be involved in the outflow of deposits before the the bail-in. That's an institution you can trust in.

How long before a second bail-in is needed, because the 10 tons of gold "evaporated"?

Wed, 04/10/2013 - 12:29 | 3431904 canstacker
canstacker's picture

 Hmm...Still nobody hanging off the lampposts. The Cypriot sheep must be eating the line the MSM is selling to smoooooooth it all over like pretty frosting.


Oh.... This happens all the TIME. There there. Hush now, be still.


Wed, 04/10/2013 - 12:31 | 3431911 Smegley Wanxalot
Smegley Wanxalot's picture

This way they can officially say "we conducted a probe and found nothing unusual."

Wed, 04/10/2013 - 12:33 | 3431925 debtor of last ...
debtor of last resort's picture

The Cypriot parliament's ethics committee... whahaha. Bla bla bla, meanwhile selling gold at the backdoor. Bastards.

Wed, 04/10/2013 - 12:36 | 3431941 RockRiver
RockRiver's picture

I am totally shocked to read that the powers that be would hide the wiennie like that. Shocked, I say....

Wed, 04/10/2013 - 12:36 | 3431951 Village Smithy
Village Smithy's picture

They don't realize that mob rule doesn't telegraph its formation, it's not a slow build up. It forms instantaneously like a tornado, provoked by the smallest seemingly irevelant detail.

Wed, 04/10/2013 - 12:55 | 3432028 Miffed Microbio...
Miffed Microbiologist's picture

I hope you are right. People in my sphere seem to be in a long deep comfortable slumber and get quite a bit of enjoyment watching my discomfort . It would be nice to see an occasional questioning of the state of things today. I hope I don't die being the lone tin foil hat and theyre still happy on their cruises, movies, McMansions and living the white bread life. Quite a joke on me.


Wed, 04/10/2013 - 13:31 | 3432208 viahj
viahj's picture

the joke is neithrr on you or them, but on your and their children and grandchildren.  stay pissed my friends.

Wed, 04/10/2013 - 14:58 | 3432809 Miffed Microbio...
Miffed Microbiologist's picture

I am trying to keep the faith but sometimes I just get depressed and tired about the whole matter. Perhaps my adrenal glands are shot. I guess I need to take a cruise.


Wed, 04/10/2013 - 15:00 | 3432814 The Heart
The Heart's picture

"...,provoked by the smallest seemingly irevelant detail."

Great comment and the truth is, people are boiling more and more, thus becoming infuriated at this evil thing that is here, and everywhere sneaking into peoples privacy with no real justification, or real law that says they can do this evil to the innocent people of the world. This invasion of the peoples lives is making the entire country mad, and the focus on who is doing this in fusion center places next to hospitals are no less than the new NAZI puppet lackey minion slop bucket lickers of the new world rothchild foreign banksters oder. Such fools to be conditioned into thinking it is right to declare war on their own people. OH, not their own people because these wicked evil dark foreign agents that are involved in this espionage against the American people do not care for America at all, or her people. They care not for any people of the world. The job is to divide and conquer. Division is a disease of this slime. Family and community is of God, or what ever YOUR higher power is. If it is not love, what is it?

The long story short here is, the more these babylonian idiots keep poking into the peoples private business and disrupting the normal lives of innocents, the more they will continue to provoke those who are zeroing in in them, like they think they are zeroing in.

Wed, 04/10/2013 - 12:41 | 3431959 Navymugsy
Wed, 04/10/2013 - 15:01 | 3432828 The Heart
The Heart's picture

Ah who cares. In babylon, the rich escape the law, the poor do not.

What's on TV?

/sarc off

Wed, 04/10/2013 - 12:40 | 3431962 q99x2
q99x2's picture

Can't we have nuclear war now.

Wed, 04/10/2013 - 12:50 | 3432010 Miss Expectations
Miss Expectations's picture

Let's all just do mushrooms at 3:30 instead.

Wed, 04/10/2013 - 12:41 | 3431965 Dishonesty Fatigue
Dishonesty Fatigue's picture

"suspended its probe" right over the open mouth of the roofied pleb.

Wed, 04/10/2013 - 12:49 | 3432001 Miss Expectations
Miss Expectations's picture

Template Thievery by Jon Corzine

Excerpt:  "I don't know anything.  I wish I could help, but I just can't."


Wed, 04/10/2013 - 13:26 | 3432189 NotApplicable
NotApplicable's picture

Too bad he wasn't drooling. That would perfect the template.

Wed, 04/10/2013 - 12:51 | 3432014 Scalaris
Scalaris's picture



Yeah this causes little shock here in Cyprus as no-one really expected any semblance of transparency to prevail regarding this protracted farce.


The real list everybody's expecting though, is that containing physical and legal persons, whose debts were erased by the now toppled Cypriot banks, in collusion with the previous government administration and its various cronies.

The thin veil of complacency covers a seething lust for blood among the native population who had their wealth confiscated.

Until then I'll be contacting the president's office to recommend a proposal, where Buffet's Berkshire Hathaway absorbs Cyprus in its totality and transforms it into a semi-productive subsidiary; a place where fruit-of-the-loom t-shirts and dairy queen double fudge cookie dough blizzards are being produced in perpetuity and distributed throught the Mediterranean basin.


Wed, 04/10/2013 - 12:53 | 3432021 djsmps
djsmps's picture

Is Eric Holder a Cypriot?

Wed, 04/10/2013 - 12:56 | 3432026 ForWhomTheTollBuilds
ForWhomTheTollBuilds's picture

Once again we see the real purpose of these excercises is to calm the public temporarily by promising justice with the only intention being to avoid riots.


If they had just been honest on the first day and said,  "The banks are closed because they are insolvent, they won't reopen for weeks, we helped the rich get all their money out before closing them, you cannot have more than $100 per day, the EU is taking our gold, there will be no arrests of anyone responsible, fuck you" the entire nation would have burned. 


Americans will be similarly "managed" when the time comes to reneg on social security, medicare, the dollar, etc

Wed, 04/10/2013 - 12:58 | 3432038 vote_libertaria...
vote_libertarian_party's picture

and rioting

Wed, 04/10/2013 - 13:05 | 3432084 falak pema
falak pema's picture

this behavoiur confirms that the Eurozone should pull the plug on this corrupt government and let the people then take over the show without Euro handouts to cushion the economy. 

Unfortunately Greece also qualifies in this category; as do Ireland, Portugal, Spain and Italy. 

I could go on...let these countries leave the euro; Its time Merkel made a true decision : either its federal or its nation state and no common money. This club med logic and past play  is ludicrous. 

Wed, 04/10/2013 - 13:09 | 3432107 SmittyinLA
SmittyinLA's picture

No problem, all the receiving nations will diligently cooperate with the Cyprus Socialist Banking scam investigation because international banking operates on the "rule of law".

Wed, 04/10/2013 - 13:13 | 3432129 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

More fluoride in my water supply please, I'm feeling agitated

Wed, 04/10/2013 - 13:28 | 3432194 Bearwagon
Bearwagon's picture

Easy one: Just eat some toothpaste ....

Wed, 04/10/2013 - 13:22 | 3432173 ImReady
ImReady's picture

Well, it was all revealed after the fact. Let's just let bygones be bygones.

Wed, 04/10/2013 - 13:49 | 3432278 vulcanraven
vulcanraven's picture


Wed, 04/10/2013 - 13:51 | 3432306 Bicycle Repairman
Bicycle Repairman's picture

Information is power, bitchez, and you don't get any.

Wed, 04/10/2013 - 14:07 | 3432397 rsnoble
rsnoble's picture

In other words their gov't is totally bought off or the will of the people would be made.

Wed, 04/10/2013 - 14:18 | 3432449 One of We
One of We's picture

Bet the logs on that 16th day were juicy....

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