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.

0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
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

Unacceptable!!!

(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:

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_10/04/2013_493025

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.

pods

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."

   -Zardoz

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

Natch

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."

http://homment.com/EZB-euro-500

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."

http://homment.com/EZB-euro-500

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

#lostHOPEtoday

Do NOT follow this link or you will be banned from the site!