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Here We Go: Cyprus To Sell €400 Million In Gold, About 75% Of Its Total Holdings, To Finance Part Of Its Bailout
Curious why every bank and their grandmother, and most recently Goldman today, has been lining up to push the price of gold as low as possible? Here's why:
- CYPRUS TO SELL 400 MLN EUROS WORTH OF GOLD RESERVES TO FINANCE PART OF ITS BAILOUT - TROIKA DOCUMENTS - RTRS
Or about 10 tons of gold. But... the bailout was prefunded and there was no need to provide any additional cash? What happened: was the deposit outflow discovered to have been even greater than the worst case scenario and thus Cyprus needed even more cash? As for the buyers? We will venture a guess: central banks buying at the lows.
Finally: congratulations Cypriots. You are now handing over your gold for the one time, unbeatable opportunity to remain a vassal state to the Eurozone. But at least you have your €.
The good news: Cyprus will have at least another 4 or so tons after selling the 10 demanded now, before the Troika kindly requests that Cypriot citizens sell a kidney or two to pay for the ongoing deposit outflow from its insolvent banks, and indirectly, the endless bailout of the Euro.
Full story from Reuters:
Cyprus has agreed to sell excess gold reserves to raise around 400 million euros and help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.
The draft assessment, obtained by Reuters, also said that Cyprus would raise 10.6 billion euros from the winding down of Laiki Bank and the losses imposed on junior bondholders and the deposit-for-equity swap for uninsured deposits in the Bank of Cyprus.
Nicosia would get a further 600 million euros over 3 years from raising the corporate income tax rate and the capital gains tax rate.
Out of the total Cypriot financing needs of 23 billion euros between the second quarter of 2013 and the first quarter of 2016, the euro zone bailout fund will provide 9 billion euros, the International Monetary Fund 1 billion and Cyprus itself will generate 13 billion, the assessment said.
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Why change a (legal thieving) script that still works...........and works well.
<He who owns the Gold makes the rulez.....bitches.>
Yup...with the recent senseless surge in EUR and the mindless tankage in Gold prices....now its all clear as to why it happened.
Seems like stealing from the poor is going mainstream all over the globe...
Stupid slave state to the Euro. You cant fix stupid
Those people trading Euros for Cypriot gold do not understand the political capital invested in Europe. They vastly underestimate what the Euro means for the Europeans, for the Euro area.
It means only one thing HH. Serfdom to an unelected dictatorship. Period.
Cyrpus is officially toast.
They are literally selling their national 'tradition'.
How do we get the gold?
Problem, Reaction, Solution!
homer discussing the cypriots
http://www.youtube.com/watch?v=ARITnC80VhE
if tptb didn't drive down the price of gold and then demand gold from cyprus in exchange for fiat banking medium, what would be the alternative?
just steal it?
attack and kill and rape and destroy plunder?
this was is so much more civilized.
them stealing the Gold this way...
... this way nobody fights back.
Peace Brother! Peace on Earth.
That reminds me, is N.Korea gonna launch today or not?!
Fecking Keysenian SCAM ...
Thes fascists just can't fuck these poor people hard enough can they? Of course the people seem to have lost the skills to even understand how hard they are getting fucked, let alone come up with a strategy to mitigate the fucking they're receiving.
Strong hands are buying/taking delivery, weak hand are selling in forced capitulation.
It will soon be quite clear who is to be the masters and who is to be slaves.
Dark_Horse
Wait a tick... isn't this more gold than Germany isn't getting back from the Fed?
7-year lead time for the king, whoo.
Cyprus still has its bitcoins, right? So what's the big deal?
Can one even wipe their ass or burn a BitCoin for heat? Hell I'd rather have Benny Bucks @ least they are good for something..
Bitcoin is the monetary form of the Emperor's new clothes.
i dont think their is any citizen anywhere that thinks any part of the states assets belong to them...why should they....hell, we dont have a voice. why would one think they have anything else..... we are owned and when you're owned you don't own.... man i have to stop these 6 martini lunches...
this is how gold confiscation occurs. No need for executive orders and fearmongering. Between the cash for gold programs for the sheep and govt bailouts for gold reservs for nations. they have it on lockdown
Sadly, the average Cypriot probably doesn't appreciate that this gold belongs to HIM, and is simpy held by the bank as his agent.
We are witnessing central banks, banks and bankers simply stealing money from their depositors and citizens. And we're all arguing about guns and gays.
Obama didn't miss much during his Marxist misdirection classes.
Some other countries with non-trivial gold holdings on the hit list:
Slovakia
Bulgaria
Romania
Greece (already hit, 82% of their reserves in gold)
Spain
Portugal (who has 90% of their reserves in gold)
Netherlands
And the big whales, Italy and France
What do all these countries have in common? Do the various crises seem random to you now?
I sure hope they don't launch before the UPS guy gets here today. I'm waiting on some important parts, dammit. ;-)
All part of the template for future actions.
Actually, the national tradition was skirting the rules -- that was what they were selling as a money-laundering bank haven.
Now they're selling what portion of their assets were in the rest of the world's tradition.
CONfiscation now the watchword in the endgame.......CONfidence has played its hand.......CONtrol will remain peeps
Why didn't they just confiscate their valuable bitcoins and call it a day?
I have bitcoins that are gold colored. I will sell them to you for $400 each.
+1 for "the national tradition was skirting the rules"
I'm having a fit of laughter about many of the things that are being written here
Tyler, I presume your innocence/ignorance, hence a warning: you might get a totally different opinion of the whole Cyprus Affair in the next years, i.e. when the dust settles and a few ugly truths emerge
btw, regarding "poor" Cypriots as many are writing here... average household net worth in Cyprus is... north of 600'000
yup, Cypriots are "richer" than Americans and Britons, according to the official statistics of the national bank of Cyprus
see recent article in the WSJ
one russian billionaire + one thousand destitute cypriots = average .... everyones a millionaire.
( no junk from me:) )
+1 x Cypriot citizens previously only Russian citizens that received a passport through their friendly Cypriot banker? yes, this might have an impact, as I was already ranting about earlier today (reading the WSJ article)
correction: They are selling their "barbaric relics" for valuable fiat euro-paper...seems like a fair trade...mmmm
yeah, hofjuden
It's just a helping hand hedgeless from one friend to another. They will give the gold back once those Cyrpriots are back on their feet. That's what the Euro is all about.
fonz, you mean "once those Cypriot banks are bank on their feet" - it was never about Cypriots and all about two banks there
meanwhile re "one friend to another" may I note that many europeans felt at that time that Cyprus should not be allowed to join?
main reason was the Turkish population in the north and the unsavory character of their political class
it was only after heavy pressure by the UK and Greece (with more support by Uncle Sam) that we relented
afterwards I had a fit of laughter when Cyprus joined the opposition to Turkey's entry to the EU, to great chagrin of the US diplomatic corps under Bush that simply did not see this coming
europeans plunder cyprus much more thoroughly than the turks. it must be the savory character of the european political class.
The more I listen to Draghi, the more that quote stands out as an implied threat. Pay attention, all you Euro-peons.
"I must break you." —Mario "Ivan Drago" Draghi
Do you have a video clip of this?
These questions are formulated by people who vastly underestimate what the Euro means for the Europeans, for the Euro area. They vastly underestimate the amount of political capital that has been invested in the Euro. And so they keep on asking questions like: "If the Euro breaks down, and if a country leaves the Euro, it's not like a sliding door. It's a very important thing. It's a project in the European Union. That's why you have a very hard time asking people like me "what would happen if." No Plan B.
http://www.zerohedge.com/news/2013-04-04/mario-draghi-responds-zero-hedg...
We shall always remember :-)
"Go for it." - Rocky "Gold and Silver Stacker" Balboa
Thanks, although I don't think he directly said: "I must break you."
although he may have implied it.
Ivan Drago, from Rocky IV:
http://www.youtube.com/watch?v=ygQvB6OjHOU
hedgeless and McMolotov - how much do you really know about the eurozone? it's difficult to estimate Draghi's "political capital", but his words do resonate strongly, here
just as an example, all countries collect various polls, twice a year, with questions that have no counterpart in the US. from last fall:
"Are you for/against a European monetary union with one currency, the euro?"
FOR / AGAINST
Germany 69 / 26
France 69 / 27
Italy 57 / 31
Belgium 69 / 29
Netherlands 75 / 22
Luxembourg 72 / 26
Austria 66 / 28
Spain 63 / 30
Portugal 55 / 37
UK 14 / 80
just note what an outlier that the Brits represent (and remember how vocal their media is in the Anglosphere)
btw, those 14% for the EUR in the UK are probably mostly... Scots
IIRC, would these poll results reflect what a lot of financial people have pointed to as a central problem of the Euro Zone i.e. you can't have a monetary union without a fiscal union.
Not to argue for or against the Eurozone itself but having one without the other is essentially unworkable?
that's pure bankster propaganda. when gold was money everywhere, where was the global fiscal union?
The difference there was that gold was not an unstable and fundamentally unsustainable fiat currency.
this makes little difference when it comes to balance a budget, or only spend what you get in as taxes
and finally... debt is even harder, in gold
Therefore: "Neither a borrower, nor a lender be." -- Shakespeare
whats ur reason for thinking they are mostly scots?
Scotland is way more EU-friendly than England, particularly Southern England, that's all
Ghordius,
It's a false question and you should be smart enough to see that.
The people answering the question are thinking this, or something similar when answering:
"Yes, it would be much easier if I could travel/ transact with another European in the same currency."
But that's not the real question( or one of many real questions). The real question is "Do you want to transact in a single currency where you are then responsible for the reckless financial behavior of others to the point that any belief you may have in the store value of the currency could be obliterated?"
The two questions yield significantly different results.
Try asking a question that forces people to compare costs with benefits, rather than thinking they get the benefits for free.
LOL - I'd have to write a book for a comprehensive answer to this, so I'll pass on that
though it reminds me that when you marry, you aren't informed about all potential consequences, are you? the very word union gives you only a hint about sharing future consequences
this are the results of Fall 2012, we'll see what people answer this Spring
Plan B was a lie, this is Plan B
Plan A: Steal from everyone and thell them it's their own fault
Plan B: Repeat Plan A
H.H. please elucidate, I seek only knowledge
HH is refering to a Draghi comment to a question posed (ZH) at a press conference: see McMolotov above 3431407.
Modern Slavery. How blind are they. Get the hell out of the Euro.
Awesome, so the troika gets the gold of the Cypriot people and the Cyrpriot banks get some more conjured loans secured by the Cypriot people.
Long bullets and summary executions.
Everything is crystal clear.
pods
Unbelievable insanity, total idiocy! Oh, God!
They've just signed their own death sentence, idiots!
Play stupid games, win stupid prizes.
Should have pulled an Iceland.
ZH daily conspiracy theory.
If you keep your eyes closed, the Bad Men don't exist, right?
Yeah, ZH has the absolute truth.
(Reuters) - Cyprus has agreed to sell excess gold reserves to raise around 400 million euros and help finance its part of its bailout, an assessment of Cypriot financing needs prepared by the European Commission showed.
The draft assessment, obtained by Reuters, also said that Cyprus would raise 10.6 billion euros from the winding down of Laiki Bank and the losses imposed on junior bondholders and the deposit-for-equity swap for uninsured deposits in the Bank of Cyprus.
http://www.reuters.com/article/2013/04/10/us-cyprus-bailout-gold-idUSBRE9390NX20130410
quit being dumb man...
"excess gold reserves"
I don't think it is possible to have excess gold. There are 3 things in life you can't have too much of: Gold, land, and horsepower.
The only time you can have too much gold is if you're trying to swim with it.
the fucker that down arrowed you was thinking he'd rather drown then release his gold lol
And pussy
carlsbro is a world beater
I was thinking "carlsbro is a dick".
carlsbro ... amoung fishermen, a master baiter
you must be new here
Bring out the gimp
This is not breaking news, we have seen this before with Greece, every ZH knows that this is the plan all along... no conspiracy theories here.
I know what you mean by "conspiracy theory," and I know what you mean by "ZH daily conspiracy theory."
However, when you see a group of individuals acting in a way that suggests a pre-arranged plan, and you see that subsequent actions extend and reinforce previous actions, what is one to make of it all? What word do we have that describes such a situation?
c-bro it helps to see wtf is going on if you cut the eyeholes in the right place
...
"conspiracy theory" = rhetorical blunt instrument.
Clever that ... makes moral and intellectual cowards (i.e. most people) unknowing tacit co-conspirators.
Funny thing is, History is composed of nothing but conspiracies and yet nowadays, "most people" refuse to face up to many, many awkward FACTS for fear of not being taken "seriously" by "most people".
It's a fantastical feedback loop of Bernaysian brilliance and ... the stairway to hell.
Facts are conspiracy? Typical.
I wonder if Kyle Bass is even more perplexed today than he was yesterday?
It is all clear now, and it's brilliant.
First they seduce the pols, crats and banksters of a country to sell the people into a quasi serfdom. Then when the country hits the inevitable wall they take all the country's assets and leave it and its people vassals of the mighty central Europeans. And if you don't give in to the seduction they arm rebels to overthrow you and force the vassal status upon the country and its people.
I'm in the wrong line of business, but then I won't be dodging the guillotine when the SHTF. hujel
Yeah, but did Germany get its gold from the US yet? Seven years is a long time to wait and a lot can happen during that time.
Guess getting some gold from Cyprus will be faster.
Selling 10 tonnes of gold in one batch for the price of papergold? Yeah, right! For gold in size, special price for you my friend ;)
Retards, if they don't revolt they deserve what they'll get.
Yeah but i heard they're all way too exausted and still haven't fully recovered after their trying ordeal when cypriots waited in line patiently and peacefully for hours trying to withdraw their funds from the banks.Lol.
It's gonna be called Panicos' bottom. If they are pre-announcing the dates of the sales, then we know it's meant to suppress gold.
---
fwiw: I've been worried about governments selling gold for bail-outs since late 2011:
http://www.ronpaulforums.com/showthread.php?328546-I%B4m-worried-about-g...
West trading gold for paper. China trading paper for gold. China says "thank you velly much stupid loundeye".
As far as I know, the Chinese DO have separate pronunciations for "L" and "R", but the Japanese do not use the "L".
You're perhaps right... and I can't wait to see Americans revolting against the upcoming US communism. Then we'll all see how easy it is to become the US-cloned Cypriots. After all, the obstinate public support for the everlasting double-jester puppetry improperly called as 'election' is sort of long lasting chronic idiocy too, isn't it?
Easier said than done.
correct
there will be no revolution
A) because there is no 'we'
B) they have all the best weapons
C) because they know to heat the water slowly...very slowly
friggin bubbles are starting to rise and still almost no one notices
I'm nevertheless disappointed by the malleability with which so many Americans give in to the existing status quo. I'm only hearing defeatist attitudes such as 'we can't do anything', 'everything is already determined', much like if the people were just blind machines with no their own will to act and defend their rights, just impassively and helplessly watching their own free fall. That's a pure fatalism with no any passion for pursuing freedom whatsoever! Indeed an easy prey for the wolves.
Where is the typical proverbial American liberty spirit?
Bought and paid for...and very cheaply, I might add.
Some of us Americans have tried very hard to show people the men behind the curtain. They think you are full of shit and label you conspiracy theorists. In summary, What may sound like a defeatist attitude, is just some of us saying fuck em. Let God sort them out.
I agree with saints51 here. You can try to tell people the truth and try to help them see, but they don't want the truth and they don't want to see. They wish to remain with their heads in the sand. My father in law says, "Negativity breeds negativity. If we all just continue along then everything will be ok".
I believe the American spirit is dormant in society for now, however, there are more than a few individuals who hold it and nurse it. Once collapse comes and brings reality with it, we will see the spirit reemerge as those who held it bring it forth for the betterment of society.
Diluted by immigration where they bring their culture here instead of assimilating. The US is a paradise to recent immigrants and have no clue as to liberty, freedom, self determination, all the things that used to make us great.
THE CYPRIOT PEOPLE R A BUNCH OF BITCH MADE WEAK ASS MOTHER FUCKING BANKER SERF MADE PUSSIES!!!!
FUCK THEM.....YOU GET NO SYMPATHY FOR COMPLETELY BENDING OVER AND TAKING IT UP YOUR ASSES FROM THE BANKERS AND THEIR SLAVE ASS POLITICIANS...
FUCK YA'LL.....................
Ok. What do you propose the people do? Throw rocks at the presidental palace in Nicosia?
My name provides one idea.
i dont see it on the value menu
"What do you propose the people do?"
the same thing i'd expect any man to do if his life and that of his kin where under threat of death....
FIGHT THE FUCK BACK!!!!!!!!!!!!
with rocks, sticks, whatever....anything is better than soobing and just walking calmly to the fucking GAS Chamber!!!!!!!!!!!
That would be a good start
Burn them at the stake.
Pull a friggin Iceland. They had their chance. Throw the friggin banksters in the slammer and throw away the key. Tell the EU to go F themselves. Tell them to come and get 'em with their tanks. Hope the drivers can swim.
Pardon me, but it's y'all.
Regards,
Cooter
So sad ... so true ...
You probably have no sympathy for the rest of the world then except for Iceland maybe ?
Easier said than done.
"We the People" of the United States Banana Republic will have our own anal probe day soon enough. The real question will be if those who called for Cyprus to rise up against the banksters and their captured leadership will do so against their own oppressors when it is their turn.
<My own opinion is that they will not. Passive aggressive behavior is the most I expect from my fellow Americans. Our mental conditioning runs very deep and so does our denial.>
"<My own opinion is that they will not. Passive aggressive behavior is the most I expect from my fellow Americans. Our mental conditioning runs very deep and so does our denial.>"
-------------
Indeed CD, but when the unwashed masses can not longer "swipe yo EBT" or feed their fat asses, all bets are off. Long sharecropping...
I think people vastly underestimate (there's that phrase again) what will happen in this country. Americans go apeshit on fucking Black Friday. They'll go apeshit if the banks are closed or the credit cards don't work.
apeshit on each other.
Exactly... wrong target.
"Americans can always be counted on to do the right thing... after they have exhausted all other possibilities."
—Winston Churchill
Of course the right thing always means "bailing out England".
The poor know the score. They will hit the banks first, and failing that, the Best Buy, then the furniture store, and then BJ's.
Great part is, we have lots of malls, which means a single hostile crowd can sweep through a shitload of merchandise before there is a reaction.
Thus the big push for racial devision.
Devide and conquer, the oldest of war tactics
Not if they have "Nude American Idol" on TV.
That'll occupy them as they watch on their looted big screen. Hell, I'd watch too.
At first blush I would tend to agree with you. There is no doubt that there will be civil unrest.
But a careful reading of history demonstrates the huge degree of misery the average person will endure before breaking. If the fall from grace is slow enough, or carefully disguised as not the fault of leadership, people will endure the devil they know much longer than most would believe possible.
While it is not the fall that kills you, but the sudden stop, a fall of low velocity means the stop is not neccessarily deadly. Therefore many short slow falls will be tolerated. Thus one of the reasons they kick the can down the road.
Kinda like "hitting bottom".
Definition: When things get worse faster than you can lower your standards.
"the bumps you feel are asteroids smashing into the side of the ship...also we are out of coffee"
http://www.youtube.com/watch?v=Gd6aLnPHqeE
Not so in America where even the poor live an elevated lifestyle in comparison to the rest of the World. Armageddon may be triggered by an event as trivial as MacDonalds running out of McNuggets.
I would vote for Filet o'fish or mcRib. And 'oran pop. Those run out and it's gonna be the shitfling olympics.
It's always darkest before everything goes completely black...
exactly, we're still fed, TV watching and air conditioning enjoying spoiled children. once these things are removed all hell will break loose and the outrage will need to be properly steered because we all know how much an effort the banksters/ploticos and media will try to deflect the blame.
Slovakia and Ecuador are next. Duh!
I hope you meant Slovenia, not Slovakia. Slovakia has been working hard to be the opposite of Cyprus, Greece.
He's looking at the % of reserves held in Gold. By that measure, Slovakia makes a more attractive target for "Shock and Awe" than Slovenia. Laos is a weirdly attractive target, as well.
Canada 3.4 tons. LMFAO.
But, it's just a useless barbarous relic that you cannot eat!!!
For the heck of it I tried to eat an iPad. Did you know that broken glass tastes like blood?
Yeah but those russian oligarchs sure got screwed!
The Cypriots should call Vlad as long they are willing to bend over and get fucked for the sake of their central bank, he's cash rich and has been a steady gold buyer recently and might offer slightly better terms the same bunch of kleptocrats who just fucked them over last month...
The Cypriots suffer from Stockholm Syndrome. Better to be raped by someone you know than to be raped by someone new that might have a bigger tool.
oh, they thought they could "rape back", imho - but please remember: they went to Brussels with the message that their two banks were broken, last year, and were very upset that their friends would not cough up the full 17bn required to do so ("only" 10bn)
Imagine the ECB's surprise if Cyprus had no gold left!
Shit- I can pull together some cargo planes and friendly non-aligned governments with domestic vault space if the Cypriots are game for FREEDOM FLIGHTS... I'll even throw some non-transferable non-negotiable repo options for the finance ministry (no deals with their CB though) just to fart in the general direction of those thieves up north.
But then, they don't hold it, so they don't actually own it, and aren't actually selling it...
Bastages.
Fargin Iceholes
corksuckers!
Funny, cause they have no gold, its all tied up in the same vault in London. Now what will be interesting is if the Bundesbank wants all of its gold out of London ASAP.
In other news http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=logarithmic&chdeh=1&chfdeh=0&chdet=1365624000000&chddm=1486&chls=IntervalBasedLine&cmpto=NYSEARCA:PSLV;NYSEARCA:PHYS&cmptdms=0;0&q=NYSEARCA:USO&&fct=big&ei=h3hlUei2GuHV0QGh3gE
and the equity levitation-thon is continuing http://www.google.com/finance?chdnp=1&chdd=1&chds=1&chdv=1&chvs=logarithmic&chdeh=1&chfdeh=0&chdet=1365624000000&chddm=26588&chls=IntervalBasedLine&cmpto=NYSEARCA:SPY&cmptdms=0&q=NYSEARCA:USO&&fct=big&ei=h3hlUei2GuHV0QGh3gE
"They" will simply switch name plates on the Gold cage door.
<Cyprus is now "Nameless Central Bank">
<Cyprus is now "Everyone's Bitch">
Too funny. :)
<And too true.>
They should buy 1,000,000 bitcoins with their vassals' money; and prosper forever after.
'Buy' them, hell.
Make Bitcoin legal tender in Cyprus.
And watch it boom its ass off.
Cuase a bankrupt country using a currency that is dependent on the flow of electricity would be bullish....
Which currency can survive the lack of electricity?
Of course even in that case one wouldn't lose any money, he'd simply have to get to the coast to make his Bitcoin client be able to spend his Bitcoins and he could exchange it for other currency.