One Month Later: What Cyprus Thinks In The Aftermath Of Its Bank Sector Collapse?

Tyler Durden's picture

Curious what the Cypriot people think just over a month after the most dramatic European banking sector collapse in years, and subsequent first bank sector bail-in and depositor impairment ever? Courtesy of Bloomberg, which summarizes a poll conducted via Symmetron and posted in Kathimerini Cyprus we now have an idea of what the still stunned Cypriot population thinks.

The Cyprus financial crisis is fault of country’s political, economic and social systems, not foreign institutions such as troika, according to 84% of Cypriots in poll by Symmetron published today in Kathimerini Cyprus. Poll also showed:

  • Of 800 people questioned, 68% said bankers were most responsible for crisis, 63% said politicians next most to blame, 48% said central bank
  • 79% said previous President Demetris Christofias and his govt is more to blame vs 13% for current administration led by President Nicos Anastasiades
  • 54% said it was mistake for parliament to vote against 1st loan deal
  • 68% said they don’t have enough money to meet direct needs, pay financial obligations
  • 70% said personal economic situation to worsen over next 12 months
  • 92% no longer trust central bank
  • 66% said current govt actions to confront crisis not enough
  • 64% against exit from euro area
  • 73% said faithful implementation of loan agreement won’t lead country out of crisis
  • Symmetron conducted poll April 22-26; margin of error +/-3.5 percentage points

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Go Tribe's picture

How many are pissed off enough to go to arms?

kliguy38's picture

64% against exit from euro area

Richard Chesler's picture

92% no longer trust central bank.

Fuck you Bernanke.

Major Major Major's picture

Beryanks is feeling alright, krugman whispers in his ear every night that after another 8% things can only get better.

Saint Pitbull's picture

And 99% of them will still vote for the politician that promises them the most "free stuff".

"Thank you, Sir.  May I have another?"

This has emboldened the kleptocrats and if "nothing" happens to those responsible, it will continue until "something" does.

btw:  100% of the Russian mafia approve of them keeping the off-shore branches open so they could get out whole.

ronaldawg's picture

Cypriots:  Must be painful to be this stupid....

Just like the sheeple of Boston who stuck their ass up in the air for the illegal searches, then applauded the "occupiers"/enablers and incompetents who allowed the terrorist attack to happen in the first place.

God help us all.

ZerOhead's picture

I've got some bad news for you...

God hasn't been taking calls for around 2,000 years and counting.

PiratePawpaw's picture

Is Boris is to writing this article?

unrulian's picture

who are the 8% that trust the CB?


Dark_Horse's picture

That would be the 8% that didn't have any accounts with the central bank.



ATM's picture

It's the 8% who Twitter and don't know what the fuck a Central Bank is. 

tdag's picture

"64% against exit from euro area"

That says it all. Nothing learned. Nothing gained. Everything lost.

NoDebt's picture

You know there is a way you can stay in the Euro and still resolve this situation without plunging your country into an instant depression..... just default.  That's it, we're done, we ain't paying you what we promised so suck it up, ECB!

There is no mechanism for being "thrown out" of the EU so just tell them to get stuffed.  Who is the ECB that they are the only entity on the continent that is never allowed to lose on a transaction?  If they are never allowed to take a loss on a loan, what fucking use are they anyway?  Theirs is the only capital never allowed to be impinged upon?

Sure they'll bitch and moan for a few years but once your economy is back on it's feel you just WATCH how fast they start taking your calls again.


ATM's picture

They can't default and stay in. That would destroy all the other Euro countries/banks in a daisy chain implosion. 

Their choices are:


1) Stay in and be ass-raped and made peons for eternity to the Arian horde

2) Leave. Take a punch to the guts, the people blame the politicians who are in power and they begin t work their way out of the hole.


Obviously the only choice then is 1 as the politicians are all about remaining in power.

Anusocracy's picture

"They have learned nothing and forgotten nothing."


Sean7k's picture

800 people AND we accept a poll by a MSM outlet? 

Yes, perhaps they do have these opinions, even in these numbers. Would any other country do better? Did Ireland rise up? Spain, Portugal, Italy, Greece? Europe gladly defends its' fascism as does America- WE REVEL IN IT. 

We read the reports on CFR, Trilateral Commision, Tavistock, Aspen Institute, Club of Rome, Bilderbergers and so many others, then defend our States at the first call to arms or patriotism. 

The forces arrayed against the People are dark, organized, intelligent and wealthy. They wield power as if molded to their hands, because it has been for thousands of years. 

Most of us here are the small minority of spirits that are intelligent enough to question, but have no access to the tools of power and tyranny. In our frustration with the general public, we strike out with insults and condemnation, just as so many others before us. 

The answer lies in the elimination of law and the decentralization of the State. If we here, so intelligent and educated, can find the means to convince the great masses, both entitled and middle class, perhaps then, we will have something to celebrate. People must be made aware of the heavy chains that bind them, can you open their eyes? 

Anusocracy's picture

Government manipulates the moral spheres: harm, fairness, loyalty, authority, sanctity, and liberty, to achieve their ends. This motivates people to support things or do things that are often not in their best interests.

To attempt to counter these manipulations means you will start after their implementation and always try to play catch-up. A seemingly endless variation of them will then ensue. Iraq is a perfect example: a series of effective lies that had to be painstakingly knocked back, and in the meantime, the attack was underway.

To counter this means anticipating and countering their manipulations before they use them, preferably by someone of high authority.


Advoc8tr's picture

The only logical conclusion you can come to as to why "Freedom" / "Libertarianism" isn't the runaway leading "ism" of choice among the masses is that freedom is not what they seek. What they seek is to be told what to do. This creates a problem given one of the fundamentals of being a good Libertarian is not imposing your self or your beliefs on others.  If We were prepared to spend our lives seeking to influence and lead the wandering masses we might have a fighting chance ...  of course that would not be proper freedom just a "period of time during which some good guys were in charge"

Growing into a free thinking, self sufficient and independent person takes a good 20 of your formative years .. it is not something everyone can just wake up and switch over to. They are fucked for life and will not change. The children growing up in the "aftermath" of what ever ends up bringing the house down will be where the long term results are to be had IMO


At some point you face the fact that most people actually prefer their soft, comfortable slavery to the alternative of taking responsibility for themselves.  Born of slaves, as slaves, eternally seeking leadership.

Sean7k's picture

It is a conundrum and I appreciate your response.

You have identified two important situations: one. the masses prefer slavery to responsibility and two, the moment for change will be when the system fails. The former implies a change in mindset that would prefer liberty over control and the latter a means of inducing great change.

While the masses may prefer their slavery, I doubt any of them perceive it as such. Westerners love to talk about their "freedoms". They send their children to war to protect them. They are protective about their institutions and the Constitution. Therefore, somehow the people must be made aware of their caste. This easily falls within the scope of responsible self government for libertarians and other liberty minded people. Persuasion is not "telling people what to do". If done from a sense of social responsibility, it is truly leadership.

As for change, where are the leaders who could step in to fill the void? In the event of a financial and societal collapse, many here especially, are planning on defending the homestead. However, the reins of leadership require risk and responsibilty for the greater whole. You cannot have liberty without action. Action that results in social forms that protect and encourage liberty. Someone must be willing to stand against the psychopaths that exist in every city, state and country. Libertarianism must be practical if it is to be useful. We cannot hide behind a facade of individual liberty if it results in no liberty at all, yes?

Consequently, if we really desire freedom, we must have a leadership that is willing to persuade, teach, cajol and sacrifice for the improvement of the greater society and in the end, isn't that what responsible leadership is all about? The guardians of liberty must be ever vigilant and in doing so, they must be willing to give of themselves in ways that diminish their own liberty. There is little personal reward in this, beyond the knowledge that what you are doing is good. Whereas, their is great personal reward in doing evil.

It is the eternal question of choice: doing good and being rewarded by posterity or doing evil and being rewarded in the here and now. This goes to the very essence of what kind of humans we want to be. History has not been a favorable guide. Death is a very real consequence of doing good. Still, can there ever be change without sacrifice? Perhaps this is why wisdom resides in those that have lived and whom can be tempted to give what little is left to those that have long lives ahead of them.


grid-b-gone's picture

Exiting the euro leaves austerity as the solution because loan deals would evaporate.

People and central banks are both complicit in today's extend and pretend world and 64% is enough to make it policy - seems most everyone likes bubbles and I suspect this survey result will hold as other countries succumb to debt.

National choices are either the Icelandic option or the central bank/TBTF bank solution - most will stick with the banks, even knowing the beatings will continue.

At the personal level, own real things, plus enough reserves for your things to survive wealth and property taxes.


flacon's picture

Is it an oxymoron to say that one "owns" real things that are taxed on a regular basis for eternity - even long after the value of the taxes exceeds the value of the real thing "owned"?

Sudden Debt's picture

3,5% don't really trust these kind of statistics...

AllWorkedUp's picture

They get boned by unelected technocrats from the Eurozone and 64% are against leaving? Hopeless.

Skateboarder's picture

The only remaining explanation is that everyone, worldwide, has gone full retard.

wee-weed up's picture

Thank the Liberals running most of the education systems worldwide.

Skateboarder's picture

- Taught false 'history.'
- STEM is taught to the test.
- Appreciation of knowledge itself is never taught.
- Hard, useful skills are not taught.
- Mythology, comparative religion, and storytelling completely ignored. The only stories are those which come from TV, etc.

The list goes on much longer. Taking back education into our own fucking hands is the first step to really being free.

wee-weed up's picture

They're taught the gov't will look after you and give you "things."

Liberal education systems create dependent voters for life.

What's a corrupt politician who will say and promise anything for votes not to like?

thelibcentury's picture

In this and your previous post you appear to have mistakenly used the term "liberal" -- I believe the more contextually accurate term would be "statist".

It's just language, but it's really, really important language, and using it incorrectly is either careless or maliciously deceptive, but most certainly contributes to the continuation of a destructive paradigm.

wee-weed up's picture

As to who has been running the failed public education system (to use the US as a specific example)...

I think the term Liberal is far more appropriate than statist.

DIgnified's picture

I prefer leftist.  Liberal used to mean something great. 

wee-weed up's picture


"Liberal used to mean something great."

Oh really... please expound on that... we'd love to hear it.

Sanksion's picture

Liberal comes from french. In french, a liberal is what you would call a libertarian. That is the true definition of a liberal. A liberal as a leftist-statist-welfarist-socialist, as designed by the amerikan dictionnary, is an orwellian rape of the civilised language, a deception.

Advoc8tr's picture

In Australia "Liberal Party" is the conservative party (equiv of Republicans) ... and they were the ones that took away our Guns ? (mine fell out of my boat while fishing)

Peconic Bay's picture

"64% against exit from the Euro area." I find this to be amazing.  To most of us on Zero Hedge, the problem with Europe is the Euro.  Why can 't the majority of Cypriots see that?

Marco's picture

It's all fine and well to tell other people to get out of the Euro without considering the consequences ... there is no way for a trade deficit Euro country to get out of the Euro without vast amounts of pain, the short term effects would be far far worse than their current situation.

The people who still have money in the bank would also be hit with forced conversion of those funds in a massive corralito type event, it's the only way the country can make the transition with a functioning economy. You could say "they deserve it" while you have a stash of gold bought in small quantities over the years buried somewhere ... I would disagree.

A vote for the Euro is a completely rational one in the short term, the bailouts might be mostly going directly back towards foreign creditors ... but it's still a bail out and a damn side better than nothing and a defacto trade blockade in the short term (by completely defaulting on Euro loans and ditching the Euro it's unlikely they could remain in the common market). Maybe once they get their economy back into a competetive shape they might consider leaving the Euro, but not now.

jimcg's picture

The corrupt, fraudulent, Anglo/American, central banking, Ponzi scheme is safe, the Serfs still don't get it.

Give the insolvent fools another loan they can't repay, from a make believe insolvent entity, backed by a bunch of other insolvent countries....aand all is well again.



SAT 800's picture

Apparently they want the beatings to continue until morale improves.

Silver Bully's picture

'How many are pissed off enough to go to arms?'

Here's your answer: '64% against exit from euro area'

fonzannoon's picture

are their still capital controls in place or were insured deposits allowed to be withdrawn?

Navymugsy's picture

Capital controls still in place but have been relaxed. Billions of euros still managing to leave the island this last month:

fonzannoon's picture

Thank's for the info. Best of luck to you.

machineh's picture

Anyone know what happened to individual stock brokerage accounts in Cyprus?

Were they haircut like bank deposits, or left untouched (not being banks)?

This could an important precedent in future 'bail-ins' in other countries. That's why I'm asking.

OutLookingIn's picture

If you owned stocks in any Cypriot company doing business in the country, you are already a loser or flat out busted.

The EuroZone ECB/Technocrats were not interested in the Cypriot bourse or stocks since they are just so much paper and they have quite enough of that! What they wanted and they went for, was the private wealth held in private accounts, by private citizens, who thought they private accounts were held sacrosanct.  

So much for trusting ANY bank, ANY WHERE, with your private wealth. If you are not out by now, then you're fooling yourself and will be the next victim to shorn of your wealth. Get out, while the gettin is good!


machineh's picture

Agreed. The scenario I'm interested in is that of a Cyprus-based individual brokerage account which held shares in other eurozone countries such as Germany and France.

Presumably the Cypriot authorities couldn't touch such accounts, because they first would have to seize shares (property, not cash) and then liquidate the shares for cash.

I've searched this topic but haven't come up with any specific news. 

SAT 800's picture

There are  no Cyprus based brokerage accounts; Cyprus is a tiny insignificant place; brokerage in cyprus would be done in a local office of MAN, Germany, or some other large well capilized European brokerage and clearing house. No stock accounts will have been effected by the bank activities.

nobodyimportant's picture

Bugs me when people misuse "their for there and then for than".