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Bank Runs Begin In Ukraine As Russia's Largest Bank Halts Lending

Tyler Durden's picture




 

Six months ago a "glitch" halted all ATM withdrawals, and Credit and Debit card transactions for Russia's largest bank but today, the CEO of the huge bank has no such "glitch" to blame:

  • *SBERBANK SEES RUN ON ITS BANK MACHINES IN UKRAINE, GREF SAYS
  • *UKRAINE SITUATION IS PRESSURING RUBLE: SBERBANK CEO GREF
  • *SBERBANK HALTS LENDING IN UKRAINE, GREF SAYS

We suspect that whether an agreement is in place or not, this will continue.

 

 

 

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Fri, 02/21/2014 - 09:17 | 4461368 22winmag
22winmag's picture

In America we chain unresponsive ATM's to F350s and hit the gas.

Fri, 02/21/2014 - 09:21 | 4461384 camaro68ss
camaro68ss's picture

If you haven't gotten your money out by now, you might as well find a nice quite sheeple meadow, lay down and die

Fri, 02/21/2014 - 09:24 | 4461394 johnQpublic
johnQpublic's picture

its a shame that there isnt a shiny currency available

something thats been respected as money for thousands of years

something with intrinsic value you can hold in your hands

something anyone would accept as a medium of exchange

like bitcoin

Fri, 02/21/2014 - 09:34 | 4461415 TeamDepends
TeamDepends's picture

Black Friday for Ukraine, the inevitable outcome when a populace knows that every public servant, from the lowliest cop on up, is deeply corrupted.  The trend for 2014?

Fri, 02/21/2014 - 09:53 | 4461454 giggler321
giggler321's picture

Yes but that ignores the primary driver - bad weather we've had recently...

Fri, 02/21/2014 - 10:01 | 4461483 MeMongo
MeMongo's picture

Yea,who needs all that fiat paper? New Jersey's on top of shit, their hoarding the treasure....Pickle brine! :-)

Fri, 02/21/2014 - 10:27 | 4461605 Save_America1st
Save_America1st's picture

but gee, if they all would just use Bitcoin all their problems would be solved...

BWWWWAAAAAHAHAHAHHAAAAAAHHHAHAHAHAAAAA....ugh...

Fri, 02/21/2014 - 11:55 | 4461962 LMAOLORI
LMAOLORI's picture

 

 

From that picture you would sure never guess there was a revolution going on it really just looks like an atm terminal in a busy area on a Friday when people are getting cash for the weekend.

Fri, 02/21/2014 - 09:55 | 4461456 forwardho
forwardho's picture

True.

For a 1% rate of return, you are risking the loss of 100% of principal.

Who the hell would take that trade?

Forget the quite meadow, if you still have money in the bank, you are already brain dead.

Fri, 02/21/2014 - 11:58 | 4461972 Renewable Life
Renewable Life's picture

Where in the hell are getting a clean 1% return these days???
Canadian Banks??

In CA, try .06%, with a minimum of $5000 to open! The concept of "intetest income" has been fucking destroyed by Helicopter Ben and his band of banker dipshits!!! They think they successfully conditioned the masses to spin the wheel forever, I have my opinion on how that premise syncs up with human nature in the long run, but so far so good, right Benny......or Janet, or whoever is wearing the clown suit next!

Fri, 02/21/2014 - 10:11 | 4461510 Son of Captain Nemo
Son of Captain Nemo's picture

If you haven't gotten your money out by now, you might as well find a nice quite sheeple meadow, lay down and die

And that's exactly what they want you to believe is your only alternative.

Just in case it wasn't /sarc

Fri, 02/21/2014 - 09:33 | 4461408 greatbeard
greatbeard's picture

>> F350s and hit the gas.

If you've got a gas F350 you better have an atm riding shotgun.

 

 

Fri, 02/21/2014 - 09:43 | 4461432 RaceToTheBottom
RaceToTheBottom's picture

Guns don't kill ATMs, People kill ATMs.

People don't kill ATMs, Central Banksters kill ATMs.

If you want your ATM, you can have your ATM, it just won't have any paper....

Fri, 02/21/2014 - 12:56 | 4462206 StacksOnStacks
StacksOnStacks's picture

We have to open the ATM to see what's in it.

Fri, 02/21/2014 - 09:40 | 4461426 eddiebe
eddiebe's picture

22, a little bullshit goes a long way, but when push comes to shove I wonder if I will see you on the front-line. 

Fri, 02/21/2014 - 15:50 | 4462840 22winmag
22winmag's picture

I'll be in the second wave.

Fri, 02/21/2014 - 09:58 | 4461464 rubiconsolutions
rubiconsolutions's picture

Can't those people just access their Bitcoin wallets and buy what they need?

/s

Fri, 02/21/2014 - 12:07 | 4462016 Renewable Life
Renewable Life's picture

Waiting in line at the ATM of a Russian bank in the Ukraine, dreaming of pressing the buttons and having Euros come out!!! Now that's a fucking revolution 21st century style!!! Half the people or more were probably updating their fucking Facebook while they waited and watching the Olympics live on their smartphones!!!

God damn, shits gonna get wicked when the clean water and food runs out, but until then, where can I download the latest hookup app???

Fri, 02/21/2014 - 09:17 | 4461369 Billy Sol Estes
Billy Sol Estes's picture

Please Please Please let this happen in the USA

Fri, 02/21/2014 - 09:18 | 4461374 GrinandBearit
GrinandBearit's picture

It's not something you or I should wish for, but it will happen in the US... someday.

Fri, 02/21/2014 - 09:23 | 4461383 fonzannoon
fonzannoon's picture

There is not much time left to get all your money into facefart.

$70!!!!!!!!

Fri, 02/21/2014 - 09:24 | 4461391 El Tuco
El Tuco's picture

Lets hope not....

But not to worry 99 % of America lives pay check to pay check. So there won't be any reason to run to the bank....

Fri, 02/21/2014 - 09:52 | 4461448 zuuma
zuuma's picture

Paycheck to paycheck...  with mandetory direct deposit--> and ATM access.

Everybody plays!!!

This just in (and out): http://wtop.com/256/3566972/Ma

Fri, 02/21/2014 - 10:13 | 4461518 Mentaliusanything
Mentaliusanything's picture

If you were pumping twat in Alaska you would probably need to get your pasty white Buns undercover before the your swingers turned to blue and fell off. So yes their quick on the mound in Alaska. Mexico is warmer, so a little airing in the breeze would be just dandy for the swingers ...  

Fri, 02/21/2014 - 10:16 | 4461531 forwardho
forwardho's picture

Jesus thats sad.

 

Fri, 02/21/2014 - 09:17 | 4461370 GrinandBearit
GrinandBearit's picture

And the US market is totally unfazed.

BULLISH!

Fri, 02/21/2014 - 09:47 | 4461443 RSloane
RSloane's picture

Don't be silly. Futures are advancing ahead of awesome housing data. I know this because I read it on three financial websites dedicated to bringing us totally non-propagandized economic news that's completely factual.

Fri, 02/21/2014 - 09:18 | 4461373 Sinnedi
Sinnedi's picture

Thar she blows

Fri, 02/21/2014 - 09:20 | 4461378 El Tuco
El Tuco's picture

5 people standing in front fo an ATM smiling is considered a Bank Run? LOL...

The bank run is Yanukovych and his cronies trying to get there money out before the trials begin

Fri, 02/21/2014 - 09:26 | 4461399 johnQpublic
johnQpublic's picture

the ATM is around the corner

thats the vodka machine you see in the picture

Fri, 02/21/2014 - 09:55 | 4461418 Urban Redneck
Urban Redneck's picture

A picture of an actual bank run -

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014...

- is about as sexy and click generating as a picture of the People of Walmart

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2013...

And the crowd at the airport isn't indicative of bank run either, since banks only offer funny money, whereas the planes are being used to facilitate real capital/money and human flight

Fri, 02/21/2014 - 09:55 | 4461457 disabledvet
disabledvet's picture

yep. "Ukraine. The Final Looting." What's the point of a full scale retaliatory act then you morons?

Fri, 02/21/2014 - 10:17 | 4461537 dogbreath
dogbreath's picture

Parts of nine people to be seen in the picture and not a single land whale

Fri, 02/21/2014 - 09:20 | 4461381 magpie
magpie's picture

Enjoy the revolution

Fri, 02/21/2014 - 09:22 | 4461387 jubber
jubber's picture

The Austrian Banks are exposed to this bigtime ...no reaction so far

Fri, 02/21/2014 - 09:24 | 4461392 magpie
magpie's picture

They are safe, for now.

Fri, 02/21/2014 - 09:23 | 4461389 Tinky
Tinky's picture

So the cascading crises continue to mount, their intensities are largely increasing, yet some still believe that TPTB will be able to control the markets and prevent a major, worldwide crisis for years to come?

Fri, 02/21/2014 - 09:25 | 4461396 fonzannoon
fonzannoon's picture

Yes

 

Fri, 02/21/2014 - 09:24 | 4461395 youngman
youngman's picture

They get paid twice a month....so on payday they are all waiting in lines for their cash.....no one has a huge balance

Fri, 02/21/2014 - 11:35 | 4461894 robertocarlos
robertocarlos's picture

They will never get paid the last time though. The last deposit will disappear.

Fri, 02/21/2014 - 09:26 | 4461397 youngman
youngman's picture

"We suspect that whether" ...see its the weather again....spelled wrong though

Fri, 02/21/2014 - 09:29 | 4461403 Haus-Targaryen
Haus-Targaryen's picture

Go Vlad! 

Fri, 02/21/2014 - 09:47 | 4461437 eddiebe
eddiebe's picture

Another flash-point in the fight over assets where east meets west. We can be sure of one thing as far as the out-come of this: The banksters will win and the people,both cops and protesters will lose.

Fri, 02/21/2014 - 09:47 | 4461444 zjxn06
zjxn06's picture

Cash in a machine or Krugs behind the wallboard?

Hmmmmm?

Fri, 02/21/2014 - 10:02 | 4461487 zjxn06
zjxn06's picture

Zeroes and ones on a hard drive or a stack of Eagles in the back of my freezer? Power goes out, food starts to rot who wants to go there? On the other hand, what happens to my ones and zeroes?

Hmmm?

Fri, 02/21/2014 - 10:27 | 4461609 johnQpublic
johnQpublic's picture

everyone has seen enuf movies to know the drugs are stashed in the freezer

you need a new hiding spot

Fri, 02/21/2014 - 11:29 | 4461869 robertocarlos
robertocarlos's picture

I cannot think of a hiding place where they won't find the stash. I hoard and the place is a mess so they would need time but that's about it.

Fri, 02/21/2014 - 09:52 | 4461451 disabledvet
disabledvet's picture

Citigroup allowed withdrawals for Japan throughout all of WWII.

This seems rather oddly punitive. What if the don't like your Bank anymore as a consequence? Playing Ye olde "we're the only game in town" card when it comes to banking? In this day and age?

Fri, 02/21/2014 - 09:56 | 4461459 Dead Canary
Dead Canary's picture

These people are just NOW getting their money out. Dumb fucks deserve to loose everything.

Fri, 02/21/2014 - 09:58 | 4461467 NoIdea
NoIdea's picture

It's probably just weather related

Fri, 02/21/2014 - 10:01 | 4461474 _SILENCER
_SILENCER's picture

I loathe the ATM experience. I feel like I'm grovelling to some AI overlord for my pittance while the entire session is captured nd catalouged for future reference....which it is.

Entertainment Partners is an entertainment industry payroll service here in lovely Burbank, and our operation's finances are run through them, but their checks are drafted from Bank of America. Even though I cash my paychecks (to the wide eyed shagrin of witless BofA employees "why don't you have an account with us?") I am required to show ID (which they swipe through a card reader) AND - dig this - drop a goddamned fingerprint on the check itself. You want paper instead of digits, slave? We still know who you are.

Sorry. Tangent.  It'll be interesting to see how deep the US Intelligence apparatus is involved in this Ukraine mess. My guess is pretty goddamned deep. You don't say NO to the hegemony without getting kneecapped.

Fri, 02/21/2014 - 09:59 | 4461477 Whoa Dammit
Whoa Dammit's picture

Don't worry, Nuland's "folks" will be handing out walking around money for essential purchases like ammo.

Fri, 02/21/2014 - 10:06 | 4461495 forwardho
forwardho's picture

*SBERBANK HALTS LENDING IN UKRAINE, GREF SAYS

Halting lending will crash the Ukrainian market.

The ramifications to the world market are huge. One might wonder if they thought this out to the end conclusion?


 

 

Fri, 02/21/2014 - 10:13 | 4461522 nmewn
nmewn's picture

Never really understood the whole concept of banks and ATM's anyways.

Now see, with the new nmewnPeoplePrinter5000, the traditional ATM is converted into a self contained currency printer. The customer shows up with whatever paper they can scrounge together, stuff it in and voila, out pops a paper currency of any denomination or nationality chosen from the user friendly touch screen.

Then one can just bop on down the road and exchange it at the nmewnGuillotines-R-Us Store for whatever model thier heart desires.

Wait...I think I just realized the concept ;-)

Fri, 02/21/2014 - 10:58 | 4461742 Tall Tom
Tall Tom's picture

Guillotines-R-UsTM is my trademark. I published it first.

 

But Franchises are free. It is for a good cause after all.

 

LOL

Fri, 02/21/2014 - 11:01 | 4461757 nmewn
nmewn's picture

lol...we have to laugh at it to keep from sobbing uncontrollably sometimes.

Fri, 02/21/2014 - 11:02 | 4461762 hugovanderbubble
hugovanderbubble's picture

The worst is coming

Russia is next

Fri, 02/21/2014 - 11:15 | 4461800 robertocarlos
robertocarlos's picture

I need more time to empty my account. The bank reduced the daily withdrawal to $600.

Fri, 02/21/2014 - 11:48 | 4461942 krispkritter
krispkritter's picture

I got a little pissed at that so I went to the drive-thru to take out a larger sum and the teller asked me to come into the bank because of the 'amount of the withdrawal'.  I asked her to get her manager.  I told the manager if I have to walk inside the bank I will be walking out with all my money and a closed account.  They sent my money...FFS

Fri, 02/21/2014 - 11:37 | 4461903 falga
falga's picture

Olympics are almost over....then it will be time for Russian reaction and this deal will be left as a dream as Russia will not let Ukraine go where it wants to go as it is opposite to its strategic interests... Anyhow with a vote in Dec 2014, the opposition and the EU should know that Ukraine does not have the money to survive until then

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