Breaking: CHAOS IN CYPRUS; "Thousands" are withdrawing their money; ALERT IN THE SOUTHERN EUROPEAN COUNTRIES

Cyprus bailout a major game changer

This from Lars Seier Christensen co-founder & CEO
Saxo Bank A/S (A serious comment you should truly take note of)

Shocking!

It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors' money and 9.9 percent of big depositors' funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?

I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.

This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

if you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.

Depositors in other prospective bailout countries must be running scared - is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now. Even from the EU as a whole, I suspect, as the banking union is in place in most countries already.

This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal.

Market reaction? it must be very good for gold - and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro contries in, for example, Scandinavia. I would think the EUR and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors.

This is full-blown socialism and I still cannot believe this really happened.

Be careful out there...

[link to www.tradingfloor.com]

^^^This!

Hang the worthless fuckers.

oh wonderful. the mighty EU in the last few years is always trying to teach us here democracy, always saying we're losing democratic values in Hungary, the country is turning into a dictatorship etc etc. and now this same EU basically gives out an order to Cyprus to do these haircuts on bank accounts.
Seriously? this EU is trying to teach us about democracy? yea, because the agreement of EU leaders and the government of Cyprus with the banks there, over the money of people is very democratic.

Efthimia Efthimiou ‏@EfiEfthimiou
Skai tv reports that ECB urged #Cyprus to vote for the measures today, before markets open on Monday. Cyprus replied "this is impossible"

QUICK! Send Venizelos and Giorgakis to change their mind "or else...".

If UK government guarantees Uk armed forces personnel with savings in Cyprus banks, is the UK taxpayer not indirectly helping this bailout ?

The damage already happened bro. By "attacking" INSURED and GUARANTEED deposits you officially declared war to your own citizens. With that measure you openly claim that ALL of your citizens are thieves.

As I said before, RIP Eurozone 1999-2013.

And I won't be surprised to see an escalation with Turkey.

I agree with you 100%.
And of course we all realize that it is not a problem of Hungary, or Greece, or Cyprous alone. EU and the Eurozone are turning into a facist mechanism attacking the nations and people of Europe.
When this crisis started the EU tried to convience everybody that Greece was a unique case and Greeks haven't done their homework. 3 years later 5 countries are under the EFSF supervision and Italy fighting hard to avoid it. That is a total of 6 countries which count for the 1/3 of the Eurozone.
Do you remember when Euro was born? All the Euro enthousiasts claimed that the new currency will provide EU countries with low interests on loans, free capital transfers and a solid economic environment. Now the countries and the people of all these countries are being punished because they benefited from the advantages that Euro provided. Cyprous for ex. everybody are saying who cares about russian mafia losing a 10% of their account but they don't remember that it was the EU who allowed and encourage this to happen. Spain for example everybody says is a banking problem, but nobody accuses the EU and the ECB because they helped Spanish banks to behave the way they did in the years before the crisis.

Business Insider ‏@businessinsider
Cyprus Parliament Postpones Emergency Session To Discuss Bank Levy [link to read.bi]

Indeed. I won't be surprised at all tbh, if the haircut won't pass they will involve Turkey as the boogeyman, business as usual.

Indeed. I won't be surprised at all tbh, if the haircut won't pass they will involve Turkey as the boogeyman, business as usual.

I my friend how are you? I'm Luisport, i have pc problems in the last days. I'm in other person comp now!

I my friend how are you? I'm Luisport, i have pc problems in the last days. I'm in other person comp now!