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CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout

 
G3
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United States
03/16/2013 08:09 PM

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CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout

In the early hours of Saturday, Cyprus agreed to a "bailout" with the EU and IMF that is very controversial because it imposes an immediate one-time tax on everyone with money in a Cypriot bank before banks reopen on Tuesday (Monday is a holiday).

The deal still needs to be passed by Parliament and that's not a sure thing.

Ekathimerini has this report:

The Cypriot government is now sweating over a possible rejection by the island’s parliament of the shocking set of measures imposed on Nicosia for the eurozone to bail its economy out of a likely default, announced in the early hours of Saturday.

The Cypriot government is preparing the bill to be tabled in Parliament probably on Sunday in an emergency session, as everything will have to be voted by Monday night for Cypriot banks to open on Tuesday.

The stakes are incredibly high. Here's a statement from Cypriot President Nicos Anastasiades warning of total financial collapse and euro exit if there's no deal (via @dsquareddigest).

It is well known that the deep economic crisis and the state of emergency in which the country has found itself did not come about in the last fortnight since we have undertaken the administration of the country.

The state of emergency and critical nature of the times do not allow me, as they do not allow anyone, to embark on a blame game.

More here:

[link to www.businessinsider.com]
G3 (OP)
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03/16/2013 08:14 PM

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Re: CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
cont'd:

In the extraordinary meeting of the Eurogroup, we faced decisions that had already been taken and came across faits accomplis through which we were faced with the following dilemmas:

On Tuesday, March 19 we would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis, which would put a definitive end to the uncertainty and restart our economy.

A possible choice of the catastrophic scenario option would have the following consequences:

1. On Tuesday, March 19, immediately after the holiday weekend, one of the two banks in crisis would cease to operate, since the European Central Bank, following the decision already taken, would terminate the provision of liquidity. The second bank would suspend its work, and neither could avoid collapse. Such a phenomenon would instantly lead 8.000 families to unemployment.

2. The State would be obliged to compensate depositors in response to the obligation regarding guaranteed deposits. The capital required in such a case would amount to about 30 billion euros, which the State would be unable to pay.

3. A proportionate amount corresponding to the deposits of thousands of depositors for deposits over 100.000 Euro, would be led to a vicious cycle of asset liquidation, and these depositors would suffer losses of over 60%.

4. Such an uncontrolled situation would push the whole banking system into collapse with all the attendant consequences.

5. Thousands of small and medium enterprises, and other businesses would be driven to bankruptcy due to their inability to trade.

As a result of the above, the service sector would be led to a complete collapse with a possible exit from the euro. That, in addition to the national weakening of Cyprus, would lead to devaluation of the currency by at least 40%.

Read more:

[link to www.businessinsider.com]
G3 (OP)
G3

User ID: 1531577
United States
03/16/2013 08:25 PM

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Re: CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
bump
G3 (OP)
G3

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03/17/2013 04:08 AM

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Re: CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
bump
Anonymous Coward
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Netherlands
03/17/2013 04:17 AM
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Re: CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
Don't forget to read this thread :

[link to godlikeproductions.com]
Anonymous Coward
User ID: 1764289
United Kingdom
03/17/2013 04:21 AM
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Re: CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
Euro is a myth.

The Antichrist had formed the UN and Euro.
Anonymous Coward
User ID: 13263525
Indonesia
03/17/2013 04:22 AM
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Re: CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
wait till bank open, it will close in 10 minutes..rofl
G3 (OP)
G3

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03/17/2013 12:52 PM

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Re: CYPRUS PRESIDENT: Nation Faces Total Financial Collapse And Euro Exit Without Bailout
bump

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