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Cyprus banks may never open again

 
Anonymous Coward
User ID: 33724411
Germany
03/20/2013 02:56 PM
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Re: Cyprus banks may never open again
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russian gas company wants to bail them out in exchange for gas exploration rights
 Quoting: mrmuffins69


This makes sense. They made a mess with their banks, they should use their assets to clean up.

Expropriation from bank accounts should not even have been proposed.
 Quoting: Anonymous Coward 36540283


I don't agree. They should never sell their natural resources to other countries. Then they would have nothing left of value and they are totally in the hands of Russia.
 Quoting: Anonymous Coward 33724411


There don´t seem to be many pleasant solutions left. They should have watched over their banking system a little more carefully.

The issue is not whether the money comes from Russia or elsewhere. It´s what they did with the money. To varied degrees, the same could probably be said of most countries in Europe, though.
 Quoting: Anonymous Coward 36540283


They could let their banks implode, similar to iceland. And start from scratch. But their problem is they don't have another economic model other than "banking".

Well, I guess at least herding goats will not produce the lifestyle they wish.
Anonymous Coward
User ID: 36146552
United States
03/20/2013 02:57 PM
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
Anonymous Coward
User ID: 36540283
Germany
03/20/2013 02:58 PM
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Re: Cyprus banks may never open again
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You´re only mindlessly repeating stereotypes...

If you start thinking a litlle more carefully, you can probably figure out why it´s not so.
 Quoting: Anonymous Coward 36540283

whatever



Im just telling truth.
 Quoting: Anonymous Coward 35805099


Most Germans disapprove of what is happening and would gladly have the DM back.

They don´t want to dominate other countries, nor pay off their debts, nor print money. That, by the way, was the agreement each country accepted when they voluntarily joined the euro.
 Quoting: Anonymous Coward 36540283


Most Germans would gladly let Cyprus and the rest sink into bancruptcy. But then they would even cry more about how inhuman we are.

If we give them money they cry, if we don't give them money they cry.

It is obvious they should never have been part of the same economy union as ours.
 Quoting: Anonymous Coward 33724411


I agree.
Anonymous Coward
User ID: 35805099
Poland
03/20/2013 03:00 PM
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Re: Cyprus banks may never open again
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German brain can think only about how to grab others money and land.

Not mention about concentration camps.
 Quoting: Anonymous Coward 35805099


Oh, that hurts, why not call me a Nazi. You are so original.
 Quoting: Anonymous Coward 33724411


So, you can be original and start to tell us story about some alien invaders from unknown planet Nazi who took over your country and caused a world war and 80 million victims.

Nazi and Germans was the same.

 Quoting: Anonymous Coward 35805099


What the fuck are you even talking about you polish imbecile, this thread is about Cyprus, got it.
 Quoting: Anonymous Coward 33724411


Oh, that must hurt.

But I see here some similarities. You started to meddle again in the politics of other sovereign countries.
Anonymous Coward
User ID: 36540283
Germany
03/20/2013 03:03 PM
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Re: Cyprus banks may never open again
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This makes sense. They made a mess with their banks, they should use their assets to clean up.

Expropriation from bank accounts should not even have been proposed.
 Quoting: Anonymous Coward 36540283


I don't agree. They should never sell their natural resources to other countries. Then they would have nothing left of value and they are totally in the hands of Russia.
 Quoting: Anonymous Coward 33724411


There don´t seem to be many pleasant solutions left. They should have watched over their banking system a little more carefully.

The issue is not whether the money comes from Russia or elsewhere. It´s what they did with the money. To varied degrees, the same could probably be said of most countries in Europe, though.
 Quoting: Anonymous Coward 36540283


They could let their banks implode, similar to iceland. And start from scratch. But their problem is they don't have another economic model other than "banking".

Well, I guess at least herding goats will not produce the lifestyle they wish.
 Quoting: Anonymous Coward 33724411


That´s the reason I would consider using assets, like gas reserves or leasing a naval base to the Russians, or whatever, in order to preserve the banking system. They can make a living off of that.

Stealing money from the Russians, somehow, doesn´t seem like a very good idea...
Anonymous Coward
User ID: 33724411
Germany
03/20/2013 03:03 PM
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Re: Cyprus banks may never open again
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Oh, that hurts, why not call me a Nazi. You are so original.
 Quoting: Anonymous Coward 33724411


So, you can be original and start to tell us story about some alien invaders from unknown planet Nazi who took over your country and caused a world war and 80 million victims.

Nazi and Germans was the same.

 Quoting: Anonymous Coward 35805099


What the fuck are you even talking about you polish imbecile, this thread is about Cyprus, got it.
 Quoting: Anonymous Coward 33724411


Oh, that must hurt.

But I see here some similarities. You started to meddle again in the politics of other sovereign countries.
 Quoting: Anonymous Coward 35805099


Maybe Poland could step up to the task and send some billions to Cyprus. Without conditions of course.
Anonymous Coward
User ID: 36540283
Germany
03/20/2013 03:06 PM
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Re: Cyprus banks may never open again
Lol Germany..100 yrs and still repeating the same tactics.
 Quoting: Anonymous Coward 1330824


If so, what should one think of all the other countries who keep falling for the same trick?
Anonymous Coward
User ID: 33724411
Germany
03/20/2013 03:06 PM
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Re: Cyprus banks may never open again
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I don't agree. They should never sell their natural resources to other countries. Then they would have nothing left of value and they are totally in the hands of Russia.
 Quoting: Anonymous Coward 33724411


There don´t seem to be many pleasant solutions left. They should have watched over their banking system a little more carefully.

The issue is not whether the money comes from Russia or elsewhere. It´s what they did with the money. To varied degrees, the same could probably be said of most countries in Europe, though.
 Quoting: Anonymous Coward 36540283


They could let their banks implode, similar to iceland. And start from scratch. But their problem is they don't have another economic model other than "banking".

Well, I guess at least herding goats will not produce the lifestyle they wish.
 Quoting: Anonymous Coward 33724411


That´s the reason I would consider using assets, like gas reserves or leasing a naval base to the Russians, or whatever, in order to preserve the banking system. They can make a living off of that.

Stealing money from the Russians, somehow, doesn´t seem like a very good idea...
 Quoting: Anonymous Coward 36540283


Why not sell it to Germany. Afterall they want money from us.
Anonymous Coward
User ID: 36547621
Canada
03/20/2013 03:11 PM
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552



Thank you!!! Finally, someone has explained the end game in a way an ordinary person can understand. They want to own those lucrative banks! They made a play where it seems they can't lose. Of course another elite faction (Russia) can beat them and become the owners - same result for Cypriots, though.
Anonymous Coward
User ID: 36540283
Germany
03/20/2013 03:14 PM
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Re: Cyprus banks may never open again
...


There don´t seem to be many pleasant solutions left. They should have watched over their banking system a little more carefully.

The issue is not whether the money comes from Russia or elsewhere. It´s what they did with the money. To varied degrees, the same could probably be said of most countries in Europe, though.
 Quoting: Anonymous Coward 36540283


They could let their banks implode, similar to iceland. And start from scratch. But their problem is they don't have another economic model other than "banking".

Well, I guess at least herding goats will not produce the lifestyle they wish.
 Quoting: Anonymous Coward 33724411


That´s the reason I would consider using assets, like gas reserves or leasing a naval base to the Russians, or whatever, in order to preserve the banking system. They can make a living off of that.

Stealing money from the Russians, somehow, doesn´t seem like a very good idea...
 Quoting: Anonymous Coward 36540283


Why not sell it to Germany. Afterall they want money from us.
 Quoting: Anonymous Coward 33724411


If they want to sell, they should sell to the highest bidder...
Anonymous Coward
User ID: 36555921
United States
03/20/2013 03:14 PM
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552


Good stuff.

As you mention, this is likely to cause bank runs in the rest of Europe due to simple human nature. The question that we won't know the answer to is where does it stop?

Do the big Euro banks think they can withstand bank runs at their own institutions? What kind of Teflon do they have that would keep them safe?

I don't know the answer. Maybe you do?
Anonymous Coward
User ID: 36146552
United States
03/20/2013 03:21 PM
Report Abusive Post
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552



Thank you!!! Finally, someone has explained the end game in a way an ordinary person can understand. They want to own those lucrative banks! They made a play where it seems they can't lose. Of course another elite faction (Russia) can beat them and become the owners - same result for Cypriots, though.
 Quoting: Anonymous Coward 36547621


That's exactly why Putin shot across the bow saying the demand on Cyprus was unprofessional and "DANGEROUS." Why would it be dangerous....Putin was essentially saying...back off and dont mess with Russian money.
Anonymous Coward
User ID: 36555921
United States
03/20/2013 03:21 PM
Report Abusive Post
Report Copyright Violation
Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552


There is one more factor that maybe the Euro bankers didn't consider. Some of the Russian money in those banks was deposited by Russian mafia kingpins.

The bankers better watch their backs. The Russian kingpins aren't likely to stand idly by as billions of dollars are taken from them.

Will anyone be surprised to learn some of these bankers are found murdered? Not me. Their hit men fly into a country, kill and fly out before anyone knows what happened.
Anonymous Coward
User ID: 36146552
United States
03/20/2013 03:25 PM
Report Abusive Post
Report Copyright Violation
Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552



Thank you!!! Finally, someone has explained the end game in a way an ordinary person can understand. They want to own those lucrative banks! They made a play where it seems they can't lose. Of course another elite faction (Russia) can beat them and become the owners - same result for Cypriots, though.
 Quoting: Anonymous Coward 36547621


That's exactly why Putin shot across the bow saying the demand on Cyprus was unprofessional and "DANGEROUS." Why would it be dangerous....Putin was essentially saying...back off and dont mess with Russian money.
 Quoting: Anonymous Coward 36146552


and why Cypress shut the bank down on holiday until further notice...it cant let the bank run happen or it gets seized by its creditors...if the people of Cypress do not want their bank to become EU..DONT RUN ON THE BANK AND LET THE BANK GIVE THE EU THE FINGER...support the bank and make deposits..risky but it will save it.
Anonymous Coward
User ID: 33724411
Germany
03/20/2013 03:25 PM
Report Abusive Post
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552


There is one more factor that maybe the Euro bankers didn't consider. Some of the Russian money in those banks was deposited by Russian mafia kingpins.

The bankers better watch their backs. The Russian kingpins aren't likely to stand idly by as billions of dollars are taken from them.

Will anyone be surprised to learn some of these bankers are found murdered? Not me. Their hit men fly into a country, kill and fly out before anyone knows what happened.
 Quoting: Anonymous Coward 36555921


The russians have the choice of taking a hit or paying it all themselves.

These ridculous threats wont open the german taxpayer pocket.
Anonymous Coward
User ID: 33724411
Germany
03/20/2013 03:27 PM
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Re: Cyprus banks may never open again
...


They could let their banks implode, similar to iceland. And start from scratch. But their problem is they don't have another economic model other than "banking".

Well, I guess at least herding goats will not produce the lifestyle they wish.
 Quoting: Anonymous Coward 33724411


That´s the reason I would consider using assets, like gas reserves or leasing a naval base to the Russians, or whatever, in order to preserve the banking system. They can make a living off of that.

Stealing money from the Russians, somehow, doesn´t seem like a very good idea...
 Quoting: Anonymous Coward 36540283


Why not sell it to Germany. Afterall they want money from us.
 Quoting: Anonymous Coward 33724411


If they want to sell, they should sell to the highest bidder...
 Quoting: Anonymous Coward 36540283


But it would be quite appropriate if Germany gets something for the money, other than the same old "it wont happen again".
insertfunnyusername

User ID: 36542915
Greece
03/20/2013 03:30 PM
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Re: Cyprus banks may never open again
But it would be quite appropriate if Germany gets something for the money, other than the same old "it wont happen again".
 Quoting: Anonymous Coward 33724411


Lol, you're getting something man, it's called profit from interest, you guys describe it like you're giving free stuff or something, which is obviously not the case with loans.

Last Edited by insertfunnyusername on 03/20/2013 03:32 PM
Anonymous Coward
User ID: 36146552
United States
03/20/2013 03:31 PM
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Re: Cyprus banks may never open again
also keep in mind that when a bank fails, the assets are plundered by the take over banks..they get their assets and booked loans...those loans are secured by collateral...the acquisition bank can then take advantage of any stressed loans, accelerate the loans and seize the collateral.

if there are large loans collateralized by large commercial properties, gas and mineral rights, receivables of businesses, then the acquisition banks plunder the assets of the bank's customers...

this is really quite huge and alot is at stake other than existing deposits...
Anonymous Coward (OP)
User ID: 14524586
United States
03/20/2013 03:35 PM
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Re: Cyprus banks may never open again
"So far the market has been largely oblivious of the shattered trust and changed dynamic in European banking dynamics for one simple reason: Cyprus banks have been closed, and likely will be closed indefinitely, preventing the mass media from broadcasting what happens when an entire population, and foreign depositors, decide to clear out the holdings of their bank accounts, either physically or electronically, and the public anger the will result when they find that courtesy of fractional reserve lending, only a tiny amount of said deposits is actually present."


[link to www.zerohedge.com]
Anonymous Coward
User ID: 36555921
United States
03/20/2013 03:37 PM
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552


There is one more factor that maybe the Euro bankers didn't consider. Some of the Russian money in those banks was deposited by Russian mafia kingpins.

The bankers better watch their backs. The Russian kingpins aren't likely to stand idly by as billions of dollars are taken from them.

Will anyone be surprised to learn some of these bankers are found murdered? Not me. Their hit men fly into a country, kill and fly out before anyone knows what happened.
 Quoting: Anonymous Coward 36555921


The russians have the choice of taking a hit or paying it all themselves.

These ridculous threats wont open the german taxpayer pocket.
 Quoting: Anonymous Coward 33724411


Let me be clear. I'm not threatening anyone. Hell, I'm an American just watching things unfold.

My understanding that the Russian money in Cyprian banks is that it is private money from private Russian citizens, some of whom are very likely organized crime figures.

They don't play by the same rules you might want to follow. They will kill the people they believe are responsible for taking their money. Whether it opens the pocketbooks of the German banks is besides the point.

They send a message in the clearest terms. It's half revenge and half a warning shot to anyone who might try to steal their ill-gotten money again.

Mark my words. This is a high risk game the bankers are playing if they think they can wipe out Russian mafia money and not pay a big price.
Anonymous Coward
User ID: 34765812
United Kingdom
03/20/2013 03:37 PM
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Re: Cyprus banks may never open again
Lol Germany..100 yrs and still repeating the same tactics.
 Quoting: Anonymous Coward 1330824


If so, what should one think of all the other countries who keep falling for the same trick?
 Quoting: Anonymous Coward 36540283


are you being obtuse?

its not the countries, its the govts in collusion and/or desperation for what they thought was easy money and an easy ride up there with the big boys of europe. the eu accepted anyone and everypne, despite fixing the finances to gain entry, to brussel's knowledge

the whole project was a lie from the start. when people voted (something i have never had the opportunity to do) for the common market, the full truth of where it would lead. lisbon treaty? this treaty, that treaty?

people voted NO, but that was the wrong answer. brussels asked them again, until they gave the correct answer

its all about expansion, empire
Anonymous Coward
User ID: 777204
United States
03/20/2013 03:38 PM
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552


worshipwoohoowaveurawhistle
veracious common sense

User ID: 1462016
Canada
03/20/2013 03:39 PM
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Re: Cyprus banks may never open again
Where is this all leading too?
 Quoting: Anonymous Coward 9128390


INDEED !!!!!!!!!!!!!iamwith
"we must make the world honest before we can honestly say to the children that honesty is the best policy! "
George Bernard Shaw.
Anonymous Coward
User ID: 33724411
Germany
03/20/2013 03:40 PM
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Re: Cyprus banks may never open again
But it would be quite appropriate if Germany gets something for the money, other than the same old "it wont happen again".
 Quoting: Anonymous Coward 33724411


Lol, you're getting something man, it's called profit from interest, you guys describe it like you're giving free stuff or something, which is obviously not the case with loans.
 Quoting: insertfunnyusername


Riddle me this.

If lending money to greece and cyprus would be such a good deal, then why will noone else give them money?

Why don't you personally buy some greek or cypriotic debt?

So not all the "profits" go to us germans.
Anonymous Coward
User ID: 35805099
Poland
03/20/2013 03:40 PM
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Re: Cyprus banks may never open again
But it would be quite appropriate if Germany gets something for the money, other than the same old "it wont happen again".
 Quoting: Anonymous Coward 33724411


Lol, you're getting something man, it's called profit from interest, you guys describe it like you're giving free stuff or something, which is obviously not the case with loans.
 Quoting: insertfunnyusername


Yeah LOL they say that like they do it for free.
Anonymous Coward
User ID: 36555921
United States
03/20/2013 03:40 PM
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Re: Cyprus banks may never open again
also keep in mind that when a bank fails, the assets are plundered by the take over banks..they get their assets and booked loans...those loans are secured by collateral...the acquisition bank can then take advantage of any stressed loans, accelerate the loans and seize the collateral.

if there are large loans collateralized by large commercial properties, gas and mineral rights, receivables of businesses, then the acquisition banks plunder the assets of the bank's customers...

this is really quite huge and alot is at stake other than existing deposits...
 Quoting: Anonymous Coward 36146552


You've helped to explain why Putin is sending war ships to the area. He could be seeing the bankers' bet and raising it tenfold.
Anonymous Coward
User ID: 777204
United States
03/20/2013 03:43 PM
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Re: Cyprus banks may never open again
You think closing the banks for a week is to protect the citizens of Cyprus? Their money is already gone.
 Quoting: Anonymous Coward 14524586


There has been no suggestion ANYWHERE that the extended bank holiday is anything to do with protecting the citizens of Cyprus. Where do you get that from? It's because they need to agree a deal and work out capital controls before they reopen - otherwise those banks will be emptied in the blink of an eye.
 Quoting: Anonymous Coward 31968245


I would think preventing a bank run (the reason you stated was the purpose of the closing) would be considered a protection of the citizens of Cyprus. Go back to guessing what sex the royal baby is going to be.
 Quoting: Anonymous Coward 14524586


Harsh person you are, OP, aren't you?

I bet you that person is on Cyprus's and OUR side too.

Just disagrees about certain actions within the "happening."

BTW, I support most of what you say too.

Don't hit me, please. I am on most people's side here.

Calm down, dude.
Anonymous Coward
User ID: 36540283
Germany
03/20/2013 03:43 PM
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Re: Cyprus banks may never open again
Lol Germany..100 yrs and still repeating the same tactics.
 Quoting: Anonymous Coward 1330824


If so, what should one think of all the other countries who keep falling for the same trick?
 Quoting: Anonymous Coward 36540283


are you being obtuse?

its not the countries, its the govts in collusion and/or desperation for what they thought was easy money and an easy ride up there with the big boys of europe. the eu accepted anyone and everypne, despite fixing the finances to gain entry, to brussel's knowledge

the whole project was a lie from the start. when people voted (something i have never had the opportunity to do) for the common market, the full truth of where it would lead. lisbon treaty? this treaty, that treaty?

people voted NO, but that was the wrong answer. brussels asked them again, until they gave the correct answer

its all about expansion, empire
 Quoting: Anonymous Coward 34765812


You´re mixing things up.

If one says "Germany does this, Germany does that", then the same applies to the other countries.

As well, when you say that people didn´t want the euro or the EU, the same is true in Germany.
Anonymous Coward
User ID: 33724411
Germany
03/20/2013 03:44 PM
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Re: Cyprus banks may never open again
Let me explain this in legal terms.


When you make a deposit, your money doesnt go into a box with your name on it at the bank. the money actually and legally goes into the general fund of the bank to be used for ordinary business expenses and serve as a basis to make loans.

What you get in return for your deposit is an "iou" payable upon demand. its a simple contract between you and the bank. your deposit is a 0% interest loan to the bank and it is legally required to pay it back upon your demand....in legal terms, its a demand note.

you are assigned an account number with your initial deposit or loan, and then future loans and payments are documented over time....i.e. your account statement.

then notion that you have money in the bank is an illusion...all you have is a contractual obligation for the bank to pay you back...you have no money in the bank so to speak.

the idea that the bank of cyprus is seizing 15% of deposits is an illusion too. essentially, the EU banks are telling the Cyprus banks that it is authorized to reduce demand note repayments down 15% in order to get the EU bailout...

the German Finance Minister has already said that the Bank of Cyprus is insolvent...which means that if everyone in the bank came to "withdraw their money" or demand repayment of their demand notes at once, the bank would not have the money on hand to pay it out and the bank would essentially fail. therefore, the bank needs to reduce its repayment obligations by 15% to increase its liquidity to better secure the repayment of the EU bailout.

however, news of this is going to cause a bank run, which will cause the bank of cyprus to fail..the EU bank is forcing the bank to take its bailout or risk the bank run and go out of business...its a hard nose tactic by EU banks to get Cyprus Bank to take the bailout on very favorable terms to the EU banks.

this bank run issue is part of the plan...all it does is make the bank's failure imminent..they cannot take the bank over till it fails..this bank run will do cause the failure quickly and they are using the media to perpetuate it.

they are also using the media to get bank runs going on other banks in the EU...the big banks cannot reorganize all the other banks till they fail...so here comes the bank runs.

they dont care to get the 15% "deposit funds" as the funds are a tiny portion of the total bailout..they want the banks...if they cant get the banks, like Cyprus, to accept their bailout terms, then they will force "deposit seizures", which as i said above, is really an illusion, but freaks people out and makes them run on the banks...this will cause the banks to fail and then they can get them and reorganize..they will get the banks either way through bailout acquisition or upon failure from bank runs...its just a matter of time.

i hope the Bank of Cyprus can hold it together or the future of that island is gone forever...

good luck
 Quoting: Anonymous Coward 36146552


There is one more factor that maybe the Euro bankers didn't consider. Some of the Russian money in those banks was deposited by Russian mafia kingpins.

The bankers better watch their backs. The Russian kingpins aren't likely to stand idly by as billions of dollars are taken from them.

Will anyone be surprised to learn some of these bankers are found murdered? Not me. Their hit men fly into a country, kill and fly out before anyone knows what happened.
 Quoting: Anonymous Coward 36555921


The russians have the choice of taking a hit or paying it all themselves.

These ridculous threats wont open the german taxpayer pocket.
 Quoting: Anonymous Coward 33724411


Let me be clear. I'm not threatening anyone. Hell, I'm an American just watching things unfold.

My understanding that the Russian money in Cyprian banks is that it is private money from private Russian citizens, some of whom are very likely organized crime figures.

They don't play by the same rules you might want to follow. They will kill the people they believe are responsible for taking their money. Whether it opens the pocketbooks of the German banks is besides the point.

They send a message in the clearest terms. It's half revenge and half a warning shot to anyone who might try to steal their ill-gotten money again.

Mark my words. This is a high risk game the bankers are playing if they think they can wipe out Russian mafia money and not pay a big price.
 Quoting: Anonymous Coward 36555921


You are overestimating the reach of russian thugs. At least to the extent that it will be considered in german political considerations.
Anonymous Coward
User ID: 777204
United States
03/20/2013 03:45 PM
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Re: Cyprus banks may never open again
they are blackmailing the people. take the 10% hit or lose all 100% of your money.

thats blackmail and theft, totally illegal.
 Quoting: Anonymous Coward 36560290


Bingo!!!!!!!!!!!!!!!!!!

You get a free lollipop for that!!!!!!!!!!!!!!!!

LOl...............

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