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Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money

 
Anonymous Coward
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03/20/2013 06:58 PM
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Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
The ministry of finance issued a decree declaring Thursday and Friday as bank holidays. As Monday is also an established holiday, banks will re-open on March 26.

The government hopes that by that time it will be able to work out a way of raising 5.8 billion euros (7.5 billion US dollars) demanded by international lenders before they consent to a bailout for Cyprus worth 10 billion euros.

The Cypriot parliament on Tuesday rejected a bill imposing a scaled levy on bank deposits over 20,000 euros, throwing into disarray negotiations with the troika on the bailout package.

The levy was designed to generate enough cash money for the recapitalization of the banking system so as to keep the total sovereign debt sustainable.

Ahead of the reopening of the banks next week the government has prepared a bill providing for controls over the withdrawal of money from the banks.

Details have not yet been finalized, but the idea is to allow depositors to withdraw money only up to an amount to be fixed so as to avoid an uncontrolled run on deposits.

[link to www.globaltimes.cn]
Anonymous Coward
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03/20/2013 07:06 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
My friend is from Cyprus they have stolen 2,000 in money from him.
Useless Cookie Eater

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03/20/2013 07:07 PM

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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
My friend is from Cyprus they have stolen 2,000 in money from him.
 Quoting: Anonymous Coward 36574226


The "theft" deal was voted down...wasn't it? 1dunno1
Anonymous Coward
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03/20/2013 07:07 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
My friend is from Cyprus they have stolen 2,000 in money from him.
 Quoting: Anonymous Coward 36574226


The levy is not ratified yet. He might still lose everything.
Anonymous Coward (OP)
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03/20/2013 07:12 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
My friend is from Cyprus they have stolen 2,000 in money from him.
 Quoting: Anonymous Coward 36574226




who is they and how?
jazz
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03/20/2013 07:14 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
those ppl can hold out without any cash much longer. they must b pissed enuf by now.how many ppl in america ACTUALLY carry cash nowdays??? most would b starving ,running outa gas,etc. anuther week is too long,they will flip out soon.
riots mass cilvil unrest,full caos,burniong stores n banks, looting must start soon.
Anonymous Coward (OP)
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03/20/2013 07:14 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Ahead of the reopening of the banks next week the government has prepared a bill providing for controls over the withdrawal of money from the banks.

Details have not yet been finalized, but the idea is to allow depositors to withdraw money only up to an amount to be fixed so as to avoid an uncontrolled run on deposits.

[link to www.globaltimes.cn]
 Quoting: Anonymous Coward 36375982


The US will probably use Cyprus as an excuse to introduce controls over money withdrawal here before SHTF so that they avoid a bank runs from the get go.
Anonymous Coward
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Portugal
03/20/2013 07:17 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Cyprus will not get a penny from the EU/IMF/international gansgters.

Good for them I say, kick the EU in the butt and start the revolution!

yay!!!
Anonymous Coward (OP)
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03/20/2013 07:18 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
those ppl can hold out without any cash much longer. they must b pissed enuf by now.how many ppl in america ACTUALLY carry cash nowdays??? most would b starving ,running outa gas,etc. anuther week is too long,they will flip out soon.
riots mass cilvil unrest,full caos,burniong stores n banks, looting must start soon.
 Quoting: jazz 22000823



Major infringement on people's freedom. They must feel as if they're treated like little kids. It's people's personal money. It must be a basic right to access it. Depositors didn't cause the mess.
Anonymous Coward
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03/20/2013 07:19 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
Anonymous Coward (OP)
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03/20/2013 07:22 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Cyprus will not get a penny from the EU/IMF/international gansgters.

Good for them I say, kick the EU in the butt and start the revolution!

yay!!!
 Quoting: Anonymous Coward 36536055


They're considering a loan from Russia.
jaazz
User ID: 22000823
United States
03/20/2013 07:23 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
those ppl can hold out without any cash much longer. they must b pissed enuf by now.how many ppl in america ACTUALLY carry cash nowdays??? most would b starving ,running outa gas,etc. anuther week is too long,they will flip out soon.
riots mass cilvil unrest,full caos,burniong stores n banks, looting must start soon.
 Quoting: jazz 22000823



Major infringement on people's freedom. They must feel as if they're treated like little kids. It's people's personal money. It must be a basic right to access it. Depositors didn't cause the mess.
 Quoting: Anonymous Coward 36375982


NOOOO ITS BEYOND $$$$ BY NOW. U DONT FUCK WITH PPL'S FOOD,WATER OR KIDS. AND RIGHT NOW THAEY HAVE TO B RUNNING OUT OF FOOD FO THEMSELF N KIDS. CAN U IMAGINE THE BANKS NT ALLOWING ANY PAYMENTS FOR A WEEK IN THIS COUNTRY?? EVERYONE USES CREDIT/DEBIT CARDS. well almost i still use cash. i'd b rich
Anonymous Coward (OP)
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03/20/2013 07:30 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Moscow has a vested interest in saving the Cypriot economy, but Europe will be upset if the sinking island takes on more debt.

Michael Sarris dashed to Moscow in a desperate search for another bailout plan to save his country. The flight route was no surprise - Moscow is heavily invested in Cyprus. Another name for Limassol could be Moscow-On-Sea.

The Mediterranean island offers the safety of Europe, favourable business conditions including low taxes and not too many probing questions about the source of the income. That explains why an estimated 20bn euros of Russian money is parked here.

It also explains why Moscow and Cyprus have a shared interest in saving the island's economy.

After attending the first round of talks with his Russian counterparts Mr Sarris said: "There were no offers, nothing concrete.

Cyprus is desperate for the cash.

Banks have been shut since the weekend and may stay closed until next week.

Russia will try and extract as much as it can from the desperate Cypriots, which could include a share in Cyprus's energy rich future.
Some experts believe Cyprus could be sitting on natural gas reserves worth up to 300bn euros. It would also give Russia great political satisfaction to have one of its companies operating inside Europe, according to Russian economist Alexander Orlov.

"Currently Europe cant't fulfil its need for natural gas. Libya and Algeria are too politically unstable," he said. "Cyprus would be ideal as it's close to mainland Europe and it can be delivered by pipeline."

Cyprus already owes Russia money, but is looking for another 5bn euros - that is the amount it needs in addition to the 10bn bailout offer from Europe.

But taking on more debt will not please Europe. That is why it come up with the controversial plan to tax Cypriot savings. It still wants Cyprus to fund a so called bail-in, but it is suggesting a more targeted approach.

German Chancellor Angela Merkel has proposed a potentially more palatable proposal: "The members of the Eurogroup would appreciate that investors below 100,000 euro are not included.
"However, investors over 100,000 euro should support the banking industry so that the banking industry will be sustainable."

But this again would mean Russian investments being taxed by Brussels, which will certainly factor in to any further negotiations.

[link to news.sky.com]
Anonymous Coward (OP)
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03/20/2013 07:41 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Cypriots Wait and Worry As Default Looms

While the politicians posture and negotiate, the people of Cyprus are watching anxiously. Many are wondering if, like the cash reserves at the country’s banks, their hopes and dreams for a better future are also about to vanish.

At a shop in Nicosia, flowers are in bloom. But the spirits of those who work there are wilting.
“We have a problem when the banks are closed. It’s like we are the living dead. We can’t make any withdrawals, we can’t make deposits, pay our suppliers,” said florist Stelios Stylianou.

One shoe store in the capital is open and empty, as it has been for days. Totis Pelacanos owns the store. He wonders if lawmakers will find a solution. “I should hope so that they have a plan B after saying no. Otherwise, I don’t know what’s going to happen?,” Pelacanos said.

Even though the banks are closed, cash machines have been open though some appear to be running out [of money].
In the seaside town of Limassol, the sun has been shining. But for many of the Russians who flocked there after the fall of the Soviet Union, a European Union bailout plan that would have taxed their savings, though rejected, still has them rattled.
From what I see from my friends, who are Russians and Ukrainians here, yes they are in a panic and I think it will affect the Cypriot economy because now people do not trust anymore. They do not trust banks, they are not secure,” said Ekaterina Vitebskaya-Melas, who works as a luxury rental car company
Until a solution is found, many in Cyprus are anxiously waiting, wondering just how much worse the cash crunch can get.

[link to pubmemo.com]
Anonymous Coward
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03/20/2013 07:42 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
.

Vladimir Putin should bailout Cyprus
in exchange for navy/air bases.


.
Anonymous Coward
User ID: 36576971
Greece
03/20/2013 07:46 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Cyprus will not get a penny from the EU/IMF/international gansgters.

Good for them I say, kick the EU in the butt and start the revolution!

yay!!!
 Quoting: Anonymous Coward 36536055


They're considering a loan from Russia.
 Quoting: Anonymous Coward 36375982


They just tried to rob those Russians and are now holding their money hostage like a gun to the head trying to force them to help bail them out and keep robbing them. Good luck with that. I don't think the Russians will go for it. If they even make a pretense of going for it the Cypriots should get terrified out of their minds. I would think the Russians would want revenge.
Anonymous Coward
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Greece
03/20/2013 07:50 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


The bank run has already started there from the ATM withdrawals alone.

"...that the banks remain shut until that deal is concluded to minimize the low-level bank run that is already under way as Cypriots continue to empty automatic cash machines"

[link to online.wsj.com]
Anonymous Coward
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United States
03/20/2013 07:59 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


The bank run has already started there from the ATM withdrawals alone.

"...that the banks remain shut until that deal is concluded to minimize the low-level bank run that is already under way as Cypriots continue to empty automatic cash machines"

[link to online.wsj.com]
 Quoting: Anonymous Coward 36576971


Well, duh, to the WSJ, I mean if there weren't a bank run via ATMs in progress they wouldn't have needed to airlift
a million euros to keep refilling them.
Anonymous Coward
User ID: 1158628
United States
03/20/2013 08:02 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"?

No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base.
Anonymous Coward
User ID: 36576971
Greece
03/20/2013 08:04 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


The bank run has already started there from the ATM withdrawals alone.

"...that the banks remain shut until that deal is concluded to minimize the low-level bank run that is already under way as Cypriots continue to empty automatic cash machines"

[link to online.wsj.com]
 Quoting: Anonymous Coward 36576971


Well, duh, to the WSJ, I mean if there weren't a bank run via ATMs in progress they wouldn't have needed to airlift
a million euros to keep refilling them.
 Quoting: Anonymous Coward 1482838


If you read the article you'd notice that it was written yesterday. Prior to the money being airlifted. The fact remains though that Duh bank run not as mild as they're stating and the widrawals are flying out faster than they can fill those machines. They will not be able to keep them full. How much of a dent do you think a million euros is going to make when people are trying to empty their accounts while they can? A million euros is a drop of water in an ocean at this point.
Anonymous Coward
User ID: 1158628
United States
03/20/2013 08:08 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


The bank run has already started there from the ATM withdrawals alone.

"...that the banks remain shut until that deal is concluded to minimize the low-level bank run that is already under way as Cypriots continue to empty automatic cash machines"

[link to online.wsj.com]
 Quoting: Anonymous Coward 36576971


Well, duh, to the WSJ, I mean if there weren't a bank run via ATMs in progress they wouldn't have needed to airlift
a million euros to keep refilling them.
 Quoting: Anonymous Coward 1482838


If you read the article you'd notice that it was written yesterday. Prior to the money being airlifted. The fact remains though that Duh bank run not as mild as they're stating and the widrawals are flying out faster than they can fill those machines. They will not be able to keep them full. How much of a dent do you think a million euros is going to make when people are trying to empty their accounts while they can? A million euros is a drop of water in an ocean at this point.
 Quoting: Anonymous Coward 36576971


Which would make sense if someone was actually filling ATMs. The money being flown in is for specific purposes - Russians aiding Russians, the UK aiding their military and civilian staff stationed there.

No one is 'filling ATMs' for general use out of the goodness of their hearts.

Do people sound this shit out in their heads before they type it? (Rhetorical question)
Anonymous Coward
User ID: 36576971
Greece
03/20/2013 08:12 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
My friend is from Cyprus they have stolen 2,000 in money from him.
 Quoting: Anonymous Coward 36574226


The "theft" deal was voted down...wasn't it? 1dunno1
 Quoting: Useless Cookie Eater


Doesn't mean they still won't go ahead with it. Possibly on an even larger scale...."oops bank run sorry we're out of money please go away. That tax levy just went up to 100% of your funds"
Anonymous Coward
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United States
03/20/2013 08:13 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"?

No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base.
 Quoting: Anonymous Coward 1158628


If it's a private base bank why would it be affected anyway?
And why wouldn't they just use debit cards for on base commisary shopping.

No there's something else afoot. It would have to be like the banks had already been drained of their liquidity (currency)in the vaults before they closed them. Any ATM will work for any debit card even if it's not your bank, you are just charged a transfer fee so what is going on here?
Anonymous Coward
User ID: 36576971
Greece
03/20/2013 08:14 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
...


The bank run has already started there from the ATM withdrawals alone.

"...that the banks remain shut until that deal is concluded to minimize the low-level bank run that is already under way as Cypriots continue to empty automatic cash machines"

[link to online.wsj.com]
 Quoting: Anonymous Coward 36576971


Well, duh, to the WSJ, I mean if there weren't a bank run via ATMs in progress they wouldn't have needed to airlift
a million euros to keep refilling them.
 Quoting: Anonymous Coward 1482838


If you read the article you'd notice that it was written yesterday. Prior to the money being airlifted. The fact remains though that Duh bank run not as mild as they're stating and the widrawals are flying out faster than they can fill those machines. They will not be able to keep them full. How much of a dent do you think a million euros is going to make when people are trying to empty their accounts while they can? A million euros is a drop of water in an ocean at this point.
 Quoting: Anonymous Coward 36576971


Which would make sense if someone was actually filling ATMs. The money being flown in is for specific purposes - Russians aiding Russians, the UK aiding their military and civilian staff stationed there.

No one is 'filling ATMs' for general use out of the goodness of their hearts.

Do people sound this shit out in their heads before they type it? (Rhetorical question)
 Quoting: Anonymous Coward 1158628


They have been doing a little of everything. Trying to fill ATM's , people have been getting money out of them. The Brit's also sent funds to their people as they should and so have the Russian's .... Nothing wrong with that.
Anonymous Coward
User ID: 36576971
Greece
03/20/2013 08:17 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"?

No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base.
 Quoting: Anonymous Coward 1158628


If it's a private base bank why would it be affected anyway?
And why wouldn't they just use debit cards for on base commisary shopping.

No there's something else afoot. It would have to be like the banks had already been drained of their liquidity (currency)in the vaults before they closed them. Any ATM will work for any debit card even if it's not your bank, you are just charged a transfer fee so what is going on here?
 Quoting: Anonymous Coward 1482838


The bank run has already begun. Very simple really. You can use that little debit card at any bank you like but if your bank doesn't have the funds to back it ,no machine is going to spit out cash for you.
Anonymous Coward
User ID: 1482838
United States
03/20/2013 08:21 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"?

No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base.
 Quoting: Anonymous Coward 1158628


If it's a private base bank why would it be affected anyway?
And why wouldn't they just use debit cards for on base commisary shopping.

No there's something else afoot. It would have to be like the banks had already been drained of their liquidity (currency)in the vaults before they closed them. Any ATM will work for any debit card even if it's not your bank, you are just charged a transfer fee so what is going on here?
 Quoting: Anonymous Coward 1482838


The bank run has already begun. Very simple really. You can use that little debit card at any bank you like but if your bank doesn't have the funds to back it ,no machine is going to spit out cash for you.
 Quoting: Anonymous Coward 36576971


You are missing my point. Why did they tell us this?
All annoucing you are airlifting euros does is alert EVERYBODY a bank run is underway.

That it WAS underway and that's why they closed the banks because they could no longer monetize their deposits.
This is exactly what happened in 2008. So many people took the currency out of the banks and were defaulting on loans that the banks were insolvent.

You want to kill a bank? Force them to monetize their demand deposit accounts.
Anonymous Coward
User ID: 1158628
United States
03/20/2013 08:24 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"?

No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base.
 Quoting: Anonymous Coward 1158628


If it's a private base bank why would it be affected anyway?
And why wouldn't they just use debit cards for on base commisary shopping.

No there's something else afoot. It would have to be like the banks had already been drained of their liquidity (currency)in the vaults before they closed them. Any ATM will work for any debit card even if it's not your bank, you are just charged a transfer fee so what is going on here?
 Quoting: Anonymous Coward 1482838


Banks carry limited cash on hand. In order to "cash" a check over ~$50k, you have to schedule that so they can get currency, and you have to pick it up within days of delivery. Usually takes a week or so for that to happen.

ATMs are also limited on the cash they hold because of robbery (someone drives through one). Most hold $60k at most and that is for a holiday weekend. Multiply that against a Cypriot-style run where people are taking out $500 a day, each.

The banks aren't open, so no one is inside to open the vault, order more cash from Brinks and load the ATM.

This isn't rocket science.

I work at a bank, BTW. Don't believe me - call your bank in the AM and ask them how to cash a ~$50k check (procedure/timing) and let them tell you in person.
Anonymous Coward
User ID: 1158628
United States
03/20/2013 08:26 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
...


Well, duh, to the WSJ, I mean if there weren't a bank run via ATMs in progress they wouldn't have needed to airlift
a million euros to keep refilling them.
 Quoting: Anonymous Coward 1482838


If you read the article you'd notice that it was written yesterday. Prior to the money being airlifted. The fact remains though that Duh bank run not as mild as they're stating and the widrawals are flying out faster than they can fill those machines. They will not be able to keep them full. How much of a dent do you think a million euros is going to make when people are trying to empty their accounts while they can? A million euros is a drop of water in an ocean at this point.
 Quoting: Anonymous Coward 36576971


Which would make sense if someone was actually filling ATMs. The money being flown in is for specific purposes - Russians aiding Russians, the UK aiding their military and civilian staff stationed there.

No one is 'filling ATMs' for general use out of the goodness of their hearts.

Do people sound this shit out in their heads before they type it? (Rhetorical question)
 Quoting: Anonymous Coward 1158628


They have been doing a little of everything. Trying to fill ATM's , people have been getting money out of them. The Brit's also sent funds to their people as they should and so have the Russian's .... Nothing wrong with that.
 Quoting: Anonymous Coward 36576971


I didn't say anything was wrong with that. I said that the UK/Russia isn't/aren't flying people/cash to Cyprus to break into closed/locked banks and refill the ATMs for Joe Blow on the street to get his cash out.
Anonymous Coward
User ID: 1482838
United States
03/20/2013 08:26 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
Color me confused. The EU airlifted euros to keep the ATMs
full for withdrawals. It lessons the impact of banks being closed until Tuesday.

So part of this is a propaganda ploy. If they really wanted to put the skewers to the people, they'd have disabled the ATMs, too.

The only thing I can think of is the Russian high rollers said nyet on that idea.
Or cooler heads prevailed because there would be blood on the streets if people couldn't have ANY access to their money.
 Quoting: Anonymous Coward 1482838


Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"?

No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base.
 Quoting: Anonymous Coward 1158628


If it's a private base bank why would it be affected anyway?
And why wouldn't they just use debit cards for on base commisary shopping.

No there's something else afoot. It would have to be like the banks had already been drained of their liquidity (currency)in the vaults before they closed them. Any ATM will work for any debit card even if it's not your bank, you are just charged a transfer fee so what is going on here?
 Quoting: Anonymous Coward 1482838


Banks carry limited cash on hand. In order to "cash" a check over ~$50k, you have to schedule that so they can get currency, and you have to pick it up within days of delivery. Usually takes a week or so for that to happen.

ATMs are also limited on the cash they hold because of robbery (someone drives through one). Most hold $60k at most and that is for a holiday weekend. Multiply that against a Cypriot-style run where people are taking out $500 a day, each.

The banks aren't open, so no one is inside to open the vault, order more cash from Brinks and load the ATM.

This isn't rocket science.

I work at a bank, BTW. Don't believe me - call your bank in the AM and ask them how to cash a ~$50k check (procedure/timing) and let them tell you in person.
 Quoting: Anonymous Coward 1158628


I worked at a bank for seven years as a vault teller and in proof myself. You don't understand what I am saying dipshit.

As a vault teller, I am well aware of how the amount of cash on hand works. You either need to re-read what I am questioning.
Anonymous Coward
User ID: 36576971
Greece
03/20/2013 08:26 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
...


Think about this. A bunch of Brits fly to Kansas, USA and say "we are here to stock the ATMs of your privately held bank"?

No, they flew the cash over to hold over the 3,500 UK soldiers permanently stationed on Cyprus. They won't be breaking into closed banks to stock the ATMs, they will be doing "private banking" on the base.
 Quoting: Anonymous Coward 1158628


If it's a private base bank why would it be affected anyway?
And why wouldn't they just use debit cards for on base commisary shopping.

No there's something else afoot. It would have to be like the banks had already been drained of their liquidity (currency)in the vaults before they closed them. Any ATM will work for any debit card even if it's not your bank, you are just charged a transfer fee so what is going on here?
 Quoting: Anonymous Coward 1482838


The bank run has already begun. Very simple really. You can use that little debit card at any bank you like but if your bank doesn't have the funds to back it ,no machine is going to spit out cash for you.
 Quoting: Anonymous Coward 36576971


You are missing my point. Why did they tell us this?
All annoucing you are airlifting euros does is alert EVERYBODY a bank run is underway.

That it WAS underway and that's why they closed the banks because they could no longer monetize their deposits.
This is exactly what happened in 2008. So many people took the currency out of the banks and were defaulting on loans that the banks were insolvent.

You want to kill a bank? Force them to monetize their demand deposit accounts.
 Quoting: Anonymous Coward 1482838


They had no choice but to tell you. Too manny people involved. Countries also want the credit of rescuing their people, not a bad thing. Plus it's a small place no hiding the fact tat money is being airlifted in. When everyone is starving the one or two people seen eating are a dead givaway. (Just an analogy) no hiding certain things.
Anonymous Coward
User ID: 36576971
Greece
03/20/2013 08:30 PM
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Re: Cyprus banks remain closed for another 5 days & will provide controls over withdrawal of money
...


If you read the article you'd notice that it was written yesterday. Prior to the money being airlifted. The fact remains though that Duh bank run not as mild as they're stating and the widrawals are flying out faster than they can fill those machines. They will not be able to keep them full. How much of a dent do you think a million euros is going to make when people are trying to empty their accounts while they can? A million euros is a drop of water in an ocean at this point.
 Quoting: Anonymous Coward 36576971


Which would make sense if someone was actually filling ATMs. The money being flown in is for specific purposes - Russians aiding Russians, the UK aiding their military and civilian staff stationed there.

No one is 'filling ATMs' for general use out of the goodness of their hearts.

Do people sound this shit out in their heads before they type it? (Rhetorical question)
 Quoting: Anonymous Coward 1158628


They have been doing a little of everything. Trying to fill ATM's , people have been getting money out of them. The Brit's also sent funds to their people as they should and so have the Russian's .... Nothing wrong with that.
 Quoting: Anonymous Coward 36576971


I didn't say anything was wrong with that. I said that the UK/Russia isn't/aren't flying people/cash to Cyprus to break into closed/locked banks and refill the ATMs for Joe Blow on the street to get his cash out.
 Quoting: Anonymous Coward 1158628


I never said that they were doing anything like that. Can't understand why you directed that response to me initially . it's not even logical to think they would or could do that.

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