Russia Deal fell through - Now Cyprus is considering to seize 30% of depositors' money - Chaos is certain

Christopher Pissarides, Nobel economics laureate, just announced:

"It looks like they'll be able to reach a compromise tonight, or at best tomorrow morning.

It's not going to be a good one, but that's what has to be done."

Pissarides tweets: ...looks more like blackmail from big and powerful of the weak... Is this future of Europe?

It's only common sense that the Russians would pull every cent they have out of EU countries. So will anyone else with half a brain. Money will be flying out of EU countries. The Russians are also going to reduce the amount of euros they hold as reserve currency as did Pimco....

There's a bit of a rumor circulating around few of the editorial desks in Washington DC, New York, and Los Angeles, concerning an Op-ed that someone at the BUSH INSTITUTE is trying to get released.
It hasn't been picked up yet, but my source tells me it's just a matter of time before someone runs with it.

It sounds like a bit of Conspiracy Theory to me, but it basically runs along these lines:

Apparently, it's no coincidence that Israel has apologized to Turkey at this specific time, when Cyprus is on it's knees, exposed and vulnerable to eyes of the entire world.
The USA, EU and Russia were actually anticipating that Cyprus would make the initial decision it made to vote against the bailout deal. All part of some grand scheme concocted in a US "Think Tank" with cooperation from both Turkish, Russian and European counterparts.

It had already been decided that Russia would deny Cyprus assistance if the Cypriots asked, and as we see, this is exactly what has happened.

The agenda, according to this rumor that's going around, is that the EU, knowing that Cyprus is becoming more and more desperate, will continue to up the ante on its demands from the Island, and along with US back room collaboration, will use the financial crisis as a leverage to impose a pro-Turkish, partitionist plan to bring the Cyprus problem to a close.

The Natural Gas is one of the key factors in all this, and there are already proposals in the works to have the gas transported to Europe through Turkey.
Israel, whose relationship with Turkey is now expected to re-stabilize and strengthen further, will be playing a key role in convincing Cyprus that it's time to accept an Anna Plan type package deal, that has actually been in the works for some time now.

Basically, the story indicates that Cyprus had been played like a little pawn, and the Cypriots have been extremely predictable in their responses.

Like I said, this is a rumor that's been circulating, but I wouldn't be surprised if the media starts running with it.

Conspiracy Theory? It sounds like it to me, but you never know.

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Interesting comment from one of the Cyprus mail articles.

It seems thats a pro-turkish stance has been decided by the powers that be and any trace of Greek civilization is to be eroded away...not a coincidence the Greek independence day is right around the corner

Latest Development:

Votes will be held on nine bills tonight!!

The legislation is to include the restructuring of the Cypriot banking sector, and to impose a broad restrictions on capital movement (Capital controls).

A blatant set of restrictions as follows:

Restrictions in daily withdrawals
Ban on premature termination of time savings deposits
Compulsory renewal of all time savings deposits upon maturity
Conversion of current accounts to time deposits
Ban or restrictions on non cash transactions
Restrictions on use of debit, credit or prepaid debit cards
Ban or restriction on cashing in checks
Restrictions on domestic interbank transfers or transfers within the same bank
Restrictions on the interactions/transactions of the public with credit institutions
Restrictions on movements of capital, payments, transfers
Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety

It sounds about right. the EU has long sought a way to allow tUrkey in

So now the silk road is going backwards...?

It's a full on lockdown!

WOW JUST WOW! Thanks for this vital post Cyprus AC. We feel for you. Stay strong and keep us posted!

Anan plan mk.2+gas through Turkey was my original thought too, no surprise that MSM started posting about a solution combined with gas the moment it was evident that Cyprus will go down, these reports and suggestions increased significantly the last 2 months particularly in Financial Times, Economist bar the regional Med press, almost daily or every other day. Whenever there is a junta in Greece, Cyprus is getting invaded, either literally or financially, stay strong guys, this is just the begging.

The guardian has some interesting news on UK experts, a task force flying out to Cyprus to advise them on how to save the banking system from collapsing.

The experts were involved in previous 2008 bailout scenarios.

Can't post it here but you can google it.

It is going to devastate the already dire situation that is going on here..

85% chance i am losing my job within 2-3 months.

This is going to absolutely devastate the middle class.

Most businesses have barely been able to hang on with all the other fucking taxes and bills we have to pay, this is the deathblow.

I always wanted to ask. Why are Cyprus and Greece two different countries? Arent Cypriots basically greeks?

:horror:

Even if it doesn't appear that way yet, it's no different in the US.

Euro finance ministers have announced to meet in Brussels on Sunday.

""We will only be ready to discuss various ways of support for that state only after the EU nations and Cyprus work out a final settlement," Russian Prime Minister Dmitri Medvedev told a news conference.

Cyprus needs to find a way to raise the 5.8 billion euros to qualify for 10 billion euros in rescue loans from other eurozone countries and the International Monetary Fund."

...............................................

Well well, isn't that how it's done. Hook Cyprus up with the Hangman, the Executioner and make a deal with him.
PIIGS countries were brought down this same way clusterfuking deals with the devil and we all fall down.

Nice ruin of a decent country. Engineered firstly by installing an IMF pimp to "govern" them.

This shit's on fire...

[link to www.youtube.com]
LOL

Have there been any new developments on the Aegean front?

Btw great job on your other threads, ive been reading glp for quite a while and your posts have always been very informative

It has begun

Cyprus parliament meets
More than 12 hours late, the Cypriot parliament commenced its emergency session.

What's on the agenda: Implement capital controls, create a solidarity fund & restructure the Cyprus bank.

TPTB never wanted to give full sovereignty to the island, it's the most strategic post in the East Med and they are able to control the whole Near East and part of the ME, add the new gas/oil deposits, obviously Greece can't have something like that. We've been played in believing enosis in the past (since the first offer by Britain during ww1) that most of the times ended badly, we're not even allowed to dream enosis again since TPTB preferred to add Turkey in the game instead of respecting the right of the people for self-determination, tbh we don't want enosis anymore, the truth is we got our lesson in a cruel way, but it would be nice if Atilla occupation ended sometime soon and people will be able to get back their homes and lands, Anan plan by UN is not allowing the returning of properties though, it's a partionist/apartheid plan that has been criticized by many diplomats.

Other than ATM/banks, do you see any long line in front of groceries, gas stations, supermarket, etc?

As session moves forward fast, government now has the right to enforce capital controls.

That sounds somewhat like the former situation between Germany and Austria.

Basically Cyprus and Greece belong together, yet there are big interests (Britain, Turkey etc.) at stake that prevent it.

Understood.

So sorry to hear that bro, hope it won't happen and you'll be cool
Things suck here too, but Goood i feel so guilty when Cyprus suffers and we can't help in any meaningful way, breaks my heart.



Aegean front will open shortly, i could estimate a couple of months maybe 3 and the will push us to declare EEZ, you know what this means off course, Lygeros who is head of the EEZ thing says it's only a matter of weeks, but he's been wrong with dates in the past.
Thanks for kind words.

Positive vote on solidarity fund.

Looks like everything will pass. People are are terrified

Not really, the streets are like a ghost town, nobody has any cash on them*credit+loan culture* except from the 260 euro that can be withdrawn daily..there has also been a bad storm throughout the day, so is pretty grim.

Though ive read that gas stations and supermarkets are having problems with their suppliers, who are demanding cash only.

[link to en.wikipedia.org]

How depressing :(