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Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...

 
Anonymous Coward
User ID: 1003364
United States
03/25/2013 02:12 PM
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Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
"The stealth withdrawals by Russians of course means that the two megabanks are now utterly drained of capital, and that the haircuts on those who still have unsecured deposits with the two banks will be so big it will likely mean a complete wipeout of all deposits. As in 0% recovery on your deposits!

In other words, by now any big Russian funds in Cyprus are long gone, and the only damage accrues to the locals: for one reason because their money over the critical EUR100K threshold has been "vaporized", and for another because the marginal driving force and loan demand creator in Cyprus, the Russians, are gone and are never coming back again.

This is what passes for monetary real-politik in the New Normal - an entire nation becomes collateral when pursuing a wealthy group of people.

If we were Cypriots at this point we would be angry. Very, very angry."


[link to www.zerohedge.com]
Anonymous Coward
User ID: 36834599
United States
03/25/2013 02:24 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
bump
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 02:25 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
PIN!

Can you say BANK RUNS???? In other countries, once they realize that the larger banks CANNOT recapitalize???
Anonymous Coward
User ID: 36833261
United Kingdom
03/25/2013 02:30 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Now they have said that Cyprus is a template, just imagine what happens when Italy needs a bailout.

It will be game over for the Euro.

Its not a matter of if the Euro will go, but a matter of when.

It hasn't sunk in to the Eurocrats in Brussels yet.
Anonymous Coward (OP)
User ID: 1003364
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03/25/2013 02:32 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Now they have said that Cyprus is a template, just imagine what happens when Italy needs a bailout.

It will be game over for the Euro.

Its not a matter of if the Euro will go, but a matter of when.

It hasn't sunk in to the Eurocrats in Brussels yet.
 Quoting: Anonymous Coward 36833261



Then Goldman "Nut" Sacks, JP Morgan, et al, go down as approx 1/3 of their holdings are tied into the Euro, not to mention derivatives, MBS, etc...
Anonymous Coward
User ID: 36849095
Belgium
03/25/2013 02:33 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Now they have said that Cyprus is a template, just imagine what happens when Italy needs a bailout.

It will be game over for the Euro.

Its not a matter of if the Euro will go, but a matter of when.

It hasn't sunk in to the Eurocrats in Brussels yet.
 Quoting: Anonymous Coward 36833261


Let's hope it's the beginning of the end for the eurozone and the EU pipe dream. Let it all carsh.
Anonymous Coward
User ID: 27921992
United States
03/25/2013 02:34 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
I have to tell you, those deposits were insured just like they are here in the states. You think Obama wouldn't do that here? Whoot!!! Think again.
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 02:36 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
I have to tell you, those deposits were insured just like they are here in the states. You think Obama wouldn't do that here? Whoot!!! Think again.
 Quoting: Anonymous Coward 27921992


FDIC has less than 25 billion in insurance money to insure trillions in US deposits...
F F S

User ID: 32878929
United Kingdom
03/25/2013 02:40 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Now they have said that Cyprus is a template, just imagine what happens when Italy needs a bailout.

It will be game over for the Euro.

Its not a matter of if the Euro will go, but a matter of when.

It hasn't sunk in to the Eurocrats in Brussels yet.
 Quoting: Anonymous Coward 36833261


Yes it has, they just don't give a shit, they have taken the money and dont care what it takes to keep their gravy train rolling. Anyone who thinks this can't happen in any other country is deluded
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 02:43 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
bump
Anonymous Coward
User ID: 36833261
United Kingdom
03/25/2013 02:43 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Whats really funny through this whole mess, was last week the Cypriots were asked to tax the accounts at 9.9%

They rejected that because it was unpopular.

Instead they have opted for taxing them at anything from 30-70%.

Everyone seems to have forgotten about the 10% they were originally offered.

Its fucking madness, how did they reject 10% and agree to 70?

Something is wrong with the whole way this has been negotiated and handled it doesn't make sense.
Anonymous Coward
User ID: 36680094
Portugal
03/25/2013 02:45 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
bump
Anonymous Coward (OP)
User ID: 1003364
United States
03/25/2013 02:47 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Russkies got their money out via a "loop hole"!!!! Sad day for the Cyprus people...
Anonymous Coward
User ID: 1546575
United Kingdom
03/25/2013 02:47 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Question did anyone actually draw out money. Or are they just happy with pieces of paper with a number drawn on it representing their money? aka bank notes.
Anonymous Coward
User ID: 36833261
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03/25/2013 02:49 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Now they have said that Cyprus is a template, just imagine what happens when Italy needs a bailout.

It will be game over for the Euro.

Its not a matter of if the Euro will go, but a matter of when.

It hasn't sunk in to the Eurocrats in Brussels yet.
 Quoting: Anonymous Coward 36833261


Yes it has, they just don't give a shit, they have taken the money and dont care what it takes to keep their gravy train rolling. Anyone who thinks this can't happen in any other country is deluded
 Quoting: F F S


Exactly.

If any bank here gets exposed to anything that puts it in danger, there is no more money for a bailout, they have said that here on numerous occasions.
Which leaves one thing and one thing only.
The theft of depositors accounts to pay for banker bonuses.
The whole system stinks.
People should leave the bare minimum in their accounts, this hasn't gone away by a long shot.
just look at all the bank stocks, none of them have moved off their lows, LLoyds is trading under 50p a share, 50p FFS FAR A BANK.
It shows just how precarious the whole banking sector really is, and the institutions and investors are not interested in the stock even at that price because they know there is more trouble for them round the corner.
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 02:50 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
the euro and europe don't need to end just the banking system as we know it should END
Anonymous Coward (OP)
User ID: 1003364
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03/25/2013 02:50 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Question did anyone actually draw out money. Or are they just happy with pieces of paper with a number drawn on it representing their money? aka bank notes.
 Quoting: Anonymous Coward 1546575


Russians got their money out of the Cyprus big two banks, as these banks were owners of a Russian bank (80% stock) in Russia that allowed the Russians to pull their money through this bank out, but it was charged against the Cyprus bank capital...
Anonymous Coward
User ID: 34346501
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03/25/2013 02:51 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
FDIC don't mean shit...they have been draining your accounts and causing indirect losses through currency devaluation for some time. Remember that the last time , 2007, the market was at these levels gold was $700 and currently $1600. How much of that loss do you think the FDIC going to cover? I can't believe people can be so stupid.
Anonymous Coward
User ID: 1546575
United Kingdom
03/25/2013 02:51 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Bank notes are simply receipts for your actual gold.

The bank is supposed to have the gold to back up all the money deposited with it.

The truth is it cant, so usually if there's a run on the bank, the larger central bank e.g. the ECB is supposed to supply the smaller bank with the gold it needs to give to the people that want their money back out of the bank.



Can someone enlighten me, what is the case with Cyprus??
Anonymous Coward (OP)
User ID: 1003364
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03/25/2013 02:55 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Bank notes are simply receipts for your actual gold.

The bank is supposed to have the gold to back up all the money deposited with it.

The truth is it cant, so usually if there's a run on the bank, the larger central bank e.g. the ECB is supposed to supply the smaller bank with the gold it needs to give to the people that want their money back out of the bank.



Can someone enlighten me, what is the case with Cyprus??
 Quoting: Anonymous Coward 1546575



Western nations, and for that fact most every other nation, shit canned the gold standard back in 1970. Money today is only backed by the promise of said nation to pay on demand. Nothing more... banks do not have gold to back fiat.
Anonymous Coward
User ID: 36466496
United Kingdom
03/25/2013 02:58 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Any sane person would take all their money out of their banks ASAP.
Anonymous Coward
User ID: 5763636
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03/25/2013 03:01 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
breaking right now on fox news... all depositors over 100 thousand to loose 40% of their savings.
Anonymous Coward
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United Kingdom
03/25/2013 03:01 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Any sane person would take all their money out of their banks ASAP.
 Quoting: Anonymous Coward 36466496


Cyprus could be the straw that breaks the EU camels back.
Anonymous Coward
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United States
03/25/2013 03:02 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Any sane person would take all their money out of their banks ASAP.
 Quoting: Anonymous Coward 36466496


Cyprus could be the straw that breaks the EU camels back.
 Quoting: Anonymous Coward 36833261


they are officially out of the euro
Anonymous Coward
User ID: 5763636
United States
03/25/2013 03:03 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
breaking all cyprus banks to be reopened by thursday
Luisport

User ID: 24638877
Portugal
03/25/2013 03:05 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Thread: BREAKING: Cyprus Central Bank: Finance minister has ordered all banks to remain closed until Thursday!!!
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 03:05 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
lolz cyprus will not break the euro group.

but the next in line spain or italy can...
Anonymous Coward
User ID: 33838111
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03/25/2013 03:06 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
breaking all cyprus banks to be reopened by thursday
 Quoting: Anonymous Coward 5763636


Yea, like that will happen !
Anonymous Coward
User ID: 36466496
United Kingdom
03/25/2013 03:10 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
lolz cyprus will not break the euro group.

but the next in line spain or italy can...
 Quoting: Anonymous Coward 36784441


If one Euro country starts a major bank run it could start a more widespread thing within Euro currency countries.
amachiavellian

User ID: 20940257
Canada
03/25/2013 03:11 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
[link to www.zerohedge.com]

"While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.

No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors."


Wow.
— read for knowledge, not answers.
Anonymous Coward
User ID: 36784441
Belgium
03/25/2013 03:12 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
they will never accept a bank run NEVER! when it does they will close the banks and the army will guard it.

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