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

 
Anonymous Coward
User ID: 28649819
United States
03/25/2013 06:55 PM
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Re: 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]
 Quoting: Anonymous Coward 1003364


So as an American, are you very, very angry that MF Global did the exact same thing in your country, stealing customer accounts?
 Quoting: Anonymous Coward 36793450


I definitely am. Why isn't Corzine in JAIL????
Anonymous Coward
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03/25/2013 06:56 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Simply criminal
 Quoting: Anonymous Coward 36831585


Simply criminal
 Quoting: Anonymous Coward 36831585


I always follow Yahoo Finance. Currently you are unable to see or make comments on they articles. This always happens when TPTB are trying to control our freedom of speech and the free flow of ideas regarding situations such as this.
Anonymous Coward
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03/25/2013 06:57 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???
 Quoting: Anonymous Coward 1003364


No this is just the way it is. Cypress was robbed before they even knew they had a problem. The banks caught on too late. Instead of bankrupting companies, you can make more by bankrupting countries.

It wasn't an accident that they discovered gas reserves, before all this happened.

Trust me bank runs will not occurred in "civilized" countries. But beware anyone who enjoys hummus.
Anonymous Coward
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03/25/2013 06:57 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.
 Quoting: Anonymous Coward 5763636

omg
Anonymous Coward
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United Kingdom
03/25/2013 07:01 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.
 Quoting: Anonymous Coward 5763636

omg
 Quoting: Anonymous Coward 1276307

ouch
Anonymous Coward
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03/25/2013 07:04 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.
 Quoting: Anonymous Coward 5763636

omg
 Quoting: Anonymous Coward 1276307

ouch
 Quoting: Anonymous Coward 2990314


DAME!!
Anonymous Coward
User ID: 815535
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03/25/2013 07:05 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.
 Quoting: Anonymous Coward 5763636

omg
 Quoting: Anonymous Coward 1276307

ouch
 Quoting: Anonymous Coward 2990314


DAME!!
 Quoting: Anonymous Coward 27122


Wow.
Anonymous Coward
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03/25/2013 07:06 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
How did the Russians get their money out if the banks were closed while the deal was being don and withdrawals were capped at 100 euros?

No, alot of Russians got fucked in the as and alot of Russian bodies are gonna be turning up in the Banking world.

This is a fuse that is lit and is going to play out in revenge by Russians on Europe with gas,foreign policy etc. This Cyprus debacle makes Putin look very weak.
Saddletramp
We Don't Rent Pigs...

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03/25/2013 07:06 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
The worst part of this is, the people of Cyprus did nothing to deserve this, the E.U. forced the Cypriot Banks to loan to the Greek Banks, and that's what over-leveraged them...

The Cypriot people didn't even benefit...but you can bet your ass they will be the ones paying the bill...
"And how can a man die better than facing fearful odds, for the ashes of his fathers, and the temples of his Gods..." ~ Horatius

"Because he told the truth, and once you've heard the truth, everything else is just cheap whiskey..."
Anonymous Coward
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Greece
03/25/2013 07:06 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???
 Quoting: Anonymous Coward 1003364


No this is just the way it is. Cypress was robbed before they even knew they had a problem. The banks caught on too late. Instead of bankrupting companies, you can make more by bankrupting countries.

It wasn't an accident that they discovered gas reserves, before all this happened.

Trust me bank runs will not occurred in "civilized" countries. But beware anyone who enjoys hummus.
 Quoting: Anonymous Coward 33153328


The Savings And Loan Crisis

The savings and loan crisis of the 1980s and 1990s was the failure of 747 out of the 3,234 savings and loan associations in the United States. "As of December 31, 1995, RTC estimated that the total cost for resolving the 747 failed institutions was $87.9 billion." The remainder of the bailout was paid for by charges on savings and loan accounts[

Home State Savings Bank of Cincinnati
In March 1985, it came to public knowledge that the large Cincinnati, Ohio-based Home State Savings Bank was about to collapse. Ohio Gov. Dick Celeste declared a bank holiday in the state as Home State depositors lined up in a "run" on the bank's branches to withdraw their deposits. Celeste ordered the closure of all the state's S&Ls. Only those that were able to qualify for membership in the Federal Deposit Insurance Corporation were allowed to reopen.[21] Claims by Ohio S&L depositors drained the state's deposit insurance funds. A similar event involving Old Court Savings and Loans took place in Maryland.
[edit]Midwest Federal Savings & Loan of Minneapolis, Minnesota
Midwest Federal Savings & Loan was a federally chartered savings and loan based in Minneapolis, Minnesota until its failure in 1990.[22] The St. Paul Pioneer Press called the bank's failure the "largest financial disaster in Minnesota history."[citation needed]
The chairman, Hal Greenwood Jr., his daughter, Susan Greenwood Olson, and two former executives, Robert A. Mampel, and Charlotte E. Masica, were convicted of racketeering that led to the institution's collapse. The failure cost taxpayers $1.2 billion.[23]
Presumably the Megadeth song "Foreclosure of a Dream" was written about this particular failure. Megadeth's then bassist Dave Ellefson contributed lyrics to the song after his family's farm in Minnesota was in jeopardy of being lost as a result of the S&L financial crisis.
[edit]Lincoln Savings and Loan
The Lincoln Savings led to the Keating five political scandal, in which five U.S. senators were implicated in an influence-peddling scheme. It was named for Charles Keating, who headed Lincoln Savings and made $300,000 as political contributions to them in the 1980s. Three of those senators—Alan Cranston (D-CA), Don Riegle (D-MI), and Dennis DeConcini (D-AZ)—found their political careers cut short as a result. Two others—John Glenn (D-OH) and John McCain (R-AZ)—were rebuked by the Senate Ethics Committee for exercising "poor judgment" for intervening with the federal regulators on behalf of Keating.[24]
[edit]Silverado Savings and Loan
Silverado Savings and Loan collapsed in 1988, costing taxpayers $1.3 billion. Neil Bush, son of then Vice President of the United States George H. W. Bush, was on the Board of Directors of Silverado at the time. Neil Bush was accused of giving himself a loan from Silverado, but he denied all wrongdoing.[25]
The U.S. Office of Thrift Supervision investigated Silverado's failure and determined that Neil Bush had engaged in numerous "breaches of his fiduciary duties involving multiple conflicts of interest." Although Bush was not indicted on criminal charges, a civil action was brought against him and the other Silverado directors by the Federal Deposit Insurance Corporation; it was eventually settled out of court, with Bush paying $50,000 as part of the settlement, the Washington Post reported.[26]
As a director of a failing thrift, Bush voted to approve $100 million in what were ultimately bad loans to two of his business partners. And in voting for the loans, he failed to inform fellow board members at Silverado Savings & Loan that the loan applicants were his business partners.[citation needed]
Neil Bush paid a $50,000 fine, paid for him by Republican supporters,[27] and was banned from banking activities for his role in taking down Silverado, which cost taxpayers $1.3 billion. A Resolution Trust Corporation Suit against Bush and other officers of Silverado was settled in 1991 for $26.5 million.

[link to en.wikipedia.org]
[link to en.wikipedia.org]
Anonymous Coward
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03/25/2013 07:07 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Look on the bankers bright side, at least now when they manufacture the next US banking crash they have a way to bail themselves out. Oh thats right those are your accounts.
Anonymous Coward
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03/25/2013 07:09 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
FUCKERS
Anonymous Coward
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Greece
03/25/2013 07:09 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Look on the bankers bright side, at least now when they manufacture the next US banking crash they have a way to bail themselves out. Oh thats right those are your accounts.
 Quoting: Anonymous Coward 287524


I don't think people will be keeping money in banks anymore. I think this was a game changer and a deal breaker for most.
stinky1

User ID: 36692659
Canada
03/25/2013 07:10 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
This Cyrpus thing has been al over the place, and right now it's hard to tell exactly what is happening. Did they steal all the money? Did the Russians ditch and run? What is really happening?

ZeroCredibility links mean nothing. Where's solid fact?
 Quoting: Anonymous Coward 32617908


What he or she said whistle
Anonymous Coward
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03/25/2013 07:15 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
The banks were closed for a week so how the hell could the Russians dich and run? No the mostly got fucked and there's gonna be hell to pay and the first ones paying will be the ones who mysteriously knew to pull their money out last month well in advance.

This will destroy Russian/EU,American relations, I added America since it is Europes plantation.
Anonymous Coward
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Greece
03/25/2013 07:20 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
The banks were closed for a week so how the hell could the Russians dich and run? No the mostly got fucked and there's gonna be hell to pay and the first ones paying will be the ones who mysteriously knew to pull their money out last month well in advance.

This will destroy Russian/EU,American relations, I added America since it is Europes plantation.
 Quoting: Anonymous Coward 287524


They withdrew it from the London ,Russian and other international branches of the Cypriot Banks. Banking is global so many banks like Citibank has branches all over the world. They couldn't close down the branches that operated in other countries and apparently Russian billionaires have no difficulties traveling to save their money.
MissT

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03/25/2013 07:21 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.
 Quoting: Anonymous Coward 5763636

omg
 Quoting: Anonymous Coward 1276307


Those poor, poor people!
How are they going to eat, pay bills?

Will the peoples creditors take into account the
severity of this crisis? Or will they take
the people for everything they have or don't
have.

I think this will be a huge blow to the middle class,upper middle class & the wealthy.

Next, major job losses, who can afford to pay employees
when the bank took all your money.

How are these people going to survive? Are they allowed
to be armed in this country?

drama
Sivaro

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United States
03/25/2013 07:22 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
No, the Russians got out fine, They and those that have last names of Gold, Silver and Stein, or Roth were never going to be affected by this.


This was just a test, to see if the people would Nationalize the banks.


Cypriot government offials failed to do this. They capitulated to the bankers.


Sad day.
Anonymous Coward
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03/25/2013 07:24 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
Anonymous Coward
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Greece
03/25/2013 07:30 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.
 Quoting: Anonymous Coward 5763636

omg
 Quoting: Anonymous Coward 1276307


Those poor, poor people!
How are they going to eat, pay bills?

Will the peoples creditors take into account the
severity of this crisis? Or will they take
the people for everything they have or don't
have.

I think this will be a huge blow to the middle class,upper middle class & the wealthy.

Next, major job losses, who can afford to pay employees
when the bank took all your money.

How are these people going to survive? Are they allowed
to be armed in this country?

drama
 Quoting: MissT


On top of that their major source of income the banking industry is dead.
The Russians living there stimulating their economy are leaving.
They took farm subsidies when they entered the EU to stop cultivating their olive trees and grape vines. So there will be no quick return to older
methods of generating income.

It will be tough going for Cyprus for a long while. Especially with the EU debt.
Useless Cookie Eater

User ID: 29696048
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03/25/2013 07:41 PM

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Re: 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]
 Quoting: Anonymous Coward 1003364



“The problem with Socialism is that you eventually run out of other people's money.”

- Margaret Thatcher


"Cyprus, like just about every other country on the planet, has for decades been politically committed to a Socialist based economy.
In this scenario, politicians have promised benefits to the various voting classes which have far exceeded their annual tax revenue.
This has caused its government to continually accumulate deficits that have resulted in a very large national debt in relation to its GDP.
This debt has been collateralized by sovereign bonds sold to and purchased by large banks in Europe and elsewhere.
Now this debt has become so large the government of Cyprus can no longer afford to pay even the interest, let alone reduce principal."
[link to www.libertygoldandsilver.com]

socialst

Last Edited by Useless Cookie Eater on 03/25/2013 07:42 PM
Bucephelus

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03/25/2013 07:41 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
.

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

.
 Quoting: Anonymous Coward 1003364
.


Coming to a country near you ...


Obama-private-se

.
Bucephelus
Anonymous Coward
User ID: 36840093
Greece
03/25/2013 07:43 PM
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Re: 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]
 Quoting: Anonymous Coward 1003364



“The problem with Socialism is that you eventually run out of other people's money.”

- Margaret Thatcher


"Cyprus, like just about every other country on the planet, has for decades been politically committed to a Socialist based economy.
In this scenario, politicians have promised benefits to the various voting classes which have far exceeded their annual tax revenue.
This has caused its government to continually accumulate deficits that have resulted in a very large national debt in relation to its GDP.
This debt has been collateralized by sovereign bonds sold to and purchased by large banks in Europe and elsewhere.
Now this debt has become so large the government of Cyprus can no longer afford to pay even the interest, let alone reduce principal."
[link to www.libertygoldandsilver.com]

:socialst:
 Quoting: Useless Cookie Eater


bump
samanthasunflower

User ID: 29507233
United States
03/25/2013 07:44 PM

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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
So basically what I have learned from reading this thread is that the EU has done everything it could to destroy Cyprus.
Bucephelus

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03/25/2013 07:45 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
.

when it does, they will close the banks and the army will guard it.

.
 Quoting: Anonymous Coward 36784441
.


More government is always the socialist solution, isn't it?


OWS-more-govt

.
Bucephelus
Manu-Koelbren

User ID: 1312616
Spain
03/25/2013 07:46 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
When do we start the 90% Taxation on the depositors of the Caymen Island Banks?
 Quoting: Anonymous Coward 27972246


THISS
"White privilege" is the liberal religion's version of Original Sin: you are born guilty, and you carry that burden of guilt all your life, and the only way to escape eternal damnation is for white people confess their sin, to bow, kneel and believe the dogma of the Church of Liberalism, genuflect at its altars, honor its saints, fill the collection plate, and never, ever doubt.

-- Dixon Diaz
Anonymous Coward
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Greece
03/25/2013 07:51 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
When do we start the 90% Taxation on the depositors of the Caymen Island Banks?
 Quoting: Anonymous Coward 27972246


:THISS:
 Quoting: Manu-Koelbren


Lichtenstein

Yes: the little principality that is an even greater tax (evasion) haven for the world's ultra wealthy, even more so than Zurich, Geneva or Zug, is now under Big Brother's microscope.

But fear not. All the other tax havens listed above are quite certainly about to meet the iron, resolute fist of the US Department of Injustice. After all, unlike TBTF banks, depositors are hardly "systemic", and thus Eric Holder and his henchmen will have zero reservations when pursuing the full extent of the (selectively crony) US laws against them.

[link to www.zerohedge.com]
Anonymous Coward
User ID: 9744765
United Kingdom
03/25/2013 07:52 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
POOF!

AND

IT'S

GONE..............



BYE BYE!
Anonymous Coward
User ID: 35378161
United States
03/25/2013 07:52 PM
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Re: Cyprus Citizens - 100% deposits GONE - POOF, like a fart in the wind...
"Cyprus, like just about every other country on the planet, has for decades been politically committed to a Socialist based economy.
In this scenario, politicians have promised benefits to the various voting classes which have far exceeded their annual tax revenue.
This has caused its government to continually accumulate deficits that have resulted in a very large national debt in relation to its GDP.
This debt has been collateralized by sovereign bonds sold to and purchased by large banks in Europe and elsewhere.
Now this debt has become so large the government of Cyprus can no longer afford to pay even the interest, let alone reduce principal."


^^^^^^^^^^^^^^^^^^This is complete and utter bulshit and totally leaves out Goldman Sachs and the ratings agenices pushing bad bonds on Governments.
Buck Johnson

User ID: 24110709
United States
03/25/2013 07:53 PM

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Re: 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]
 Quoting: Anonymous Coward 1003364


It's even worse than that. How much of the local unsecured over 100,000 euros is left. I don't think it's enough to fill in the 5.8 billion dollar gap. And then add to the fact that thursday or next month or next year, the day that the banks open their will be a run and people will take all their money out. The protection of t he 100,000 euros and below was persuant to getting enough money from the ones over 100,000 euros.

We may see them decide to change their mind and take a percentage out of the under 100,000 euro deposits. These idiots really F this up big time.
[link to www.s8int.com]

“If you tell a lie big enough and keep repeating it, people will eventually come to believe it. The lie can be maintained only for such time as the State can shield the people from the political, economic and/or military consequences of the lie. It thus becomes vitally important for the State to use all of its powers to repress dissent, for the truth is the mortal enemy of the lie, and thus by extension, the truth is the greatest enemy of the State.”

Quote from Joseph Goebbels Hitlers propaganda man.