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Bailout approved! - The Cyprus Situation Room
03-17-2013, 01:50 PM #1
Octo Mother Superior
Posts:41,138 Threads:1,533 Joined:Feb 2011

(03-24-2013, 02:38 PM)Shadow Wrote:  Cyprus Deposit Levy Vote Delayed, Will Go "Down To The Wire" As Up To 70% Deposit Tax Contemplated For Some

70% 13.gif lots of rumors going around about just how much Russian money is in Cyprus. If the EU goes ahead with this Europe can prepare for a very cold winter.


The Cypriot government has agreed to seize up to ten per cent of savings and use the money to bail out the island’s crisis-hit banking system.

The move sparked panic and violent protests yesterday as crowds desperately tried to withdraw their money at cash machines.

Cypriot president Nicos Anastasiades, who agreed to the raid following ten-hour talks with European finance chiefs, said it was necessary because Cyprus was in a ‘state of emergency’ and failure to enact the Brussels plan would be ‘catastrophic’.

Under the deal, all bank deposits over €100,000 will be hit with a levy of 9.9 per cent. Those with smaller savings will pay 6.75 per cent.

The raid will raise €5.8 billion, which will be added to a €10 billion bailout from Brussels.

But financial experts said the move – designed to stop Cyprus crashing out of the euro, potentially destroying the currency – would send shock waves through the eurozone.

If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks.

Because of tomorrow’s public holiday, he has two days to pass a law to enact the Brussels deal in time to seize the cash from bank accounts before Tuesday morning.

In a statement he said: ‘We either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis.’

It is understood savers will be offered shares in Cyprus banks as compensation for the raid on their savings, but it is unlikely to appease those who have lost hard cash.

Read more: http://www.dailymail.co.uk/news/article-...ounts.html

I think we'll see more customers taking their bulldozer to the bank this upcoming week.


03-17-2013, 02:04 PM #2
Shadow Incognito Anonymous
13.gif That's ƒükkêd up!! Oh wow.

Quote:If savers in other troubled nations fear their accounts might be next, they could withdraw their money and spark a catastrophic run on the banks.

Well duh rofl.gif

Good find Octo

03-17-2013, 02:07 PM #3
DaJavoo If looks could kilt
Posts:1,781 Threads:45 Joined:Mar 2011
Easiest way to crash a country.

Cui bono?
03-17-2013, 02:22 PM #4
Octo Mother Superior
Posts:41,138 Threads:1,533 Joined:Feb 2011
How far can you push people before it all blows up? 13.gif
03-17-2013, 02:50 PM #5
Shadow Incognito Anonymous
It gets more interesting

“The wire reports on the Cyprus situation are working overtime to try to make the case that 80% of the deposits belong to the people of Cyprus, and only 20% of the deposits belong to the Russians. That’s absolutely false. After 1985, when the ‘Robber Barrons’ of Russia took over the general economics of Russia, that was the transformation from the KGB to private business. The primary place for exported Russian funds was Cyprus.


Steppin on KGB toes the IMF is 13.gif
03-17-2013, 03:22 PM #6
Shadow Incognito Anonymous

As the President of Cyprus proclaims to his people that "we' should all take responsibility as his historic decision will "lead to the permanent rescue of the economy," it appears that the settled-upon 9.9% haircut is a 'good deal' compared to the stunning 40% of total deposits that Germany's FinMin Schaeuble and the IMF demanded. This action, his statement notes, enables the rescue of 8,000 banking sector jobs and ensuring the liquidity of the banks,


In other news, Over 20 Tons of Heroin Seized in Afghanistan by Russia

03-17-2013, 03:39 PM #7
Octo Mother Superior
Posts:41,138 Threads:1,533 Joined:Feb 2011
40%! Wow! damned.gif That's some fat old stick they're poking with there.

03-17-2013, 03:42 PM #8
Shadow Incognito Anonymous
Next move on the ol chessboard, Russia turns off the pipeline to Europe. coffeetime.gif The IMF really ƒükkêd it up this time. lol.gif
03-17-2013, 03:49 PM #9
Posts:4,627 Threads:1,046 Joined:Jun 2012
Ha Europe sux just as hard as the U.S. does

03-17-2013, 03:58 PM #10
Octo Mother Superior
Posts:41,138 Threads:1,533 Joined:Feb 2011

It's a frikkin clusterfuck.
03-17-2013, 04:06 PM #11
Posts:4,627 Threads:1,046 Joined:Jun 2012
(03-17-2013, 03:58 PM)Octo Wrote:  EUhaha.gif

It's a frikkin clusterfuck.

Kinda off topic but this kind of story is why when people like Piers Morgan get all over the TV and tries to tell Americans how to live really pisses me off. People should fix their own home before worrying about everyone else.
03-17-2013, 04:17 PM #12
Octo Mother Superior
Posts:41,138 Threads:1,533 Joined:Feb 2011
I think the asstard was put on TV to provoke. They know what buttons to push. 13.gif
03-17-2013, 04:24 PM #13
Shadow Incognito Anonymous

I suspect this is going to cause a major clusterfuck tomorrow. Makes me shake my head wtf2.gif raise taxes to increase revenue and shut down businesses 1,000 per day in Italy so banks stay solvent?

03-17-2013, 04:33 PM #14
Octo Mother Superior
Posts:41,138 Threads:1,533 Joined:Feb 2011
Business is closed for some holiday in Cyprus tomorrow so they'll have only limited time to steal their customers' money until banks open on Tuesday.

I can't see many ways this would end well. drinking.gif
03-17-2013, 04:57 PM #15
Shadow Incognito Anonymous
This will spread, all over Europe. The idea that gov can allow banks to steal depositor's funds, to stall insolvency is kindling. As DaJ (sorry to offend you coffeetime.gif ) suggested, they couldn't plan a EU bank run more effectively.



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