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Bailout approved! - The Cyprus Situation Room
03-24-2013, 05:36 PM #136
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
Interesting times.

popcorn2.gif
03-24-2013, 11:42 PM #137
ocker1 Member
Posts:2,032 Threads:791 Joined:Mar 2011
would they dare touch the Russian Mafias money or is it only the peasants money they're grabbing
03-25-2013, 12:08 AM #138
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
(03-24-2013, 11:42 PM)ocker1 Wrote:  would they dare touch the Russian Mafias money or is it only the peasants money they're grabbing


Cyprus has been somewhat of a haven for the fast and loose ~ the peasants don't have much to steal compared with the stuff with provenance problems. chuckle.gif

From all accounts ~ every depositor is getting a haircut.
03-25-2013, 01:02 AM #139
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
• Eurogroup meeting in Brussels finally beginning
• Rumours of resignation threats
• Insiders: Troika wants up to 25% levy on Bank of Cyprus savers with over €100,000
• Cyprus ATMs cut withdrawal limit, blog readers say (€100/day)

http://www.guardian.co.uk/business/2013/...794abf43cc
03-25-2013, 02:44 AM #140
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011

Where are we now?

A quick reminder of the current situation:

Cyprus's president, Nicos Anastadiades, has been locked in renewed talks with EU officials tonight, after a day of negotiations and deadlock in Brussels.

The sticking point appears to be Anastadiades's refusal to accept the Troika's terms for the restructuring of Cyprus's banks - at one stage he reportedly threatened to resign.(see here)

Cyprus's finance minister has told some reporters that the Troika want haircuts of over 50% for wealthy savers (€100k+) at Bank of Cyprus (see here)

The Eurogroup of finance ministers is currently not sitting, and is expected to consider the situation sometime after Anastadiades completes his dinner with Herman Van Rompuy and Jose Manuel Barroso.

Meanwhile over in Cyprus, customers of its two biggest banks have seen their daily maximum withdrawal limits cut to €100 per day. (see here)

And a small homemade has gone off at a local bank.

http://www.guardian.co.uk/business/2013/...794abf43cc

Small homemade...? damned.gif
03-25-2013, 03:29 AM #141
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011

So, on the basis of what is filtering through tonight, it's good news for smaller deposit holders in Cyprus, or at least anyone with under €100,000.

It looks like they won't be subject to a levy. Large deposit holders at Cyprus Popular Bank (Laiki) appear to be looking at a 40 percent hit however.

Effectively, it's a return to the deal that Germany and the IMF were advocating last week.

What will the Russians make of this on Monday morning?

http://www.guardian.co.uk/business/2013/...794abf43cc

coffeetime.gif
03-25-2013, 12:38 PM #142
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
The Sun's Steve Hawkes is reporting that the Kremlin plans on "freezing assets" of German companies in Russia as payback for the bailout deal.

http://www.telegraph.co.uk/finance/debt-...-live.html

coffeetime.gif
03-25-2013, 01:05 PM #143
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
There is a dribble for the depositors:
http://www.guardian.co.uk/world/2013/mar...leave-euro

Cyprus told: take bank levy or leave euro

>snip<

Russians are estimated to hold more than €20bn of the €68bn deposited in Cypriot banks. Some €38bn of the total is in accounts liable for the levy, suggesting that Russians could forfeit around €3bn. If the Cypriot government balked at the bank levy, the IMF and German officials were likely to demand even stiffer terms, including a "bail-in" arrangement whereby account holders with more €100,000 would forfeit up to 40% of their savings in return for shares in restructured banks.

>snip<

If an agreement is found, the proposed deal would still need to pass the Cypriot parliament probably by Monday at the latest. It was clear that whether Cyprus accepted or rejected the bailout terms, its economy and banking sector faced maximum disruption and turmoil. "There are only hard choices left," said Rehn.

İmage No winners here. IMF has stomped on its crank, Angela is bent over the kitchen table, the Euro is still as shakey as a dog shitting razor blades and Cyprus is cornholed.
03-25-2013, 03:09 PM #144
Kreeper Griobhtha
Posts:10,599 Threads:635 Joined:Feb 2011
The delay is probably so the Russian mob and the other important people can have time to move their money.


coffeetime.gif

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03-25-2013, 03:16 PM #145
Anonymous Kritter Incognito Anonymous
 
JoeWSJ Joe Parkinson
#Cyprus border officials at air/sea ports searching bags and under orders to confiscate any cash sums over 10k euros. #capitalcontrols (1/2)
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03-25-2013, 03:26 PM #146
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Morning Kritters~

Spain sad2.gif

Under the strict terms of a European-Union financed cleanup of Spain's banking industry, the Fund for Orderly Bank Restructuring is forcing investors to bear heavy losses before injecting public funds into the banks. In Bankia, the nominal value of its shares will be reduced to €0.01 from €2 and the nominal value of its preferred shares and subordinated debt will be reduced to €4.84 billion ($6.29 billion) from €6.91 billion, the bank-restructuring fund said.

http://online.wsj.com/article/SB10001424...09198.html

They got away with it in Cyprus they won't stop there.
03-25-2013, 03:40 PM #147
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
(03-25-2013, 03:26 PM)Shadow Wrote:  Morning Kritters~

Spain sad2.gif

Under the strict terms of a European-Union financed cleanup of Spain's banking industry, the Fund for Orderly Bank Restructuring is forcing investors to bear heavy losses before injecting public funds into the banks. In Bankia, the nominal value of its shares will be reduced to €0.01 from €2 and the nominal value of its preferred shares and subordinated debt will be reduced to €4.84 billion ($6.29 billion) from €6.91 billion, the bank-restructuring fund said.

http://online.wsj.com/article/SB10001424...09198.html

They got away with it in Cyprus they won't stop there.


They had no choice other than to cut Cyprus out of the EU ~ and the LNG deposits outweigh the bank deposits. It's a helluva haircut and those pesky offshore 'investors' are not going to be all shits and giggles. Ramifications will certainly be interesting. I'm really kinda' surprised there was no last minute rescue from Russia ~ and that could be worrisome, because if they left billions on the table here...there must be a mega-shït load of gain sitting in the wings.
03-25-2013, 03:50 PM #148
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
(03-25-2013, 03:40 PM)DaJavoo Wrote:  They had no choice other than to cut Cyprus out of the EU ~ and the LNG deposits outweigh the bank deposits. It's a helluva haircut and those pesky offshore 'investors' are not going to be all shits and giggles. Ramifications will certainly be interesting. I'm really kinda' surprised there was no last minute rescue from Russia ~ and that could be worrisome, because if they left billions on the table here...there must be a mega-shït load of gain sitting in the wings.


Could be Putin is content with this. all that oligarch money (or 60% of it lol) gets repatriated to Russia under his control and he never lifted a finger.

The next stage damned.gif

Dutch Bank ABN Amro has sent a letter to clients this weekend informing them that they will halt extradition and physical delivery of their clients’ gold holdings effective April 1st!

http://www.silverdoctors.com/dutch-bank-...-delivery/
03-25-2013, 03:53 PM #149
yankees skier
Posts:5,898 Threads:215 Joined:Feb 2011
coffeetime.gif All according to plans.

Biere.
03-25-2013, 03:55 PM #150
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
It's like a game of freakin chess. 13.gif



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