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Bailout approved! - The Cyprus Situation Room
03-25-2013, 07:29 PM #166
Cynicalabsurdance Member
Posts:8,261 Threads:191 Joined:Feb 2011
so
while we ponder this ,, are we learning anything ?

Yes

in Cypress

it's back to ,,,,
shave and a haircut ,,, 2 bits
03-26-2013, 10:09 AM #167
JayRodney ⓐⓛⓘⓔⓝ
Posts:31,283 Threads:1,438 Joined:Feb 2011
Oh crap get a load of this... omg.gif

Quote:The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.

As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

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!
Read more: zerohedge.com

So, all that Russian money is already gone... *poof* They left the people of Cypress holding the debt bag. Big money wins again coffeetime.gif

wonder.gif
03-26-2013, 03:34 PM #168
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
(03-26-2013, 10:09 AM)JayRodney Wrote:  Oh crap get a load of this... omg.gif

Quote:The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.

As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

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!
Read more: zerohedge.com

So, all that Russian money is already gone... *poof* They left the people of Cypress holding the debt bag. Big money wins again coffeetime.gif


Thanks for posting that one...good old zerohedge. chuckle.gif

Yup ~ figgered it had to be something like this for the Russians to say "Pfffft."

I'm still sticking with my story that Cyprus is a 'test case' for TPTB. Most of the serious business in Cyprus has monies above the limit and when payrolls can't be met it hits the torch and pitchfork crowd. Cyprus & Greece only thought they were in a recession ~ there will be NO purchasing power in the country soon.
03-26-2013, 03:41 PM #169
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
I think you're right about the test case scenario DaJ.

Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

http://www.telegraph.co.uk/finance/finan...chief.html

EUhaha.gif
03-26-2013, 04:03 PM #170
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
Hej Octo hug.gif

Desperation on the cusp of madeness. Switzwerland, Cyprus, Spain, Italy, NZ and now Lichtenstein. This made me laugh:

Quote:will be raided if needed to preserve Europe's single currency

IF?? lmao.gif
03-26-2013, 04:10 PM #171
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
(03-26-2013, 03:41 PM)Octo Wrote:  I think you're right about the test case scenario DaJ.

Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

http://www.telegraph.co.uk/finance/finan...chief.html

EUhaha.gif


The writing has been on the wall for some time, albeit in fine print. Anyone with an IQ above room temp should be looking at this and moving the bulk of their cash into something that they can put their hands on. Keeping anything above immediate operating expenses in any financial institution at this point is sheer stupidity.

This will all work until fiat flattens. The ones who will survive will already have been in an ersatz black market and will have moved as much as they can into other forms of real wealth.

The time frame will extend to a Black Swan event, major war with its accompanying devastation and/or the time schedule of the puppet masters.

Interesting times, indeed.
03-26-2013, 04:11 PM #172
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
Good morning Shadow hug.gif Yes it's almost full madness. Greece and Cyprus have tiny economies compared to Italy and Spain. damned.gif
03-26-2013, 04:59 PM #173
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
03-26-2013, 05:20 PM #174
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
Surreal! damned.gif

I wonder if they expect everybody to sit tight and watch that happen?
03-26-2013, 05:57 PM #175
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
(03-26-2013, 04:59 PM)Shadow Wrote:  Is Cyprus' Last Remaining Big Bank Set For An Unexpected Liquidation?

damned.gif 100% haircut (beheading) for everybody?


Oh hell yeah ~ the euros are gone now and I won't be one bit surprised if the Blue Hats aren't deployed.

Cyprus is about to become the Hellhole of the Med.
03-26-2013, 05:58 PM #176
Shadow Mrs. Buckwheat
Posts:12,782 Threads:1,182 Joined:Feb 2011
EUROPEAN PARLIAMENT TO PUSH FOR DEPOSITORS WITH ABOVE 100,000 EUROS TO FACE BAIL-IN UNDER NEW BANK RESOLUTION LAW - EU LAWMAKER - RTRS

http://www.zerohedge.com/news/2013-03-26...%82%AC100k

Not just countries now but the EU uhoh.gif
03-26-2013, 06:38 PM #177
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
(03-26-2013, 05:58 PM)Shadow Wrote:  EUROPEAN PARLIAMENT TO PUSH FOR DEPOSITORS WITH ABOVE 100,000 EUROS TO FACE BAIL-IN UNDER NEW BANK RESOLUTION LAW - EU LAWMAKER - RTRS

http://www.zerohedge.com/news/2013-03-26...%82%AC100k

Not just countries now but the EU uhoh.gif


Socialist mantra to the max spread the wealth around and share the pain. It might be seen as a measure to soothe the Cypriot Rebellion. This will probably get shoehorned in on some sort of sliding scale with GDP/Debt ratio thing, but the objective will be accomplished. One Global Everything ~ the U.S. will fall victim to "something" and we'll see the same thing but in a different color here ~ they've been waltzing around it for a couple of years now with confiscation of pensions, 401ks, et.al.. Amerika is essentially useless now economically, politically and militarily.
03-26-2013, 10:44 PM #178
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
Bitcoin to the Rescue! rofl.gif


Bitcoin ATM To Open in Cyprus

March 25, 2013 http://reason.com/24-7/2013/03/25/bitcoi...-in-cyprus

Jeff Berwick, founder of StockHouse.com and CEO of TDV Media, announced Monday his plans to open the world’s first Bitcoin ATM in Cyprus, citing the ongoing bank bailout, bank closures and capital controls now being pushed in that country. According to Berwick, who sold Stockhouse last decade which at the peak of the tech bubble was worth $240 million, Bitcoin ATM has the world’s first software enabling a two-way, automated Bitcoin market.


Certainly fills a niche...
chuckle.gif

In depth article here: http://www.activistpost.com/2013/03/worl...unced.html
03-26-2013, 10:47 PM #179
Octo Mother Superior
Posts:42,612 Threads:1,469 Joined:Feb 2011
That's awesome! chuckle.gifcheers.gif
03-26-2013, 10:49 PM #180
DaJavoo If looks could kilt
Posts:1,851 Threads:45 Joined:Mar 2011
(03-26-2013, 10:47 PM)Octo Wrote:  That's awesome! chuckle.gifcheers.gif


Once the banks allow commerce ~ they are prolly still limited to the 100 Euro limit, eh?

Still,, it's a way to get money for those that had the foresight. Of course, those folks prolly were banking in Switzerland.



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