Banking in Cyprus?

[torchthebitch]

Someone may be making a mistake.

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 €10billion bailout from Brussels.
But financial experts said the raid – designed to stop Cyprus crashing out of the euro, potentially destroying the currency – would send shock waves through the eurozone.

Of the about 68billion euro on deposit in Cypriot banks, foreigners hold about 40 per cent - and most of those are Russians.

Read more: http://www.dailymail.co.uk/news/art...ncludes-levy-bank-accounts.html#ixzz2NkNmEEbm

 

[torchthebitch]

The Cypriot banking system had grown to be eight times the size of the country’s fledgling economy – which accounts for just 0.2pc of the eurozone’s gross domestic product. It is thought the measure was focused on capturing funds from suspected Russian money- laundering and will not be repeated in future bail-outs.

http://www.telegraph.co.uk/finance/.../Cyprus-bail-out-risks-UK-troops-savings.html

 

[kotori]

And where were the Cypriots investing all those laundered rubles? Tea shops in Twickenham? News agents in Nottingham? Chocolatiers in Chiswick? No. Greek banks. D'oh!

 

[WeedSmoke420]

*clicks

 

[torchthebitch]

And where were the Cypriots investing all those laundered rubles? Tea shops in Twickenham? News agents in Nottingham? Chocolatiers in Chiswick? No. Greek banks. D'oh!

Strangely, branches of Greek banks seem to be exempt from the "tax".

 

[torchthebitch]

Now that the Cypriot parliament has voted down the proposal, Germany has told them to find some way to fund a bailout.

Russia has offered money in exchange for gas exploration rights and rights to use a naval base.

Oh fuck!

 

[hobbit.]

Now that the Cypriot parliament has voted down the proposal, Germany has told them to find some way to fund a bailout.

Russia has offered money in exchange for gas exploration rights and rights to use a naval base.

Oh fuck!

so the new greater german southern empire takes a step closer...

So the new russian oliagarc gas fueled southern empire takes a step closer...

so the depression in western europe takes a step closer.....

trench warfare anyone?

 

[torchthebitch]

Well certainly the Russians are playing to the gallery.

Russia's prime minister last night accused the EU of deliberately attempting to ruin the Cyprus economy for its own gain.
"It is likely that the goal was to destroy (Cyprus's banking system). This (the EU believes) will do good to the EU economy and will help settle the crisis," said Dmitry Medvedev.

Another EU manufactured crisis to whip the plebs into line.

"More EU!"
"More EU!"
"More EU!"
"More EU!"

 

[oggbashan]

Well certainly the Russians are playing to the gallery.



Another EU manufactured crisis to whip the plebs into line.

"More EU!"
"More EU!"
"More EU!"
"More EU!"

The EU Commissioners didn't think this one through. It has frightened savers throughout the Eurozone.

There is likely to be a sustained flight of money from the Eurozone to anywhere. The Dollar is likely to rise against the Euro.

 

[trysail]

The EU Commissioners didn't think this one through. It has frightened savers throughout the Eurozone.

There is likely to be a sustained flight of money from the Eurozone to anywhere. The Dollar is likely to rise against the Euro.

The U.S. Federal Reserve is doing the same thing, though they disguise the fact and the public is too stupid to understand the thimblerigging.


"Helicopter" Ben Bernanke and the deranged monetary policy of the Federal Reserve are keeping interest rates at ZERO whilst inflation rolls along at 2% per annum. This has now been going on for 5 years. This is, of course, effectively stealing from savers.


Thus, 5×2%= 10%.


The policy discourages saving, artificially props up the stock market and is a desperate effort to reignite another BUBBLE (just like the one that got us in this mess in the first place).

 

[torchthebitch]

British ex-pats in Cyprus are reported as saying that other ex-pats in Spain are thinking critically about the position there. If they start withdrawing funds it could cause contagion.

Shit! RBS is starting to look better than Santander.

 

[torchthebitch]

The U.S. Federal Reserve is doing the same thing, though they disguise the fact and the public is too stupid to understand the thimblerigging.


"Helicopter" Ben Bernanke and the deranged monetary policy of the Federal Reserve are keeping interest rates at ZERO whilst inflation rolls along at 2% per annum. This has now been going on for 5 years. This is, of course, effectively stealing from savers.


Thus, 5×2%= 10%.


The policy discourages saving, artificially props up the stock market and is a desperate effort to reignite another BUBBLE (just like the one that got us in this mess in the first place).

There was talk here of a negative interest rate to force banks to lend. It went quiet because the public were confused by the concept and were afraid they would lose money from their savings. I wouldn't be surprised if something like it was operating under the radar.

 

[Byron In Exile]

so the new greater german southern empire takes a step closer...

So the new russian oliagarc gas fueled southern empire takes a step closer...

so the depression in western europe takes a step closer.....

trench warfare anyone?

The USA will likely sit this one out.

Let's see if England and Prussia can pull a rabbit out of their hat again.

 

[Shagly]

The USA will likely sit this one out.

Let's see if England and Prussia can pull a rabbit out of their hat again.

Another World War does wonders.

 

[torchthebitch]

The USA will likely sit this one out.

Let's see if England and Prussia can pull a rabbit out of their hat again.

Could be difficult since it is a Hanseatic Hamburger that is precipitating the crisis.

 

[hobbit.]

The USA will likely sit this one out.

Let's see if England and Prussia can pull a rabbit out of their hat again.

Russian tycoon Boris Berezovsky found dead at his UK home

Rabbit? Hat? into the valley rode......

 

[unregistered]

 

[unregistered]

 

[JohnnySavage]

For those who put all of their eggs into the FDIC basket think about this, the FDIC insures about 8 trillion in deposits, but only has 25 billion in reserves.

 

[hobbit.]

http://www.youtube.com/watch?v=uKn2Q7lkr9Q

'nuf said really.

 

[Shagly]

Strangely, branches of Greek banks seem to be exempt from the "tax".

It's those loopholes.

 

[eyer]

Confucius say:

Wise man don't play where he can't afford to lose.

 

[Bad_Doggie]

British ex-pats in Cyprus are reported as saying that other ex-pats in Spain are thinking critically about the position there. If they start withdrawing funds it could cause contagion.

Shit! RBS is starting to look better than Santander.

A Kreissparkasse or stuffing it under your bed would probably be a better bet.

Woof!

 

[RobDownSouth]

For those who put all of their eggs into the FDIC basket think about this, the FDIC insures about 8 trillion in deposits, but only has 25 billion in reserves.

That's about right. Despite the "nightmare scenarios" peddled by doomsayers like Glenn Beck, the simple fact of the matter is that America has the strongest banking system in the world.

The chances of a major run on the banks is about on par with the chances you'll ever get a paying job again: virtually nonexistant.

If the system ever does have a complete collapse, it's unlikely there will be enough infrastructure left to distribute insurance proceeds. You'll be sucking dick for table scraps long before you get your insurance check.

 

[torchthebitch]

A Kreissparkasse or stuffing it under your bed would probably be a better bet.

Woof!

I think stuffing it under the mattress is the best bet nowadays. Despite the inability of the police to react to a 999 call about burglars.