IMF forced savings cut



[ame=http://www.youtube.com/watch?v=sgIHvHeLeEk]Insured Bank Deposits At Risk, America Burns While Obama Golfs - YouTube[/ame]
 
Hard to decide which thread to post in about this.. the one with more posts cause it was started first (this one) or the one with the better title.

Anyway, ya, the Cypriot parliament just voted NO to the savings account theft. It was Germany and some others who had insisted on it or else Cyprus would not get further financial help from them. So we're waiting to see if there will be any big consequences to them voting NO.

I know that things are more complex than this but I have a hard time not picturing Southern Europe as a sleazy, irresponsible brother-in-law that's really really bad with money.. hitting you up for help.. then going bad on a personal loan.. then blaming you for not helping more.
 
WickedJoe said:
Hard to decide which thread to post in about this.. the one with more posts cause it was started first (this one) or the one with the better title.

Anyway, ya, the Cypriot parliament just voted NO to the savings account theft. It was Germany and some others who had insisted on it or else Cyprus would not get further financial help from them. So we're waiting to see if there will be any big consequences to them voting NO.

I know that things are more complex than this but I have a hard time not picturing Southern Europe as a sleazy, irresponsible brother-in-law that's really really bad with money.. hitting you up for help.. then going bad on a personal loan.. then blaming you for not helping more.
Click to expand...

As a resident of Italy, I completely agree with you. However someone has to pay for the likes of this ..



[ame=http://www.youtube.com/watch?v=EZ1PxY9KP28]Melita Toniolo Backstage Super Hot! - YouTube[/ame]
 
Form company that owns gas reserves.
"Invite" (force) depositors to buy certain amount of shares.
Float on foreign (Russian friendly) stock market.
€€€€
Profit?
 
I never got why you guys are talking about crap like investing in bitcoin and silver and gold! When shit hits the fan... you gonna eat the bitcoin and the silver and the gold?
The only safe bet i see is to buy land learn to produce your own food buy guns and ammo thats all you need to survive.
 
Cypriot banks now closed till Tue lolz. Thats right.. they can't use any money till then. It would be interesting to know how these people are living since most of us today don't use cash for much of anything.

They are trying to come up with some laws to avoid the inevitable 'capital flight' from their banks since they threatened to steal from all bank accounts. These guys are fuckin geniuses. Of course the ECB is no better unless it was Germany's plan the whole time to strengthen their own banks by weakening others.

Cyprus is now back in talks with the ECB to see if they can get financial help after failing their part of the agreement to do the savings haircut.

I love how the markets could give a fuck.
 
WickedJoe said:
Cypriot banks now closed till Tue lolz. Thats right.. they can't use any money till then. It would be interesting to know how these people are living since most of us today don't use cash for much of anything.

They are trying to come up with some laws to avoid the inevitable 'capital flight' from their banks since they threatened to steal from all bank accounts. These guys are fuckin geniuses. Of course the ECB is no better unless it was Germany's plan the whole time to strengthen their own banks by weakening others.

Cyprus is now back in talks with the ECB to see if they can get financial help after failing their part of the agreement to do the savings haircut.

I love how the markets could give a fuck.
Click to expand...


Some Cypriots were allowed to withdraw some small amounts of cash per person on Saturday, till the ATMs ran dry.

The finance minister of Cyprus is in Moscow asking for a bail-out from them. The Russians will probably agree in exchange for oil exploration / drilling rights around Cyprus (they've found oil or signs of, there). Russia might also buy-out one of the failing Cyprus banks.

The EU will not like Russia having a foot-hold in the Med. The USA will hate it also because Cyprus is close to coast of Turkey and Syria and not so far from Israel. It looks to me like the Cyrpus government is playing poker with them.

Interesting times.

Hot linked image:

medsea.gif
 
Update:

Cyprus weighs big bank levy; bailout goes down to wire | Reuters

"As Cypriot party leaders met, a senior Cypriot official told Reuters that Nicosia had agreed with EU/IMF lenders on a 20 percent levy over and above 100,000 euros at No. 1 lender Bank of Cyprus, and four percent on deposits over the same level at others."

"Rebuffed by the Kremlin, Sarris said on Saturday talks with the troika were centered on a possibly levy of around 25 percent on savings over and above 100,000 euros at failing Bank of Cyprus."
 
BlokBlok said:
Update:

Cyprus weighs big bank levy; bailout goes down to wire | Reuters

"As Cypriot party leaders met, a senior Cypriot official told Reuters that Nicosia had agreed with EU/IMF lenders on a 20 percent levy over and above 100,000 euros at No. 1 lender Bank of Cyprus, and four percent on deposits over the same level at others."

"Rebuffed by the Kremlin, Sarris said on Saturday talks with the troika were centered on a possibly levy of around 25 percent on savings over and above 100,000 euros at failing Bank of Cyprus."
Click to expand...

That's insane....
 
Cyprus' primary business is as a tax haven and a banking center.

This forced confiscation means no foreigner will bank there again.
 
I don't get what the EU are thinking. It's going to destroy confidence in banking in places like Spain, Ireland etc. This could be the start of the collapse of the Euro and the EU as a whole.

They should have just bailed them out, after all it wasn't Cyprus's fault that Greece had to default on their debts leaving them in the shit.

This has to be one of the most short sighted moves in history.
 
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