ATMs were drained over the weekend in Cyprus after European Union chiefs decided late Friday night to raid private savings accounts to help pay for the country's $13 billion bailout.
Of course it was a holiday weekend and banks are closed on Monday, preventing a panicked bank run. It is now being reported that the Cypriot cabinet has extended the bank holiday until Thursday in an effort to calm the growing unrest. Electronic transfers have also been halted in order to prevent capital flight.
Riots are now being reported in Cyprus as citizens are furious at the Troika's decision to rob the citizens to pay for the bad debts of banks.
course 2dimes and assfitz will say riots are a good thing, they bring neighbors together, kind of like a bbq
Posted: Mon Mar 18, 2013 8:26 pm
by 2dimes
Yeah, then what?
Re:
Posted: Mon Mar 18, 2013 8:53 pm
by majorheadache876
2dimes wrote:Yeah, then what?
go back to sleep sheep (and just keep your lazy ass out of the way)
sheep like you will never get it.
u and assfitz love to stir the pot and phoo phoo the chaos that is at all of our front doors.
you guys can go to hell in my humble opinion, and you certainly will, your neighbors certainly know of your cowardice. and all at CC do too.
When you recover from your hissy fit, can you come back with a better avatar?
She's not that entertaining. Chubby women are fine with me, and I'm sure her personality is great and all, but why don't you do us a favor and change your avatar?
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 12:26 am
by majorheadache876
im sorry, you like other sheep, like to distract
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 12:17 pm
by BigBallinStalin
majorheadache876 wrote:im sorry, you like other sheep, like to distract
Are you saying you're a black sheep?
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 12:50 pm
by patches70
BigBallinStalin wrote:
majorheadache876 wrote:im sorry, you like other sheep, like to distract
Are you saying you're a black sheep?
Is a black sheep like a Black Swan?
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 2:49 pm
by Fruitcake
Euro took something of a dive this afternoon.
EUR/GBP Close Friday 0.8653 Open Monday 0.8547 Close Monday 0.8587 5.45pm (UK) Tuesday 0.8518
Euro value peak was 25th Feb this year at 0.8789
EUR/USD
Close Friday 1.3079 Open Monday 1.2927 Close Monday 1.2941 5.45pm (UK) Tuesday 1.2859
I am waiting for news but the Euro was holding steady, even rising slightly after the sharp drop at opening Monday. At 1.00pm UK it was 1.2948 USD then a sharp correction occurred mid afternoon and within 1 hour (3.10pm and 4.10pm) the value slid from 1.2939 to 1.2867. This fall then bottomed (from profit taking I would warrant) before the slide continued more gently. Market in NY is still bearish regarding the Euro and I imagine the Asian markets will follow suit when they open soon.
There has been something of a small sharp rise within the last 45 minutes (7.00pm UK) with some trades as high as 1.2901 on the spreads with a very large (huge) purchase taking place at 7.11pm. The spread on this purchase was somewhat anal clenching to those of us on the peripheries at nearly 0.45 of a cent! Since then the trades have been much narrower at around 1.2879 to 1.2883
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 3:01 pm
by AndyDufresne
majorheadache876 wrote:im sorry, you like other sheep, like to distract
--Andy
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 4:24 pm
by Fruitcake
Not a single vote in favour of the bill needed to pass for the haircut to happen.
Rejected with 36 votes against and 19 abstentions. One deputy was absent.
Now the fun starts
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 5:02 pm
by Fruitcake
Pretty much every seat Moscow and St Petersburg to/from Cyprus is booked. Now a minimum 6 hours wait.
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 5:03 pm
by Fruitcake
A new report from Dow Jones suggests that Cypriot banks now won't be re-opened until next Tuesday.
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 5:09 pm
by rishaed
And no wonder....They'll be empty faster than a chocolate bar in a toddler's hand.
Posted: Tue Mar 19, 2013 5:10 pm
by 2dimes
They managed to start some riots and still have no revenue from stealing money. Now everyone there's paying attention and most are probably looking to move their money.
What's your guess on the remaining lifespan of most of the Cypress banks now? Of course the people there will be the biggest losers when the Russians pull out and leave them broke.
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 5:11 pm
by Fruitcake
Just in - Reuters
Wolfgang Schaeuble, the German finance minister
"We regret the decision," Schaeuble told ZDF television. "Cyprus requested an aid programme. For an aid programme we need a calculable way for Cyprus to be able to return to the financial markets. For that, Cyprus's debts are too high."
Schaeuble added that it was a "serious situation" now in Cyprus and said the country had no one to blame for its situation other than itself. He said he doesn't think its "business model" works anymore and warned Cyprus must act quickly.
Fc comment (sure thing Wolfgang. Perhaps you have a plan B?)
Re:
Posted: Tue Mar 19, 2013 5:14 pm
by Fruitcake
2dimes wrote:They managed to start some riots and still have no revenue from stealing money. Now everyone there's paying attention and most are probably looking to move their money.
What's your guess on the remaining lifespan of most of the Cypress banks now? Of course the people there will be the biggest losers when the Russians pull out and leave them broke.
Sticky question. There are a few other items to consider in this. Not least of which is the small fact that The Bank Of Cyprus' Biggest Shareholder is a Russian Oligarch, Dmitry Rybolovlev with a not insignificant 9.9%.
News is that Russian interests have offered a €5 billion loan if Russian shareholders are allowed to increase their stakes in Bank of Cyprus.
We may just be seeing the greatest sell off of a country we could be witness to in our lifetimes.
Posted: Tue Mar 19, 2013 5:20 pm
by 2dimes
Fruitcake wrote:We may just be seeing the greatest sell off of a country we could be witness to in our lifetimes.
The greatest, or just the first? How many broke countries can Russia afford?
Re:
Posted: Tue Mar 19, 2013 5:22 pm
by Fruitcake
2dimes wrote:
Fruitcake wrote:We may just be seeing the greatest sell off of a country we could be witness to in our lifetimes.
The greatest, or just the first? How many broke countries can Russia afford?
of the size of Cyprus? Quite a few. But then the other countries would not be presently providing the dry cleaning services various Russians use
Re: gov't to withdraw 10% from everyone's bank accounts
Posted: Tue Mar 19, 2013 5:24 pm
by Fruitcake
British Govt is sending €1 million in cash to the Military personnel on the island.....well a €100 note in the hand is worth more than €100 in the bank right now isn't it.
Posted: Mon Mar 18, 2013 7:31 pm
