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Cyprus Extends "Bank Holiday" Blocks Transfers From Depositor's Accounts

Yesterday the European Union ministers agreed to bail out Cyprus in part by imposing a tax on money held on deposit by Cypriots.

A bank holiday was declared for Monday and the depositors would wake up Tuesday with their banks open and part of their money gone- no matter this would be a one time charge and Cyprus would be saved- so said the EU masters and the media.

More details here: Cyprus Bank Depositors Forced to Forfeit Money To Fund Bailout

Yesterday the Cypriot legisature was supposed to hastily meet to rubber stamp the bailout terms, but cancelled the meeting when it was realized that the measure might not pass.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/03...

The status now is the bank holiday has been extended and depositors have been blocked from their money until the Cypriot legislature can get the votes for the bailout to pass.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/03...

Stay tuned for dire warnings and threats if Cyprus doesn't agree to take it bank depositors' money to pay for the bailout.



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Interesting. Rapidly induced hyper deflation.

Somebody below said "bank run anyone?"

Well unless their government imposes strict controls, withdrawl limits, credit flows when they allow banks to reopen, that's almost certainly going to happen.

This should be absolutely fascinating to watch how banks "normalize" after this. But there is no normal now, they are the owned chattel property of the EU.

Certainly the rest of the EU is on the very same line, any of them could get called any day. Greece, Spain, Italy and at this point France is following the path. I can't see this as anything but a test case.

Be brave, be brave, the Myan pilot needs no aeroplane.

FDIC Public PLEA

http://www.youtube.com/watch?v=JhrCPhYk5m8

"Give a man a gun, and he could rob a bank. Give a man a bank, and he could rob the world."

The 'Trigger' We Were Waiting For In Europe

http://www.businessinsider.com/cyprus-deal-could-trigger-eur...

Now, the banks have a problem on their hands. "The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed," reports Greek newspaper Kathimerini.

Many market observers are expressing concerns that the decision could have a ripple effect throughout Europe come Monday when markets open. After all, if European leaders have decided to violate the unspoken rule of bank bailouts – that deposits are sacrosanct – what's to say it can't happen in a bigger eurozone country, like Spain?

In a Sunday morning note to clients, Morgan Stanley economist Joachim Fels wrote, "I view this as a worrying precedent with potentially systemic consequences if depositors in other periphery countries fear a similar treatment in the future."

Read more: http://www.businessinsider.com/cyprus-deal-could-trigger-eur...

"Give a man a gun, and he could rob a bank. Give a man a bank, and he could rob the world."

How can a bank depositor elsewhere in Europe

Or anywhere not at least think twice about having their money in a bank

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probably a question

we should be asking ourselves.

"The two weakest arguments for any issue on the House floor are moral and constitutional"
Ron Paul

A bank is supposed to be safe

not a risk
This type of thing makes the stock market and us treasuries seem safe
Perhaps thats the plan

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this type of thing

makes the mattress seem safe.

"The two weakest arguments for any issue on the House floor are moral and constitutional"
Ron Paul

Cypriot President was given no choice

Sounds like the EU made him an offer he couldnt refuse
http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_17/03...

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There are always choices. He

There are always choices. He can resign and appoint a libertarian.

Please visit my site for more information about my libertarian book. Thanks!

Oh yeah

Bargain in Good faith...??

ie. wait till a long weekend???

Reminds me of some people making a rent payment lol

donvino

The British government will bailout UK Cypriots who were

Bailed in to the Cyprus bailout!
http://www.guardian.co.uk/world/2013/mar/17/cyprus-savings-l...

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Good

Now the Cypriot government and people will drop the euro currency hopefully. Take the loss and leave the casino imo and chalk it up for experience.

PS I like the part when they say 'one time charge' lmao

donvino

That was

A good one.

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain

Bank run

anyone?

I think Spain is the country to watch

Since ATMs are open on the weekend I wonder if ATMs across Europe are being emptied-
Probably not take a look at the foreign papers on line and you'll see this is not front page news it's handled in the business sections

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maybe they should form a confederation

with Iceland?

And with

Texas

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Coming soon

to a bank near you?

The Cyprus minister just days before this denied

That it was a possibility.

If it happens it will happen without much or any warning.

Governments produce nothing so their only means of generating revenue is to take it from someone else
Although the Us has a neat trick of letting the federal reserve print what it needs and wants without having to directly take from its citizens

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ATM Machines Emptied Across Cyprus

http://www.dailymail.co.uk/news/article-2294388/ATMs-emptied...

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain

I read that even if you took money out after the announcement

They would still tax you on the amounts as of the day before they made the announcement

For people with more than a 1000 Euros the ATM machines offer little help to get your money out as they limit what you can take out.

They stopped wire transfers immediately after the announcement but because the Cypriot banks were open on Saturday they left the ATMs open- in case anyone wanted to make a deposit LOL

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...in case anyone wanted to make a deposit

Triple LOL!

Yes, you pay the government debt in taxes.

So, in the USA the FED prints the money and adds interest for every dollar printed, and the tax payers pay the debt plus interest. That is how the rich of the world make their money, on interest.

You may recall in 2008...

Congress rejected the initial bailout and then a few days later after threats of disaster and "martial law" the measure passed

http://www.youtube.com/watch?v=HaG9d_4zij8

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This could be huge

Jim Sinclair - One Of The Most Important Events In History & Gold

Today legendary trader Jim Sinclair told King World News we have just witnessed one of the most important events in history and it will have a major impact on the gold market

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/...

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain

The story is not getting much attention

Perhaps because its the weekend, perhaps because the media is downplaying it and perhaps because people don't realize the massive implications of what has already happened

Even here on the daily Paul this story is getting only moderate traction

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This could be good

For anyone wanting to make a shiny purchase this weekend:)

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain

Good point

You would get Fridays prices

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You are talking me into it.

I'll be right back:)

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain