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Cyprus Receives Banker Ultimatum: Take our Bailout or Else

ECB Gives Cyprus March 25 Liquidity Ultimatum
3-21-13

As reported yesterday, Cyprus banks are now expected to reopen next Tuesday. We would boldly go ahead and take the under following overnight news that the ECB has once more escalated its political interventions (remember the lies about "apolitical, independent" Central Banks - good times...), and following a Reuters report yesterday that the ECB is prepared to let Cyprus go, the FT now has doubled down on the propaganda, reporting (in an article with no less than five authors) that the ECB has issued an ultimatum to Cyprus to agree to a bailout by Monday (which is a holiday), or the free liquidity ends.

"The European Central Bank raised the stakes in the Cyprus crisis on Thursday, telling Nicosia it had until Monday to agree a bailout with the EU and International Monetary Fund or it would cut off emergency liquidity provision to the country’s banks. The hardline stance from the ECB sets a clear deadline for Cyprus to agree to a plan after its parliament rejected a bailout negotiated at the weekend that would have taxed the deposits of account holders in the country’s banks."
More at:
http://www.zerohedge.com/news/2013-03-21/ecb-gives-cyprus-ma...
http://finance.yahoo.com/news/mood-turns-sour-cyprus-e-10240...

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SteveMT's picture

Watch out: "Cyprus a Template For EU." It's a "bail-in"

A Word Out Of Place Sends Europe Tumbling
3-25-13
---------
"If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'. If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders," he said.

After 12 hours of talks with the EU and IMF, Cyprus agreed to shut down its second largest bank, with insured deposits - those below 100,000 euros - moved to the Bank of Cyprus, the country's largest lender. Uninsured deposits, those accounts with more than 100,000 euros, face losses of 4.2 billion euros.

Uninsured depositors in the Bank of Cyprus will have their accounts frozen while the bank is restructured and recapitalised. Any capital that is needed to strengthen the bank will be drawn from accounts above 100,000 euros.

The agreement is what is known as a "bail-in", with shareholders and bondholders in banks forced to bear the costs of the restructuring first, followed by uninsured depositors. Under EU rules, deposits up to 100,000 euros are guaranteed.
http://www.zerohedge.com/news/2013-03-25/word-out-place-send...

Bail out

Looks like the Christian Orthodox Church might bail out Cyprus

donvino

ouch!

Cyprus Church Loses EUR100 Million, Curses Those Responsible http://www.zerohedge.com/news/2013-03-25/cyprus-church-loses...

"When the power of love overcomes the love of power, the world will know Peace." - Jimi Hendrix

100 million?

All that gold they have should offset that loss imo. And besides the archbishop is inviting a bunch of Russian businessmen/investors in within the next week. This should tidy up the coffers a bit.

donvino

Cypriots -Here's the bottom

Cypriots -

Here's the bottom line. Do you value your permanent freedom over temporary pain?

Yes, without the liquidity, you will have to stop living beyond your means, but you will be free to decide your future free of intimidation and manipulation.

Bite the bullet. Leave the European union if possible and most definitely the Euro.

Alternate Title

Slit your throat or else!

A better alternate title:

Slit their throats or else!

"Look here, see, . . .

yous come up with the doe by monday or it's curtains for ya.
We don't care where ya gets it."

bumping and bookmarking, because I need to . . .

read this more deeply--

it's hard to be awake; it's easier to dream--

IMF pumped the pooch on this

IMF pumped the pooch on this one.

SteveMT's picture

Pictures From Cyprus ATM Lines; shades of things to come here?

To their credit, the Cypriot people look calm during this crisis.
http://www.zerohedge.com/news/2013-03-21/pictures-cyprus-atm...

Cyprus just responded to the banks:

"Nah-nah-nah-NAH...NAH-NAH-NAH-NAH! HEY-Hey-hey..goooood byyye"

I only wish we could do the same.

If you don't know your rights, you don't have any.

I hope Cyprus will tell them

I hope Cyprus will tell them to shove it and follow Iceland's example. Beware of perverts offering you free candy -- they all expect something in return once they have you in their clutches.

Yeah I hear ya

There's always another crook lined up to get his hands in monetary policy.

I'm amazed more bankers haven't been jailed. Honestly. With everything they do in the open (and behind closed doors), they really shaft the average Joe and claim that "the tax code is too complicated for the lay-man."

Legal rape or financial terrorism? Both.

If you don't know your rights, you don't have any.

Am i understanding this

Am i understanding this correctly, the ECB is trying to force a nation, to do something they've expressed, they dont want to do

Hows that "democracy" working out for you eu parliament........hypocrites and liars

SteveMT's picture

The PIIGS nations have been facing the same fate.

Unelected technocrats were appointed by the banksters that are telling these countries what to do. Agree that the IMF and ECB are amoral greedy control freaks.

Can Iceland serve as any sort of model for Cyprus?

Could it be another win in the battle against the bankers?

=======
RON PAUL 2012

lolwut?

Icleanders didn't win anything.

Stop listening to NWO Change Agents.

Oh, they didn't repudiate the bad debt their government

was going to saddle them with? They didn't vote that government out and vote a new one in? The UK isn't looking to recoup their losses from Iceland anymore?

Oh

=======
RON PAUL 2012

SteveMT's picture

Both are isolated island nations. That much is common.

However, Iceland is much more isolated than Cyprus so maybe that is the main reason that Iceland was successful in escaping the banker's claws. Iceland also has a lot of natural resources and highly educated people. Whatever Cyprus lacks in those areas they makeup for by having a big brother named Russia who has a vested interest in that location.

Thinking outside the box: Should Cyprus and Russia get together and Cyprus issue a gold-backed currency using Russian gold, the euro (and the dollar) would be toast! In return, Russia would get a base of operations in the Mediterranean. Imagine that happening?

The Red Shield guy from OZ

that stands behind the curtian makes huge loud ugly threats to do this or that,
"painting nitmares".

Please note that he is hidding from view behind the curtian making these threats because of fear and cowardice.

Its all a bluff.

National Debt
False debt

The victum becomes the villian when the abuser makes claims of debt.

People of Cyprus reject these claims of debt.

sovereign

I am worried about what happens next

In Greece, there is a Neo Nazi regime taking over...I am sure that they will have their eyes on Cyprus as well as all hell breaks lose. This is one of the reasons why I don't think "letting it all fall apart" is the best solution for the USA. When people get desperate, bad people look at it as an opportunity to bring forth fascism. We need to fix what we have before it falls apart. I am afraid that their will be a Nazi country in Europe before long, and the US will be unable to do anything about it. All of this in the wake of destroying our 2nd amendment is very scary....

You explain how we fix it. We

You explain how we fix it. We are all ears!

The best option we have now is to position intelligent people with good intentions for the future of Americans so that they can pick up the pieces and make something lasting and sound out of them.

We fix it with individual leaderless revolt.

Enlightened disengagement. Instead of buying bullets buy seeds, feed yourself. Take yourself out of their system. Show the debt slavers that you are not buying into the game. Avoid the daily immoral submissions they requre.

sovereign

I don't have an answer

I am just pointing out that the upcoming collapse could be devastating on a number of levels. You are right, the best option we have is to put intelligent people with good intentions in place. However, I would prefer to fix what we have instead of all out collapse. I realize that isn't likely, but I can always dream can't I?

I am more interested to see if anyone else has been paying attention to what is happening in Greece right now. The country is being turned upside down with police joining forces with the fascist regime. They have grown to the 3rd largest party in the country and have installed offices in New York, Chicago, Australia, to garner support. I suppose it is inevitable when the decay is occurring and people become desperate. I don't want to lose my 2nd Amendment as this could become a reality in a neighborhood close by. This is what I believe the founders were concerned about. My state is going to try and take the firearms away(Maryland). I am about to pick up my things and move on that law passing here.

SteveMT's picture

Fear is the ally of tyranny.

Look at our present situation with the eminent economic collapse of the world's economies caused by the fractional reserve fiat bankers. What is worse the current reality or a future possibility?

I am not sure

But watching a country turn to nazism is not good. Looking at the golden dawn in Greece makes me concerned what could happen elsewhere.

ecorob's picture

As it should be...

Bring it out into the open where the people can see the clear and present danger and identify the enemy in front of them.

its 'cos I owe ya, my young friend...
Rockin' the FREE world in Tennessee since 1957!
9/11 Truth.

SteveMT's picture

Yup. "Pay no attention to that man behind the curtain!"

There is no longer a curtain with these miserable bankers. It's all crystal clear.

The guy who wants me to think

he is so powerful so as to bring nations and create world wars, He threatens to bring down the state nation of Cyprus if they do not submit to the extorted theft.

Yet he, HIDES behind a curtian. Why hide?

What is he hiding from? Who are these bankers?

Is it every bank CEO or does it include the CFO, the board, the share holders, the majority share holder(s) or all bank employee's?

Is there a human, a individual, or a few individuals behind the curtian that you say is now visible? If so, who are they?

If the curtian is pulled back only to disclose, "the bankers", has anything been disclosed? Isnt that like saying the Corps, or the military industrial complex, or the CFR, Trilateral commission, or Bilderbergers? Like identifying the entity behind the curtian as non human in reality?

Is there another curtian behind that curtian?

sovereign