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Update Cyprus: Conflicting Reports, Rumors of Deals, and a Billionaire Suicides

Cyprus Deal... Or No Deal: "Anonymous" Rumor vs Euro Commission
3-23-13

The conflicting headlines continue to spew forth from the union of European nations. Reuters is reporting that Cyprus has agreed a 'deal' with EU/IMF lenders a 20% levy on deposits over EUR100,000 for Bank of Cyprus and a 4% levy on deposits of the same amount at other lenders (and the Cypriots have dropped plans to nationalize pension funds) citing a senior Cypriot official (who demanded anonymity). At the same time, EU Commissioner Olli Rehn emailed a statement saying that a 'deal' has yet to come forth:

*REHN SAYS COMMISSION WORKING HARD TO FIND CYPRUS SOLUTION
*REHN SAYS ONLY HARD CHOICES LEFT FOR CYPRUS
*REHN SAYS `ESSENTIAL' CYPRUS SOLUTION REACHED ON SUNDAY NIGHT

So who does one believe? And with no market open to test this strawman, what will the decision-makers have to guide their choices? One thing is for sure:

*REHN SAYS 'NO LONGER ANY OPTIMAL SOLUTIONS AVAILABLE'
*REHN SAYS ONLY HARD CHOICES LEFT FOR CYPRUS
http://www.zerohedge.com/news/2013-03-23/cyprus-deal-or-no-d...
Russian Billionaire In Exile Boris Berezovsky Commits Suicide - The First Cyprus Casualty?
http://www.zerohedge.com/news/2013-03-23/russian-billionaire...

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I don't think

this genie is going back into the bottle. The subjects have already awaken and I don't think they will be going back to sleep at this point. I think they will default and start over. Bank run coming soon.

SteveMT's picture

Why Cyprus Matters (And The ECB Knows It)

"Furthermore, not all of the deposits in Cyprus are in troubled banks. There is UBS, several Israeli banks, a number of French banks et al that are not troubled and still Europe wants to demand that the bank accounts in those relatively healthy banks have depositor's money taken out of them to pay for the woes of the government."
http://www.zerohedge.com/news/2013-03-23/why-cyprus-matters-...

Banks runs is right, if these banks ever open up again to have bank runs this is. We'll see what happens in less than two days.

http://www.dailymail.co.uk/ne

http://www.dailymail.co.uk/news/article-2298076/Boris-Berezo...

It's all over the news now. Interesting tidbit from above article:

Former Russian spy Alexander Litvinenko, who was poisoned, was a close associate of the Russian tycoon.

There's too many assassinations in the world. If you follow the news closely, you'll see different groups doing it.

That is what the United States should be concentrating on, and things like it. And we once did. Decried assassinations, refused to do them. Signed treaties against mistreatment of prisoners, torture, remote unmanned assassination devices, etc.

There's plenty of real evil in the world to undo. Proper role of government. And look what they'll spending their time on.

And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our lives, our fortunes and our sacred honor.

SteveMT's picture

Strange just how many coincidences there are in the world...

and crises seem to expose them. This current one in Cyprus is getting worse by the hour. Thanks for the bump.

Cyprus Debate Cancelled, "Not Within Touching Distance" Of A Deal
3-23-13 - 17:09

The situation in Europe remains fluid. 'Rumors' circulate from 'anonymous' sources but seemingly confirming what 'news' we do have from Olli Rehn that there is no deal;
http://www.zerohedge.com/news/2013-03-23/cyprus-debate-cance...