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Cyprus banks remain closed
to avert run on deposits

Reuters, by Michele Kambas*

Original Article

Posted By:horacer, 3/26/2013 12:29:15 AM

(NICOSIA) - The president of Cyprus assured his people a bailout deal he struck with the European Union was in their best interests, but banks will remain closed until Thursday - and even then subject to capital controls to prevent a run on deposits. Returned from fraught negotiations in Brussels, President Nicos Anastasiades said late on Monday the 10-billion euro ($13 billion) rescue plan agreed there in the early hours of the morning was "painful" but essential to avoid economic meltdown. He agreed to close down the second-largest bank, Cyprus Popular, and inflict heavy losses on big

Comments:
* and Karolina Tagaris

Closed until at least Thursday. Then you have Good Friday and a bank holiday the following Monday. It looks like the banks may stay closed until April 2nd or later. Rumors are floating the Russians may have taken the bulk of their money out last week.

      


Post Reply  

Reply 1 - Posted by: TXspyder, 3/26/2013 1:24:26 AM     (No. 9243883)

Yep!

http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus

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Reply 2 - Posted by: Spidey, 3/26/2013 1:27:28 AM     (No. 9243885)

From what I´ve seen,no one is investigating where all the money went so these poor suckers had to be robbed by the government.There has to be criminals,embezzlers or something involved in this.Are the bank exec´s overpaying themselves bonuses,like they do here?Is there any such thing as a safe bank anymore?

The left has been talking about snagging people´s 401K´s here for a while and replacing them with fixed rate treasuries.All this does in make that event feel more likely to happen.

There´s even a bigger more macro issue at stake here.The world´s left is obsessed with living high on the hog off other people´s money,it even goes beyond an addiction.You would think or borrowing capacity would hit an international brick wall at some point.The left isn´t going to roll over and give up their salary and benefits,because they´´ll never make the same in the private sector.

To me,the TARP bailout was about Wall St. crooks running out of liquidity to pay themselves their year end bonuses they´re addicted to,so they pressured Paulson to pressure Bush.

Then along comes Obama and uses the leftovers to play favorites in the country with,such as the GM bailout which was illegal using TARP money.

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R-G1
  
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Reply 3 - Posted by: fishbone, 3/26/2013 1:28:31 AM     (No. 9243887)

Thank goodness I don´t have my money in any Cyprus banks. Mine is all in American dollars insured by the FDIC ... and devalued by the FED. :-(

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Reply 4 - Posted by: Country Boy, 3/26/2013 1:38:02 AM     (No. 9243891)

#2, the problem is "unfunded liabilities" particularly in Greece. That means paying pensions for people who stopped working at 50, if they ever worked.

In 2006, when Pelosi took over the House, the U.S. economy, and world economy started to tank. Accelerated now with obama. All socialist countries (including U.S.) have "fixed" and rising liablilities (social programs), and tax revenues that are dwindling or shrinking. That is what is causing the sucking sound from banks.

Stealing more money from investors is not any solution. Only real solution is to get rid of the socialist agenda, and start to grow the economy. In the U.S. GDP growth has been 1% to 2% with obama. Under Reagan it was 4% to 8%.

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Reply 5 - Posted by: thelmalou, 3/26/2013 1:54:47 AM     (No. 9243900)

Haven´t the banks already been closed there going on 10 days now? Ye gods. What an unmitigated mess. Coming soon to a first-world country near you.


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Reply 6 - Posted by: TXknitter, 3/26/2013 2:55:19 AM     (No. 9243915)

When you see the poor Cypriots on TV waiting outside these banks, crying and trying to figure out what they are to do - its just heartbreaking. (I hope I did not misspell "Cypriots.)

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Reply 7 - Posted by: Topic Thunder, 3/26/2013 3:31:48 AM     (No. 9243922)

The Cyprus banking system is dead - finished.
I don´t think there´s any point to reopening.


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Reply 8 - Posted by: veritasmatters, 3/26/2013 8:01:40 AM     (No. 9244189)

Hmmmm...wonder what folks around here think about the movie "Thrive".

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