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Big depositors in Cyprus to lose far more than feared
reuters.com ^ | 3/29/20113 | Michele Kambas

Posted on 03/29/2013 1:48:48 PM PDT by RoosterRedux

Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.

The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.

Officials had previously spoken of a loss to big depositors of 30 to 40 percent.

(Excerpt) Read more at reuters.com ...


TOPICS: Germany; Israel; News/Current Events; Russia; United Kingdom
KEYWORDS: cyprus; europeanunion; germany; greece; israel; russia; turkey; unitedkingdom

1 posted on 03/29/2013 1:48:48 PM PDT by RoosterRedux
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To: RoosterRedux

ping


2 posted on 03/29/2013 1:50:55 PM PDT by laplata
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To: RoosterRedux
At Bank of Cyprus, about 22.5 percent of deposits over 100,000 euros will attract no interest, the source said. The remaining 40 percent will continue to attract interest, but will not be repaid unless the bank does well.

Huh? That must be some of Obama's new math Reuters is using.

3 posted on 03/29/2013 1:52:06 PM PDT by RoosterRedux (Get armed, practice in the use of your weapons, get physically fit, stay alert!)
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To: RoosterRedux
Nigel Farage,a British member of the European Parliament,has been predicting the collapse of the Euro for at least a couple of years now.I can't wait to hear his next speech from the floor.He's brilliant.
4 posted on 03/29/2013 1:56:12 PM PDT by Gay State Conservative ("Progressives" toss the word "racist" around like chimps toss their feces)
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To: RoosterRedux
Sounds like a lot of Cypriot rope needs to be decorating a lot of Cypriot lampposts.

If/when it happens here, do the avaricious asshats seriously think they'll live long enough to spend what they stole ?

One of the (few) benefits of being old and too broke to pay attention, is not having to worry very much, or for very much longer, about bank collapses.



5 posted on 03/29/2013 1:59:16 PM PDT by tomkat
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To: RoosterRedux

And the Russian Mafia’s reply?

“Nice little island you have here....”


6 posted on 03/29/2013 1:59:23 PM PDT by proxy_user
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To: RoosterRedux

Do I understand this right? “...depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.”

They get 37.5 per cent of what they had in the bank and unless the bank does good the other 62.5 per cent of their deposit just gets flushed out to the bank(ECB,IMF, or whatever)? Please tell me this is a poorly written article.


7 posted on 03/29/2013 2:00:27 PM PDT by rustyboots
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To: RoosterRedux

Next stop: Cayman Islands.


8 posted on 03/29/2013 2:02:07 PM PDT by who_would_fardels_bear
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To: RoosterRedux

All the big Russian mobsters and elites have already cashed in their chips.
Leaving the average Cyprus citizen to pay the bill. Isn’t that how it always works?


9 posted on 03/29/2013 2:08:03 PM PDT by tennmountainman
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To: rustyboots

The shares may not ever actually be worth anything so 100% of the balance over 100,000€ could be lost.


10 posted on 03/29/2013 2:09:30 PM PDT by steve86 (Acerbic by Nature, not Nurture™)
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To: tomkat

Unfortunately, most of the people they need to hang probably don’t reside in Cyprus. Most of them are probably in Brussels.


11 posted on 03/29/2013 2:10:45 PM PDT by Little Ray (How did I end up in this hand-basket, and why is it getting so hot?)
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To: Little Ray

Sadly, that’s probably the case.


12 posted on 03/29/2013 2:14:17 PM PDT by tomkat
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To: steve86

I’m trying to find that image of the Laki Bank statement someone posted where the balance was something like 880,000 Euros and the available balance was 0. By now probably 500 Euros is available for withdrawal. The 780,000€ excess may never be seen again (by the depositor).


13 posted on 03/29/2013 2:19:27 PM PDT by steve86 (Acerbic by Nature, not Nurture™)
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To: RoosterRedux

The Russians are going to go on safari.They’ll be hunting bankers.


14 posted on 03/29/2013 2:22:38 PM PDT by Farmer Dean (stop worrying about what they want to do to you,start thinking about what you want to do to them)
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To: rustyboots

The number is actually 80%. (the MSM is protecting those bankers again) That is how much is going to be out right swiped right off the bat. And they claim it will take years to get the other 20%.

http://tickerforum.org/cgi-ticker/akcs-www?post=219237


15 posted on 03/29/2013 2:24:25 PM PDT by Revel
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To: tomkat; Little Ray

What? They have no lampposts in Brussels?


16 posted on 03/29/2013 2:26:19 PM PDT by USFRIENDINVICTORIA
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To: RoosterRedux

The media was bragging that there was no “run on the banks” after they reopened yesterday. But, what the Media didn’t really point out was that there were controls on the money - people could not withdraw more than a couple of hundred euros.

Of course there I was no run on the bank. People still don’t have access to their money. The controllers will be lifted in a month.THEN there will be a run on the bank!

If I were a Cypriot, I would withdraw the maximum allowed, every day, until the controls are lifted. Then I would remove ALL the remaining money in my account.


17 posted on 03/29/2013 2:27:53 PM PDT by Cowboy Bob (Democrats: Robbing Peter to buy Paul's vote.)
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To: USFRIENDINVICTORIA
Plenty of nice lamp posts. Good for two at a time, even. But the Cyprians can't get there...
18 posted on 03/29/2013 2:28:01 PM PDT by Little Ray (How did I end up in this hand-basket, and why is it getting so hot?)
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To: RoosterRedux

Oh, this is getting a LOT better in a hurry.

As it turns out, the Russians were able to pull their money out through bank branches of Cypriot banks outside of Cyprus, so by far the biggest hit is to the “wealthy” small businesses!

Who cannot now make payroll.

http://www.zerohedge.com/news/2013-03-29/caught-cyprus-crossfire-small-businesses-suddenly-zero-cash

Oh the Cypriots are so screwed!

We can only hope that the mob catches the bankers and government leaders before they can get to the airport.


19 posted on 03/29/2013 2:30:00 PM PDT by yefragetuwrabrumuy (Best WoT news at rantburg.com)
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To: steve86

20 posted on 03/29/2013 2:39:08 PM PDT by steve86 (Acerbic by Nature, not Nurture™)
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To: who_would_fardels_bear

Try USA farmland....


21 posted on 03/29/2013 2:53:54 PM PDT by ptsal (E)
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To: ptsal

mooersrealty.com If you want a place in the middle of nowhere...


22 posted on 03/29/2013 2:57:04 PM PDT by MSF BU (n)
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To: MSF BU

Well, if there was money laundering going on, looks like it shrunk in the wash!

I’m not sure if this is a shining example of the virtues of Capitalism (as though this still actually exists) over Communism for the Russians, or for that matter, anyone else.


23 posted on 03/29/2013 3:05:02 PM PDT by The Antiyuppie ("When small men cast long shadows, then it is very late in the day.")
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To: RoosterRedux
If you actually have money to invest, you should invest in beans, bullets and bandaids (the 3 "b"s).

Anybody who doesn't do that deserves what they get.

24 posted on 03/29/2013 3:18:23 PM PDT by elkfersupper ( Member of the Original Defiant Class)
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To: steve86

Holy Crap!


25 posted on 03/29/2013 3:19:29 PM PDT by elkfersupper ( Member of the Original Defiant Class)
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To: RoosterRedux

a great example, of what happens when you sign on to distant capital/headquarters, filled with strangers, whom, you have no control over....


26 posted on 03/29/2013 3:22:05 PM PDT by B212
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To: RoosterRedux

Well thats just a preview. They will be coming after the 401k’s and IRA’s here very soon.


27 posted on 03/29/2013 3:26:41 PM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: Georgia Girl 2

‘They will be coming after the 401k’s and IRA’s here very soon.’

I can hear the executive orders warming up already.


28 posted on 03/29/2013 3:34:08 PM PDT by Delta Dawn
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To: RoosterRedux

It might also mean the end of the Cypriot economy. If the criminals in the IMF and the European Central Bank plan to confiscate 25 to 40 percent of deposits with more than €100,000, we’re looking at economic chaos in Cyprus.

How will companies meet payrolls and pay vendors with 40% of their cash seized? Answer: They most likely can’t unless they have cash reserves they can transfer to their Cypriot accounts. And who in their right mind would do that?

The elitist criminals have gone too far. I’m speculating, but European elitists could meet the same fate as their buddies in Libya in 2011 - hanging from lampposts.


29 posted on 03/29/2013 3:34:37 PM PDT by sergeantdave
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To: RoosterRedux

Every time I click through to a Reuters links from FR my virus protection is set off...

Exploit Trojan everytime


30 posted on 03/29/2013 3:43:01 PM PDT by EBH ( American citizens do not negotiate with political terrorists.)
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To: RoosterRedux
Barry Likes It!


31 posted on 03/29/2013 3:48:39 PM PDT by Iron Munro (Welcome to Obama-Land - EVERYTHING NOT FORBIDDEN IS COMPULSORY)
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To: Gay State Conservative
Nigel Farage on Greek Bailouts and Euro Crisis
32 posted on 03/29/2013 3:53:01 PM PDT by PapaBear3625 (You don't notice it's a police state until the police come for you.)
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To: Gay State Conservative
Nigel Farage on Cyprus
33 posted on 03/29/2013 3:54:48 PM PDT by PapaBear3625 (You don't notice it's a police state until the police come for you.)
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To: RoosterRedux

Cypriot banks were paying 7%, when ten year US treasuries
were paying less than 2 percent.

people who deposited in these banks were fools.


34 posted on 03/29/2013 4:01:49 PM PDT by RockyTx
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To: RoosterRedux

Let the bank runs in Europe begin.


35 posted on 03/29/2013 4:15:29 PM PDT by wolfman
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To: Gay State Conservative

Yes, he is!!!!! I wish we had a few like him. I’m looking forward to hearing more from him. Like you said, his next speech ought to be a doozy..


36 posted on 03/29/2013 4:36:35 PM PDT by SueRae (It isn't over. In God We Trust.)
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To: steve86

Just wow. I usually print my statements...just in case of a hack or internet meltdown...but this could just as easily happen. Nice of them to print this in a Friday night news dump...on a Holiday weekend no less.


37 posted on 03/29/2013 4:39:59 PM PDT by SueRae (It isn't over. In God We Trust.)
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To: rustyboots
They get 37.5 per cent of what they had in the bank and unless the bank does good the other 62.5 per cent of their deposit just gets flushed out to the bank(ECB,IMF, or whatever)? Please tell me this is a poorly written article.

It's not incredibly well-written but it does get one point across -- when you put your money in a bank, you are investing just as surely as when you buy shares of stock.

Banks are not magical places where interest shows up in your balance without your having risked anything. The Cyprus situation is serving as a big ol' wake-up call. Act accordingly.

38 posted on 03/29/2013 5:04:02 PM PDT by BfloGuy (The economy is not a pie, but a bakery.)
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To: RockyTx
Cypriot banks were paying 7%, when ten year US treasuries were paying less than 2 percent. people who deposited in these banks were fools.

I wasn't aware that businesses can stash their operating funds in treasuries and continue to do business. One would think they need to cut payroll checks more often than a couple of years or so.

39 posted on 03/29/2013 6:46:14 PM PDT by steve86 (Acerbic by Nature, not Nurture™)
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