Skip to comments.Big depositors in Cyprus to lose far more than feared
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 ...
Huh? That must be some of Obama's new math Reuters is using.
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.
And the Russian Mafia’s reply?
“Nice little island you have here....”
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.
Next stop: Cayman Islands.
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?
The shares may not ever actually be worth anything so 100% of the balance over 100,000 could be lost.
Unfortunately, most of the people they need to hang probably don’t reside in Cyprus. Most of them are probably in Brussels.
Sadly, that’s probably the case.
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).
The Russians are going to go on safari.They’ll be hunting bankers.
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%.
What? They have no lampposts in Brussels?
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.
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.
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.
Try USA farmland....
mooersrealty.com If you want a place in the middle of nowhere...
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.
Anybody who doesn't do that deserves what they get.
a great example, of what happens when you sign on to distant capital/headquarters, filled with strangers, whom, you have no control over....
Well thats just a preview. They will be coming after the 401k’s and IRA’s here very soon.
‘They will be coming after the 401ks and IRAs here very soon.’
I can hear the executive orders warming up already.
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.
Every time I click through to a Reuters links from FR my virus protection is set off...
Exploit Trojan everytime
Barry Likes It!
Cypriot banks were paying 7%, when ten year US treasuries
were paying less than 2 percent.
people who deposited in these banks were fools.
Let the bank runs in Europe begin.
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..
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.
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.
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.