Barry Likes It!
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 ...
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.
Holy Crap!
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 401k’s and IRA’s 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.
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