Posted on 03/17/2013 7:42:19 AM PDT by DeaconBenjamin
The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesdayas depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.
Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.
There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European banks may suffer.
Skai radio reported on Sunday that the Bank of Greece has sent between 4 and 5 billion euros to Cyprus in order to help Cypriot banks respond to cash requirements by their clients.
You don’t need a crystal ball to see our future.
All I’ll say is I’d hate to be the bank manager trying to explain to a Brezhnevian-eyebrowed Russian mafiosi where his money went when the banks reopen.
Just sayin’..........
Greece loans billions? How deep is that rabbit hole?
Be assured our government is watching the civil unrest carefully for strategy and tactics to control a population.
Don’t think bank accounts in the US are safe from forced confiscation.
Fear of capital flight? How about the certainty of capital flight? You'd have to be crazy (or an invalid) not to be in line when those banks finally open.
And note to other EU bank depositors elsewhere: better get out while the getting's is good.
Do you think that maybe they knew this and might have dropped a dime on this action beforehand?
Can’t confiscate what’s not there.
Money? Cash? Lost it in a tragic boating accident.
It’s possible. Cyprus is somewhat notorious in the EU as a money-laundering center and a haven for folks on the lam.
Interestingly, the Cypriot Parliament hasn’t ratified this yet....that’s expected tomorrow. They’re between a rock and hard place, a major Catch-22.
If they vote “yes”, then the depositors take a 6.75 to 9.9% loss. If they vote “no”, Popular Bank will go bust, as the ECB has refused to extend emergency liquidity, and the Central Bank of Cyprus can’t take that kind of hit. If Popular Bank goes under, it takes the rest of the banking sector with it. One of those “too-big-to-fail” scenarios, if you will.
Interestingly, this really doesn’t apply to Northern Turkey, unless a person is a TRNC resident and has a bank account with a South Cyprus-based bank. I recall there’s tons of Turkish-based banks in the Northern sector, so for them, this isn’t as big an issue as it is for the folks in the Greek part of the island.
A number of yours ago, a county near where I live put a 1% tax on all stock holdings. Not a 1% tax on the dividends mind you, but a 1% tax on the value of the stock itself.
It was stupid and unenforceable (after all, it was a county government with no real reach), and the law was repealed after a few years.
But if Obama were to try the same thing, with the entire IRS behind him...
1.6 billion rounds of small arms ammo says they already have a contingency plan to be tweaked and executed.
Ooops....typo in my reply. In the fourth paragraph, I meant to write “Northern Cyprus”, which is controlled by Turkey, not “Northern Turkey”.
I hope so for your sake... http://reason.com/blog/2013/03/14/covered-at-reason-247-spy-agencies-to-sc
Well, don't come whining to us about your misfortunes. And I'll bet you carelessly kept your guns and gold in that same boat.
:)
1.6 billion rounds of small arms ammo says they already have a contingency plan to be tweaked and executed.
********
“Executed” — a good double entendre if that was intentional.
They better start worrying about a run right here in America. I know I intend to keep a little extra cash on hand out of my account Monday.
DHS-HSI Homeland Security Investigations El Paso SRT MRAP Armored Vehicle
He reminds me of the Kapos at the German concentration camps.
Bad times coming.
just when I thought I could relax ...that the Euro-Zone problems were DONE!
Ummm. Duh.
There goes Obama’s 14,000 DOW.
There goes Obama’s 14,000 DOW.
Not if all the fearful EU money comes to the US.
one UN guy who made millions in Saddam’s oil for food program. He fled to Cyprus where he is untouchable>>>>>>>
Benon Sevan
From Wikipedia, the free encyclopedia
Benon Vahe Sevan (born December 18, 1937 Nicosia, Cyprus) was the head of the United Nations’ Oil-for-Food Programme, established in 1996 and charged with preventing Iraq’s government from using the proceeds from oil exports for anything but food, medicine and other items to benefit the civilian population.
Born into an Armenian-Cypriot family in Cyprus, Sevan was educated at the prestigious Melkonian Educational Institute in Nicosia. He obtained a BA in History and Philosophy at Columbia College, New York, and a further degree from the School of International and Public Affairs at Columbia University.
He joined the United Nations in 1965 and worked, among other places, for a U.N.-administered plebiscite in West Irian, as well as on issues related to prisoners of war in the Iran-Iraq conflict. From 1982 to March 1988 Sevan was Secretary of the UN Economic and Social Council. In April 1988 he was appointed director and senior political advisor to the Secretary-General’s representative on the Afghan conflict. In January 1991 the Secretary-General appointed him to head the Office coordinating humanitarian aid to Afghanistan. In July 1992 he was named Assistant Secretary-General in the UN Department of Political Affairs.
But Sevan came to world attention as investigations began into the Oil-for-Food Programme. Sevan reportedly accepted bribes from Saddam Hussein in the form of oil vouchers, and allowed Saddam to garner $11 billion for military and other uses which violated the UN sanctions against his regime, even as Sevan tried to persuade the United Nations Security Council to make concessions to the Iraqi regime. In August, 2003, he was wounded in the Canal Hotel Bombing
On 7 February 2005, United Nations Secretary-General Kofi Annan suspended Sevan and another UN official with pay ($1 per year plus benefits, including diplomatic immunity from prosecution) because of their roles in the fraud. On 8 August 2005, a UN-appointed panel, led by Paul Volcker, published a report on its investigation into the scandal. In the report the panel concluded that Sevan had accepted bribes from the former Iraqi regime and recommended that his UN immunity be lifted, to allow for a criminal investigation.[1] Sevan had resigned from the UN on 7 August 2005, just one day before the report was due to be published.
In October 2005 it was reported he had fled the US and returned to his native Cyprus. The extradition treaty between the US and Cyprus does not require Cyprus to send Sevan to the US.[2]
Sevan is married with one daughter.
—Can’t confiscate what’s not there.
—Money? Cash? Lost it in a tragic boating accident.
Yes they can
Say... Issue new cash notes
The “Old” Notes will be invalid in 3 months
Or easier,
Issue bank cards to all,
or embed a chip in your hand
and cease to honor paper money
Sorry about that boating accident
One must wonder if much of the cash on hand will be found to have been "moved to a safer place" during this "Bank Holiday" and be unavailable for withdrawal.
Cyprus is a nice place to go on the lam....if I were looking for a hidey-hole, Cyprus would certainly be on top ten list.
I’ve been to both sides of the island. I would say the South is of course, really touristy and the North is, in some area, like you’ve walked into a time warp back to late 19th Century rural Anatolia. If you like quiet, it’s nice. There’s some really nice out-of-the-way quiet places in the South as well that are great to check out.
And if you’re into archaeology and history, both sides are really great for checking out....the whole island is a treasure trove of various sites.
I read that the Cypriot Finance Minister is flying to Moscow tomorrow for “discussions”. I’d hate to be him for all the whisky in Ireland.
Sounds like a place I would like to visit some day....especially if John Law is after me. Grilled fresh sardines and squid and other fish with olives from there
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