Germany (News/Activism)

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  • Eurozone Faces New Challenge As Portugal Blocks Cuts [No Salary And Pension Cuts For State Workers!]

    04/07/2013 12:51:59 PM PDT · by Steelfish · 16 replies
    Telegraph (U.K.) ^ | April 07, 2013 | Philip Aldrick
    Eurozone Faces New Challenge As Portugal Blocks Cuts The eurozone crisis threatens to flare up again this week after Portugal's constitutional court blocked the country's planned austerity programme. By Philip Aldrick 07 Apr 2013 The single currency bloc has already been destabilised by Cyprus and now faces fresh uncertainty if Lisbon cannot find new savings to meet the conditions of its €78bn (Ł66bn) bail-out. Pedro Passos Coelho, Portugal’s prime minister, said last night that the rejection posed “serious obstacles and risks” to Portugal’s progress in meeting its bail-out commitments, but that it would “do everything to avoid a second rescue”....
  • Israel Remembers The Holocaust

    04/07/2013 12:03:43 PM PDT · by IsraelBeach · 13 replies
    Israel News Agency / Google News ^ | April 7, 2013 | Joel Leyden
    Israel Remembers The HolocaustBy Joel Leyden Israel News AgencyJerusalem, Israel --- April 7, 2013 … Part of the following was communicated by the Israel Prime Minister's Office to the Israel News Agency. The official Opening Ceremony for Holocaust Martyrs’ and Heroes’ Remembrance Day in Israel will take place on Sunday, April 7, 2013 at 20:00, in Warsaw Ghetto Square, Yad Vashem Holocaust Memorial, Mount of Remembrance, Jerusalem. Israel Prime Minister Benjamin Netanyahu, this morning (Sunday, 7 April 2013), made the following remarks at the start of the weekly Cabinet meeting: "We have a deep obligation to the elderly in general...
  • Portugal premier to give speech on economy crisis

    04/07/2013 7:04:14 AM PDT · by Kartographer · 6 replies
    AP via Yahoo News ^ | 4/7/13 | Harold Heckle
    Portugal's prime minister said he will address the nation Sunday over a crisis triggered when the country's highest court ruled some of the unpopular pay cuts in this year's budget are unlawful, depriving the government of about 1.4 billion euros ($1.8 billion) of expected revenue. Pedro Passos Coelho will speak after his government said in a statement that the position taken by the Constitutional Court "places the country in serious difficulties in meeting obligations to which it is committed internationally and also the budgetary goals it must meet."
  • Russia's Putin says "yes, we trust the euro"

    04/06/2013 6:57:51 PM PDT · by Tailgunner Joe · 5 replies ^ | April 5, 2013 | Lidia Kelly and Steve Gutterman
    President Vladimir Putin said Russia had confidence in the euro and had made the right decision to keep much of its reserves in the European currency. "I would like to say it outright: yes, we trust the euro," Putin said, according to a Kremlin transcript of an interview with German public broadcaster ARD before a trip to Germany and the Netherlands. Putin said Moscow and the European Union have disagreements, but that the leading euro zone countries were moving in the right direction in handling the current crisis. "That gives us confidence that we have made the right move to...
  • Europe Vs Russia On Taxes (Interesting Excerpt From Putin Interview With German Television)

    04/05/2013 9:41:51 PM PDT · by goldstategop · 33 replies
    President Of Russia ^ | 4/05/2013 | President Vladimir Putin
    VLADIMIR PUTIN: Of course, not. On the contrary I am even glad, to some extent, because the events have shown how risky and insecure investments in Western financial institutions can be. By the way, our tax regime in that context is also more favourable than yours. The income tax rate for natural persons in Russia is only 13 percent. What about Germany? How much do you pay? JÖRG SCHÖNENBORN: It would be great if we paid only 13 percent. Of course, it would be great. Fight against tax increases is a hot topic during the election campaign. VLADIMIR PUTIN: So,...
  • Syrian president warns that if his regime falls, instability will spread across the region

    04/05/2013 2:05:53 PM PDT · by Berlin_Freeper · 27 replies ^ | April 5, 2013 | Associated Press
    Syrian President Bashar Assad warned in comments broadcast Friday that the fall of his regime or the breakup of his nation will cause a “domino effect” that will fuel Middle East instability for years, in his sharpest warning yet about the potential fallout of his country’s civil war on neighboring states.
  • Hamburg First German Ship to Deploy in U.S. Carrier Strike Group

    04/05/2013 12:50:35 AM PDT · by sukhoi-30mki · 14 replies
    Navy News Service ^ | 4/3/2013 | Lt. Timothy Gorman
    Hamburg First German Ship to Deploy in U.S. Carrier Strike Group By Lt. Timothy Gorman ABOARD FGS HAMBURG (F220) AT SEA (NNS) -- The German Sachsen-class frigate Hamburg (F220) is the first German ship to fully integrate and deploy with an American carrier strike group, and April 3 marks her second week of operating in the North Arabian Sea with USS Dwight D. Eisenhower (CVN 69) (IKE). The Hamburg will stay a part of the strike group until the group's completion of operations in the U.S. 5th Fleet Area of Responsibility. Both Rear Adm. Michael Manazir, commander CSG 8, and...
  • S.Korea to buy bunker busting missiles from Europe

    04/04/2013 10:07:47 PM PDT · by sukhoi-30mki · 3 replies
    Reuters ^ | Thu Apr 4, 2013
    S.Korea to buy bunker busting missiles from Europe (Reuters) - South Korea is to buy Taurus bunker-busting air-to-ground long range missiles for its F-15K strike fighters in a move to boost its strike power amid rising tensions with North Korea, its defence minister told a parliamentary committee on Thursday. The decision to pick a European supplier is due to Washington's unwillingness to supply Seoul's first choice missile, the U.S. made JASSM, a person familiar with the plans later told Reuters and is a rare decision for a military that primarily picks U.S.-made equipment. The decision comes as South Korea is...
  • Did Castro Kill Kennedy?

    02/02/2006 8:52:22 AM PST · by Mike Bates · 125 replies · 3,099+ views
    Media Monitor ^ | 2/2/2006 | Roger Aronoff
    Compelling new evidence of a Cuban Communist role in the assassination of former president John F. Kennedy has come to light, but has received little attention in the U.S. media. It comes at a time when there has been renewed interest in the attempted assassination of Pope John Paul II and the alleged Soviet role behind that. SNIP In the Kennedy matter, the big news comes from a German TV documentary that claims that the Cuban government was behind the assassination of former president John F. Kennedy by Lee Harvey Oswald. The film is called "Rendezvous With Death," by award...
  • Tax havens are killing our democracies

    04/04/2013 12:04:28 PM PDT · by Olog-hai · 18 replies
    Le Monde via PressEurop ^ | 4 April 2013 | Natalie Nougayrčde
    The global financial convulsion of 2007-2008 was followed by the resounding announcement of new priorities: international finance was to be better regulated and there was to be no mercy in the fight against tax havens. In short, we were to put an end to the black holes in a system that was wide open to abuse—at least if the very virtuous conclusions of the G20 held in London were to be believed. … Revelations of individual cases, no matter how fascinating they are, should not be allowed to distract attention from the underlying problem: tax havens are a threat to...
  • US Army's last tanks depart from Germany

    04/04/2013 11:58:49 AM PDT · by Timber Rattler · 82 replies
    Stars & Stripes ^ | April 4, 2013 | John Vandiver
    STUTTGART, Germany — The U.S. Army’s 69-year history of basing main battle tanks on German soil quietly ended last month when 22 Abrams tanks, a main feature of armored combat units throughout the Cold War, embarked for the U.S. The departure of the last M-1 Abrams tanks coincides with the inactivation of two of the Army’s Germany-based heavy brigades. Last year, the 170th Infantry out of Baumholder disbanded. And the 172nd Separate Infantry Brigade at Grafenwöhr is in the process of doing the same. On March 18, the remaining tanks were loaded up at the 21st Theater Sustainment Command’s railhead...
  • Terrorist Killed After Throwing Firebomb at IDF Soldiers

    04/03/2013 2:36:49 PM PDT · by Eleutheria5 · 21 replies
    Arutz Sheva ^ | 4/4/13 | Elad Benari
    IDF soldiers opened fire on Wednesday night at two terrorists who approached an IDF position near the community of Einav in northern Samaria. As the two terrorists approached the soldiers, they hurled a firebomb at them. The soldiers returned fire, killing one terrorist and wounding the other. PA officials told AFP that the killed terrorist was a 16-year-old teen, identified as Amer Nassar. The latest attack comes after two days of unrest in Judea and Samaria, as Palestinian Authority Arabs rioted over the death of an elderly terrorist who was serving time in an Israeli jail. The terrorist, 64-year-old Maissara...
  • France and Germany snub Cameron on EU law review

    04/03/2013 10:20:13 AM PDT · by Olog-hai · 2 replies
    EU Observer ^ | 02.04.13 @ 09:23 (April 2) | Honor Mahony
    UK Prime Minister David Cameron’s attempt to get other member states to participate in a general review of EU laws has suffered an embarrassing rebuff from Paris and Berlin. France and Germany have refused to take part in Cameron’s much-publicized examination of whether some EU powers should be returned to member states, reports the Financial Times. The paper notes that Paris and Berlin consulted with one another on the issue before concluding that the exercise—known as the “balance of competences”—was more to serve Britain’s domestic political interests. … The review is the cornerstone of London’s EU policy, as Cameron attempts...
  • Bismarck's Blood and Iron Speech 150 Years Later

    04/02/2013 4:06:20 PM PDT · by robowombat · 17 replies
    New American ^ | Sunday, 30 September 2012 | Bruce Walker
    Bismarck's Blood and Iron Speech 150 Years Later Written by Bruce Walker One hundred and fifty years ago, on September 30, 1862, Otto von Bismarck gave his famous “Blut und Eisen” (“Blood and Iron”) speech before the Landtag, the Prussian legislature. In his speech, Bismarck claimed that the international policy of a modern state is built upon the willingness to fight — “Blut” (blood) — and the willingness to spend vast amounts of public treasure in creating giant armies — “Eisen” (iron). "The great questions of the time will not be resolved by speeches and majority decisions ... but by...
  • Eurozone Unemployment Rate Hits Record High

    04/02/2013 1:32:14 PM PDT · by robowombat · 2 replies
    RTT News ^ | 4/2/2013 7:37 AM ET
    Unemployment in the euro area held steady at a record high in February, raising concerns that the ongoing recession is set to be a prolonged one as the region's debt crisis continues to weigh on economic activity, latest datashowed Tuesday. The seasonally adjusted unemployment rate was unchanged at 12 percent in February, after the January figure was revised upwards from the originally reported 11.9 percent, data from statistical office Eurostat revealed. The latest rate was the highest since euro was launched more than a decade ago. The February figure also matched economists' expectations. In February 2012, the jobless rate was...
  • The secret Nazi plan to blow up cities and boil oceans with a mile-wide 'SUN GUN'

    04/02/2013 7:10:34 AM PDT · by the scotsman · 32 replies
    Daily Mail ^ | 2nd April 2013 | Mark Prigg
    'It may sound like a something a Bond villain would propose, but these amazing pictures reveal the secret plans drawn up by the German army to create a mile-wide 'space gun' powered by the sun. The giant mirror could be used to focus the sun on a target - rather like the magnifying glasses often used by children to create fire. The pictures, from Life magazine in 1945, reveal to its readers how 'U.S. Army technical experts came up with the astonishing fact that German scientists had seriously planned to build a ‘sun gun’.'
  • The Great Escape Stalag Luft III, Sagan March 24/25th, 1944

    03/31/2013 4:56:02 PM PDT · by robowombat · 2 replies
    Wild Blue Yonder ^ | Rob Davis
    The Great Escape Stalag Luft III, Sagan March 24/25th, 1944 Rob Davis Prisoners Of War Allied aircrew who were shot down and survived during World War II were incarcerated after interrogation in Air Force Prisoner of War camps run by the Luftwaffe, called Stalag Luft, short for Stammlager Luft or Permanent Camps for Airmen. Stalag Luft III was situated in Sagan, 100 miles south-east of Berlin, now called Zagan, in Silesia. At the time of the escape it was part of Germany, but is now in Poland. It was opened in Spring 1942 with the first prisoners arriving in April...
  • Exhibit of Jews in Germany raises interest, ire

    03/31/2013 9:35:49 AM PDT · by Olog-hai · 5 replies
    Israel Hayom ^ | Sunday March 31, 2013 | (The Associated Press and Israel Hayom Staff)
    Nearly 70 years after the Holocaust, there is no more sensitive an issue in German life as the role of Jews. With fewer than 200,000 Jews among Germany’s 82 million people, few Germans born after World War II know any Jews or much about them. To help educate postwar generations, an exhibit at the Jewish Museum features a Jewish man or woman seated inside a glass box for two hours a day through August to answer visitors’ questions about Jews and Jewish life. The base of the box asks: “Are there still Jews in Germany?” … The exhibit is reminiscent...
  • Germany is spending $110 billion to delay global warming by 37 hours

    03/31/2013 7:03:21 AM PDT · by SeekAndFind · 14 replies
    American Thinker ^ | 03/31/2013 | Rick Moran
    Former climate skeptic Bjorn Lomberg, who now believes climate change is man-made, nevertheless wants any action taken to reduce emissions to be intelligent and cost effective. He points to Germany's subsidies for solar panels that are costing the government $110 billion but will delay global warming by on 37 hours. From The Weekly Standard: "The Germans are spending about $110 billion on subsidies for these solar panels," said Lomborg. "The net effect of all those investments will be to postpone global warming by 37 hours by the end of the century." "All those billions, for 37 hours delay?," asked Stossel....
  • Big depositors in Cyprus to lose far more than feared

    03/29/2013 1:48:48 PM PDT · by RoosterRedux · 38 replies ^ | 3/29/20113 | Michele Kambas
    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.
  • 'Good Riddance to Deposit Insurance'

    03/28/2013 3:43:30 PM PDT · by BfloGuy · 6 replies
    The Cobden Centre ^ | 3/28/2013 | Detlev Schlichter
    Good riddance to deposit ‘insurance’ By Detlev Schlichter, on 28 March 13 Once the public furor and shrill media coverage have died down it will become clear that events in Cyprus did not mark the death of democracy or the end of the euro but potentially the beginning of the end of deposit ‘insurance’. If so, then three cheers to that. It may herald a return to honesty, transparency and responsibility in banking.Let us start by looking at some of the facts of deposit banking: When you deposit money in a bank you forfeit ownership of money and gain ownership...
  • US banks shaken by biggest fund withdrawals since 9/11

    03/29/2013 5:00:22 AM PDT · by MeneMeneTekelUpharsin · 25 replies
    Russia Today ^ | 25 Januray 2013
    US Federal Reserve is reporting a major deposit withdrawal from the nation’s bank accounts. The financial system has not seen such a massive fund outflow since 9/11 attacks. The first week of January 2013 has seen $114 billion withdrawn from 25 of the US’ biggest banks, pushing deposits down to $5.37 trillion, according to the US Fed. Financial analysts suggest it could be down to the Transaction Account Guarantee insurance program coming to an end on December 31 last year and clients moving their money that is no longer insured by the government. The program was introduced in the wake...
  • Home-schooling family who fled to U.S. from Germany face deportation

    03/28/2013 11:12:58 PM PDT · by Pinkbell · 29 replies
    Daily Mail ^ | March 28, 2013 | David Martosko
    The Obama administration is arguing in federal court that a homeschooling family from Germany should be deported back to their homeland, despite what they say is religious persecution. The German government prevented Uwe and Hannelore Romeike from teaching their five children at home instead of sending them to government-run schools, fining them and threatening to prosecute them if they don't obey. When they took their three oldest children out of school in 2006, police showed up at their house within 24 hours, only leaving after a group of supporters showed up and organized a quick protest. But their legal troubles...
  • Chaos in crisis-hit Cyprus as thousands of savers rush to withdraw cash

    03/28/2013 12:34:05 PM PDT · by Jean S · 108 replies
    Daily Mail ^ | 3/28/13 | Simon Tomlinson
    Chaos in crisis-hit Cyprus as thousands of savers rush to withdraw cash from banks which have opened for first time in two weeks Ten of thousands of Cypriots scrambled to get hold of what savings they could today after the island's banks opened for the first time in two weeks amid tight restrictions on withdrawals. There were chaotic scenes outside some banks, with one branch manager in the capital Nicosia forced to placate angry customers clamouring to get in ahead of opening.Staff had turned up for work early as cash was delivered by armoured trucks, while armed police and hundreds...
  • German Migrant Program Offers Cautions For US [Muslims Changed The Fabric of German Life"

    03/28/2013 6:31:34 PM PDT · by Steelfish · 6 replies
    AP Yahoo News ^ | March 28, 2013 | ROBERT H. REID
    German Migrant Program Offers Cautions For US By ROBERT H. REID Women with headscarfs, a traditional dress for islamic women, walk between other people on a street at the district Neukoelln in Berlin. In gritty backstreets of Berlin and other major German cities, housewives wearing head scarves shop for lamb and grape leaves. Old men pass the time in cafes sipping coffee, chatting in Turkish and reading Turkish newspapers. More than 3 million people of Turkish origin live in Germany — the legacy of West Germany's Cold War-era program to recruit temporary foreign labor during the boom years of the...
  • Institute of International Finance: Cyprus aid may stress bank funding elsewhere

    03/27/2013 4:41:55 PM PDT · by DeaconBenjamin · 2 replies ^ | Wednesday March 27, 2013 (23:00)
    Banks in Portugal, Spain and Italy may come under funding pressure after a deal earlier this week in Cyprus rescued the island’s financial system at the expense of bank creditors, the Institute of International Finance said on Wednesday. European governments and the International Monetary Fund agreed on Monday to loan Cyprus 10 billion euros as long as the country liquidated its second-largest bank and forced losses on bank bondholders and deposits of more than 100,000 euros. “This new approach is apt to put funding stresses on banks in weaker economies – especially Portugal, Spain and Italy,” the Washington-based association of...
  • Cyprus On The Ropes,Which Country Will Become Next Tax Shelter? (Depositors desire :Western Law)

    03/27/2013 4:17:15 PM PDT · by NoLibZone · 9 replies
    NPR ^ | March 27 2013 | NPR
    Robert Siegel talks to Joseph Cotterill, writer for the Financial Times, about what may happen if the European Union's bailout plan for Cyprus succeeds and which country may be poised to take on the role as the next Cayman Islands of Eastern Europe.
  • Cyprus to reopen banks, impose capital controls

    03/27/2013 2:11:09 PM PDT · by NoLibZone · 7 replies ^ | March 27 2013 |
    Cyprus reopens its banks on Thursday while limiting withdrawals, banning cheques and curbing the use of Cypriot credit cards abroad, among measures imposed to avert a bank run after it agreed a tough rescue deal with international lenders. The Central Bank said banks would open their doors at midday (5 a.m. EST) on Thursday after nearly two weeks when Cypriots could only get cash through limited ATM withdrawals. A central bank official said Cypriots would be allowed to withdraw no more than 300 euros ($380) a day. Yiangos Demetriou, head of internal audit at the Central Bank, said on state...
  • Stubborn and Egotistical: Europe Is Right to Doubt German Euro Leadership (op-ed)

    03/26/2013 8:51:58 PM PDT · by Olog-hai · 17 replies
    Der Spiegel ^ | March 25, 2013 | Jakob Augstein
    Throughout Cyprus’ financial crisis, German power has been on display. But Germany is pursuing the wrong ojectives, showing how it’s incapable of wielding its power correctly. Cypriot leaders came up with the idea to make their own small-scale savers liable for the bankruptcy of the banks—with the approval of Germany—because they wanted to hold true to their principles of crime and punishment. All of Europe, indeed the entire world, took notice. Despite deposit insurance and Chancellor Angela Merkel’s own promises, in the end it’s the common people who suffer? The plan was withdrawn, and now the burden is falling mostly...
  • EU: [Russia’s Prime Minister] Dmitry Medvedev channels Lenin as he condemns Cyprus bail-out terms

    03/26/2013 12:43:01 AM PDT · by bruinbirdman · 2 replies
    The Telegraph ^ | 3/25/2013 | Tom Parfitt, in Moscow
    Dmitry Medvedev gave a taste of Moscow’s displeasure over the Cyprus rescue plan on Monday when he said “the stealing of what has already been stolen continues”. Meeting deputies at his residence outside the city, Russia’s Prime Minister said there was a need to “understand what this story turns into in the long run, what the consequences for the international financial and monetary system will be - and thus, for our own interests as well.” Mr Medvedev prefaced his comments by addressing Deputy Prime Minister, Igor Shuvalov, with the words: “Let us, Igor Ivanovich, talk about what’s happening with Cyprus....
  • EU: Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

    03/26/2013 12:59:01 AM PDT · by bruinbirdman · 26 replies
    The Telegraph ^ | 3/25/2013 | Bruno Waterfield, in Brussels
    Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced. The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy. The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises...
  • Cyprus banks remain closed to avert run on deposits

    03/26/2013 2:47:10 AM PDT · by LiveFreeOrDie2001 · 31 replies
    Yahoo Finance ^ | 3/26/2013 | Michele Kambas and Karolina Tagaris
    NICOSIA (Reuters) - Banks in Cyprus will remain closed until Thursday, and even then subject to capital controls to prevent a run on deposits, after a European Union bailout that the country's president assured his people was in their best interests. After returning 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 depositors, many of them Russian,...
  • Cyprus bail-out: savers will be raided to save euro in future crises, says eurozone chief

    03/26/2013 5:09:41 AM PDT · by MeneMeneTekelUpharsin · 41 replies
    The Telegraph - UK ^ | 26 March 2013 | Bruno Waterfield
    Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced. The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy. The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises...
  • EU Goes All Soviet on Rich Russians

    03/26/2013 5:19:00 AM PDT · by Kaslin · 6 replies ^ | March 26. 2013 | John Ransom
    Oh, my gosh; what a great idea: Does Obama even KNOW that he can tax Russian millionaires and billionaires? Just wait until he finds this new method of taxing and spending. Think of all the bad ideas we can fund with these new “revenues.”  The European Union and Cyprus teamed up over the weekend to come up with a revolutionary way to destroy confidence in the banking system. Confiscate the biggest depositors’ money in the country’s largest bank, kill the second largest bank- and just make sure that you only give Cyprus enough money to ensure a second- and third-...
  • Cyprus: Can It Happen Here?

    03/26/2013 8:32:27 AM PDT · by SeekAndFind · 35 replies
    national Review ^ | 03/26/2013 | Thomas Sowell
    The decision of the government in Cyprus to simply take money out of people’s bank accounts there sent shock waves around the world. People far removed from that small island nation had to wonder: “Can this happen here?” The economic repercussions of having people feel that their money is not safe in banks can be catastrophic. Banks are not just warehouses where money can be stored. They are crucial institutions for gathering individually modest amounts of money from millions of people and transferring that money to strangers whom those people would not directly entrust it to. Multibillion-dollar corporations, whose economies...
  • Cypriot youth protest as banks stay shut

    03/26/2013 12:14:48 PM PDT · by Kartographer · 53 replies
    Reuters ^ | 3/26/13 | Michele Kambas and Costas Pitas
    Cypriots vented anger in the streets on Tuesday and were desperate to learn what would happen to their savings, with the government yet to reveal details of controls it will impose to prevent a run when banks reopen after a painful bailout. A special administrator was appointed to run the country's biggest bank, which will take over accounts from the second biggest bank as part of the restructuring package designed to bail out and rein in the oversized financial sector. Cyprus's banks were ordered to remain closed until Thursday, and even then will operate under as-yet-undisclosed capital controls imposed to...
  • Cyprus to shape future euro bank rescues: Eurogroup head

    03/26/2013 1:01:30 PM PDT · by EBH · 42 replies
    Reuters ^ | 3/26/13 | Luke Baker
    A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region's finance ministers said. The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs. "What we've done last night is what I call pushing back the risks," Dutch Finance Minister Jeroen Dijsselbloem, who heads the Eurogroup of euro...
  • Too soon to draw financial-stability lessons from Cyprus: U.S. official

    03/26/2013 3:51:59 PM PDT · by mdittmar · 6 replies
    Yahoo! ^ | 3/26/2013 | Jonathan Spicer Reuters
    NEW YORK (Reuters) - A top U.S. regulator said on Tuesday that it was too soon to draw conclusions on financial stability from the bailout of Cyprus, which rattled markets globally over the last week.
  • Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?

    03/25/2013 7:32:19 PM PDT · by Lorianne · 52 replies
    Zero Hedge ^ | 25 March 2013 | tyler durdan
    Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash. Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do. The result, at least for Europe, is quite scary because let's recall that the primary...
  • Cyprus Right in Line with Washington Post

    03/25/2013 2:31:05 PM PDT · by Kaslin · 2 replies ^ | March 258, 2013 | Bruce Bialosky
    Cyprus, an island most people have forgotten exists, became the center of the world when they put forward a bizarre plan to solve their economic crisis. The leaders of Cyprus proposed a wealth tax that would take funds directly from people’s bank accounts. The plan was abandoned, but the idea behind it still lives on. A recent run-in that we had with the Washington Post shows just how far they are willing to go to foist a bad idea upon us. The Left has been churning some ideas to change our society, most of which will expand the reach of...
  • Dijsselbloem (Europe FM) shocker is U.S.’s template, too (Cyprus)

    03/25/2013 12:34:21 PM PDT · by Ernest_at_the_Beach · 4 replies
    Marketwatch ^ | March 25, 2013, 1:26 p.m. EDT | MarketWatch First Take
    Commentary: U.S. uninsured depositors can and do take losse True, it was news that Dutch Finance Minister Jeroen Dijsselbloem was making that acknowledgment. The European finance ministers had been stressing as recently as last week that the opposite was the case, that Cyprus was a special situation. Dutch Finance Minister Jeroen Dijsselbloem is president of the Eurogroup council. The market genuinely was shocked.
  • Japan, EU agree to start free-trade negotiations

    03/25/2013 3:07:42 PM PDT · by Olog-hai
    Associated Press ^ | Mar 25, 2013 7:59 AM EDT | Yuri Kageyama
    Japan and the European Union agreed Monday to start negotiations for a free-trade pact encompassing nations that account for nearly a third of the world economy. Japanese Prime Minister Shinzo Abe, European Council President Herman Van Rompuy and European Commission President José Manuel Barroso spoke by telephone for 30 minutes late Monday, a Japanese government spokesman said. A Japan-EU summit set to begin Monday in Tokyo was shelved because of the financial crisis in Cyprus. The leaders agreed to launch the negotiations toward a “deep and comprehensive” free-trade deal, with the first meeting set for next month, both sides said...
  • Cyprus to shape future euro bank rescues: Eurogroup head

    03/25/2013 3:17:42 PM PDT · by mdittmar · 10 replies
    Yahoo! ^ | 3/25/13 | Luke Baker Reuters
    BRUSSELS (Reuters) - A rescue program agreed for Cyprus will serve as a model for dealing with future euro zone banking crises and other countries will have to restructure their banking sectors, the head of the region's finance ministers said. The approach would mark a radical departure for euro zone policy after three years of crisis in which taxpayers across the region have effectively been on the hook for resolving problem banks and indebted governments via multiple rescue programs. "What we've done last night is what I call pushing back the risks," Dutch Finance Minister Jeroen Dijsselbloem, who heads the...
  • 2 states challenge German redistribution system

    03/25/2013 3:14:35 PM PDT · by Olog-hai · 3 replies
    Associated Press ^ | Mar 25, 2013 8:31 AM EDT
    Two wealthy German states have filed a lawsuit in the country’s highest court challenging a system under which money is redistributed to less prosperous regions. Bavaria’s state government said it and the state of Hesse filed the suit Monday with the Federal Constitutional Court. … The system is supposed to help ensure equal living conditions nationwide. …
  • The REAL Last Crusade: Nazi search for the Holy Grail which inspired Indiana Jones

    03/25/2013 12:26:34 PM PDT · by the scotsman · 33 replies
    Daily Mail ^ | 25th March 2013 | Allan Hall
    'A new exhibition in Germany about archaeology under the Nazis shows how the regime launched a 'Last Crusade' expedition in wartime to find the Holy Grail from the Last Supper of Christ. In the 1989 Last Crusade movie, Indiana Jones played by Harrison Ford was on the quest for the grail - and he was in competition with the Nazis. Now truth turns out to be stranger than fiction in the exhibition 'Dig for Germania. Archaeology under the Swastika' in Bremen. It tells how S.S. chief Heinrich Himmler allegedly visited Spain during the war because he believed the grail was...
  • EU finance ministers approve Cyprus bailout deal, funded by bank assets seizure

    03/25/2013 9:06:05 AM PDT · by redreno · 43 replies
    foxnews ^ | March 25, 2013 |
    magine waking up to find out that as much as 40 percent of the money you thought was safely deposited in the bank was seized, without your permission, to bail out a near-bankrupt government. That's just what thousands of large depositors in Cyprus woke up to Monday morning after European Union officials accepted a last-minute deal offered by the island's lawmakers to secure a $13 billion bailout to avert imminent financial meltdown.
  • Russian Ties Put Cyprus Banking Crisis on East-West Fault Line

    03/23/2013 10:38:24 PM PDT · by Brad from Tennessee · 5 replies
    New York Times ^ | March 23, 2013 | By ANDREW HIGGINS
    LIMASSOL, Cyprus — Andreas Marangos, a Porsche-driving lawyer here, had just woken up when he heard the news that threatened to destroy his and Cyprus’s most lucrative business: setting up shell companies and providing financial services for wealthy Russians. He rushed to his computer to check whether the “crazy talk” he had just heard was true — that his government had agreed last week to effectively confiscate 9.9 percent of the wealth of anyone holding more than 100,000 euros, about $129,000, in a Cyprus bank. ---------------snip---------------------------- “There is a clear danger of this area becoming a platform for confrontation between...
  • Cyprus on the brink of euro exit after ECB ultimatum

    03/23/2013 11:46:28 PM PDT · by Olog-hai · 37 replies
    EU Observer ^ | 22.03.13 @ 09:29 | Benjamin Fox
    Cyprus is on the brink of bankruptcy and of becoming the first-ever country to leave the euro after the European Central Bank (ECB) issued an ultimatum on Thursday (21 March). In its statement, the ECB warned that it would turn off the tap of emergency funding to Cyprus’ banks on Monday if a rescue package is not agreed. Removing Cyprus’ emergency support could see the country's two largest banks, Bank of Cyprus and Laiki, collapse within days. Carston Brezki, senior economist at ING, described the ECB’s move as a “gun at the head of Cyprus.” …
  • Cyprus now looks to take 25 percent from bank accounts of wealthy...(Obama must be drooling)

    03/24/2013 8:45:12 AM PDT · by Dallas59 · 32 replies
    MSNBC ^ | 3/24/2013 | MSNBC
    NICOSIA -- Cyprus said on Saturday it was looking at seizing a quarter of the value of big deposits at its largest bank as it races to raise the funds for a bailout from the European Union and to avert financial collapse. Finance Minister Michael Sarris said "significant progress" had been made in talks in Nicosia with officials from the European Union, European Central Bank and International Monetary Fund. He confirmed discussions were centered on a possible levy of around 25 percent on holdings of over 100,000 euros (about $130,000) at Bank of Cyprus, and expressed hope that a package...
  • Cyprus bailout: Kremlin 'could punish Europe' in reprisal for bank levy [Prepper]

    03/24/2013 9:59:37 AM PDT · by Vince Ferrer · 29 replies
    Guardian ^ | March 23, 2013 | Helena Smith in Nicosia, Simon Goodley and Toby Helm
    Fears are growing of Russian reprisals against European businesses as EU authorities desperately seek a deal to save the Cypriot economy by imposing a 25% levy on bank deposits of more than €100,000. As the island scrambled to put together a rescue programme, its finance minister, Michalis Sarris, said "significant progress" had been made on the latest levy plan in talks with officials from the European Union, the European Central Bank and the International Monetary Fund.