Posted on 03/25/2013 7:33:53 PM PDT by Kartographer
With news this evening that the Cypriot banks will not now be re-opening tomorrow (as perhaps - as we noted earlier - a little more of those precious deposits leaked away during the closures than expected):
CYPRUS BANKS TO REMAIN CLOSED THROUGH MARCH 27: CENTRAL BANK We thought it useful to consider Cyprus in relation to the longest bank closures in history. Cyprus has now shutdown its banking system longer than Argentina, Ecuador, and Uruguay and as far as President Anastasiades comments that capital controls are temporary - we can only hope for the depositors sake - that it's not as temporary as Argentina's 120 month 'restrictions' starting in 2001.
(Excerpt) Read more at zerohedge.com ...
Looks like the Cyprus agreement is as empty as their ATM’s
Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?
PING!
The branches open in Russia? Oh My! The ones left holding the bag will be furious. I predict the banks will never open because majority of the funds are GONE.
An old thread that has an old booklet from 1939 that talks about FDR and the New Deal. It is happening again (Obama’s “rebuild America on a new foundation”):
http://www.freerepublic.com/focus/f-news/2185147/posts
Excerpt:
The word emergency was then understood to mean what the dictionaries said it meant — namely, a sudden juncture of events demanding immediate action. It was supposed to refer only to the panic and the banking crisis, both temporary.
But what it meant to the President, as nobody then knew, was a very different thing. Writing a year later, in his book, On Our Way, he said: “Strictly speaking, the banking crisis lasted only one week.... But the full meaning of that word emergency related to far more than banks; it covered the whole economic and therefore the whole social structure of the country. It was an emergency that went to the roots of our agriculture, our commerce, our industry....It could be cured only by a complete reorganization and measured control of the economic structure....It called for a long series of new laws, new administrative agencies. It required separate measures affecting different subjects; but all of them component parts of a fairly definite broad plan.”
So, what the New Deal really intended to do ....with war powers if necessary, was to reorganize and control the “whole economic and therefore the whole social structure of the country.” And therein lay the meaning — the only consistent meaning — of a series of acts touching money, banking and credit which, debated as monetary policy, made no sense whatever.
bk mrk
I took a look at public holidays for Cyprus this year, and March 29th and April 1st (Good Friday and Easter Monday, respectively) are both official public holidays, though Orthodox Easter is in May.
Rather odd, the banks being open only one day before they shut down again for a long holiday weekend (four days).
Something’s hinky.
Thanks for posting. ZH is doing an extraordinary job following Cyprus. It is very interesting. BE PREPARED.
My bet:
The Russians, other gangsters and insiders have moved their money.
Banks looked at what is left and what the man on the street will withdraw when the bank opens and it does not compute.
Not enough cash left to take care of the man on the street.
So keep the banks closed while they try to speed up receipt of the cash they are promised by the EU.
Looks like their position is just as bad as before because now the EU will ask the Cyprus banks how they will come up with their share of the money when it has gone out of the country.
There is only one law of economics you can count on and that is the law of unintended consequences.
” - - - Something else is going on. - - - “
Yup. Gotta give the Russian billionaire oligarchs time to rob their Cypriot Banks!
They are re-opening AGAIN? When did they re-open before?
Not open yet. Maybe Thursday, but then Friday and Monday are holidays. See Post #7 this thread.
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