Posted on 03/26/2013 10:25:24 AM PDT by Kartographer
Ok folks, if you live in Cyprus and are one of the common people there, perhaps a "wealthy" person such as a businessowner but not one of the "connected few", now it has come out how you were screwed.
Laiki Bank customers in the UK face no restrictions on access to their cash and have been told it is "business as usual" at the firm's four British branches, despite an overnight decision to close its Cyprus parent.
....
Ruth Harvey of Laiki Bank in the UK said that although not all of the details of the impact of the agreement were known, there was no need for the 13,000 UK customers to panic. "We are open, it's business as usual, and there are no restrictions on our client's accounts," she said. "The message we want to get over to our customers is to keep calm and carry on."
So if you knew this and had the capability, you apparently could have moved all your money out of this Cyprus bank during the freeze.
I am willing to bet that if you are a Russian oligarch with a lot of money (formerly) in Cyprus you did exactly that.
(Excerpt) Read more at market-ticker.org ...
Money is a measure of faith.
Paper money is a measure of faith in the issuing agency.
I don’t think there’s much faith in Cyprus right around now. At least as it relates to their banking system, or government.
Do they have a government, or is the EU their government?
EU and the Euro
They have an incompetent cronyocracy.
Does that count?
If the money is in some other person or entity’s possession, it’s only “yours” if you can make them give it all back on demand.
They are finally running out of other people’s money.
The banks are privately held, are they not? The government is, in theory, controlled by elected officials, right? And the citizens elect their officials? The bankers made stupid loans. The bankers promised an interest rate that was impossible. The government spent foolishly. This affected their currency.
This is what happens when voters elect people to steal for them. A crook doesn’t really care who he steals from. Look at Massachusetts. They elected Paleface Lizzy Warren to steal for them. This is a woman who made $350,000 a year for teaching ONE class at Harvard. Yet, that gig wasn’t good enough. She needed access to more money, and the voters of Massachusetts gave her that access. Good luck. Politics used to be about getting the best person for a job. And the best person was the one who would get the most efficient and effective use from the taxpayers hard earned dollars. Now, the Democrats see politics as a license to steal. Good luck.
The fat and lazy socialist scumbags ran out of others people money many years ago. What they have been doing is robbing Peter to pay Paul over and over again. They bailed out Greece by destroying Cyprus. There are no bailouts. There are no bailins. The Titanic is sinking and only a select few will get life boats.
What Cyprus did was invest heavily into Greece bonds. While Cyprus was buying, Germany was selling. Then the German led Euros rescued Greece by destroying the remaining bondholders (Cyprus). The only good people in this struggle are the depositors and they are the ones who got screwed.
Any bets on how long it will be until Hussein 0bama tries the same thing here?
“Any bets on how long it will be until Hussein 0bama tries the same thing here?”
They are already trying to figure out how to grab the IRA’s and 401k’s.
I agree, but the Cypriot people elected their government. Our Founding Fathers understood human nature and tried to protect us from it. We Americans seem to have forgotten our own little Savings and Loan crisis. I remember looking at the interest rates the S & Ls were offering. I remembered my Dad’s teaching. “If it looks too good to be true, then it probably isn’t true.” I didn’t put any money into the S & Ls because they were too good to be true. They weren’t true, and the American taxpayer bailed out the greedy, stupid people who ignored their father’s advice. I’ve read that the Cypriot bankers were offering the Russians 20% interest. Were they offering the Cypriots that kind of unrealistic return? If so, they should have listened to their fathers.
I opened a new savings and checking account yesteday at a more convenient bank to my home. While i was having allspecics explained I called a halt to the speach and asked to see the manager on duty. i explained to the young lady, that if this crap in cyprus ever comes here I expect them to tell the Gov’t to f’off and give me access to my money. Failure to complywould leave me no option but to burn the bank to the ground and then look for the next branch to add to list. She told me i ways not the first to express such feelings at all. Why are these people not setting the banks ablaze, but bending over and expecting only a little pressure, while pee streams down their legs
From the looks of it, the Cypriots were played by everyone. They have a strong bond to the Greeks and that bond cost them their banking system.
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