Posted on 03/28/2013 12:34:05 PM PDT by Jean S
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 of staff from private security firm G4S were placed on standby over fears of a run on deposits.
Cyprus's banks have been closed while the government negotiated a 10billion euro (£8.5billion) bailout to recapitalise its ailing lenders.
As part of the deal savers with more than £85,000 will lose up to 40 per cent of their cash, a measure which has prompted fury among the cash-strapped island's wealthiest residents.
(Excerpt) Read more at dailymail.co.uk ...
Wow, really? That is unbelievable. Do you have a link to that story?
I don’t think the Russian mob is going to want much publicity.
Yes ... In this country as well.
As I see it the banks made a “business” deal with Greece and lost...the bank then should fail, not be rescued.
I don't believe this had to do with affecting the Euro as they are saying...rather all about controlling flow of monies by the few Big Guys at the top and overseeing all financial transactions in the European Conglomerate.
They have managed to bread fear and uncertainty, along with a dependency on the decisions they make or don't make....all which I am convinced is an “illusion” and “distraction”.
Wonder just how many were “paid off” and “bartered with” to bring the world this Show. ..while other more dastardly things are being set up?
What is the spot price of gold in Cyprus?
They are going to steal retirement accounts. Dems held hearings and wrote the “emergency” leglislation when they had power during the Obamacare mess. As Nan from Fran says, we will have to find out what is in it after it is passed.
It’s true, they’ll just do what needs to be done. Maybe not immediately...long memories.
I’m willing to bet that the majority of Cypriots with over 100K Euros aren’t the ones voting for cradle to grave services. Same as it is here.
You’re right. I bet certain people are more than a little nervous.
People like Nan from Fran are going to need bunkers.
“The same is true anywhere in the world — only about 10% of your cash is at the bank. They just depend on the fact that everyone won’t want his at the same time.”
Then how can they take the 40% from depositors, even from a limited number of depositors who are subject to the 40%. Is there even enough cash in reserve to cover the 40% withdrawals? Remember, the 40% fee is based on total deposits above the $100,000, not the total fractional amount in reserve. Unless I’m missing something here, do these socialists ever realize the consequences what they’re doing? Or more than likely they just don’t care.
Yes, I’ve known that for a while. I have no IRA, 401K, or pension.
My biggest worry at this point is what to do if the politicians are voted out of office, then refuse to leave?
Civil war will result, of that I’m certain.
They aren't taking actual cash; they're removing the obligation to pay the depositors back (and issuing worthless stock certificates for the difference). The whole deal is to make the bank's balance sheets look better, not to raise actual cash.
Going to cause a lot of job losses as businesses with the payroll money in the banks instantly lose a big chunk of the money they needed to meet payroll.
Doubt the politicians thought about that.
Or cared.
Going to cause a lot of job losses as businesses with the payroll money in the banks instantly lose a big chunk of the money they needed to meet payroll.
Doubt the politicians thought about that.
Or cared.
It would/will spiral out of control very quickly.
No, the politicians won’t care. But they’d better find deep bunkers.
Some of the photos at the link show kids standing in line with their parents. That is a tough primer for learning socialism.
For many, Cyprus was a tax shelter, while it lasted. So what’s happening with Italian bonds these days? Will bond investors take haircuts there soon?
There is (at least) one FReeper that I'd love to have read your most honest post. I'll just ping the guy who posts the "prep" threads to your post.
“Does anyone here doubt that Obama and the democrats would do the same thing if (when) they feel they can get away with it?
And when they do it they will have help from some RINOs too.”
Americans who pay their taxes quarterly would have a response to that (one would think).
You're kidding right? It's like the illegal Mexican I once knew who bragged about how he had $250,000 in his bank account because he worked hard to build a small construction business. In the next breath he bragged how he and his family got free health care at the local emergency room, free food from the government, and free education for his anchor babies, but he didn't pay any taxes because he worked off the books. I bet every Freeper who every lived would have hundreds of thousands of dollars in the bank account if we worked off the books in a shadow economy, didn't pay taxes, and sucked off the governemtn teat.
Cyprus, Greece, and other countries in that region have some of the highest rates of tax avoidance in the world. It's part of the culture. In some areas, the untaxed underground economy rivals the GDP. Yet when the government even hints at cutting a benefit to get its fiscal house in order, the same people who have turned tax avoidance into a sport, take to the steeet in violent protest.
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