These are the kind of stories that are going to be coming from Cyprus.

RetardedMonkey

RetardedMonkey

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Screenshot from: https://bitcointalk.org/index.php?topic=160292
 
I have said the ramifications for business in Cyprus will be dire. Appalling.

Zerohedge has picked up on the Bitcointalk thread:

http://www.zerohedge.com/news/2013-03-29/caught-cyprus-crossfire-small-businesses-suddenly-zero-cash

"So while Cypriots may have been quite cool and collected during yesterday's bank reopening when the Troika was kind enough to give them access to 300 of their cash per day, one wonders just how cool and collected they will be when the implications of the cash crunch spread through the system, when hundreds of small and medium business are forced to lay everyone off overnight, when paychecks suddenly stop and when not only savings but ongoing cash grinds to a halt.

Because if the locals thought the deposit haircut is the worst of it, just wait until the full brunt of what a -20% depressionary collapse in the economy hits them head on."
 
Put a pic of some Bullion next to that one with a suitable title and spread it around online...facebook etc

The mainstream need a push in the right direction
 
So even if you didn't have a Cyprus bank account if someone like this owed you money, you'd most likely take a haircut too. That will propagate all throughout Cyprus and into neighboring countries that do business there.
 
They really need to get out of the euro and should have taken advantage of the capital controls to do so. The overnight evaporation of money wouldn't be so severe then. They would obviously have overnight evaporation of purchasing power like in the Asian crisis but they'd still have the means for transacting among themselves and give a quick clear price signal to foreign tourists etc that their money will now go much further in Cyprus.

I believe every Euro has a region code stamped on it (eg there are "Italian" euros, "Greek" euros etc). Assuming Cyprus has their own as well then they can use those notes in parallel as a de facto Cypro-dollar until they get an official Cypro-dollar printed and spread through the economy. Any foreigners holding Cyprus Euros in their wallets will lose purchasing power and vice versa for any Cypriots who happen to have Greek etc Euros in their wallets.
 
Apart from 1 weak-as-p!$$ student march... there wasn't one riot... not one protest... not one arrest over this.

As far as I'm concerned The Cypriots now have no right to complain.

They just rolled over like little puppy-dogs... absolutely pathetic!
 
Clawhammer said:
Apart from 1 weak-as-p!$$ student march... there wasn't one riot... not one protest... not one arrest over this.

As far as I'm concerned The Cypriots now have no right to complain.

They just rolled over like little puppy-dogs... absolutely pathetic!
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As this spreads there will be silent protests as people move to Bitcoin, Gold, Silver, or other assets that can't be confiscated easily.
 
Clawhammer said:
Apart from 1 weak-as-p!$$ student march... there wasn't one riot... not one protest... not one arrest over this.

As far as I'm concerned The Cypriots now have no right to complain.

They just rolled over like little puppy-dogs... absolutely pathetic!
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That's a bit harsh. They're a very aged population and old people don't riot. Plus the whole society has just lost a large portion of their liquid assets. Going around destroying infrastructure and buildings, how would that help anyone at all.

Why would this man riot? He would probably injure himself in the process.

http://www.smh.com.au/national/i-we...-man-i-woke-up-a-poor-man-20130328-2gxab.html

There are almost 5000 Cypriot-Australians on the island. Most are - or were - self-sufficient veterans of the 1950s engineering boom or the 1974 war who came back to retire or to be with family (John is looking after his 90-year-old mother).
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Life is not like American television, where as soon as there is a hiccup in politics or law and order, everyone goes to the shops, smashes everything and carry off all the televisions.
 
AngloSaxon said:
Life is not like American television, where as soon as there is a hiccup in politics or law and order, everyone goes to the shops, smashes everything and carry off all the televisions.
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Well then how about UK television?.... or Thailand's.... or Greece's... or Chile's... Burma. Even the Canadian's throw a decent riot over a simple hockey match still..
 
AngloSaxon said:
http://www.smh.com.au/national/i-we...-man-i-woke-up-a-poor-man-20130328-2gxab.html
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Note the last comment

''We expect the main impact will be for Australians who have invested large sums in Laiki Bank or the Bank of Cyprus,'' she said. ''There is no need for special measures at this stage.''
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They are changing the wording about what "your cash" deposited into your "savings account" really is (technically now telling the truth). It's not your savings that you can withdraw it's an "investment" that presumably you made as a sophisticated investor fully cognisant of the banks lending practices and clients.
 
^ the truth shall set you free ;)

Like i've said in another post or two, I think that people learning the truth (and a hard lesson at that) about banking will be the key to better and safer banking.

Almost everyone around the world seems so fixated on the haircuts and the empathy towards people getting the haircuts, that they can't see beyond the first painful step of the process.

If you think about this logically, things should have always been this way. Deposit insurance and bailouts are a bunch of crap. What we need are safer banks, with more reserves and less speculation on risky loans and other investments.

And how do we go from point A to point C? Through B of course.
 
Interesting read. Capital controls, bank runs, what more to come ?

Most notable is the assertion that Merkel will be exposed as a liar to the voters if Cyprus leaves the Euro and Germany's liabilities are exposed.

It looks like the IMF and EEU will throw Cyprus on the bonfire that has consumed Greece. They are now at the point where they can pillage the Mediterranean members and once they have pulled all the wealth out of those countries, ringfence the 'core states', leaving the southern European peasants to eat cake.


http://www.telegraph.co.uk/finance/...s-finally-killed-myth-that-EMU-is-benign.html
It is not a bail-out. There is no debt relief for the state of Cyprus. The Diktat will push the island's debt ratio to 120pc in short order, with a high risk of an economic death spiral, a la Grecque.

Capital controls have shattered the monetary unity of EMU. A Cypriot euro is no longer a core euro. We wait to hear the first stories of shops across Europe refusing to accept euro notes issued by Cyprus, with a G in the serial number.

The curbs are draconian. There will be a forced rollover of debt. Cheques may not be cashed. Basic cross-border trade is severely curtailed. Credit card use abroad will be limited to 5,000 (4,200) a month. "We wonder how such capital controls could eventually be lifted with no obvious cure of the underlying problem," said Credit Suisse.

The complicity of EU authorities in the original plan to violate insured bank savings halted only by the revolt of the Cypriot parliament leaves the suspicion that they will steal anybody's money if leaders of the creditor states think it is in their immediate interest to do so. Monetary union has become a danger to property.

One can only smile at the denunciations of Eurogroup chief Jeroen Dijsselbloem for letting slip that the Cypriot package is a template for future EMU rescues, with further haircuts for "uninsured deposit holders"

That is not the script. Cyprus is supposed to be a special case. Yet the "Dijssel Bomb" merely confirms that the creditor powers the people who run EMU at the moment will impose just such a policy on the rest of Club Med if push ever comes to shove. At the same time, the German bloc is lying to its own people about the real costs of holding the euro together. The accord pretends to shield the taxpayers of EMU creditor states from future losses. By seizing 5.8bn from savings accounts, it has reduced the headline figure on the EU-IMF Troika rescue to 10bn.

This is legerdemain. They have simply switched the cost of the new credit line for Cyprus to the European Central Bank. The ECB will have to offset the slow-motion bank run in Cyprus with its Emergency Liquidity Assistance (ELA), and this is likely to be a big chunk of the remaining 68bn in deposits after what has happened over the past two weeks.

Much of this will show up on the balance sheet of the Bundesbank and its peers through the ECB's Target2 payment nexus. The money will leak out of Cyprus unless the Troika tries to encircle the island with razor wire.

"In saving 5.8bn in bail-out money, the other euro area countries will likely be on the hook for four to five times more in contingent liabilities. But, of course, the former represents real money that gives politicians a headache; the latter is monopoly central bank money," said Marchel Alexandrovich, from Jefferies.

Chancellor Angela Merkel will do anything before the elections in September to disguise the true cost of the EMU project. It has been clear since August 2012 that she is willing let the ECB carry out bail-outs by stealth, as the lesser of evils. Such action is invisible to the German public. It does not require a vote in the Bundestag. It circumvents democracy.

Mrs Merkel can get away with this, provided Cyprus does not leave EMU and default on the Bundesbank's Target2 claims, yet that may well happen.
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willrocks said:
So even if you didn't have a Cyprus bank account if someone like this owed you money, you'd most likely take a haircut too. That will propagate all throughout Cyprus and into neighboring countries that do business there.
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And they'd probably take a finger cut for the trouble.
 
Clawhammer said:
AngloSaxon said:
Life is not like American television, where as soon as there is a hiccup in politics or law and order, everyone goes to the shops, smashes everything and carry off all the televisions.
Click to expand...

Well then how about UK television?.... or Thailand's.... or Greece's... or Chile's... Burma. Even the Canadian's throw a decent riot over a simple hockey match still..
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UK - Somewhat youthful but heterogeneous society with more people horrified by the riots than encouraging them.
Thailand - Young population
Greece - Larger population than Cyprus, and the trouble was where all the young people live eg Athens, not on the retirement islands
Chile - Youthful population
Burma - Young population, definitely not a homogenous society where they were rioting as they can't stand the pushy religion of their neighbours. How does that compare to elderly Greek Cypriots.

None of these sitations compare to the aged population of Greek Cypriots.
 
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