36 replies to this topic

[tria]

In about 30 minutes the President of Cyprus is due to address the Nation.

-tria

Tria

If you think there is something relevant to say
after that speech, I'd love to hear it.

Jack

Haven't started yet, and do not know why or when he will finally address the Nation.
If something new/relevant will try to post.

OK, The Cypriot President said that basically there was a broad agreement reached last night with the Eurogroup/IMF with many details to be formalized at a later stage.
All Banks but the 2 big ones, may open tomorrow but with many withdrawal controls still to be determined. The Bank of Cyprus large depositors may suffer up to 42% levy and will be handed Bank's shares to copensate. Many issues still unresolved. Finally, since the public pention funds will suffer the haircut and as a result a one off levy of something like below 1% is being considered to all Banks and to all accounts. The only one remaining big Bank, the Bank of Cyprus may open on Thusday or more probably on Friday.

-tria

[tria]

In about 30 minutes the President of Cyprus is due to address the Nation.

-tria

Tria

If you think there is something relevant to say
after that speech, I'd love to hear it.

Jack

Haven't started yet, and do not know why or when he will finally address the Nation.
If something new/relevant will try to post.

OK, The Cypriot President said that basically there was a broad agreement reached last night with the Eurogroup/IMF with many details to be formalized at a later stage.
All Banks but the 2 big ones, may open tomorrow but with many withdrawal controls still to be determined. The Bank of Cyprus large depositors may suffer up to 42% levy and will be handed Bank's shares to copensate. Many issues still unresolved. Finally, since the public pention funds will suffer the haircut and as a result a one off levy of something like below 1% is being considered to all Banks and to all accounts. The only one remaining big Bank, the Bank of Cyprus may open on Thusday or more probably on Friday.

-tria

Bottom line they will try to steal as much as they need to survive and make Madame L and chancellor M happy as well.

PS
Madame L was asking for a 60% haircut for all foreign deposits but backed off when the Cypriot President told the Eurogroup leaders to make her disappear or otherwise he would resign and ask for new elections in Cyprus in 45 days.

[ogm]

How Russian oligarchs are laughing at Europe and Cyprus...

http://www.zerohedge...eir-cash-cyprus

[TTrader47]

How Russian oligarchs are laughing at Europe and Cyprus...

http://www.zerohedge...eir-cash-cyprus

"Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors."


I don't know if anyone really knows how much money is in the banking system currently. It looks like BOC will not open until Thursday or possibly even Friday.

Just imagine what these last 2 weeks has done for the economy. Here is a link to the unemployment picture in Cyprus http://www.tradingec...employment-rate . Next couple months could really hurt them.

[Sentient Being]

That was my thought. This was so baldy bungled they should have just left the Euro and been better off.

The socialists can't abandon the dream of one world socialist government and the nanny states can't abandon that spending of other peoples money.

Stocks Rebound as Dutch Finance Minister Backtracks on "Cyprus Is a Template for Europe" Comment
And that lengthy detailed interview he gave to Reuters has never happened.

Gotta love these clowns. The world is safe again

[jack]

In about 30 minutes the President of Cyprus is due to address the Nation.

-tria

Tria

If you think there is something relevant to say
after that speech, I'd love to hear it.

Jack

Haven't started yet, and do not know why or when he will finally address the Nation.
If something new/relevant will try to post.

OK, The Cypriot President said that basically there was a broad agreement reached last night with the Eurogroup/IMF with many details to be formalized at a later stage.
All Banks but the 2 big ones, may open tomorrow but with many withdrawal controls still to be determined. The Bank of Cyprus large depositors may suffer up to 42% levy and will be handed Bank's shares to copensate. Many issues still unresolved. Finally, since the public pention funds will suffer the haircut and as a result a one off levy of something like below 1% is being considered to all Banks and to all accounts. The only one remaining big Bank, the Bank of Cyprus may open on Thusday or more probably on Friday.

-tria

Bottom line they will try to steal as much as they need to survive and make Madame L and chancellor M happy as well.

PS
Madame L was asking for a 60% haircut for all foreign deposits but backed off when the Cypriot President told the Eurogroup leaders to make her disappear or otherwise he would resign and ask for new elections in Cyprus in 45 days.

tria thanks for the updates

[salsabob]

Off on vacation so just checking in. I expected the hysteria to have grown but the degree that the cognitive dissonance exceeds it is breathtaking. Essentially people outraged that the nanny state isn't stepping in and sufficiently bailing out all depositors from bankrupt PRIVATE banks because it is an evil socialist state. Like I said, breathtaking.