So much for Cyprus being a unique case.
#11
Posted 25 March 2013 - 11:46 AM
#12
Posted 25 March 2013 - 11:46 AM
It's the equivalent of a Drone hit, collateral damage being the baker, butchers, hoteliers, all the small business... I thought we were the experts on that.
Semi, Tria - any info on how much the bond holders and shareholders have to pay first before they loot the accounts? IIRC they are not taking more than a 40% haircut? Ah, Argentina!
klh
#13
Posted 25 March 2013 - 11:46 AM
I think the only reason they went after the big depositors in Cyprus is because they were non- citizen haven seekers esp. non-Eu people, eg Russian - they will never have a vote.
what he says is completely sensible to me - that the bond holders and shareholders have to pay first - IIRC they are not paying first - they are only getting a haircut - were this capitalism, they would lose everything first before any depositors are tapped. But again - the depositors there are non-local "qualified investors" and the bank investors are - a lot of them anyway - are EU pension plans and EU funds and banks....so any politically astute person would scalp the big depositors - however, if they really are "mafia" yes, all those EU politicians better watch their back:)
What he says may be completely sensible, as you said, but its not what the overmargined hedge funds were betting on. They are betting on a perpetual central bank bailout bonanza. Draghi will do "whatever it takes". In reality there is a huge bailout fatigue in Germany and Netherlands. Thats why we have comments like these.
As for Russians not having a voice in Cyprus politics, you bet they do. 40,000 or so Russians have citizenship on Cyprus now. Russians own a crapload of real estate on Cyprus now too. You bet those politicians are all influenced by russian money and have a gun to their head not to vote for it, so the voting was bypassed. And beleive me there isn't a single person in Cyprus who will risk enforcing the capital controls. All money that wants to leave will leave under "special circumstances".
btw, there is a lot of Russian money in Spain too.
Edited by ogm, 25 March 2013 - 11:50 AM.
#14
Posted 25 March 2013 - 11:50 AM
klh
#15
Posted 25 March 2013 - 11:52 AM
That little recurring thought just keeps rolling around in the collective subconcious...
The government and banksters have a claim on a LARGE PERCENTAGE your cash or other assets....
Evidently anytime the situation warrants it...
Must be some opportunity on this somewhere though...
Maybe secure mattresses, with padlocks...
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#16
Posted 25 March 2013 - 11:55 AM
Not exactly to 'fully' open Semi tomorrow, I heard on Thursday back to normal.In about 30 minutes the President of Cyprus is due to address the Nation.
-tria
Cyprus Banks to reopen Tuesday...
30 minutes is about how long their cash is going to last tomorrow.
More details soon to be given.
In the world of 0 and 1: "austerity" is the right thing to SAY; "spent more, print more" is the right thing to DO.
"You miss 100% of the shots you don't take."
~ Wayne Gretzky
#17
Posted 25 March 2013 - 11:58 AM
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics
#18
Posted 25 March 2013 - 11:59 AM
Edited by pdx5, 25 March 2013 - 12:00 PM.
#19
Posted 25 March 2013 - 12:01 PM
Isnt there one recently dead Russian in London?
there are a lot of Russian RE investors in Berlin and elsewhere in Germany - I would guess there are many in all countries that would offer a good second home if needed....
Yeah a former Eltsin's protege. Wasn't a big friend of Putin lately. He lost half of his wealth divorcing his ex wives and wasn't a big player lately. No foul play was found so far. Could've been just natural causes. Probably didn't even have anything in Cyprus, he's from the older wave of russian money. Cyprus expansion started after his time.
As for Russian investors everywhere else. There are. But Russia is a cold place for the most part, so people like warm vacation spots like Cyprus or Spain
Edited by ogm, 25 March 2013 - 12:03 PM.
#20
Posted 25 March 2013 - 12:03 PM
Richard Wyckoff - "Whenever you find hope or fear warping judgment, close out your position"
Volume is the only vote that matters... the ultimate sentiment poll.
http://twitter.com/VolumeDynamics http://parler.com/Volumedynamics