36 replies to this topic

[dasein]

Semi - remember that is how it was in 2008 FDIC was $125K - then the FED did a temporary insurance up to $250K for their friends who hadnt seen it coming:) they will make you move it to RE where they can tax it, or to the markets, where they will tax it AND take the haircut while you are sleeping

[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

[tria]

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!

Sorry for my late answer, just noticed your question and I don't have all the details in any case.
From what I know:
The shareholders of the two major problematic Banks have seen their shares practically drop to zero.
Apparently there were only about 2 billion of Bonds issued and thus haircutting only the Bondholders could not solve the problem as the numbers did not add up. In any case, I suppose a total loss for them as well.
Initial estimates call for the big (more than 100K) depositors to suffer at least 30% levy.

-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.

[Data]

Dusselboom is denying he said what he said on a taped interview. The cat's out of the bag. The Federal Reserve comes out and says this is now a roadmap to solve sovereign debt crises.

[ogm]

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.

He'll be begging Russians not to leave. Thats going to be the whole speech.

Without Russians Cyprus is done. Its going to be poverty and depression. Massive job losses and contracting economy as far as eye can see.

They should've left Euro and defaulted.

Edited by ogm, 25 March 2013 - 01:17 PM.

[ogm]

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

Edited by ogm, 25 March 2013 - 01:22 PM.

[tria]

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.

He'll be begging Russians not to leave. Thats going to be the whole speech.

Without Russians Cyprus is done. Its going to be poverty and depression. Massive job losses and contracting economy as far as eye can see.

They should've left Euro and defaulted.

Agree with what they should have done but geopolitical issues such as having Turkey breathing down their neck made this option harder to take. Greece and Portugal should have left too.

[Data]

They bought two years time. Debt-to-GDP will be at 100%. GDP is now expected to collapse by 20% over that time. Debt-to-GDP will keep rising as in Greece.

Edited by Data, 25 March 2013 - 01:29 PM.

[dasein]

The shareholders of the two major problematic Banks have seen their shares practically drop to zero.
-tria

Thanks for the answer tria - I thought there was more money in the til - oh well....