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Some late news indicates that the 'deal' is further away than many hoped (or rumored) earlier in the day. Welt am Sonntag reports that German FinMin Schaeuble exclaimed "I won't allow myself to be blackmailed," adding his responsibility to the stability of the Euro. Simply put, he adds Cyprus must respect the rules, insistent that, "Cyprus is a hard road to go either way; but that is not the result of European stubbornness, but a business model that no longer works." With that as background, Cyprus President Anastasiades will be meeting with the IMF's Christine Lagarde tomorrow morning with talks at a "delicate point," with his spokesperson admitting the situation is "very difficult." The disinformation-to-total-confusion train pushes on forward; beggars can be choosers and 'demanders' won't be blackmailed.
*STYLIANIDES SAYS ANASTASIADES DEPARTS FOR BRUSSELS 7:15 AM
*STYLIANIDES SAYS ANASTASIADES WILL MEET WITH IMF'S LAGARDE
*CYPRUS EUROGROUP MEETING TO BEGIN AT 7 P.M., SPOKESMAN SAYS
*SCHAEUBLE SAYS WRONG DECISION NOW WOULD DO EURO A DISSERVICE
*SCHAEUBLE SAYS CYPRUS MUST RESPECT THE RULES: WELT AM SONNTAG
With its banks indefinitely closed, and capital controls already in place making it virtually impossible any material cash will leave the local bank branches or certainly the island (especially in direction Moscow), gas stations about to shut down due to lack of cash, next it was the turn of the ATMs. Sure enough, as CNBC's Michelle Caruso-Cabrera reports on the ground from Nicosia, moments ago the nation's second largest, and second most insolvent bank, Laiki Bank, announced that withdrawals are now limited to €100. The picture below from MCC shows as an employee takes down old sign that said previous €260 limit. At this pace, in lieu of some grand bargain, we expect it is only hours before the final limit is imposed: withdrawals now limited to €0.
[Cyprus banks to remain closed until Thursday - central bank
The Cypriot finance minister has ordered all countries banks to remain closed until Thursday, the country's central bank announced.
Banks on the debt-stricken island nation had already been ordered to remain closed until Tuesday. The postponement could be a sign that the country's banks are even lower on cash than they believed at the end of last week.
DETAILS TO FOLLOW
Originally posted by Senduko
Just in :
[Cyprus banks to remain closed until Thursday - central bank
The Cypriot finance minister has ordered all countries banks to remain closed until Thursday, the country's central bank announced.
Banks on the debt-stricken island nation had already been ordered to remain closed until Tuesday. The postponement could be a sign that the country's banks are even lower on cash than they believed at the end of last week.
DETAILS TO FOLLOW
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Are they gonna starve the people to death or what? This is really getting insane.. can u imagine the damage this inflicts on Cyprus...
I can't believe they're keeping ALL banks closed, not just the ones in trouble. Wow. They know there's going to be a massive bank run so they're going to continue keeping them closed until they can't any longer. The only problem is that the longer they're closed the angrier Cypriots get (and rightfully so!) and the more likely there's a huge bank run!
The central bank now says all will remain closed to ensure the whole banking system functions "smoothly".
The bailout deal will see larger depositors in the two biggest banks, Bank of Cyprus and Laiki, lose money.
So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates? Just brilliant.
Banks in Cyprus have reopened to the public for first time since March 16. However, withdrawals are limited to 300 euros ($385) a day to prevent the "collapse of credit institutions." The strict controls were imposed as Cyprus struggles to raise 5.8 billion euros to qualify for a 10-billion-euro bailout from the EU, European Central Bank and the IMF – the so-called ‘Troika.’ Deposits of over 100,000 euros will be taxed in exchange for bank shares. An earlier plan to tax smaller depositors was vetoed by the Cypriot parliament last week. Among other limitations, clients are not able to cash checks or take more than 1,000 euros out of the country. Cyprus stock exchange is to remain closed till next Tuesday.