Bailout terms prompt run on Cyprus banks

Bailout terms prompt run on Cyprus banks

www.aljazeera.com

Cyprus has received a $13bn bailout after lengthy talks in Brussels with eurozone leaders and the International Monetary Fund. But the conditions attached to the deal have led to a run on the country's banks.

Savers reacted with shock on Saturday after the government agreed to an unprecedented levy on all deposits in return for the EU bailout.

The debt rescue package, agreed with the eurozone and the IMF early in the morning after around 10 hours of talks in the Belgian capital, is significantly less than the 17bn euros Cyprus had initially sought.

Most of the balance is to be made u

(visit the link for the full news article)

The only people that will suffer will be the bank’s unfortunate customers, not the bad guys who perpetrated the scams that caused the financial crisis.

Banking is just a criminal industry because its crimes go unpunished.

Note the irony of how those who are the greatest practitioners of interest banking claim membership in the religions most emphatically against charging interest.

www.aljazeera.com
(visit the link for the full news article)

reply to post by Directive5120


People don't own the money they work for any more...they just rent it for higher and higher interest rates.

This will be happening at a bank near us in the U.S. soon....dont use banks, if you can live without them.

des

To quote the oft remembered maxim.

"The crime of robbing a bank,
Pales into insignifigance
Compared to the crime of owning a bank"

Anything that throws a spanner in the works of the banking system is only a good thing.
Time to hit the reset button methinks.

reply to post by Destinyone


how do you live without banks though? Most of my bills are paid online..you can't just waltz in some storefront and pay the debt...

I wish ATS would put up a forum (maybe they have already) on group discussion of how or the real steps to take to be more self sufficient. I know it would appear easy to do..but it would be nice to hear from people that have tried things or could come up with new ways that we can help each other do things. Maybe im too optimistic...

Originally posted by Destinyone
reply to post by Directive5120

 

People don't own the money they work for any more...they just rent it for higher and higher interest rates.

This will be happening at a bank near us in the U.S. soon....dont use banks, if you can live without them.

des

happening in the US soon??? ....if the US goes down, so does the rest of the world. the US is not greece or cyprus. it's the worlds policeman, and other countries do not care to send their citizens into every crap-hole conflict around the world, so that it doesn't hurt other countries business interests...they keep the US around so they can send out americans to die in foreign lands, while they can stay home and bitch about how bad america is.

Originally posted by HumansEh
To quote the oft remembered maxim.

"The crime of robbing a bank,
Pales into insignifigance
Compared to the crime of owning a bank"

Anything that throws a spanner in the works of the banking system is only a good thing.
Time to hit the reset button methinks.

or.....maybe it's time to own a bank. banks are not going away. it's too easy to move capital if western countries fail...the wealthy will simple move the rest of their money to dubai, qater, saudi arabia, shanghai, or hong kong

Originally posted by Neopan100
reply to post by Destinyone

 

how do you live without banks though? Most of my bills are paid online..you can't just waltz in some storefront and pay the debt...

I wish ATS would put up a forum (maybe they have already) on group discussion of how or the real steps to take to be more self sufficient. I know it would appear easy to do..but it would be nice to hear from people that have tried things or could come up with new ways that we can help each other do things. Maybe im too optimistic...

I have not held a bank account since 2008. I use a pre pay debit card for paying for stuff online. I simply refuse to accept direct money transfers (no-where to transfer them to ) and cash any cheques in my local credit union.

As much as I despise banks, I hate even more how they have positioned themselves into making us believe that we can't live without them.

Too big to fail.

The citizens of the Roman Empire believed that too.

reply to post by Neopan100


I admit I have a bank account. I only put exactly what I know is due to come out of it. I use a PP account and load it for most other things...and bartering with some people for goods and services. You can nowadays, purchase prepaid cards for shopping and loading other services other than a bank.

Des

In one swoop the EU has stolen from the savings of an entire nation to satisfy its own needs. It has done it because it feels it is entitled to do anything it wants. It is undemocratic, bullying and now we see it is capable of the theft of billions. This of course also sets a precedent. Nobody in any EU controlled nation can safely deposit their savings in a European bank.

The politicians would have you believe that the EU is a good thing, based solidly on the principals of democracy and fairness and protection for all. Of course, we the people of Europe understand this to be a lie.

Yeah oh the banks are failing so we will steal ten percent of the big depositors money and six percent of the rest... Oh and we'll give you stock in the failed bank for stealing your money... Gee we can't imagine why no one would want to keep their money in the banks... Sigh... Idiot is as idiot does!

Coming to a bank near you soon!

Wanna make some bets on how many countries have bank runs come Monday/Tuesday?
Or maybe some guess on how much this might push up the price of things like gold/silver/bitcoins -- heck even the dollar might look good to people holding Euros atm. )

Keep an eye on this, because it's going to happen in the US one day as well

Like dominoes, 1 by 1 til it gets here

Originally posted by Neopan100
reply to post by Destinyone

 

how do you live without banks though? Most of my bills are paid online..you can't just waltz in some storefront and pay the debt...

I wish ATS would put up a forum (maybe they have already) on group discussion of how or the real steps to take to be more self sufficient. I know it would appear easy to do..but it would be nice to hear from people that have tried things or could come up with new ways that we can help each other do things. Maybe im too optimistic...

Its not the principle of a bank thats the problem its what the practice has become.

Institute full reserve banking by law and much of the problems will go away.

Originally posted by Rob7774
In one swoop the EU has stolen from the savings of an entire nation to satisfy its own needs. It has done it because it feels it is entitled to do anything it wants. It is undemocratic, bullying and now we see it is capable of the theft of billions. This of course also sets a precedent. Nobody in any EU controlled nation can safely deposit their savings in a European bank.

The politicians would have you believe that the EU is a good thing, based solidly on the principals of democracy and fairness and protection for all. Of course, we the people of Europe understand this to be a lie.

edit on 16-3-2013 by Rob7774 because: Dodgy Spelling.

Totally agree.
The enslavement of European citizens has been underway for some time.

As the St Patrick's day debacle is trumpeted across the globe, our 'dear leader' Mr Kenny is in the US presenting a bowl of shamrock to President Obama.

He is spouting crap about how Ireland is a success story and the road to recovery is being travelled.
He will omit that this applies only to bankers and a protected golden circle of elites.

Unemployment tempered by emigration,
Soaring poverty, increasing taxation, crumbling health service, industrial and union warfare,
Soaring violent crime rates, astronomical suicide increases, and societal breakdown accompanied by insidious drug addiction and ubiquitous gang culture.
Yep we have turned a corner alright!

Because our inept and corrupt politicians pumped €62 Billion into our failed banks.
From a population of 4 million people.
Subtract children and old/retired people and that is a huge burden on a relatively small pool of hard pressed tax payers.

To hell with the banks, somethings gotta give and it won't be pretty.

Originally posted by Rob7774
In one swoop the EU has stolen from the savings of an entire nation to satisfy its own needs. It has done it because it feels it is entitled to do anything it wants. It is undemocratic, bullying and now we see it is capable of the theft of billions. This of course also sets a precedent. Nobody in any EU controlled nation can safely deposit their savings in a European bank.

The politicians would have you believe that the EU is a good thing, based solidly on the principals of democracy and fairness and protection for all. Of course, we the people of Europe understand this to be a lie.

edit on 16-3-2013 by Rob7774 because: Dodgy Spelling.

It's not only a EU thing, it's a world thing. We're all involved and people have to unite. Half the world's daily food supply ends up in the trash. People (elders and kids) are being evicted out of their homes to pay off an entity that has no real power. It only has power if you let it.

hypothetically/ So yesterday I had 1 million EUR in my Cyprus bank account. I wake up today to see that deposit slashed to ~900,000EUR. Beautiful feeling! /h

The media from Romania (my country) won't probably cover this piece of news as it should. If it would, I'd expect lots of angry people withdrawing their deposits...

It's a Disgrace... wait till monday when the SHTF.. there is MASSIVE problems coming next week in the whole euro zone this will be the trigger.. be very worried wherever you are in the world.

Originally posted by negue
So yesterday I had 1 million EUR in my Cyprus bank account. I wake up today to see that deposit slashed to ~900,000EUR. Beautiful feeling!

The media from Romania (my country) won't probably cover this piece of news as it should. If it would, I'd expect lots of angry people withdrawing their deposits...

If you are on any social media sites, in your Country. You could post this story from the link...help spread the story.

Let your People know what is being done to them.

Des

Aaand it's gone! Poof. Watch the first 1:34 secs of the clip thou.

Credit to original uploader