Cyprus crisis deepens: Bailout rejected, BANKS MAY NOT REOPEN!!!

Ah, now I've seen it's 20% on +100,000 for those with Bank of Cyprus, and 4% for everybody else accross the board no matter who they bank with

Rainbows
Jane

It's a test to see IF they can get a wealth tax imposed on a nation just like the "New World order" wants. If Cyprus goes down Greece will be next then Spain, New Zealand and France. If the Euro goes down then so does the dollar. Better start spending your savings on silver/gold so you have something to purchase goods with when it all happens.

All countries are now buying gold and silver with worthless paper money to back their country up when it happens so you should too. Right now the top 4 banks in America have 352% more invested in the stock market then they have assets. IF the market goes down then so do the banks. These banks are "Too big to fail" so the government can't bail them out. The government has just 25 billion to insure deposits with 250 billion deposits in the top 4 banks so that means either 10% of the people will get their money back or 100% will get just 10% of their savings back.

I don't know about you but I'm putting 75% of my money in silver and gold and I will just keep enough in the bank to pay 1 months bills. No more stocks, bonds and CD's for me. I spend 4 - 5 hours a day researching what's going on and it ain't pretty.

Why do you think all these countries want their gold brought back to their countries? The congress has asked the feds how much gold is in Ft Knox but still haven't received an answer. That's because there isn't much left. We are headed for a BIG fall and you had better be prepared or you will be in deep s#it....

Switzerland is now going to produce money that is backed with gold. That means the world will start using their money as the default currency and the dollar will sink. The writing is on the wall.... Even if you have $100 bills stuffed in a box you can just use them to wipe your butt when this happens so get silver/gold and be safe my friends..

Just a few words of caution to those who are thinking of investing in gold.

We know that the greedy and scammers are everywhere and they are NOT shy to use any and every means to trick the guillible into parting with their money.

Gold had seen a spectacular rise in recent times, and inorder that those who just bought gold or gold stocks, it becomes their duty to prey on other fools to jack up the rise in value, so that they may be protected or even profit when they sell. This is how the ponzi casino stock markets work.

Even though there is recessions around the world, but in terms of stability, it exists as trade still flourishes around the world. Climate change had affected stocks - some suffer from weather destroyed stocks, but more enjoyed BUMPER harvests as well, and thus our food resources are largely stable still.

It is only mismanaged nations that screwed up themselves and need to watch out for inflation, while the rest whom had relatively stable growths, needs only to concentrate on cutting waste and increase in productive efforts.

Central banks around the world are implementing and pushing for necessary reforms, and will see a return to stability amongst troubled states as our world shares and contribute to the general pool of funds to back up worse case scenarios, not fully, but at least majority will still get to see some money in the event of failed banks, or inflation keep in check, or the supply of money remains in circulation.

Thus, if one critically analyzes the gold market, one will realize that its rise is only due to irrational exhuberance, unsupported by any reason other than ungrounded and unsubstantiable fears.

There was a gold market scam recently whereby investors in a few seemingly rock solid gold bullion companies were promised that they could sell off their gold bullion at the original sale price even if the market drops. But when the market did drop, those operators disappeared.

Careful.

reply to post by Rob7774

I have pulled this from Europa.eu concerning the Treaty of Rome; “The establishment of the EEC and the creation of the Common Market had two objectives. The first was to transform the conditions of trade and manufacture on the territory of the Community. The second, more political, saw the EEC as a contribution towards the functional construction of a political Europe and constituted a step towards the closer unification of Europe.”

haha The Treaty of ROME...reminded me of

www.abovetopsecret.com...

Just read this old thread this weekend...the dots are filling in...

All roads lead back to Rome, the Empire that never dissapeared.


The $700 Triilion Derivatives Timebomb
articles.marketwatch.com...

I do see why perhaps this is a test run for the great Crash that is coming. They dont wont war first, they want the stock market to crash...like in the 20's. The predators who have most of the wealth who made heaps in the Bank bailouts in the US, will be using their US funded bailouts to good use buying up companies cents in the $.
Then there will be a worldwide doldrums/starvation/soup kitchens then the Drums of War will start beating again like in the 30s. I read in another thread that there will be a "manufactered" war between China and the US to enable a new war economy to kick start economies again and usher in a new Chinese reserve currency for Global trading.

Only this time around we may have to be microchipped to be able to get our rations while the war rages.

Theres a thread about microchips being able to be used for other than monitoring purpose.
Fluoride in our water served its purpose dumbing us down ( a WWII Grman discovery conveniently peddled as protecting our teeth now )

Then there is the Georgia Guidestones that call for a maximum "ideal" Earth population of 500 million.

We're in a for great ride this year

Has for the idea of saying thanks for the loan; it is the Euro that has caused the problem in the first place. It was and is a fundamentally flawed concept that will never work unless all in that group are fully integrated as one nation. That was their plan all along and everything they do is designed to further that goal.

But that is the beauty of their plan, flawed in your eyes and mine but carefully crafted to to create further disparities and hatred between the common man.

Need I go on about how quickly Libya was toppled when they started talking about about a gold based Dinar to be traded amongst the Arab nations.

Originally posted by proximo

Originally posted by EarthCitizen07

Originally posted by walliswallis

You can't close the bank down entirely!

uh, yes you can

Technically the government could, but that would only worsten the situation once the banks fully open.

The whole idea is to ease tensions and maintain some confidence in the banking system.

If banks close totally they might as well declare martial law, which I am not sure what that would do anyway.

Sooner or later russia and china need to step in and save cyprus since cyprus declined EU help.

You are in complete denial, the banks are insolvent, almost every government is drowning in debt. There comes a point when the bailouts will stop because everyone has figured out it they don't work. How many failed bailouts do you really think it is going to take before even the dumbest person realizes they are not doing anything other than flushing more money down the toilet. The math has been clear that bailouts are idiotic for years, they have only been done to keep peoples confidence up, but if that no longer works ....

I think we may have finally reached that point, but if not, it won't be much longer.

I agree and I talked about this in previous posts. I didn't setup the system either. You singled out a post of mine just to rant but whatever.

Cyprus also agreed to cut government spending, to privatize state assets and to drastically shrink the size of its banking system. As of the end of 2012, deposits in Cypriot banks were seven times the size of the country’s economy.

Source: www.washingtonpost.com...

Hmmmm, Greece also is "privatizing" its state assets. Can anybody say land grab? What kind of sickens me is that who screwed up in Cyprus was privately held banks and yet, the government of Cyprus has to cover for their mistakes...why? Isn't failure a hazard of doing business? And yet, Cyprus' state held assets are going to be sold (ahem, I mean "privatized") because of privately held banks' misbehaviors kind of like how we bailed out our banking system that screwed itself over a few years ago. That baffled me back then, even comprehending how big of a role our financial system plays in our country's GDP. In this case, letting the banks go bankrupt and the deposits over $130k get liquidated to pay off debts isn't enough. Have to fleece the Cypriot people of their state assets for something that privately held banks did...NO sense whatsoever.

Oh and for the record, Cyprus' public debt is $15 billion euros....

reply to post by WhiteAlice


Just more proof that the people who are running the world into the ground with wars, disease, financial meltdowns are of the "I hate socialists and communists so much that I will always blame them for every mishap" mindset.

In europe there used to be a very large public sector but slowely and methodically everything has been privatised. Northern europeans were first to privatise and now southern europeans are finishing up. I have no doubt at all that every socialist government has failed intentionally its duties just to have the excuse the zionist bankers want to come in and # the nations. You can't buy something for pennies to a dollar unless the governments have been bought-out with secret funds in switzerland to destroy them first. "Problem-Reaction-Solution"

Why do you think tax havens have been so popular????????????

Only stupid people pay taxes. The right wingers both in europe and america are of the feudalist mentality of the middle ages. Small government, no taxes, unregulated capitalism, religious wars, 24/7 media propaganda.

reply to post by sarahlm


islandic model is not for them) they are too proud

paulmasonnews Paul Mason
paulmasonnews Paul Mason
At a Co-op bank in Nicosia, savers queue: one man's lost 50k, and will lose 2x properties; another's ISA matured but has been frozen

www.telegraph.co.uk...
Rainbows
Jane

Originally posted by WhiteAlice
Hmmmm, Greece also is "privatizing" its state assets. Can anybody say land grab? What kind of sickens me is that who screwed up in Cyprus was privately held banks and yet, the government of Cyprus has to cover for their mistakes...why? Isn't failure a hazard of doing business? And yet, Cyprus' state held assets are going to be sold (ahem, I mean "privatized") because of privately held banks' misbehaviors kind of like how we bailed out our banking system that screwed itself over a few years ago. That baffled me back then, even comprehending how big of a role our financial system plays in our country's GDP. In this case, letting the banks go bankrupt and the deposits over $130k get liquidated to pay off debts isn't enough. Have to fleece the Cypriot people of their state assets for something that privately held banks did...NO sense whatsoever.

Oh and for the record, Cyprus' public debt is $15 billion euros....

edit on 25/3/13 by WhiteAlice because: added the public debt of Cyprus

In a society, there will always be rulers, either tyrants who rule alone by his own selfish will, or by a democracy made up of ELECTED representatives, whom will represent the will of the people and speak out without fear or favor in the congregation of fellow representatives of their state, to discuss, debate and find solutions to the issues of governance for the nation to progress and evolve.

Simply put, more heads are better than one, for we are all flawed mortals and alone, may not be able to come up with the right answers and solutions.

With being elected to represent the People, it comes with a Power, and with power comes responsibilities to his voters and the nation, to act on behalf of them or at least the majority of them, instead of acting on his own or his cronies agendas.

Banking is an institution necessary for the progress and evolution of a nation. With a trusted bank whereby all citizens can place their money to earn interest instead of keeping it at home, those money sitting there can be put to good use through loans - circulating of wealth to all and earn interest to pay off depositors annually.

Banking is a private enterprise, funded alone by the individual whom is trusted to look after those depositors money and give honest returns, to protect those money. Govts are not in the biz of running private enterprise, for their sole function is to ensure the smooth running of society based upon equal laws applicable to all, to achieve common goals for prosperity and progress.

To ensure smooth running, it must oversee private enterprises as well, to ensure they are sustainable, honest, and well managed - regulatory controls, so that no one be scammed by the dishonest.

As banking is critical to society, more so those checks and regulation.

In the case of Cyprus, both the bankers and govt had failed in its management, checks and regulation, despite warnings on its unsustanible model in the event of dire circumstances.

The problem became real and cypriots faced those consequences today. As banks are a private enterprise, if they fail, they take the blame and pay off creditors. But the problem is that both banks and govts have NO money to pay anyone back.

The govt and bankers can resign, go bankrupt and be sued. But in the end, they can NEVER pay back in full of what despositors had placed in those banks, to the tune of billions.

So, is the nation to suffer, investors lost everything, retirees go hungry, enterprises close down as their reserves are all gone when the banks are bankrupt? No. It would only destroy everything, even the Hope and Chance of starting all over again, as there is NO money, no capital to restart.

Thus, in such times of disasters, the People must step up to SHARE wealth - whatever they have, so that MORE may survive, with none left behind, to progress and evolve.

And so, the decision by the cypriot govt to determine the amount of bailout funds to give back the depositors, and the troika to share and make the balance to ensure majority of depositors will still get something back to pool their resources and start all over again.

Money is not everything. We came with nothing and will leave with nothing. What is lost today, can be gained back tomorrow, by honest intelligence, hardwork or both.

No one stays rich forever, or stays poor forever. It is only our will and the intelligent use of freedom of choice to determine where we stand today and in our future.

And I should care why?

Bank of Cyprus have just announced that they are going to take 60%of peoples deposits.....off to find a link

Rainbows
Jane

www.standard.co.uk...

bigstory.ap.org...

here you go

reply to post by Senduko


Afternoon!
Thank you..
Rainbows
Jane

Found more...

9.9%? 30%? 60%? 80%? Nope - according to the latest from Reuters, the cash-on-cash return to all uninsured depositors in the healthy, i.e., only remaining big Cyprus bank, will be a big, fat doughnut.
9.9%? 30%? 60%? 80%? Nope - according to the latest from Reuters, the cash-on-cash return to all uninsured depositors in the healthy, i.e., only remaining big Cyprus bank, will be a big, fat doughnut.

In what appears to be drastically worse than many had hoped (and expected), uninsured depositors in Cyprus' largest bank stand to get no actual cash back from their initial deposit as the plan (expected to be announced tomorrow) is:

•22.5% of the previous cash deposit gone forever (pure haircut)
•40% of the previous cash deposit will receive interest (but will never be repaid),
•and the remaining 37.5% of the previous cash deposit will be swapped into equity into the bank (a completely worthless bank that is of course.)
So, theoretically this is 62.5% haircut but once everyone decides to 'sell' their shares to reconstitute some cash then we would imagine it will be far greater. Furthermore, at what valuation will the 37.5% equity be allocated (we suspect a rather aggressive mark-up to 'market' clearing levels).

www.zerohedge.com...
Rainbows
Jane

reply to post by angelchemuel


If it is that bad then there is no painless solution. Perhaps they should have taken the bailout package from the EU and lost 10% of their deposits, instead they listened to russia and got nothing in return from russia anyway.

In fact the russian government seems angry at both Cyprus and the EU, but mostly against Cyprus because they allowed rich russian tycoons to deposit their funds there tax free from russia therefore cyprus effectively became a tax haven.

Anyway you look at it Cyprus will be a vassal to both the EU and russia, unless they pull out of Euro currency and NATO and become "independant". Still they will be vassals to russia though. Bad decisions bring bad consequences indeed. Investing in greek bonds was the beginning of the end for them.