Bank of Cyprus haircut could be as much as 60% !!!

60% ??? ....WOW !!!

(Financial Times) -- Wealthy depositors in the Bank of Cyprus could face losses of as much as 60 per cent -- far in excess of what had been expected -- as the country scrambles to save what is left of its stricken banking sector.

edition.cnn.com...

....And I believe this is just one step behind the cuts being extended to ALL deposits and not just the ones above 100000 Euros.

Another Cyprus is all it takes to banks run and caos worldwide, I think

Just hope people fight the real enemy and not each other if this happens.

I already started moving what little I had deposited around into tangible assets and physical precious and semi precious metals. If they cut my meager savings by even 30% I would be financially devastated. I feel much more comfortable having my savings in my safe as opposed to some bankers safe collecting interest for them.

reply to post by SpaDe_


Totaly agree with you. I haven`t got much money but I live in Portugal where things are not ok as well, so I`m also taking what I have (much less than 100000 euro) from the bank. Better have it in my pocket or hidden in the garden

Waht He said........................me too.

There's a fairly disturbing thread going on at the bitcoin forum right now titled "My bank account's got robbed by European Commission. Over 700k is lost."

The most of circulating assets on our business Current Account are blocked.
Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.

I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.

The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.

bitcointalk.org...

Well, I hope we can stave this assault off a little longer, I'm bound into a loan with my bank. I had to borrow against my savings to make it through the winter season without depleting my savings, so I'm tied up until I can pay back the $5000 I borrowed, or I can default and lose a good chunk of savings..

I'm think it's a very safe assumption that being outright robbed of 40-60% of life savings and family or business monies wasn't part of the package sold to everyone back when the EU was being hard sold like a Pinto on a used car lot?

Imagine... If people had been told then that someday, Brussels would simply rob their banks like a punk with a pistol? I'm thinking....the EU would have rightfully died as a bad idea before ever seeing the light of day. It's a real shame it didn't, in hindsight.

I hope everyone is ready to lose that long hair. Money is like opium to politicians. They just found a new, unlimited (for the short term) supply to get their fix. First Cyprus...then Italy or Spain ...then who knows? What do accounts in other areas of the EU look like? Too much for single people to have, I'll bet. They need trimmed too.

What we all must remember when we see The IMF waging war on all of Europe is that the IMF = USA.

America are doing this to Cyprus.

America is the IMF.

Who created the IMF and why? It was created to push the USD as the dominant currency. The IMF has only ever been a tool of US Imperialism.

IMF = USA.

Soon those stupid Europeans will work this out and the anger will not be directed at Germany.

IMF = USA.

Shame on America.

Give up the Reserve now and stand down.

China and the BRICS can take it from here.

IMF = USA.

We are all propping up the USD.

Europe must turn away from the IMF and instead nationalize their nations into State Capitalist States following the Chinese model. China and the BRICS Bank will offer much fairer terms than the slave owners at the IMF/USA.

Europe must follow the Chinese Dream and turn to Asia as we enter the Asian Century.

Seeking help from the IMF/USA in this day and age makes no sense at all.

edit- IMF = USA.


edit- and yes, IMF = USA. You cant deny it.
www.e-ir.info...


edit- and since that was written we have seen the IMF/USA go beyond the 'lender of last resort' scam and move into the new evil that is the lockout of Banks to prevent Bank Runs. Wow. Can IMF/USA get any more evil if they tried? Maybe I shouldnt ask. They can stop a Bank Run. Can they stop a run on the dolllar? Cant 'close the gold window' this time. No Nixon Shock get out of jail free card this time. America would be a joke if it wasnt so damn evil.

17 trillion in debt not to mention unfunded liabilities and the jerks still wont stop spending. They are raving mad. Talk of minting Trillion Dollar Coins. Talk of being able to print as much money as they like as if it doesnt hurt the rest of the world who actually have to manage their countries economies. And its in our best interest for the American Economy to remain strong is it America? Have to change that since you are all ravinmg mad wont we? Cant have our economies linked to America when all they seem to do is cause Global Financial Crisis time and time again. They gave themselves all the cards, cheated and still lost it all. How? How could they be that stupid? I know the Chinese are alot more intelligent than Americans but still. I dont understand how America could have failed when they gave themselves every advantage after WW2. They should be on top for longer than 70 years. What a pathetic Empire the American Empire was.

reply to post by Wrabbit2000


Thing is we all know Politicians are corrupt and lazy and overpayed, but what the EU is doing is far worse, they are sending in silent assassins named "Technocrats" These are no elected individuals and only work for the Troika.

This means that they can pretty much screw up an entire country and fly back home with no penalty. This is what is likely to happen in Italy( they still have no government ).

That aside, the deal that was made has put Cyprus back for decades, its one thing to have a bad economy like in Greece where a boss has to say to its employees I need to lay some people off by the end of the year. In Cyprus almost every business had to tell their workers, no cash your fired in a matter of days.

reply to post by Senduko

It's a scary thing to see, isn't it? What did the Cypriot people do?? What of their oil and gas discoveries?? I suppose this leverages them to the EU so totally and completely that even that won't be anything they can take pride or a sense of well being from.

It's just so unthinkable to me. Life savings... This is what the Nazi's did. Not "similar to". This *IS* what the Nazis did. They just called the targets Jews instead of setting an arbitrary dollar amount for seizure. However, the confiscation of gold, jewellery and valuables from another segment of the population is a well established precedent, eh?

No reference whatsoever is intended to what came AFTER that stage ...since people weren't psychic for our hindsight today. That stage was all they saw at that moment ..and that stage was forcible confiscation of valuables for the good of the State. Deja Vu is strong these days.

Buzz cuts are cutting that money high and tight! Ouch!

Bzzzz!

1 or 2 % cut on savings is already a robbery, but 60% is INSANE

Wish i had a savings to cut.

Thats reality for you.

Here i am and many like me are just wishing and trying to get to the next paycheck and here you are complaining about your savings being cut.

reply to post by onequestion


I sympathise with you but definetly can`t agree with what you say. I also have very little money but what I have is mine and comes from my hard work, so I sure feel robbed when bad and corrupt politicians and bankers take my money to pay their over their robberies and mistakes.

reply to post by AQ6666


You sir are the exception. You probably deserve what you have. Not that most people dont, just saying.

reply to post by wemustbreakyou

Americans dont control the money supply the banks do under the auspices of the FED and BIS. The USA is just the fattened calf.

Originally posted by wemustbreakyou
What we all must remember when we see The IMF waging war on all of Europe is that the IMF = USA.

America are doing this to Cyprus.

America is the IMF.

.

edit on 30-3-2013 by wemustbreakyou because: (no reason given)

edit on 30-3-2013 by wemustbreakyou because: (no reason given)

I do not think that is true at all - the IMF is funded by many countries and is very eurocentric these days.
It is the EU who have done this.

Originally posted by AQ6666
1 or 2 % cut on savings is already a robbery, but 60% is INSANE

Perhaps this is divine punishment against pre-crime.

Bzzz!!

if you guys are withdrawing your money and hiding it under your mattress, please don't announce it on the internet. You never know who might be lurking, they may even know you.

reply to post by wemustbreakyou

The IMF is not the U.S.
The IMF has no national identity or allegiance anymore than the BIS, the FED, the ECB, or any other organ of the centralistic scheme... hence their agenda for supra-national centralism.