As Forewarned, The Irish Savers Have Just Been "Cyprus'd" And There's MUCH MORE To Come...

Sorry about the title. It is not my choice of words. I hope the thread is not ignored because of the sensational title. I could have worded it a bit better... I keep the original title like in Breaking news.....

This is likely to be the biggest finacial story of the month, a story that's bigger than Cyprus, and a story that you're not going to see in American mainstream media - not by a long shot.

Let's take this from the top, for BoomBustBloggers were warned weeks in advanced. On Wednesday, 27 March 2013 I published EU Bank Depositors: Your Mattress Is Starting To Look Awfully Attractive - Bank Risk, Reward & Compensation wherein I explained that the situation of extreme loss faced by Cyprus bank depositors, savers and bondholders will not be a unique story

BoomBust

The ECB has also gagged the Government from releasing any information in relation to the liquidation of the former Anglo Irish bank, IBRC.

“We are dealing with sensitive information that if released would undermine what is in the best interest of the taxpayer.

ECB gags State on IBRC liquidation

Yes well... I'm so leaving europe... I'll close the door gently on my way out, dont worry.

It was stated after the whole Cyprus savings haircut that it wouldn't be long before other countries that were in trouble financially would most likely use similar actions to buy some more time. Well this is it, and I don't think that this will be the last we hear about situations like this happening.

If this hits the MSM I will look for the stocks and commodities to have a nice pullback as investors begin to panic again. The lesson to be learned in all of this is that your money is only "safe" in your own safe.

reply to post by FraternitasSaturni


I guess the denial that Cyprus was not a template is as usual the opposite of what these folks mean.

I wonder if it has had anything to do with the Gold smack down as I don't think anyone truly knows what that was about outside of pure speculation.

But, HEY don't shut the door until everyone else gets out

Well I guess were kinda lucky here in the UK then, no one has any savings lol, were all broke.

Originally posted by Tuttle
Well I guess were kinda lucky here in the UK then, no one has any savings lol, were all broke.

....but everyone jumped in on the "houses only ever go up" and houses become the ATM with equity withdrawal. Why do you think the Gov are desperately trying to stop the house crash in the UK by using stupid schemes.
Houses are 10-20% cheaper in the UK for a euro escaper, house price inflation is less than real inflation so people think they are going up when they are in fact not. Lots of money in property in the UK....

They mentioned property tax!!!! No escape.....

Originally posted by komp_uk
reply to post by FraternitasSaturni

 

But, HEY don't shut the door until everyone else gets out

Fair enough... I'll hold it with a brick. Then we'll meet for some margaritas, shrimp and lobsters somewhere down the coast of africa aye?

reply to post by komp_uk


The only people who jumped on that bandwagon were the people lucky or unlucky enough to be old enough for the bank to throw quarter of a million on tick at you. No one is getting mortgage these days though, our housing market is screwed. Great for land lords though, rental markets doin great.

But... did this cyprus-like event already happen or is about to happen?

Sorry about my ignorance but I'm not really the most finance-and-economics inclined guy you'll meet

reply to post by komp_uk


The bast***s. I linked to you from my thread on the same subject but about the US.



Only thing for it.

Originally posted by komp_uk
reply to post by FraternitasSaturni

 

I guess the denial that Cyprus was not a template is as usual the opposite of what these folks mean.

I wonder if it has had anything to do with the Gold smack down as I don't think anyone truly knows what that was about outside of pure speculation.

But, HEY don't shut the door until everyone else gets out

I read an article by Al Martin that suggested that the drop in gold prices was because Cyprus had to sell 13 metric tons of gold to try to get a larger bank bailout from the EU. If that's the case, we could see another drop in gold prices, depending on how much gold Ireland has to sell.

...

I just had a vision of the little guy from the Leprechaun movies torturing EU bankers to get his gold back. Kinda put a smile on my face.