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EURO ZONE ORDERS CYPRUS TO SEIZE 10% OF BANK ACCOUNTS...

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Author Topic: EURO ZONE ORDERS CYPRUS TO SEIZE 10% OF BANK ACCOUNTS...  (Read 2479 times)
Mark
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« on: March 17, 2013, 11:10:06 am »

EURO ZONE ORDERS CYPRUS TO SEIZE 10% OF BANK ACCOUNTS...
http://www.reuters.com/article/2013/03/17/us-cyprus-parliament-idUSBRE92G03I20130317

ATMs drained as bailout tax triggers run...
http://www.theage.com.au/world/atms-drained-as-bailout-tax-triggers-run-on-bank-deposits-20130317-2g8rx.html

Parliament delays vote...
http://apnews.myway.com/article/20130317/DA52S69O2.html

'Dangerous precedent'...
http://www.guardian.co.uk/world/2013/mar/17/cyprus-savings-levy-uk-compensate
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« Reply #1 on: March 17, 2013, 02:45:06 pm »

Yeah, pretty much going on all over Europe...

Italy - gridlocked elections(can't form new government), largely b/c a Ron Paul-like character threw his hat into the 3rd party mix, and the center-right party put a formerly disgraced PM who's going through numerous criminal trials into the ring(Berlesconi). Yes, this dog and pony show has been ALL BY DESIGN. Pretty much everyone should have seen this coming miles away. Nonetheless no government formed, and throw in the fact one of the Euro's largest economy is extremely debt-ridden and on the brink...

Greece - even all of these "austerity" packages isn't helping them, but is continuing to make them worse.

Portugal and Spain - unemployment rate continues to go through the roof, with riots getting worse.

France - they have their Obama in power now.

2013 is going to be really interesting...WATCH...
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« Reply #2 on: March 17, 2013, 02:56:23 pm »


Was just reading these articles - there are times when you end up reading news articles like these 2 or 3 times, and it STILL feels like you're watching some mind-less Hollywood movie, and then realize a bit later you were reading a NEWS ITEM, and STILL can not believe what you were reading was some news item.

As Christians, we do not have the spirit of fear, I agree. And yes, we are likely living in the last days where as love grows cold iniquity abounds. But nonetheless, again, even news items like this WILL make your head spin pretty fast, as I don't recall other draconian bank bailout/austerity bills going THIS far.

Alot like the homosexual agenda that was reaping its rotten fruit now - alot of the agendas the NWO are successfully pushing are stuff you would never have imagined would happen in a million years.(ie-6 year old transgender kids wanting "their rights")

In the last days, perilous times shall come...
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« Reply #3 on: March 17, 2013, 03:30:12 pm »

Hmmm...Cyprus, a little know country, but be a real sleeper in all of this...

http://finance.yahoo.com/news/analyst-cyprus-deal-could-trigger-144118333.html
ANALYST: The Cyprus Deal Could Be The 'Trigger' We Were Waiting For In Europe
3/17/13

Excerpt:

Now, the banks have a problem on their hands.  "The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed," reports Greek newspaper Kathimerini .

Many market observers are expressing concerns that the decision could have a ripple effect throughout Europe come Monday when markets open. After all, if European leaders have decided to violate the unspoken rule of bank bailouts – that deposits are sacrosanct – what's to say it can't happen in a bigger eurozone country, like Spain?

In a Sunday morning note to clients, Morgan Stanley economist Joachim Fels wrote, "I view this as  a worrying  precedent with potentially systemic consequences  if depositors in other periphery countries  fear a similar treatment in the future."

"This will probably go down as an ill-thought-out rescue plan with consequences for peripheral Europe," says Galy. "It breaks a cardinal rule — namely, public trust on which money relies
."


The decision, therefore, has everyone scratching their heads. Why would European leaders play with that public trust in bank deposits?
 
The SocGen report last week predicting a new eurozone "shockwave" this spring summed it up concisely: " Germany, now six months into a general election, will not be keen to share further risks and tolerate policy slippage."
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« Reply #4 on: March 17, 2013, 08:18:43 pm »

Australia shares fall as Wall St, Cyprus uncertainty hit
http://www.reuters.com/article/2013/03/18/markets-australia-stocks-idUSL3N0C90EE20130318?feedType=RSS&feedName=hotStocksNews&rpc=43

Gold hits 2-1/2-week high on Cyprus bailout plan
http://news.yahoo.com/precious-gold-hits-2-1-004449737.html

Yen firms, Asia shares fall on jitters from Cyprus deal
http://news.yahoo.com/yen-firms-asia-shares-fall-jitters-cyprus-deal-001926010--finance.html

Seoul shares likely to be hurt by Cyprus bailout uncertainty
http://www.reuters.com/article/2013/03/17/markets-korea-stocks-idUSL3N0C7BQI20130317?feedType=RSS&feedName=financialsSector&rpc=43

Euro Drops Versus Yen, Dollar as Cyprus Turmoil Roils Markets
http://www.bloomberg.com/news/2013-03-17/euro-drops-versus-yen-dollar-as-cyprus-turmoil-roils-markets.html?cmpid=yhoo
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« Reply #5 on: March 18, 2013, 07:40:10 am »

Cyprus set to seize personal savings...
http://www.guardian.co.uk/business/2013/mar/18/cyprus-bailout-markets

Plan moves ahead as vote delayed...
http://www.cnbc.com/id/100562007

Putin: 'Unfair,' 'Dangerous'...
http://news.yahoo.com/putin-hits-dangerous-cyprus-bank-deposit-levy-091554439.html

FT: Here come bank runs...
http://www.ft.com/cms/s/0/b501c302-8cea-11e2-aed2-00144feabdc0.html

Germany: Not our idea...
http://www.courant.com/business/sns-rt-us-eurozone-cyprus-germany-schaeublebre92h0br-20130318,0,2823433.story?track=rss

Italy to follow?
http://www.infowars.com/banking-chief-calls-for-15-looting-of-italians-savings/

Markets rattled...
http://hosted.ap.org/dynamic/stories/W/WORLD_MARKETS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-03-18-06-46-32

Euro tumbles...
http://www.cnbc.com/id/100561106

NEW EU PLAN: STEAL BANK ACCOUNTS
http://finance.yahoo.com/news/yen-firms-asia-shares-fall-001926588.html
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« Reply #6 on: March 18, 2013, 07:59:46 am »

After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE

Cyprus is a beta test.  The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it.  Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there.  The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that.  Instead, they decided that this would be a great time to test the idea of a "wealth tax".  The government of Cyprus was given two options by the IMF and the EU - either they could confiscate money from private bank accounts or they could leave the eurozone.  Apparently this was presented as a "take it or leave it" proposition, and many are using the world "blackmail" to describe what has happened.  Sadly, this decision is going to set a very ominous precedent for the future and it is going to have ripple effects far beyond Cyprus.  After the banksters steal money from bank accounts in Cyprus they will start doing it everywhere.  If this "bank robbery" goes well, it will only be a matter of time before depositors in nations such as Greece, Italy, Spain and Portugal are asked to take "haircuts" as well.  And what will happen one day when the U.S. financial system collapses?  Will U.S. bank accounts also be hit with a "one time" wealth tax?  That is very frightening to think about.

Cyprus is a very small nation, so it is not the amount of money involved that is such a big deal.  Rather, the reason why this is all so troubling is that this "wealth tax" is shattering confidence in the European banking system.  Never before have the banksters come directly after bank accounts.

If everything goes according to plan, every bank account in Cyprus will be hit with a "one time fee" this week.  Accounts with less than 100,000 euros will be hit with a 6.75% tax, and accounts with more than 100,000 euros will be hit with a 9.9% tax.

How would you feel if something like this happened where you live?

How would you feel if the banksters suddenly demanded that you hand over 10 percent of all the money that you had in the bank?

And why would anyone want to still put money into the bank in nations such as Greece, Italy, Spain or Portugal after all of this?

One writer for Forbes has called this "probably the single most inexplicably irresponsible decision in banking supervision in the advanced world since the 1930s."  And I would agree with that statement.  I certainly did not expect to see anything like this in Europe.  This is going to cause people to pull money out of banks all over the continent.  If I was living in Europe (and especially if I was living in one of the more financially-troubled countries) that is exactly what I would be doing.

The bank runs that we witnessed in Cyprus over the weekend may just be a preview of what is coming.  When this "wealth tax" was announced, it triggered a run on the ATMs and many of them ran out of cash very rapidly.  A bank holiday was declared for Monday, and all electronic transfers of money were banned.

Needless to say, the people of Cyprus were not too pleased about all of this.  In fact, one very angry man actually parked his bulldozer outside of one bank branch and threatened to physically bulldoze his way inside.

But this robbery by the banksters has not been completed yet.  First, the Cypriot Parliament must approve the new law authorizing this wealth confiscation on Monday.  If it is approved, then the actually wealth confiscation will take place on Tuesday morning.

According to Reuters, the new president of Cyprus is warning that if the bank account tax is not approved the two largest banks in Cyprus will collapse and there will be complete and total financial chaos in his country...

    President Nicos Anastasiades, elected three weeks ago with a pledge to negotiate a swift bailout, said refusal to agree to terms would have led to the collapse of the two largest banks.

    "On Tuesday ... We would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis," Anastasiades said in written statement.

    In several statements since his election, he had previously categorically ruled out a deposit haircut.

The fact that the new president had previously ruled out any kind of a wealth tax has a lot of people very, very upset.  They feel like they were flat out lied to...

    "I'm furious," said Chris Drake, a former Middle East correspondent for the BBC who lives in Cyprus. "There were plenty of opportunities to take our money out; we didn't because we were promised it was a red line which would not be crossed."

But apparently the wealth confiscation could actually have been far worse.  According to one report, the IMF and the EU were originally demanding a 40% wealth tax on bank account holders in Cyprus...

    As the President of Cyprus proclaims  to his people that "we' should all take responsibility as his historic decision will "lead to the permanent rescue of the economy," it appears that the settled-upon 9.9% haircut is a 'good deal' compared to the stunning 40% of total deposits that Germany's FinMin Schaeuble and the IMF demanded.

Could you imagine?

How would you feel if you woke up someday and 40% of all your money had been taken out of your bank accounts?

At this point, there is still some doubt about whether this plan will actually be adopted or not.

Right now the new president of Cyprus does not have the votes that he needs, but you can be sure that there is some high level arm twisting going on.

Originally the vote was supposed to happen on Sunday, but it was delayed until Monday to allow for some extra "persuading" to be done.

And of course the people of Cyprus are overwhelmingly against this wealth tax.  In fact, one poll found that 71 percent of the entire population of Cyprus wants this plan to be voted down.

The funny thing is that Cyprus is not even in that bad of shape.

The unemployment rate is around 12 percent, but in other European nations such as Greece and Spain the unemployment rate is more than double that.

Cyprus has a debt to GDP ratio of about 87 percent, but the United States has a debt to GDP ratio of well over 100 percent.

So if they will go directly after bank accounts in Cyprus, what will stop them from going after bank accounts in larger nations when the time comes?

In the final analysis, this is a game changer.  No longer will any bank account in the western world be considered to be 100 percent safe.

Trust is a funny thing.  It takes a long time to build, but it can be destroyed in a single moment.

Trust in European banks has now been severely damaged, and that damage is not going to be undone any time soon.

A recent blog post by the CEO of Saxo Bank, Lars Christensen, did a great job of explaining how incredibly damaging this move by the IMF and the EU truly is...

    This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere - not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

    if you can do this once, you can do it again. if you can confiscate 10 percent of a bank customer's money, you can confiscate 25, 50 or even 100 percent. I now believe we will see worse as the panic increases, with politicians desperately trying to keep the EUR alive.

    Depositors in other prospective bailout countries must be running scared - is it safe to keep money in an Italian, Spanish or Greek bank any more? I dont know, must be the answer. Is it prudent to take the risk? You decide. I fear this will lead to massive capital outflows from weak Eurozone countries, just about the last thing they need right now.

This is the biggest moment that we have witnessed since the beginning of the European financial crisis.

Financial authorities in Europe could try to calm nerves by at least pretending that this will never happen again in any other country, but so far  they are refusing to do that...

    Jeroen Dijsselbloem, president of the group of euro-area ministers, on Saturday declined to rule out taxes on depositors in countries beyond Cyprus, although he said such a measure was not currently being considered.

Such a measure is "not currently being considered" for other members of the eurozone?

Yeah, that sure is going to make people feel a lot more confident in what is coming next.

I have insisted over and over that the next wave of the economic collapse would originate in Europe, and we may have just witnessed the decision that will cause the dominoes to start to fall.

The banksters have sent a very clear message.  When the chips are down, they are going to come after YOUR money.

So what do you think about the bank robbery that is taking place in Cyprus?  Please feel free to post a comment with your thoughts below...

http://theeconomiccollapseblog.com/archives/after-the-banksters-steal-money-from-bank-accounts-in-cyprus-they-will-start-doing-it-everywhere
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« Reply #7 on: March 18, 2013, 01:07:17 pm »

Quote
So what do you think about the bank robbery that is taking place in Cyprus?

Robbery? I don't think so. Now if the depositors were not allowed to remove their money from the taxed accounts, then yeah, more or less theft of money they aren't entitled to.

All people have to do is remove their money from those accounts. Bankers have control only in two ways; holding your money, or debt.

If you don't borrow, and you don't put your money in their "for profit" banks, they have no claims to your money.

Banks are "for profit". They are in business to make money off of money, preferably off other people's money.

There is no requirement to put your money in a bank. Yet the banking system and general handling of paying for things is all designed around using the banking system.

There is no law that prevents you from paying cash for a car or house, or anything, yet.

The ones crying for the security of banks are the rich. Where do you put millions, or hundreds of millions in cash? How do you buy a business or Lear jet with cash? Lots of suit cases? Now we start to see why Jesus tells us...

"It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God." Mark 10:25 (KJB)
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« Reply #8 on: March 18, 2013, 06:50:16 pm »

Argentina Makes Grab for Pensions Amid Crisis

BUENOS AIRES — Hemmed in by the global financial squeeze and commodities slump, Argentina’s leftist government has seemingly found a novel way to find the money to stay afloat: cracking open the piggybank of the nation’s private pension system.

Argentina’s President Cristina Fernandez de Kirchner speaks next to Economy Minister Carlos Fernandez (right) at the National Social Security Administration in Buenos Aires on Monday. 

The government proposed to nationalize the private pensions, which would provide it with much of the cash it needs to meet debt payments and avoid a second default this decade.

The move came as wealthy nations unveiled fresh steps to fight the credit crunch. The U.S. Federal Reserve said it would bolster money-market funds, which have faced withdrawals, by lending as much as $540 billion to the industry. France said it would inject $14 billion into six banks on condition they agree to increase their lending. In a sign banks were a little more willing to lend to each other, the London interbank offered rate, a benchmark for many business and consumer loans, again declined.

Argentine President Cristina Kirchner said the move to take over the private pension system was aimed at protecting investors from losses resulting from global market turmoil. Funds in the system, which is parallel to a government pension system, are administered by financial firms. The private system has about $30 billion in assets and generates about $5 billion in new contributions each year.

While no one knows for sure what the government would do with the private system, economists said nationalization would let the government raid new pension contributions to cover short-term debts due in coming years.

rest: http://www.fromthetrenchesworldreport.com/argentina-makes-grab-for-pensions-amid-crisis/38166/
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« Reply #9 on: March 18, 2013, 09:21:58 pm »

Well, the newly appointed Pope is from Argentina...
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« Reply #10 on: March 19, 2013, 03:51:14 am »

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open the piggybank of the nation’s private pension system

And when a country starts stealing from their public, they are in serious financial trouble.

Looks like several countries are "staying afloat" artificially, and would collapse if they didn't get help. So while they seem to be limping along, in reality more than one of those countries have effectively already collapsed.
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« Reply #11 on: March 19, 2013, 06:03:27 am »

The Great Cyprus Bank Robbery Shows That No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe

The global elite have now proven that when the chips are down they are going to go after any big pile of money that they think they can get their hands on.  That means that no bank account, no retirement fund and no stock portfolio on earth is safe.  Up until now, most people assumed that private bank accounts were untouchable and that deposit insurance actually meant something.  Now we see that there is no pile of money that is considered "off limits" by the global elite and deposit insurance means absolutely nothing.  The number one thing that any financial system depends on is faith.  If people do not have faith in the safety and stability of a financial system, it will not work.  Well, the people that rule the world have just taken a sledgehammer to the trust that we all had in the global financial system.  They have broken the unwritten social contract that global banking depends on.  So now we will see a run on the banks, and this will not just be limited to a few countries in southern Europe.  Rather, this will be worldwide in scope.  Yoda may have put it this way: "Begun, the global bank run has."  All over the world, frightened people are going to start pulling money out of the banks.  A lot of that money will go into gold, silver and other hard assets.  And as money starts coming out of the banks, this could cause many of the large banks that have been teetering on the edge of disaster to finally collapse.

Many of you may not believe that they would ever come after bank accounts, retirement funds or stock portfolios in the United States.

Many of you may be entirely convinced that the Great Cyprus Bank Robbery could never happen in America.

Well, where do you think this whole plan was dreamed up?

It was the IMF that reportedly pushed the hardest for the wealth tax in Cyprus, and the IMF is headquartered right in the heart of Washington D.C.

Almost every nation on the planet has to deal with the IMF.  It is an organization that is dominated by the United States and that is always involved when there is an international debt crisis.

If the IMF thinks that it is a great idea to steal from bank accounts to solve a financial crisis in Cyprus, why wouldn't they impose a similar solution in other countries in the future?

And if bank accounts are no longer safe, are there any truly safe places to put your money?

You can trust the politicians when they tell you that an unannounced "wealth tax" will never happen where you live if you want, but that is the exact same lie that the politicians in Cyprus were telling their people until the day that it happened.  The following is from an article in the Cyprus Mail...

    And after all, President Anastasiades had emphatically declared in his inauguration speech that “absolutely no reference to a haircut on public debt or deposits will be tolerated,” adding that “such an issue isn’t even up for discussion.” Finance Minister Michalis Sarris made similarly reassuring statements, arguing that it would be lunacy for the EU to impose such a measure because it would threaten the euro system.

At this point, politicians in Cyprus have been given two very unappealing options.  Either they vote yes on the wealth tax and destroy all faith in the banking system of Cyprus, or they vote no and they are forced out of the eurozone.  In either case, we will probably see the financial system of Cyprus collapse and their economy plunge deep into depression.

At this point, the vote has been delayed until Tuesday.  Apparently some additional "arm twisting" was required to get the needed votes.

And there have been proposals to change the terms of the wealth tax.  Reportedly, some politicians want to impose a maximum rate of up to 15 percent on bank accounts of over 500,000 euros so that the rate on smaller accounts can be decreased.

It has also been announced that the earliest that banks in Cyprus will reopen will be Thursday.

But what is happening in Cyprus is small potatoes compared to how this will affect the rest of the world.  The entire planet is watching this unfold, and as a recent article by Lucas Jackson described, faith in the global financial system is being greatly shaken...

    It would be hard to over-emphasize how significant the Cyprus situation is.  The EU demonstrated under no uncertain circumstances that they will destroy the rule of law to maintain their own power.  It was a recognition of tyranny that many of us have always assumed was the case but yesterday became reality.

    The damage done here is not related to the size of the haircut - currently discussed between 3 and 13% - but rather that the legal language which each and every investor on the planet must rely on in order to maintain confidence in the system has been subordinated to the needs of the powerful elite.  To the power elite making the major decisions in DC, London, Berlin, France, Brussels, et. al., laws are like ice cream, easily melted.

    Which begs the question, who is next?  Will it be Portugal?  Greece? Spain?  Italy?  France???

    Will they impose a “one-time” tax on your bank account?  Your house?  Your stocks and bonds?  Retirement accounts?

The global elite have declared open season on all large piles of money, and now many people all over the world will consider taking money out of the bank to be the rational thing to do.  This will especially be true in countries in southern Europe since they would probably be the next to have wealth confiscated.

This is so abundantly clear that even Paul Krugman of the New York Times understands this...

    It’s as if the Europeans are holding up a neon sign, written in Greek and Italian, saying “time to stage a run on your banks!”

    Tomorrow and the days immediately following should be very interesting.

The global elite have truly "crossed the Rubicon" by going after private bank accounts.  It is almost as if they purposely chose the most damaging solution possible to the financial crisis in Cyprus.

Many in the financial world are absolutely stunned by all of this.  For example, David Zervos is describing this move as a "nuclear war on savings and wealth"...

    All of us should really take a moment to consider what the governments of Europe have done. To be clear, they initiated a surprise assault on the precautionary savings of their own people. Such a move should send shock waves across the entire population of the developed world. This was not a Bernanke style slow moving financial repression against risk free savings that is meant to stir up animal spirits and force risk taking. This is a nuclear war on savings and wealth - something that will likely crush animal spirits. This is a policy move you expect from a dictatorial regime in sub-Saharan Africa, not in an EMU member state. If the European governments can clandestinely expropriate 7 to 10 percent of their hard working citizen's precautionary savings after the close of business on a Friday night, what else are they capable of doing? Why even hold money in a bank account? Are they trying to start a bank run?

So what motivated the global elite to do this?

According to CNBC, one of the motivations was to go after the Russians that had been using the banking system of Cyprus to launder money...

    Indeed, the IMF is reported to have been keen on the levy as a way to stem the flood of Russian money into the island over the last few years which has prompted concerns over money laundering.

Russian money accounts for about 25 percent of all money in the banking system of Cyprus, and obviously the Russians are quite upset by what the IMF and the EU have decided to do.  Even Vladimir Putin is loudly denouncing this move...

    Russian President Vladimir Putin called the tax “unfair, unprofessional and dangerous,” according to a statement posted on the Kremlin website. Russian companies and individuals have $31 billion of deposits in Cyprus, according to Moody’s.

And you haven't heard a lot about this in the western media, but the Russians have actually stepped forward and have offered to help Cyprus out of this jam.  For example, there are reports that Russian investors are interested in buying the two banks that were the primary cause of this bailout...

    Officials have also said Russian investors are interested in buying a majority stake in Cyprus Popular Bank and increasing their holdings in Bank of Cyprus - the two biggest banks on the Mediterranean island.

And according to Sky News, Gazprom has offered Cyprus a very large sum of money for the right to explore their offshore gas reserves that have not been developed yet...

    The uncertainty comes as Russia's finance minister said his country would consider restructuring its loans to Cyprus.

    Russian energy giant Gazprom has also reportedly offered financial assistance to Cyprus in exchange for access to the island's gas reserves.

So far the government of Cyprus has rejected the help of the Russians, but could they change their mind at some point?  Apparently the Russians are offering enough money to completely fund the bank bailout...

    According Greek Reporter, Gazprom made an offer over the weekend to the Cypriot government to fund the bank restructuring planned under the Cypriot bailout (which is set to cost up to €10bn) in exchange for exclusive exploration rights for Cypriot territorial waters. How reliable this story is remains to be seen, but it does hint at the geopolitical tension which we have been warning about.

    Gazprom is known to be very close to the Russian government and despite Russian President Vladimir Putin overtly slamming the deposit tax - calling it "unfair, unprofessional and dangerous" -  it is unlikely that they would let this opportunity pass untouched. Fortunately, the Cypriot government is said to have rejected the deal off the bat, but if displeasure towards the eurozone and the EU grows, the Russian option may become increasingly appealing.

It will be very interesting to see what happens.

Meanwhile, some European officials are already suggesting that other nations in southern Europe should have a "wealth tax" imposed upon them.  The following comes from an article by Paul Joseph Watson...

    Joerg Kraemer, chief economist of the German Commerzbank, has called for private savings accounts in Italy to be similarly plundered. “A tax rate of 15 percent on financial assets would probably be enough to push the Italian government debt to below the critical level of 100 percent of gross domestic product,” he told Handelsblatt.

A "tax" of 15 percent on all financial assets?

Could you imagine if you woke up one morning and the government had decided to suddenly steal 15 percent of all the money that you had in bank accounts, retirement funds and stock portfolios?

If I had a bank account in Italy I would be very nervous right about now.

Under normal circumstances these kinds of things don't happen, but governments will use an "emergency" to justify all kinds of things.  I recently came across an article that included a great quote by Herbert Hoover that put this beautifully...

    "Every collectivist revolution rides in on a Trojan horse of ‘emergency’. It was the tactic of Lenin, Hitler, and Mussolini. In the collectivist sweep over a dozen minor countries of Europe, it was the cry of men striving to get on horseback. And ‘emergency’ became the justification of the subsequent steps. This technique of creating emergency is the greatest achievement that demagoguery attains."

This is what the elite love to do.

They love to create order out of chaos.

And this is just the beginning.  The Great Cyprus Bank Robbery was just a beta test for what is coming next.

As the global financial system crumbles, the global elite are going to target our bank accounts, our retirement funds and our stock portfolios.  You might want to start thinking about how you will protect yourself.

So what are your thoughts on all of this?  Please feel free to post a comment with your thoughts below...

http://theeconomiccollapseblog.com/archives/the-great-cyprus-bank-robbery-shows-that-no-bank-account-no-retirement-fund-and-no-stock-portfolio-is-safe
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« Reply #12 on: March 19, 2013, 01:35:44 pm »

They can only take what's in an account! 15% of nothing is, nothing.
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« Reply #13 on: March 19, 2013, 02:25:26 pm »

Cyprus to seize cash from 'rich' -- with savings of $25,867.73 or more in bank...
http://www.reuters.com/article/2013/03/19/us-cyprus-parliament-idUSBRE92G03I20130319

Will confiscate deposits from all others...
http://hosted.ap.org/dynamic/stories/E/EU_CYPRUS_FINANCIAL_CRISIS?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2013-03-19-05-57-06

Trading suspended amid bailout woes...
http://www.marketwatch.com/story/trading-suspended-in-cyprus-amid-bailout-woes-2013-03-19?siteid=rss

Europe's leaders run out of credit...
http://www.ft.com/cms/s/0/cd6ad842-8fc0-11e2-ae9e-00144feabdc0.html

Russian Co. Offers Bailout in Exchange for Gas Exploration Rights...
http://www.weeklystandard.com/blogs/report-russian-company-offers-bailout-cyprus-exchange-gas-exploration-rights_707768.html

New Zealand planning account seizures...
http://www.scoop.co.nz/stories/PA1303/S00306/national-planning-cyprus-style-solution-for-new-zealand.htm
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« Reply #14 on: March 19, 2013, 02:36:53 pm »

Not that these "bailouts" were ever good, but now it's coming to a point where they can't afford anything more to a little country like Cyprus, AND now New Zealand is getting into the same act as Cyprus...and now Russia is using this opportunity for more materialism grabs?

Some very interesting times ahead..
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« Reply #15 on: March 19, 2013, 02:38:50 pm »

I might add that though I say they can't tax what isn't there, they can by closing down the bank, which prevents withdrawals.
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« Reply #16 on: March 20, 2013, 07:00:40 pm »

Cyprus banks to remain shut until Tuesday amid bailout crisis
http://worldnews.nbcnews.com/_news/2013/03/20/17384301-cyprus-banks-to-remain-shut-until-tuesday-amid-bailout-crisis

Cypriot banks on brink in Icelandic flashback
http://www.reuters.com/assets/print?aid=USBRE92J00K20130320

Cyprus banks shut until Tuesday amid scramble for Plan B
http://www.bbc.co.uk/news/world-europe-21855163

Quote
Cypriot officials have said the country's banks, which were closed to prevent mass withdrawals, will remain shut until at least Tuesday.

On Wednesday afternoon the cabinet began an emergency meeting to discuss alternatives to an EU-IMF bailout deal rejected by parliament on Tuesday.

Reports say the government is considering imposing capital controls when banks are reopened.

Meanwhile, Cyprus' finance minister is in Moscow to seek help from Russia.

Russia holds multi-billion dollar investments in Cyprus.

Finance Minister Michalis Sarris said after talks with Russian Finance Minister Anton Siluanov: "There were no offers, nothing concrete," but he added, "we're happy with a good beginning."

Talks are expected to continue in Moscow on Thursday.

The banks will remain shut on Thursday and Friday this week and Monday 25 March is a scheduled bank holiday. The stock exchange also remains closed.

Germany has said banks in Cyprus may never reopen if a bailout is not agreed.

cont'd
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« Reply #17 on: March 21, 2013, 11:45:57 am »

http://abcnews.go.com/blogs/headlines/2013/03/why-russians-are-freaked-out-about-cyprus/
3/20/13
Why Russians Are Freaked Out About Cyprus

MOSCOW — As the Cypriot Parliament debated the “haircut” on bank deposits, the across the board tax on bank accounts to finance a bailout of the country’s economy, Russian President Vladimir Putin came out blasting the move as “unfair, unprofessional and dangerous.”
 
Putin and others in Russia are panicking in large part because Russians have parked a massive amount of money in Cyprus, including money some believe was obtained through less than legal means.  Russians and Russian financial institutions that have deposited or invested money in Cyprus stand to lose a lot if depositors are asked to cover any bailout, or if the island’s economy takes a nosedive.
 
According to Moody’s ratings agency, Russians keep $19 billion in Cypriot banks, nearly as much as Cyprus’ entire GDP. Russian banks have an additional $12 billion invested and have loaned another $40 billion to Cypriot companies of Russian origin.
 
The island is also a popular vacation destination for Russians. Aside from the financial benefits, the weather is decidedly more attractive than in Moscow. Some parts of the island even have signs written in Russian.
 
There so much Russian money in Cyprus because Russia has a low tax rate (flat 13 percent for personal income), but many Russians are eager to park their money in perceived safe havens abroad, away from corruption, and also far away from scrutinizing eyes. Cyprus’ 10 percent corporate tax rate is low and the island was seen as politically stable. It also doesn’t ask a lot of questions about where the money came from.
 
Capital flight is a major concern in Russia, a reflection of how little confidence there is in Russian financial institutions as well as the need to stash potentially ill-gotten gains elsewhere. Last year $56 billion fled the country. On Tuesday it was reported that $14-16 billion have left Russia for overseas havens so far this year, already exceeding what was perhaps an overly optimistic estimate by the central bank that only $10 billion would leave during all of 2013.
 
Russia has loaned Cyprus money before, but the fact that Russia is freaking out is also freaking out Cyprus. The fear is if Russian money leaves the country, Cyprus’ economy will collapse. The Wall Street Journal reported that Cyprus is offering Russia favorable partnerships in energy projects and other ventures in exchange for a bailout. The Cypriot foreign minister held talks with Russian officials in Moscow today and will continue discussions on Thursday.
 
The Associated Press contributed to this report
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« Reply #18 on: March 21, 2013, 09:35:34 pm »

http://ca.news.yahoo.com/exclusive-euro-zone-call-notes-reveal-extent-alarm-105850670.html
3/21/13
Exclusive: Euro zone call notes reveal extent of alarm over Cyprus

BRUSSELS (Reuters) - Euro zone finance officials acknowledged being "in a mess" over Cyprus during a conference call on Wednesday and discussed imposing capital controls to insulate the region from a possible collapse of the Cypriot economy.

In detailed notes of the call seen by Reuters, one official described emotions as running "very high", making it difficult to come up with rational solutions, and referred to "open talk in regards of (Cyprus) leaving the euro zone".

The call was among members of the Eurogroup Working Group, which consists of deputy finance ministers or senior treasury officials from the 17 euro zone countries as well as representatives from the European Central Bank and the European Commission. The group is chaired by Austria's Thomas Wieser.

Cyprus decided not to take part in the call, a decision that several participants described as troubling and reflecting the wider confusion surrounding the island's predicament.

"The (Cypriot) parliament is obviously too emotional and will not decide on anything, if Cyprus does not even feel that they can attend the call it is a big problem for us," the French representative said, according to the notes seen by Reuters.

"We have never seen this."

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« Reply #19 on: March 22, 2013, 07:32:57 am »

Russia rebuffs Cyprus, EU awaits bailout "Plan B"

 Russia rebuffed Cypriot entreaties for aid on Friday, leaving the island's increasingly isolated leaders scrambling to strike a bailout deal with the European Union by next week or face the collapse of its financial system.

In Nicosia, lawmakers considered proposals to nationalize pension funds, pool state assets and split the country's second-largest bank in a desperate effort to satisfy exasperated European allies.

The governor of the Central Bank, Panicos Demetriades, warned political leaders the country would face a disorderly bankruptcy on Tuesday unless they approved the bills, an official present at the talks said.

"The next few hours will determine the future of the country," government spokesman Christos Stylianides said before the parliamentary debate. "We must all assume our share of the responsibility."

Even if the measures are approved, there was no confirmation they would raise the 5.8 billion euros demanded by the EU in return for a 10 billion euro ($12.93 billion) bailout to avoid a default.

Hundreds of protesters rallied outside the parliament and depositors, who began raiding banks' cash machines last weekend, queued again to withdraw what they could.

The clock was running down to a Monday deadline set by the European Central Bank for a deal to be in struck before it cuts funds to Cyprus's stricken banks, potentially pushing it out of Europe's single currency.

Nicosia angrily rejected a proposed levy on tax deposits in exchange for the EU bailout on Tuesday and turned to the Kremlin to renegotiate a loan deal, win more financing and lure Russian investors to Cypriot banks and gas reserves.

"The talks have ended as far as the Russian side is concerned," Russian Finance Minister Anton Siluanov told reporters after two days of crisis talks with his Cypriot counterpart, Michael Sarris.

Russians have billions of euros at stake in Cyprus's outsized and now crippled banking sector, a factor in the EU's unprecedented demand that bigger depositors take a hit in the interests of keeping Cyprus afloat.

But Siluanov said Russian investors were not interested in Cypriot gas and that the talks had ended without result. Sarris was due to fly home, where lawmakers were locked in yet more crisis talks.

New bills submitted to the Cypriot parliament included a "solidarity fund" to bundle state assets, including future gas revenues and nationalized semi-state pension funds, as the basis for an emergency bond issue.

JP Morgan likened it to "a national fire sale", and euro zone paymaster Germany indicated it opposed the nationalization of pension funds.

They were also considering a bank restructuring bill that officials said would see the country's second largest lender, Cyprus Popular Bank, split into good and bad assets, and a government call for the power to impose capital controls to stem a flood of funds leaving the island when banks reopen on Tuesday after a week-long shutdown.

"PLAYING WITH FIRE"

There was no silver bullet, however, and Cyprus's partners in the 17-nation currency bloc were increasingly unimpressed. It was unclear whether parliament would even vote on the bills on Friday.

"I still believe we will get a settlement, but Cyprus is playing with fire," Volker Kauder, a leading conservative ally of German Chancellor Angela Merkel, told public television ARD.

Merkel told lawmakers that nationalization of pension funds was unacceptable as a way to plug a hole in finances and clinch the bailout, parliamentary sources said.

Two lawmakers quoted the chancellor as saying debt sustainability and bank restructuring would have to be the core of any deal, which she called a matter of "credibility".

They also quoted Merkel as saying: "There is no way we can accept that", and "I hope it does not come to a crash".

Her finance minister, Wolfgang Schaeuble, said he did not know whether euro zone finance ministers would meet over the weekend. "I can't say in advance if and when Cyprus will deliver results," he said.

Cypriots have been stunned by the pace of the unfolding drama, having elected conservative President Nicos Anastasiades barely a month ago on a mandate to secure a bailout.

News that the deal would involve a levy on bank deposits, even for smaller savers, outraged Cypriots, who raided cash machines last weekend.

While EU lenders, notably Germany, had wanted larger, uninsured bank depositors to bear some of the cost of recapitalizing the banks, Cyprus feared for its reputation as an offshore banking haven and planned to spread the levy to deposits under 100,000 were covered by state insurance.

Senior euro zone officials acknowledged in a confidential conference call on Wednesday that they were "in a mess" and discussed imposing capital controls to insulate the currency area from a possible collapse of the small Cypriot economy.

Cyprus itself refused to take part in the call, minutes of which were seen by Reuters. Several participants described its absence as troubling and reflecting the wider confusion surrounding the island's predicament.

In Brussels, a senior European Union official told Reuters an ECB withdrawal would mean Cyprus's biggest banks being wound up, wiping out the large deposits it has sought to protect, and probably forcing the country to abandon the euro.

"If the financial sector collapses, then they simply have to face a very significant devaluation, and faced with that situation, they would have no other way but to start having their own currency," the EU official said.

Cypriot banks have been crippled by their exposure to Greece, the center of the euro zone debt crisis.

On Thursday there were angry scenes outside parliament, where hundreds of demonstrators gathered after rumors spread that Popular Bank would be closed down and its staff laid off.

"We have children studying abroad, and next month we need to send them money," protester Stalou Christodoulido said through tears. "We'll lose what money we had and saved for so many years if the bank goes down."

http://www.reuters.com/article/2013/03/22/us-cyprus-parliament-idUSBRE92G03I20130322
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« Reply #20 on: March 22, 2013, 11:28:06 am »

Well, it's starting to become more clearer why Russia will likely be a major end times player.
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« Reply #21 on: March 22, 2013, 11:41:41 am »

http://www.guardian.co.uk/business/2013/mar/22/eurozone-crisis-cyprus-bailout-russia-vote
3/22/13
Cyprus crisis: Government says deal could come within hours - live

http://www.bloomberg.com/news/2013-03-21/euro-area-said-to-weigh-closing-two-cyprus-banks-asset-freeze.html
3/21/13
Euro Finance Heads Said to Weigh Closing Two Cyprus Banks
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« Reply #22 on: March 22, 2013, 04:09:56 pm »

UK sends financial experts fly to Cyprus to advise on bailout - @guardian
http://www.guardian.co.uk/world/2013/mar/22/cyprus-crisis-uk-experts-advise-bailout


Cypriot parliament adopts law creating 'solidarity fund' to pool state assets - @Reuters
http://live.reuters.com/Event/Eurozone_Crisis_4


Cypriot Parliament adopts law giving government powers to impose capital control on banks - @Reuters
http://twitter.com/Reuters
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« Reply #23 on: March 22, 2013, 07:38:11 pm »

Cypriot Bailout Linked to Gas Potential
3/21/13
http://oilprice.com/Energy/Natural-Gas/Cypriot-Bailout-Linked-to-Gas-Potential.html

Cyprus is preparing for total financial collapse as the European Central Bank turns its back on the island after its parliament rejected a scheme to make Cypriot citizens pay a levy on savings deposits in return for a share in potential gas futures to fund a bailout.

On Wednesday, the Greek-Cypriot government voted against asking its citizens to bank on the future of gas exports by paying a 3-15% levy on bank deposits in return for a stake in potential gas sales. The scheme would have partly funded a $13 billion EU bailout.

It would have been a major **** that had Cypriots asking how much gas the island actually has and whether it will prove commercially viable any time soon.

In the end, not even the parliament was willing to take the ****, forcing Cypriots to look elsewhere for cash, hitting up Russia in desperate talks this week, but to no avail.

The bank deposit levy would not have gone down well in Russia, whose citizens use Cypriot banks to store their “offshore” cash. Some of the largest accounts belong to Russians and other foreigners, and the levy scheme would have targeted accounts with over 20,000 euros. So it made sense that Cyprus would then turn to Russia for help, but so far Moscow hasn’t put any concrete offers on the table.

Plan A (the levy scheme) has been rejected. Plan B (Russia) has been ineffective. Plan C has yet to reveal itself. And without a Plan C, the banks can’t reopen. The minute they open their doors there will be a withdrawal rush that will force their collapse.

In the meantime, cashing in on the island’s major gas potential is more urgent than ever—but these are still very early days.

In the end, it’s all about gas and the race to the finish line to develop massive Mediterranean discoveries. Cyprus has found itself right in the middle of this geopolitical game in which its gas potential is a tool in a showdown between Russia and the European Union.     

The EU favored the Cypriot bank deposit levy but it would have hit at the massive accounts of Russian oligarchs. Without the promise of Levant Basin gas, the EU wouldn’t have had the bravado for such a move because Russia holds too much power over Europe’s gas supply
.

Cypriot Gas Potential

The Greek Cypriot government believes it is sitting on an amazing 60 trillion cubic feet of gas, but these are early days—these aren’t proven reserves and commercial viability could be years away. In the best-case scenario, production could feasibly begin in five years. Exports are even further afield, with some analysts suggesting 2020 as a start date. 

In 2011, the first (and only) gas was discovered offshore Cyprus, in Block 12, which is licensed to Houston-based Noble Energy Inc. (NBL). The block holds an estimated 8 trillion cubic feet of gas.

To date, the Greek Cypriots have awarded licenses for six offshore exploration blocks that could contain up to 40 trillion cubic feet of gas. Aside from Noble, these licenses have gone to Total SA of France and a joint venture between Eni SpA (ENI) of Italy and Korea Gas Corp. 

But the process of exploring, developing, extracting, processing and getting gas to market is a long one. Getting the gas extracted offshore and then pumped onshore could take at least five years and some very expensive infrastructure that does not presently exist. The gas would have to be liquefied so it could be transported by seaborne tankers.

The potential is there: Cyprus’ gas discoveries adjoin Israeli territorial waters where the discovery of the massive Leviathan gasfield (425 billion cubic meters or 16 trillion cubic feet) and smaller Tamar gasfield (250 billion cubic meters or 9 trillion cubic feet) have foreign companies in a rush to cash in on this.

There are myriad problems to extracting Cypriot gas—not the least of which is the fact that some of this offshore exploration territory is disputed by Turkey, which has controlled part of the island since 1974.

Gas exploration has taken this dispute to a new level, with Turkey sending in warships to halt drilling in 2011, and threatening to bar foreign companies exploring in Cyprus from any license opportunities in Turkey. The situation is likely to intensify as Noble prepares to begin exploratory drilling later this year in Block 12.

In the meantime, there is no shortage of competition on this arena. Cyprus will have to vie with Israel, Lebanon and Syria—all of which have made offshore gas discoveries of late in the Mediterranean’s Levant Basin, which has an estimated total of 122 trillion cubic feet of gas and 1.7 billion barrels of oil.   

Blackmailing Cyprus?

While Greek Cypriot citizens are not willing to **** away their savings on gas futures, Russia and the European Union are certainly less hesitant.

This is both a negotiating point for Cyprus and a convenient tool of blackmail for Russia and the EU. Essentially, the bailout is the prop on a stage that will determine who gets control of these assets.

Theoretically, Cyprus could guarantee Russia exploration rights in return for assistance. As much as this is possible, the EU could ease its bailout negotiations if it becomes clear that a Russian bailout of sorts is imminent.

Gas finds in the Mediterranean and particularly across the Levant Basin—home to Israel’s Leviathan and Tamar fields—could be the answer to Russian gas hegemony in Europe. The question is: How much does Cyprus count in this equation? A lot
.

Though only half of the estimated resources in the Levant Basin, Cyprus’ potential 60 trillion cubic feet of gas could equal 40% of the EU’s gas supplies and be worth a whopping $400 billion if commercial viability is proven.

Russia is keen to keep Cyprus and Israel from cooperating too much toward the goal of loosening Russia’s grip on Europe before Moscow manages to gain a greater share of the Asian market.

Russia is also not keen on Israel’s plan to lay an undersea natural gas pipeline to Turkey’s south coast to sell its gas from the Leviathan field to Europe. Turkey hasn’t agreed to this deal yet, but it is certainly considering it. This is fraught with all kinds of political problems at home, so for now Ankara is keeping it as low profile as possible.

With all of this in mind, Russia is doing its best to get in on the Levant largesse itself. While it’s also courting Lebanon and Syria, dating Israel is already in full force. Gazprom has signed a deal with Israel that would give it control of Tamar’s gas and access to the Asian market for its liquefied natural gas (LNG). Tamar will probably begin producing already in April at a 1 billion cubic feet/day capacity.

In accordance with this deal, which Israel has yet to approve, Gazprom will provide financial support for the development of the Tamar Floating LNG Project. In return, Gazprom will get exclusive rights to purchase and export Tamar LNG. It is also significant because Tamar is a US-Israeli joint venture—so essentially the plan is to help Russia diversify from the European market.   

What does this mean for Cyprus? The chess pieces are still being put on the board, and both fortunately and unfortunately, Cyprus’ gas potential will be intricately linked to its bailout potential.
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« Reply #24 on: March 23, 2013, 12:42:20 pm »

Problem-Reaction-Solution - coming soon will be a One World Banking system when things like this keep up(even banks in America could go this similar route), hence ushering in the Rev 13 prophecies.

http://worldnews.nbcnews.com/_news/2013/03/22/17418914-cyprus-passes-bills-for-eu-bailout-greece-to-take-over-bank-branches
3/22/13
Cyprus passes bills for EU bailout; Greece to take over bank branches

Lawmakers in Cyprus approved three bills late Friday aimed at securing a bailout for its troubled banks from the European Union and averting a financial meltdown.

The legislation includes one bill that allows the government to divide the wobbling lenders into good and bad banks -- a law that would likely to be applied first to Cyprus Popular Bank. The goal is to restructure without hurting small depositors.

A second law puts in place restrictions on financial transactions in times of crisis and a third sets up a "solidarity fund."

The country is expected to adopt more legislation in an effort to raise the 5.8 billion euros Cyprus needs to get an EU bailout.

Among the other bills being brought forward is one that imposes a tax of less than 1 percent on all bank deposits, Averof Neophytou, deputy head of the governing DISY party told The Associated Press.

Earlier Friday a Greek Bank was chosen to take over the local branches of Cyprus's troubled banks in a bid to shelter Greek customers of those institutions and help Cyprus shrink its bloated banking sector.

Piraeus Bank of Greece was to take over the operations in a deal that a source close to the matter said involved the transfer of 17 billion euros of loans and 14 billion euros of deposits, Reuters reported
.

The terms of the deal were not expected to emerge until Sunday, and would need to be approved by European competition authorities, according to Greece's bank bailout fund.

Worried the crisis could trigger panic among Greek depositors, Greek officials had been working to agree on a deal since early this week. They were forced to put the plans on hold after Cyprus voted down a proposed bank levy included in its bailout agreement.

"We have responded to the necessity of utterly safeguarding the depositors of the Cypriot banks in Greece," Piraeus Chairman Michalis Sallas said
.

There was no immediate announcement about the fate of the Greek operations of Cyprus's third-biggest bank, Hellenic Bank, which are much smaller than those of the top two.

"It's unclear if the deal will include Hellenic Bank. Either way, it won't move the needle much," a Greek bank bailout fund official told Reuters.

Cypriot banks hold 8 percent of Greek banking deposits and 10 percent of loans. They have about 300 branches in Greece.
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« Reply #25 on: March 24, 2013, 03:43:48 pm »

Surprise, surprise...Last resort - the EU...Problem-Reaction-Solution...

http://news.yahoo.com/cyprus-turns-eu-last-ditch-175505378.html
3/24/13
Cyprus turns to EU in last-ditch bid for bailout
Cyprus turns to Brussels for last-ditch help to secure bailout deal after week of flailing


BRUSSELS (AP) -- Cypriot politicians turned to the European Union on Sunday in a last-ditch effort to help their island nation forge a viable plan to secure an international bailout after failing for a week to find a solution to a crisis that could force their country into bankruptcy.

Politicians were under pressure to come up with a solution quickly. The European Central Bank has threatened to stop providing emergency funding to Cyprus' banks after Monday if there is no agreement on a way to raise 5.8 billion euros ($7.5 billion) needed to get a 10 billion euro rescue loan package from the International Monetary Fund and the other European countries that use the euro currency.

If Cyprus fails to secure a bailout, some of its banks could collapse within days, rapidly dragging down the government and possibly forcing the country of around 1 million out of the eurozone. Analysts say that could threaten the stability of the currency used by more than 300 million people in 17 EU nations.

Despite that risk, Europe's biggest economy maintained a hard line on the negotiations. German Finance Minister Wolfgang Schaeuble said in an interview "if possible we want to avoid seeing Cyprus sliding into insolvency." But he cautioned that he is "known for not giving in to blackmail, by nobody and nothing."

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« Reply #26 on: March 24, 2013, 09:29:23 pm »

Cyprus cuts bailout deal

March 25, 2013 10:45AM

FIERCE negotiations to resurrect a deal for the EU and the IMF to bail out Cyprus appear to have wrapped up early, President Nicos Anastasiades has indicated on Twitter.

"Efforts have culminated", read a translation from the Greek, with EU sources subsequently stating that a preliminary agreement is in place to hit Bank of Cyprus depositors with a massive 40 per cent "haircut" on deposits of more than 100,000 euros pending endorsement by Eurogroup finance ministers.

more: http://www.news.com.au/breaking-news...#ixzz2OVMcKrOa
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« Reply #27 on: March 24, 2013, 09:40:02 pm »

This seems to be the trends with these "economic crisises" - the government puts out a plan the public doesn't like, the public gets angry and protests, the MSM and the respective governments play "doom and gloom", and VOILA...from one minute it goes to "near collapse" to "we found a solution...err...lifeline!". Ultimately, the more these "solutions" persist, the more one of the end times prophecy entities, the One World Banking System, is being set in play before our very eyes. Since the Fall of 2008, it's been rinse and repeat how many times?

From what we're witnessing, these big mass of protesters need Jesus instead.


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« Reply #28 on: March 25, 2013, 07:57:41 am »

CYPRUS TO SEIZE CITIZENS' CASH
http://www.reuters.com/article/2013/03/25/us-cyprus-parliament-idUSBRE92G03I20130325

Deal calls for 40% seizure on accounts above 100,000 Euros...
http://www.bloomberg.com/news/2013-03-25/cyprus-to-chop-banking-system-to-win-aid-avoid-default.html

Russian nationals stand to lose billions...
http://www.guardian.co.uk/world/2013/mar/25/cyprus-eu-draft-agreement-bailout

Furious: 'Tantamount to theft'... No thats THEFT!!
http://www.telegraph.co.uk/finance/debt-crisis-live/9951727/Cyprus-bailout-live.html

Regulation, error wipe out all profits for UK banks...
http://www.bbc.co.uk/news/business-21916653

Spain Brings the Pain to Bank Investors...
http://online.wsj.com/article/SB10001424127887324105204578380600325311568.html?mod=WSJ_hpp_LEFTTopStories
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« Reply #29 on: March 25, 2013, 08:13:44 am »

Mass Panic In Cyprus: The Banks Are Collapsing And ATMs Are Running Out Of Money

European officials are openly admitting that the two largest banks in Cyprus are "insolvent", and it is now being reported that Cyprus Popular Bank only has "enough liquidity to cover the next few hours".  Of course all banks in Cyprus are officially closed until Tuesday at the earliest, but there have been long lines at ATMs all over Cyprus as people scramble to get whatever money they can out of the banks.  Unfortunately, some ATMs appear to be "malfunctioning" and others appear to have already run out of cash.  You can see some photos of huge lines at one ATM in Cyprus right here.  Some businesses are now even refusing to take credit card payments.  This is creating an atmosphere of panic on the streets of Cyprus.  Meanwhile, the EU is holding a gun to the head of the Cyprus financial system.  Either Cyprus meets EU demands by Monday, or liquidity for the banks will be totally cut off and Cyprus will be forced out of the euro.  It is being reported that European officials believe that the "economy is going to tank in Cyprus no matter what", and that it would be okay to let the financial system of Cyprus crash and burn if politicians in Cyprus are not willing to do what they have been ordered to do.  Apparently European officials are very confident that the situation in Cyprus can be contained and that it will not spread to other European nations.

(Read More....) http://theeconomiccollapseblog.com/archives/mass-panic-in-cyprus-the-banks-are-collapsing-and-atms-are-running-out-of-money


Words Of Warning: Get Your Money Out Of European Banks

If you still have money in European banks, you need to get it out.  This is particularly true if you have money in southern European banks.  As I write this, the final details of the Cyprus bailout are being worked out, but one thing has become abundantly clear: at least some depositors are going to lose a substantial amount of money.  Personally, I never dreamed that they would go after private bank accounts in Europe, but now that this precedent has been set it should be apparent to everyone that no bank account will ever be considered 100% safe ever again.  Without trust, a banking system simply cannot function, and right now there are prominent voices on both sides of the Atlantic that are loudly warning that trust in the European banking system has been shattered and that people need to get their money out of those banks as rapidly as they can.  Even if you don't end up losing a significant chunk of your money, you could still end up dealing with very serious capital controls that greatly restrict what you are able to do with your money.  Just look at what is already happening in Cyprus.  Cash withdrawals through ATMs have now been limited to 100 euros per day, and when the banks finally do reopen there will be strict limits on financial transactions in order to prevent a full-blown bank run.  And of course anyone with half a brain will be trying to get as much of their money as they can out of those banks once they do reopen.  So the truth is that the problems for Cyprus banks are just beginning.  The size of the "bailout" that will be needed to keep those banks afloat will just keep getting larger and larger the more money that is withdrawn.  Cyprus is heading for a complete and total banking meltdown, and because the economy of the island is so dependent on banking that means that the economy of the entire nation is going to collapse.  Sadly, similar scenarios will soon start playing out all over Europe.
(Read More....) http://theeconomiccollapseblog.com/archives/words-of-warning-get-your-money-out-of-european-banks
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