Laiki Bank: Some Depositors Are More Equal Than Others
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Zero Euro Bill Yeah, some things in life are inevitable. That's why it was no surprise, though still endlessly amusing, to find that while deposit
[See the full post at: Laiki Bank: Some Depositors Are More Equal Than Others]One must really wonder about who intended what in this drawn out fiasco of squeezing out all the blood before applying the tourniquet.
We were told that the Russian oligarchs would be caught with their pants down and all their ill-gotten gains in far away, remote, inaccessible Cyprus would be forfeited to shore up the poor little country.
This would prevent the ECB from taking the whole loss. The ECB was reported to hold a lot of bank bonds from Cypriot banks, and Cypriot government bonds. Maybe they still do. Later we heard and heard and heard that details couldn’t be worked out, until they finally fell back on just letting the poor bank collapse naturally, and let the chips fall where they may…
However, by then we were hearing that the nasty Russians got their assets out through English branches.
Just who gave whom a reach-around here? (Please forgive my indelicacy)
How many more details will we slowly get, of how the little people got sucked dry when their representative appeared to protect them, but somehow did nothing of the sort?The whole economic system has delaminated. The rich can skidaddle at will now from any risks regardless of the cost to countries and their citizens.
Hi Folks,
Interesting timing on Russian military exercise:
Putin orders unscheduled Black Sea military exercise
Russian President Vladimir Putin on Thursday ordered unscheduled military exercises involving thousands of troops and dozens of ships in the Black Sea region, the Kremlin said.
The order was presented to Defence Minister Sergei Shoigu in a sealed envelope at 4:00 am (2400 GMT), his spokesman Dmitry Peskov told Russian news agencies, adding the exercises would involve 36 ships and up to 7,000 troops.
Is that loose change or a sabre I hear rattling…
L,
Sid.Boy, those Russian oligarchs could have taken out a lot more than a few millions had their boss let the banks open branches and issue tons of credit in Mother Russia.
As of today, no branches of foreign-based banks operate in Russia
Too bad; it’s still 1-0 for the [strike]holders of bank stocks, bonds and RE[/strike] Banksters.
P01,
Hold no deposits is even better advice than “hold no debt”
Cyprus Finance Minister: Uninsured Laiki Depositors Could Face 80% Haircut.
Asked if, like in other bank closures, it could take six to seven years before depositors get back there money, he said: “maybe yes. And the amount [returned], could be 20%. Certainly, for depositors above 100,000 euros it could be a very significant blow.”
Not to worry, Cyprus is about to become the richest nation in Europe, at least for a short while!
https://www.businessinsider.com/trucks-carry-cash-for-cypriot-banks-2013-3#ixzz2OqWjV42E
More evidence for the people who just love being conned into thinking government is anything more than a legalized, debt pushing mafia…
Cyprus President’s Family Transferred Tens Of Millions To London Days Before Deposit Haircuts
Nassim, how about… “neither a lender nor a borrower be?”
I think that covers all bases.
Sounds good. 🙂
Actually, it is very sound advice. I never have borrowed and on the very few occasions I did “lend” money it led to those borrowers no longer wanting to know me. I guess they think I will ask for it back thirty plus years later.
“The promise given was a necessity of the past: the word broken is a necessity of the present.”
― Niccolò Machiavelli, The Prince
I found this link on Youtube
https://www.youtube.com/watch?v=5zD7xR0DGuEWhat he is saying is similar to what we have here.
The collapse will happen in a few years he says.
Few years could be 2 years and up.In the mean time Jeff Berwick
is starting a community in Chile.
https://galtsgulchchile.com/
He says Canada is very connected to USA so I presume that is why he wants to stay from here.
If it was me I would start that community here in Canada.Guest Post: The Real Cyprus Template (The One You’re Not Supposed To Notice)
Longtime correspondent David P. (proprietor of Market Daily Briefing) charted some very interesting data that enables us to follow the money–specifically, Eurozone money in the “foreign deposit sources” (deposits in Cyprus banks that originated from outside Cyprus).
It appears the key preliminary step of the Real Cyprus Template is that money-center banks in Germany and other “core” Eurozone nations pull their money out of the soon-to-implode “periphery” nation’s banks before the banking crisis is announced.
As David observed, “I think this explains a lot about something that has always puzzled me: why the delay in resolving Cyprus after the Greek haircut?”
Here is David’s explanation and two key charts:
(read the article to find out who were the winners and losers)
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