Cyprus and EU agree draft proposal to rescue banks

Comments (23)
Harry079 wrote:

The really rich people don’t go out on the streets to protest. They will pay someone to register their complaints for them. Usually in a manner that isn’t to healthy for the recipients.

Mar 23, 2013 9:01pm EDT  --  Report as abuse
kommy wrote:

Cyprus will pull Greece, Greece will topple eurozone.

Mar 23, 2013 9:40pm EDT  --  Report as abuse
nixonfan wrote:

Talks broke up? No deal yet? Cyprexit?

Mar 23, 2013 10:20pm EDT  --  Report as abuse
hammock wrote:

Cyprus is too small to get help.

Mar 23, 2013 11:40pm EDT  --  Report as abuse
Nespeaktogo wrote:

I can’t wait to see the end of this drama.

Mar 23, 2013 11:58pm EDT  --  Report as abuse
SanPa wrote:

French banks are being stressed by Greek paper. If Cyprus goes under, France could well be taken down by depositors fearful of a repeat of the capital forfeiture of the 50′s and 80′s.

Mar 24, 2013 1:12am EDT  --  Report as abuse
diddums wrote:

Fit they came for the 100,000 accounts, and I did nothing. Then they came for the 50,000 accounts and I did nothing. Etc etcrsi

Mar 24, 2013 1:51am EDT  --  Report as abuse
ThursdayAgain wrote:

So many nonsense comments. The Euro area will not be stressed by losing 0.2% of its GDP, now will it’s banking systems fail because EUR 38 Bn of tax-avoiding-money-laundered Russian mafiosi cash is at risk.

Successive Cypriot governments brought this situation on themselves in what can only be described as hubris of the highest order. Now the chickens are coming home to roost.

Mar 24, 2013 7:13am EDT  --  Report as abuse
Boat52 wrote:

The central bankers of the world with Bernanke at the top of the list are headed down a path that will lead to great social unrest. Louis XVI, King George III and Nicolas II either didn’t care or didn’t understand the power of their angered subjects and the rest is history. At some point, people will have enough of the meme of the need to save the banks and the banker’s bonuses.

Mar 24, 2013 8:42am EDT  --  Report as abuse
dcatkin wrote:

Our government should leave their hands off of Cyprus, unless they are asked to help, of course Obama doesn’t see this way. He’d love to be the king of the world.

Hopefully all of Europe pulls a Greece and completely hoses the Euro because it’s about time, and hopefully that happens before Obama crashes the dollar.

Mar 24, 2013 9:48am EDT  --  Report as abuse
Neko wrote:

Had an economics prof tell me back in the 80′s that the real danger to capitalism is not Communism, it is bankers. We MBA wannabes thought he was crazy. Now I understand what he was trying to tell us.

Mar 24, 2013 10:44am EDT  --  Report as abuse
Neko wrote:

Had an economics prof tell me back in the 80′s that the real danger to capitalism is not Communism, it is bankers. We MBA wannabes thought he was crazy. Now I understand what he was trying to tell us.

Mar 24, 2013 10:44am EDT  --  Report as abuse

“”To all those who say that we are strangling an entire people … Cyprus is a casino economy that was on the brink of bankruptcy,” he told Canal Plus television.”

Next month: “To all those who say that we are strangling an entire people … GREECE is a lazy economy that was on the brink of bankruptcy,” he told Canal Plus television.”

Mar 24, 2013 11:11am EDT  --  Report as abuse
Marios1973 wrote:

I am Marios, am 40 years old in Nicosia, Cyprus.

Am not a bank employee, am not a goverment employee, am working (thankfully in the private sector).

I truly believe that the Cyprus situation will create the pedestal for similar deposits cash in Eurozone. People here are debating where to walk out of any deal within the Euro. Some of them have been studying strategies and discussing them on TV about what would happen in case we went back to the Cypriot pound, which was, mind you, quite a strong currency in 2008, when we entered the Eurozone.

It is quite clear to everyone I think, that what happened in Cyprus, is a worldwide first, and I wouldnt put any other term for it, other than organised stealing. The way they simply said, “look, we can fork out 10 billion euros, and you have to cut all deposits above 100,000 so you find the other 5.8 billions you are looking for”, is to say the least, catastrophic. I heard and saw, TV captions, that resembled a war within the confines of the Euro.

It is very obvious to everyone here, that, all these take place, due to the huge amounts of natural gas found right under Cyprus, in its independent economic zone. The deposits there are thought to be worth between 300 to 600 billion Euros. This is what everyone have the eyes on.

Every time our government tries to approve, with the consent of the “Troika” of course, all relevant plans and laws (and to praise them, they have been meeting and discussing measures for 15 straight days), the “Troika” comes up with a different scenario, with new demands.

And to close my comments, I urge the people of the European South. This will most definitely happen to YOU TOO. This IS the method that will become the norm for all “non-privileged” economies of the European South. I strongly urge you, beware of the tactics to come your way. Keep a very close eye on your deposits, they will try to get hold of them in every imaginable way. Beware.

Mar 24, 2013 11:28am EDT  --  Report as abuse
disraeli wrote:

Is this the crack in the dike that will bring down the financial system? There’s nothing like confiscating money out of people’s bank accounts to assure a bank run, and what about Spain? Would yo leave your money in a Spanish bank?

Mar 24, 2013 11:55am EDT  --  Report as abuse
westernshame wrote:

“Anticipating a run on banks when they reopen on Tuesday, parliament has given the government powers to impose capital controls.”

this should be just as much a concern as the 20% theft, if not more. so not only are they going to take one fifth of their money, they intend to hold the rest hostage?? for how long??? for what purpose??

this can only slow the inevitable run on the bank, it will not prevent it, it will happen. measures like this will also cause a domino effect across all the other nations with week financial situations.

how can it not?

Mar 24, 2013 4:50pm EDT  --  Report as abuse
Jose3 wrote:

If a little country can cause this much trouble, what’s going to happen when (not if) a larger country is involved?

Mar 24, 2013 6:20pm EDT  --  Report as abuse
cooperbry wrote:

Best thing for Cyprus would be to abandon the EU and reset. It’s the path that will resolve the issue for certain. This loan and theft of people’s money will simply prolong the death just like Greece. Pull and Iceland and you’ll be growing again in a couple years.

Mar 24, 2013 7:18pm EDT  --  Report as abuse
DeanMJackson wrote:

The article reads, “The key issues in dispute were how Cyprus should raise 5.8 billion euros from its banking sector towards its own financial rescue, and how to restructure its outsized banks.”

And what economic theory/noted economist has EVER prescribed such a ludicrous policy? Well, the European Union Parliament very well knows its policy is ludicrous. So why demand it, you ask? Simple, those large depositors that the bank levy is aimed at are Russian depositors whose monies fund Moscow’s espionage activities in this part of the world.

For those of you not clued in, the “collapse” of the USSR was a disinformation operation under the “Long-Range Policy” (LRP), the “new” and more subtle strategy all Communist nations signed onto in 1960 to defeat the West with.

Mar 24, 2013 7:27pm EDT  --  Report as abuse
Vuenbelvue wrote:

It is 7:30 Eastern time and 12:30 AM Monday morning in Cyprus. Or is it like American politics where there is still more time to make a deal?

Mar 24, 2013 7:34pm EDT  --  Report as abuse
Greenspan2 wrote:

During the height of the financial crisis in the US, when banks were closing, only the first $100,000 of deposits was insured and many people were shocked to have lost their money above the insured amount which they had considered safe. The level of insured deposits was later increased to $250,000 to encourage deposits. The money markets “broke the buck”, and some investors lost money in what is usually considered a safe parking place for funds. Many money market funds would have closed, causing a complete loss for investors, expect the government stepped in to lend money to stabilize the funds. Money market funds are still vulnerable to market shocks, as Congress has actually done very little to institute the Dodd-Frank reforms or to break up the large investment banks that seem to have usurped sovereign power all over the world.

Mar 24, 2013 8:23pm EDT  --  Report as abuse
JapanViewer wrote:

This is a good deal if only to hit the “tax-avoiding-money-laundered Russian mafiosi cash” (@ThursdayAgain). Besides, if rich Cypriots have had “the money” all along this financial debacle, why not take it from them. It’s their own country they looted and it’s their own country they should repay.

Mar 25, 2013 4:22am EDT  --  Report as abuse
insoucianced wrote:

I have mismanaged my finances! There is an evil Troika in my house that keeps siphoning off money! PLEASE BAIL ME OUT…

Mar 25, 2013 8:29am EDT  --  Report as abuse
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