Cyprus Bank Run.

[davidI]

....and the plot thickens.

The Russian Mob / Parliament has some pull

Not to mention it was a f*cking retarded decision to come up with for a $13 bbn solution!

[dj_honda]

This is a good article about Cyprus - I think there is a lot of panicking going on that isn't entirely justified:

http://dealbook.nytimes.com/2013/03/...yprus-and-why/

I think what it comes down to is the fact that the limit is too low for their levy and it affects ordinary savers. Once they raise that so that the pensioners and avg population is not affected, I could see this levy going through.

[Toma]

Originally posted by ZenOps
http://www.zerohedge.com/news/2013-0...514-billion-de

A reminder from ZH about just how "secure" FDIC insurance is. In the US, they insure for deposits up to $250,000 for each person.

BUT: There is a cap of $25 Billion. Total deposits are a little over $9 Trillion in the US.

Canada is CDIC insured up to $100,000 cdn, and if someone wants to find the cap for it, please post it.

I said that this may be the year that insurance companies start to go bankrupt, it would be hella something if the FDInsuranceC was the first one.

Reminder: Save your nickels, or better yet - buy a ton of US nickels.

Lmao. Cdic is a Joke. Look how much money is in their 'coffers' then look at total deposits at any ONE banking institution. Its a joke. A drop in the ocean.

A false meaningless safety illusion.

[Toma]

Solution is dead easy. Get out of the EU.

Its an unsustainable stupid concept designed to transfer wealth to the bankers.

[Xtrema]

Originally posted by Toma


Lmao. Cdic is a Joke. Look how much money is in their 'coffers' then look at total deposits at any ONE banking institution. Its a joke. A drop in the ocean.

A false meaningless safety illusion.

Yep, CDIC can only safe guard against small banks and credit unions. Anyone of the big 5 goes under, the whole thing falls like dominoes.

[dawerks]

Originally posted by Xtrema


Yep, CDIC can only safe guard against small banks and credit unions. Anyone of the big 5 goes under, the whole thing falls like dominoes.

IF one of the big 4 go under, then trust me, you won't have to worry about 'Canadian Money'.

[Beerking]

Originally posted by Feruk
Deal didn't go through. So I'm confused... is Cyprus going to default?

You are missing the point. There is no happy ending.


They want your money, they will stop at nothing to get your money. Money=debt

If you have not figured that out yet or do not know who THEY are........well, good luck.

[davidI]

Originally posted by Toma
Solution is dead easy. Get out of the EU.

Its an unsustainable stupid concept designed to transfer wealth to the bankers.

How is this a solution? No bailout. Banks go bust. Domestic currency becomes essentially worthless. People starve in the streets. Russian mobsters kill all those involved. Chaos ensues.

Okay, maybe that's a bit dramatic, but I really don't see leaving the EU an option at this point.

[BigMass]

Leaving the EU is not an option. The real solution would have been to not create the EU to begin with. Now it's way too late.

[Xtrema]

Originally posted by davidI


How is this a solution? No bailout. Banks go bust. Domestic currency becomes essentially worthless. People starve in the streets. Russian mobsters kill all those involved. Chaos ensues.

WWIII and more contents for history channel and movies.

[ZenOps]

Looks like they will be voting on "something" tomorrow.

It might be yet another modified version of a bank levy, or something even more drastic as the EU has upped its capital requirements by almost a full Billion euros on the failure of Cyprus to find a quick resolution.

http://www.reuters.com/article/2013/...92M04320130323

Looks like it might be a flat 25% bank levy on deposits over $100,000.

HAH! I guess 10% was voted down because it wasn't enough.