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dshibb said:   I'm sure your preferred watching of E! doesn't have anything on it, but for news that counts in this space(financial news) this is the whole story today.

Thanks - I needed something to make me laugh!

dshibb said:   shinobi1 said:   dshibb said:   I love how a couple posters thought this was no big deal because Cyprus is just some podunk country and this is the biggest news today all over the world.

So much for the notion that this was unimportant.


You in Canada or something? I really cannot imagine where you are. Course if you're in Europe your post makes sense.

Here in the USA this story is receiving scarce mention in our mainstream media, and no emphasis. Heck, the Lindsay Lohan story overshadows this by a couple orders of magnitude. In the United States this is not the sort of story the "powers that be" wish to be brought to the attention of average people.


Sure about that? It's 98% of CNBC's coverage today!

Headline of wall street journal today.

Drudge's primary headline all day has been this.

It's littered the entire page of RealClearMarket's links

It's been about 1/10th of StreetSleuth's headlines all day which aggregates all the major financial news players and posts their last 8 headlines out of those sources.


I'm sure your preferred watching of E! doesn't have anything on it, but for news that counts in this space(financial news) this is the whole story today.


Yes, I'm certain.

News that reaches FWF participants, e.g. on CNBC, does not matter. Excellent FT stories like this

FT story on this topic

mean nothing. What matters are MM stories which reach down to the level of millions of American "low information" folks. Of those stories you will discover scant few.

To be fair, I have heard this story reported on the MM . . . but it was skipped by quickly and certainly not emphasized. Participants here have the context to understand the importance, the significance, of something of this nature. "Low information" people need a lot more help. They get that help only when MM potentates wish to provide it. This is not one of those instances.

Cypru$ has been a laundry machine for a while..that machine just broke. Why are people so surprised?!

shinobi1 said:   dshibb said:   shinobi1 said:   dshibb said:   I love how a couple posters thought this was no big deal because Cyprus is just some podunk country and this is the biggest news today all over the world.

So much for the notion that this was unimportant.


You in Canada or something? I really cannot imagine where you are. Course if you're in Europe your post makes sense.

Here in the USA this story is receiving scarce mention in our mainstream media, and no emphasis. Heck, the Lindsay Lohan story overshadows this by a couple orders of magnitude. In the United States this is not the sort of story the "powers that be" wish to be brought to the attention of average people.


Sure about that? It's 98% of CNBC's coverage today!

Headline of wall street journal today.

Drudge's primary headline all day has been this.

It's littered the entire page of RealClearMarket's links

It's been about 1/10th of StreetSleuth's headlines all day which aggregates all the major financial news players and posts their last 8 headlines out of those sources.


I'm sure your preferred watching of E! doesn't have anything on it, but for news that counts in this space(financial news) this is the whole story today.


Yes, I'm certain.

News that reaches FWF participants, e.g. on CNBC, does not matter. Excellent FT stories like this

FT story on this topic

mean nothing. What matters are MM stories which reach down to the level of millions of American "low information" folks. Of those stories you will discover scant few.

To be fair, I have heard this story reported on the MM . . . but it was skipped by quickly and certainly not emphasized. Participants here have the context to understand the importance, the significance, of something of this nature. "Low information" people need a lot more help. They get that help only when MM potentates wish to provide it. This is not one of those instances.


You're missing the point! We're talking about how this move will impact markets. Some came on here and wanted to say this was a non issue. Institutional investors are the ones that make moves in response to things like these. "Low information" people are primarily invested through mutual funds and aren't going to change a thing or way overreact if they understood this.

The reason why this news was important was because you watched European equities get slammed out of the gate and peripheral sovereign yields move way higher. The US opened and bailed out a lot of the European equities so they weren't down as much, but the Sovereign bond markets stayed down as well as European banks. That is a big move in one day.

Why does it matter that some 'low information' person in the US with $10k in his 401k get news about this? But in the financial space this was a big deal and it was treated as such! If this compounds into more negative news you've got your chain reaction which is the most you could have expected because of this. None of this has much to do with the 'low information' investor.

dshibb said:   shinobi1 said:   dshibb said:   shinobi1 said:   dshibb said:   I love how a couple posters thought this was no big deal because Cyprus is just some podunk country and this is the biggest news today all over the world.

So much for the notion that this was unimportant.


You in Canada or something? I really cannot imagine where you are. Course if you're in Europe your post makes sense.

Here in the USA this story is receiving scarce mention in our mainstream media, and no emphasis. Heck, the Lindsay Lohan story overshadows this by a couple orders of magnitude. In the United States this is not the sort of story the "powers that be" wish to be brought to the attention of average people.


Sure about that? It's 98% of CNBC's coverage today!

Headline of wall street journal today.

Drudge's primary headline all day has been this.

It's littered the entire page of RealClearMarket's links

It's been about 1/10th of StreetSleuth's headlines all day which aggregates all the major financial news players and posts their last 8 headlines out of those sources.


I'm sure your preferred watching of E! doesn't have anything on it, but for news that counts in this space(financial news) this is the whole story today.


Yes, I'm certain.

News that reaches FWF participants, e.g. on CNBC, does not matter. Excellent FT stories like this

FT story on this topic

mean nothing. What matters are MM stories which reach down to the level of millions of American "low information" folks. Of those stories you will discover scant few.

To be fair, I have heard this story reported on the MM . . . but it was skipped by quickly and certainly not emphasized. Participants here have the context to understand the importance, the significance, of something of this nature. "Low information" people need a lot more help. They get that help only when MM potentates wish to provide it. This is not one of those instances.


You're missing the point! We're talking about how this move will impact markets. Some came on here and wanted to say this was a non issue. Institutional investors are the ones that make moves in response to things like these. "Low information" people are primarily invested through mutual funds and aren't going to change a thing or way overreact if they understood this.

The reason why this news was important was because you watched European equities get slammed out of the gate and peripheral sovereign yields move way higher. The US opened and bailed out a lot of the European equities so they weren't down as much, but the Sovereign bond markets stayed down as well as European banks. That is a big move in one day.

Why does it matter that some 'low information' person in the US with $10k in his 401k get news about this? But in the financial space this was a big deal and it was treated as such! If this compounds into more negative news you've got your chain reaction which is the most you could have expected because of this. None of this has much to do with the 'low information' investor.


It matters because they vote. And their votes determine, ultimately, the leaders whose policies will guide us either toward, or away from, having to witness this sort of thing here at home.

shinobi1 said:   
It matters because they vote. And their votes determine, ultimately, the leaders whose policies will guide us either toward, or away from, having to witness this sort of thing here at home.


This isn't going to happen here plain and simple. The people that came on here and overreacted to the idea of folks worrying about it happening here were right. It's not coming here. FDIC is sacred here. The US government will cut Social Security payments by 50% before they would ever mess with FDIC. And they can print.

Our banking system is weathered to withstand a tsunami. They're now among the best capitalized in the world and well ahead of schedule for Basel III new capital requirements. They have more liquidity than they'll likely need for the next decade and the ability to get more of it at 0%. Total banking sector assets in the United States is about 100% of GDP which is very low historically for the United States. Europe is 300% banking assets to GDP. Cyprus was 700% banking assets to GDP. And this means is that when in Iceland, Ireland, or Cyprus problems happen it requires huge quantities of their money to bail out those institutions and often times its more than what the entire government or economy can support.

So outside of maybe a financial nuclear bomb going off in the US we aren't even going to have a situation that would necessitate government stepping in and if they ever did they would never touch FDIC. They would get from other places(most likely the bond market



So again the only value of this information is how this pertains to Europe and how that pertains to the Eurozone crisis and only then how that impacts our markets to be having one of our largest trading partners once again experiencing serious problems.

dshibb said:   I love how a couple posters thought this was no big deal because Cyprus is just some podunk country and this is the biggest news today all over the world.

So much for the notion that this was unimportant.

Thinking it's not a big deal in the long run is different than whether the story will make headlines or roil markets for a few days.

BostonOne said:   dshibb said:   I love how a couple posters thought this was no big deal because Cyprus is just some podunk country and this is the biggest news today all over the world.

So much for the notion that this was unimportant.

Thinking it's not a big deal in the long run is different than whether the story will make headlines or roil markets for a few days.


Do you want to bet on Italian sovereign bond yield compression after this?

For this to be true you would have to believe that the moves in the peripheral sovereign debt markets that started with the Italian elections and are now accelerating on the news out of Cyprus represent only a temporary occurrence that prudent investors should just capitalize on by buying up 10 year BTPs right now. I think you would be hard pressed to find investors that are more inclined to buy peripheral sovereign debt today all because Italian debt now represents a slightly better value.

Same goes for European bank stocks or European bank debt.

Rathipon said:   I don't suppose an alternative could have been to allow bondholders to take the loss... as originally intended.

I'm not a big fan of bailouts - but if you are going to do one, why do it in such a way where in exchange for 6 billion Euros give or take you jeopardize the entire continent's trust and confidence in the banking system? Bailing out the Cypriots in the same manner as the other beleaguered Euro nations is certainly an alternative.

I kind of disagree with the premise that a national bankruptcy or a failure of a nation's banking system halts an economy in such a drastic way as you implied. They seem to more or less be doing ok in Iceland, right?


I was thinking along those lines at first--the stock and bond holders should have their positions wiped out before depositors are touched but it doesn't work that way. Wiping them out produces $0. I do think it should be done anyway, though.

LorenPechtel said:   
-the stock and bond holders should have their positions wiped out before depositors are touched but it doesn't work that way. Wiping them out produces $0. I do think it should be done anyway, though.


What makes you think wiping out wiping out bondholders would produce $0 ? The IMF (with German support) had initially proposed wiping out just the bond holders of the 2 big banks + 30-40% of deposits over 100K (only at those 2 banks), but the Cyprus President was afraid that would result in all foreign depositors leaving, so HE insisted on the current scheme with a haircut for ALL depositors, even in banks that are not insolvent. Germany is now trying to blame the (Cyprus) President for the whole current fiasco, for refusing the IMF proposal and stating Germany is OK with going back to the IMF solution, or something similar. Oddly enough the (Cyprus) President is still complaining that he had no choice since the alternative was to make large depositors pay 40% : for some reason he thinks that is obviously a bad idea, though no reason is clearly articulated.

ananthar said:   LorenPechtel said:   
-the stock and bond holders should have their positions wiped out before depositors are touched but it doesn't work that way. Wiping them out produces $0. I do think it should be done anyway, though.


What makes you think wiping out wiping out bondholders would produce $0 ? The IMF had initially proposed wiping out just the bond holders of the 2 big banks + 30-40% of deposits over 100K (only at those 2 banks), but the Cyprus President was afraid that would result in all foreign depositors leaving, so HE insistent on the current scheme with a haircut for ALL depositors, even in banks that are not insolvent. Germany is now trying to blame the (Cyprus) President for the whole current fiasco. Oddly enough the (Cyprus) President is still complaining that he had no choice since the alternative was to make large depositors pay 40% : for some reason he thinks that is obviously a bad idea, though no reason is clearly articulated.


Let's face it their f@cked either way. Part of me says those big depositors are going to flee anyway so he might as well take them for all he can, but if anybody is thinking that this will be the only bailout these 2 institutions will require they're nuts!


It's conceivable that the Russians(Putin) are also blackmailing them at the moment. Don't forget that the Russians are also lending to Cyprus. My guess is that his desire to not ding the bigger depositors by more is potentially because the Russian government has threatened to remove their financing or potentially offered more to keep the % below double digits.

dshibb said:   

This isn't going to happen here plain and simple. The people that came on here and overreacted to the idea of folks worrying about it happening here were right. It's not coming here. FDIC is sacred here. The US government will cut Social Security payments by 50% before they would ever mess with FDIC. And they can print.


Never say never

dshibb said:    It's conceivable that the Russians(Putin) are also blackmailing them at the moment. Don't forget that the Russians are also lending to Cyprus. My guess is that his desire to not ding the bigger depositors by more is potentially because the Russian government has threatened to remove their financing or potentially offered more to keep the % below double digits.

OR maybe it is just that the Cyprus President cannot stomach his own high value accounts losing 40% and is projecting his own feelings on his nation. We are all human.

ananthar said:   dshibb said:    It's conceivable that the Russians(Putin) are also blackmailing them at the moment. Don't forget that the Russians are also lending to Cyprus. My guess is that his desire to not ding the bigger depositors by more is potentially because the Russian government has threatened to remove their financing or potentially offered more to keep the % below double digits.

OR maybe it is just that the Cyprus President cannot stomach his own high value accounts losing 40% and is projecting his own feelings on his nation. We are all human.


You don't think he moved his cash out of the country when he entered secret negotiations that started likely way before Friday?

I would be willing to bet that he isn't taking much if any hit on this.

dshibb said:   ananthar said:   dshibb said:    It's conceivable that the Russians(Putin) are also blackmailing them at the moment. Don't forget that the Russians are also lending to Cyprus. My guess is that his desire to not ding the bigger depositors by more is potentially because the Russian government has threatened to remove their financing or potentially offered more to keep the % below double digits.

OR maybe it is just that the Cyprus President cannot stomach his own high value accounts losing 40% and is projecting his own feelings on his nation. We are all human.


You don't think he moved his cash out of the country when he entered secret negotiations that started likely way before Friday?

I would be willing to bet that he isn't taking much if any hit on this.



Absolutely correct - actually, the proposal to tax evertone with deposits over 100k euros has been mentioned for the last 10-14 days, so most of the high depositors who were in the know, or believed that it would happen this quickly, have already moved their money out of the banks in Cyprus.

Interesting: "Gazprom, the world’s largest extractor of natural gas has offered to bail out the Bank of Cyprus in return for effective exclusive control of the gas reserves off the coast of the island. This would mean Cyprus does not need to accept the terms of the EU bailout offer.
The Cypriot government’s Motives are obvious - it can leverage the Russian offer into getting a better deal from the EU to try and placate its furious voters.

If Cyprus did accept the deal, then Gazprom beats the world’s other energy companies to a very attractive piece of real estate. If that costs $10bn (£6.6bn) or so, that is not too big a deal for Russia’s largest company.

But the offer is not purely commercial.

The Russian government owns 50.02% of Gazprom and its chairman is a former prime minister of Russia."

http://news.sky.com/story/1066239/the-russians-are-cooking-with-...

"Russian officials are up in arms over a possible levy on Cyprus bank accounts, which Russian president Vladimir Putin denounced as "unfair, unprofessional and dangerous." There's good reason for their concern: Nearly a third of all the money in Cyprus' outsized banking sector is Russian.

For years, Russian firms -- both private and state-run -- have been using Cyprus as a tax haven.

Attracted by a corporate tax rate of 10% -- half that of Russia's -- Russian investors have funneled money into Cyprus shell companies since the early 1990s. The money is then repatriated through investments in Russian ventures. Cyprus is actually the leading source of foreign investments into Russia, according to data from the Russian central bank.

The tax-dodging scheme is similar to ones used by corporations and individuals from a host of nations in tax shelters worldwide."

http://money.cnn.com/2013/03/19/news/economy/cyprus-russia/

It should be also pointed out that the President of Cyprus is not even willing to entertain the offer.

Likely because he sees the value of those reserves as worth substantially more than the amount of money they would essentially be offering.

I likely agree with the President especially when Gazprom isn't even offering to buy those reserves and instead is only offering to lend in exchange for exclusive rights to them.

SUB said:   dshibb said:   

This isn't going to happen here plain and simple. The people that came on here and overreacted to the idea of folks worrying about it happening here were right. It's not coming here. FDIC is sacred here. The US government will cut Social Security payments by 50% before they would ever mess with FDIC. And they can print.


Never say never


Agreed

Nevertheless I don't see this mechanism being used, near term or in future, to drain Americans' accounts. Instead savings will be savaged here through inflation and low rates.

That said, I didn't see this coming either, so probably best to take my view with the proverbial salt grain :

Will N.Z. be next?

Look, I'm willing to concede the Cyprus approach could spread, OK. I just cannot wrap my head around the thought of it spreading to the USA. But again, I have to agree with your view it's best never to say "never".

ananthar said:   LorenPechtel said:   
-the stock and bond holders should have their positions wiped out before depositors are touched but it doesn't work that way. Wiping them out produces $0. I do think it should be done anyway, though.


What makes you think wiping out wiping out bondholders would produce $0 ? The IMF (with German support) had initially proposed wiping out just the bond holders of the 2 big banks + 30-40% of deposits over 100K (only at those 2 banks), but the Cyprus President was afraid that would result in all foreign depositors leaving, so HE insisted on the current scheme with a haircut for ALL depositors, even in banks that are not insolvent. Germany is now trying to blame the (Cyprus) President for the whole current fiasco, for refusing the IMF proposal and stating Germany is OK with going back to the IMF solution, or something similar. Oddly enough the (Cyprus) President is still complaining that he had no choice since the alternative was to make large depositors pay 40% : for some reason he thinks that is obviously a bad idea, though no reason is clearly articulated.


Bonds are a liability. Removing a liability produces no cash in hand.

The Cypriot parliament has voted against a revised bank deposit levy.
http://rt.com/business/cyprus-against-deposit-levy-501/

I wonder how much longer Germany is going to want to throw good money away on these rats nest? They need to be loaned continuous amounts of money to pretend solvency.

Powza said:   The Cypriot parliament has voted against a revised bank deposit levy.
http://rt.com/business/cyprus-against-deposit-levy-501/


This is turning out to be quite the clusterf&ck.

I don't know what the hell they think they're going to do senior and junior bondholders only generates so much money and they need an immediate source of cash because the approved bailout is immediate and needs immediate matching funds(you can't earn that off by cutting some public sector employees).

This situation is getting worse. If the banks open without a deal in place the 2 largest banks in Cyprus are bankrupt and Cyprus can't pay for it's depositors.

brettdoyle said:   I wonder how much longer Germany is going to want to throw good money away on these rats nest? They need to be loaned continuous amounts of money to pretend solvency.

Underneath it all the population of countries like Germany can't take it anymore. Merkel knows this and Schauble knows this. Why do you think they demanded 40% at the beginning? Because they know that they're rapidly approaching the point where they're under mortal threat of a populist mutiny ending the gravy train in it's entirety.

The whole thing is that Deutsche and Commerzbank are way overexposed to peripheral Europe. Hopefully, they're getting less exposed but these institutions are not that well capitalized. If the periphery breaks apart these institutions will collapse and then Germany has to use likely 20%+ of it's GDP to recap their banks. France is even more screwed because they would have to recap *and* they're noncompetitive.

The truth was that Germany should have bit the bullet over a year ago and bailed on the Euro and just used their money to recap their own banking system and used the Bundestag to try to slow the appreciation of the Deutschemark. It would have cost them much less in the long run. The truth is that I don't see a way that they don't end up recaping Deutsche and Commerz. And Deutsche alone has financial assets equal to about 75% of German GDP. That's one hell of an expensive bailout.


How can you maintain a common currency between populations that are increasingly hating the living $hit out of each other and who both think they're being screwed over by the people?

Germany loses to Russia every time.

Who would be dumb enough to keep their money at a Cypress bank now?

You don't get paid any interest for keeping it there... and the risk is you'll get hit with a big levy.

Of course the politicians will pretend like there is no risk that a levy is coming but who will trust that?

Now that they've revealed their cards they'll have a bank run that will make their problems worse.

brettdoyle said:   Who would be dumb enough to keep their money at a Cypress bank now? You don't get paid any interest for keeping it there... and the risk is you'll get hit with a big levy.

Seems like they'll have a bank run now that will make their problems worse.


Well the hilarious part is come Friday or whatever day they decide to actually open their banks depositor flight is going to happen regardless if their is even a levy. At this standpoint if you're going to lose all of that Russian money anyway you might as well just tax it at 90% and give Cypriots a tax credit equal to any losses and just f@ck over the Russians. At least then you'll have a government with enough cash on hand to fund the inevitable 2nd bailout that will come from depositor flight.

If you're going to have the deposit base of your banking system collapse on Friday anyway you might as well get good bang for your buck.

Disband the stupid Euro: Greece, Spain, Portugal, Italy would get hoards of tourists if one does not have to pay 5 Euros for a cup of coffee. These countries should be much cheaper than their current prices.

Despite all the talk of Russian money - they only represent about 20% of total deposits; on top of that Russian money support a lot of offshore and tourism-relate employment, on top of that government of Cyprus took a 2.5 Billion loan from the Russian government which Putin might call...

Kicking them out would be a huge blow to Cyprus's economy

In any event it's already obvious that 10 Bil EUR package won't be enough, bigger bailout is needed now - and I sense one forthcoming with Russia aboard; it's either that or default.

dshibb said:   Powza said:   The Cypriot parliament has voted against a revised bank deposit levy.
http://rt.com/business/cyprus-against-deposit-levy-501/


This is turning out to be quite the clusterf&ck.

I don't know what the hell they think they're going to do senior and junior bondholders only generates so much money and they need an immediate source of cash because the approved bailout is immediate and needs immediate matching funds(you can't earn that off by cutting some public sector employees).

This situation is getting worse. If the banks open without a deal in place the 2 largest banks in Cyprus are bankrupt and Cyprus can't pay for it's depositors.

Cyprus is going to sell their offshore gas rights to Russians instead of doing the bank levy to get the $6b , which is a tremendous deal

The Russians are going to make out very well in all this

SUCKISSTAPLES said:   dshibb said:   Powza said:   The Cypriot parliament has voted against a revised bank deposit levy.
http://rt.com/business/cyprus-against-deposit-levy-501/


This is turning out to be quite the clusterf&ck.

I don't know what the hell they think they're going to do senior and junior bondholders only generates so much money and they need an immediate source of cash because the approved bailout is immediate and needs immediate matching funds(you can't earn that off by cutting some public sector employees).

This situation is getting worse. If the banks open without a deal in place the 2 largest banks in Cyprus are bankrupt and Cyprus can't pay for it's depositors.

Cyprus is going to sell their offshore gas rights to Russians instead of doing the bank levy to get the $6b , which is a tremendous deal

The Russians are going to make out very well in all this


Where have you heard that? From what I understand the president of Cyprus refuses to consider the offer.

dshibb said:   SUCKISSTAPLES said:   dshibb said:   Powza said:   The Cypriot parliament has voted against a revised bank deposit levy.
http://rt.com/business/cyprus-against-deposit-levy-501/


This is turning out to be quite the clusterf&ck.

I don't know what the hell they think they're going to do senior and junior bondholders only generates so much money and they need an immediate source of cash because the approved bailout is immediate and needs immediate matching funds(you can't earn that off by cutting some public sector employees).

This situation is getting worse. If the banks open without a deal in place the 2 largest banks in Cyprus are bankrupt and Cyprus can't pay for it's depositors.

Cyprus is going to sell their offshore gas rights to Russians instead of doing the bank levy to get the $6b , which is a tremendous deal

The Russians are going to make out very well in all this


Where have you heard that? From what I understand the president of Cyprus refuses to consider the offer.


If it's the only option they have, will he have a choice?

MarsdenFubar said:   
If it's the only option they have, will he have a choice?


No there are other options being floated. Right now he might be more likely to buck under pressure to put the bail in amount above 100k euros. Supposedly, there is a hail marry being thrown with his meetings with the Russians saying that if they don't throw in the other 6 billion with no strings attached it's likely they're going to get taxed 20%. The 20% deal is being designed to look more attractive. The Russians get equity in the new company that *Cyprus* is creating for those oil reserves and they get board seats on that company. We'll see if any of that works.

The EU is trying to get him to blackmail the Russians if need be.


The $10 billion stands they just need to find the other 6 billion and the Cypriots would be stupid to hand over such a valuable asset only in exchange for a credit line especially when they'll likely need that in the future.

dshibb said:   MarsdenFubar said:   
If it's the only option they have, will he have a choice?


No there are other options being floated. Right now he might be more likely to buck under pressure to put the bail in amount above 100k euros. Supposedly, there is a hail marry being thrown with his meetings with the Russians saying that if they don't throw in the other 6 billion with no strings attached it's likely they're going to get taxed 20%.

The EU is trying to get him to blackmail the Russians if need be.


At least they have "last chance" option.

dshibb said:   ...The EU is trying to get him to blackmail the Russians if need be...
Sounds like you are saying that Cyprus is currently ground zero (or perhaps just collateral damage) in the global currency war, with the combatants being the EU and Russia.

btw, this is a great discussion

HawkeyeNFO said:   dshibb said:   ...The EU is trying to get him to blackmail the Russians if need be...the global currency war, with the combatants being the EU and RussiaJapan acutely remembers their defeat to Russia

GotRocks, I have more terrible news for you. According to the WSJ the Eurozone is now drafting up plans to impose capital controls onto Cyprus. They're talking about limiting daily withdrawals, slowing down the time it takes to clear, etc. This not good for you at all because I would be worried about bailout number 2 if your banks financial situation deteriorates and that of Cyprus government and the small risk of a Euro exit.

The good news they 'claim' that they're just going to watch money flows when they open up and see if they need to step in.

So GotRocks and everybody that has money in a Cypriot bank when the banks open up likely on Tuesday morning you execute as fast as you possibly can. That means if banks are opening at 8:00 am you've clicked confirm by 8:01. There is no sense in taking your chances on this one if you can be out of the gate right away your money is safe you wait around you might have difficulties getting your money out of Cyprus for good.

And capital controls on an island nation is potentially the easiest set up for a Euro exit you can get. Not worth the chance! Run!!!!


You can always bring back enough to meet your regular spending needs, but getting your money out could end up saving you a hell of a lot more than 7%.

dshibb said:   
The EU is trying to get him to blackmail the Russians if need be.


That probably will not end well...

Now one of the few MPs in Cyprus has told the BBC that if Cyprus can't reach a new deal with the Eurozone or raise the $6 billion from other means, they'll leave the Eurozone.

It appears Cyprus is calling the Eurozone's bluff!

I would think that it would be more ideal to take the Eurozone's money and then leave, but that's just me!

dshibb said:   Now one of the few MPs in Cyprus has told the BBC that if Cyprus can't reach a new deal with the Eurozone or raise the $6 billion from other means, they'll leave the Eurozone.

It appears Cyprus is calling the Eurozone's bluff!

I would think that it would be more ideal to take the Eurozone's money and then leave, but that's just me!



And then what? Join Turkey?



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