The Great Cyprus Bank Robbery by Financial Terrorists

Whoa! He's a little worked up, eh?

Terra

True, it also gives the Russian mafia a real kick in the teeth. Cyprus is the new Switzerland for the Russian mob.

Doesn't help the poor sod on the street much, though.

Their true enemy has yet to reveal himself.

No it won't

The republic of Cyprus is the legal internationally recognised government of the whole island, and is virtually all Greek cypriot. There are virtually no Turkish Cypriots living there. And this is where the affected banks are located.

The Turkish republic of north Cyprus is the defacto government of the northern third of the island. It is virtually all Turkish Cypriot, there are no greekcypriots living there. And there are also Turkish settlers from mainland turkey. It is unrecognised except by turkey and maybe 1 or 2 Turkish allies (Azerbaijan perhaps? I'm not sure ).

The economy of north Cyprus is separate, it doesn't have the same banks, and isn't affected by this.

Also, although there are many links between Greece and Cyprus, the economies are quite different. Cyprus is more economically advanced than Greece (or at least it feels that way). Also while it is true that Cyprus has relatively low rates of tax, I don't believe it has the same problems of tax evasion that Greece has.

Hmm, I think this only affects Greek Cyprus side. Greeks fought hard to keep Turkey out of EU and Turkey was damn mad but now Turkey is laughing all the way to the bank as is its part of Cyprus as its economy is the best in Southern Europe and best in the Middle East - two worlds it straddles with great ease now.

I read that the "top savers" were forfeiting up to 60% because of this..

10% is only for the "small" savers.

Any truth to that? Anyone know?

edit: ohh.. just say Kay's reply.

That sucks.

In my opinion... <--- Take note.

The US Federal Reserve, among others are heavily involved using our future, borrowed tax dollars to hold off the inevitable.

I think many government officials, bank execs, etc. realize there may be a Gaddafi-style ending to their careers if they do not get this under control.

Joe Mobley

I think the move will precipitate a bank run in Cyprus on tuesday.

the single biggest reason there is 20 trillion, located in off shore tax havens is the imf

Because it is not the IMF's money to use.

Joe Mobley

Exactly Ms. Sandra.

There are hundreds of millions of people around the world thinking "If it can happen there, it can happen here... with my money."

A small match can start a big fire.

Joe Mobley

Aye I watched it all the way through too some time ago.

Basically the top brass in Goldman Sachs are a bunch of murderers, not to put too fine a point on it.

In my opinion drastic action is needed to bring them to account and since government is too weak minded to do anything about it, it's up to us the people when to say enough is enough.

Truth be told, I've been boiling away under the surface on this subject for decades now, often unfortunately feeling powerless to do anything about it directly. Just like a lot of other people who similarly feel the issue is perhaps too big to take on on an individual level.

However, there has to come a time when such a corrupt and barbaric system has to come to an end. This cannot be allowed to continue for very much longer.

All around the world there are now billions of people suffering greatly because of the current banksters monopolized control over the vast majority of the population who are paying through the nose to bolster the coffers of the top 1% wealthiest individuals.

On a very human level, in many parts of the globe untold misery is caused by this utterly corrupt banking system. Tens of millions of children, not to mention adults suffering the effects of famine, dirty water, disease, wars and civil unrest and God only knows what else and all because of the sheer selfishness of this tiny incredibly wealthy minority.

Real decisions being made which put the lives of other people at risk. Real decisions purposefully being made knowing the outcome of these decisions will cause untold physical pain and misery to billions of people around the world.

Someone 'under normal circumstances' commits murder and if caught the punishment is most severe, either locked away for the majority of their lifetime or given the death sentence themselves.

Yet here we have a situation where these few extremely wealthy individuals are commiting genocide on a mass global scale and getting away with it scott free.

What's more our elected so called 'democratic government/s' are allowing this barbarous activity to continue a system which laughably enough law enforcement rather than protecting the lives of innocent people instead defends the legal right of these mass murderers.

Overthrow by the population seems to be the only viable solution and dare I say it, if this means taking out the people responsible for this mass murder on a global scale - then so be it.

Terrorism? What a joke! The very people committing acts of global terrorism have the entire system so stitched up that the vast majority of people today actually believe the whole cock a hoop story they're fed with every day, when in fact, the real terrorists are actually the few people in control of the entire global banking operation. The sooner they're taken out of the equation altogether, shot on sight the better it would be for everyone else.

The whole current banking system and monetary control together with the power structures which support it all...

...are all a fcuking joke.


Mark Andrews

It was proposed by members of the Eurozone who are being asked to bail out Cyprus to the tune of over 10 billion dollars.

Here is why:

The vast majority of the funds are from people in other countries - mainly Russia.

There are those in the Eurozone who think Russians are keeping money in Cyprus to access Eurozone protections not available in their country.

Bailing out Cyprus without requiring some form of "give back" is not going to be accepted by Eurozone countries who provide the bailout money.

The amount of the bailout would create a debt that is far past a tipping point in Cyprus and could lead to further failure.

The biggest problem is that when this was first proposed - Cyprus didn't seem to react to it. The people in charge there believed this "tax" would only apply to the rich - and thus to citizens of other countries...who had put money into overgrown banks in Cyprus.

It's the same thought process we are seeing in the US - if it applies to the rich or takes from the rich - we think that's fine. When it applies to the rest of us - big problem with it.

So it was voted down - unanimously. But Cyprus is in the same position - broke with no promise of a bailout.

Countries providing money for the Eurozone bailouts are NOT going to hand out tens of billions of dollars to small countries that are unwilling to make sacrifices to get the money.

Alternative for Cyprus might be for Russia to provide the bailout - European countries would not want that to happen and might kick Cyprus out of the Eurozone.

From what I've read and heard, the problem in Cyprus was over extension of banks that led to a domino effect when Greece failed. The people there want a bailout that doesn't cause hardship - which is not a realistic expectation.

I found a fascinating page yesterday online. It is a history of debt and the S&P outlook for major countries. It shows the progress over several years of debt to GDP ratio.

Comparing Debt Ratios - WSJ.com

S&P ranks the US financial outlook in the same group as Italy, Portugal, Spain....countries near the famous 'tipping point'.

Actually, there IS a federal law that requires entities to NOT get too big. It is called the sherman antitrust act. Of course, people feign to go after the letter of the law, and just casually skip by the spirit of the law. Case in point? Most car manufacturers, airlines, etc.... You could say they are all owned by one entity. Listen CLOSELY to the likes of United or Delta, and they ADMIT it! But since corporate papers say otherwise, nobody cares.

Anyway, it is a central point for failure and simply pointing that out gives them control.

Yeah, the shifting of securities, loans, subsidies, obscure terms, changing word's meanings, etc... makes it EASY to steal today. They can literally steal $10 Billion, and make it APPEAR to be there. They can make a valuable policy WORTHLESS and still claim it has the same value. FEW notice until it is too late.

Steve

Cyprus is unusual as the banks there have more money than the economy of the country. 40% of the money is foreign money invested in those banks for various reasons.

The banks are not failing - the country's economy is. Huge debt - high unemployment.

The banks have been closed since last week and will remain closed perhaps for another week. ATMs can be used to remove a certain amt of money daily - but reports say the ATMs are out of funds early each morning.

To avoid bankruptcy, Cyprus must have a bailout - but anyone providing billions for a bailout is going to want something in return.

If the banks were allowed to bankrupt, those with up to 100,000 deposits will recover all their money anyway as that is guarantee. It seems they have found a way of getting round this guarantee by not allowing the banks to go bankrupt. It sends a chilling message to people in other countries in the EU and beyond.

Wealthy Russians would know that their deposits were guaranteed up to 100,000 euros anyway and would have moved much of their money out beforehand. So you are not going to have individuals suffering large losses because of it. It would be easy to say why not let the banks go bankrupt. But the truth is that you will have massive disruptions and it will have be months before depositors can recover their money. The people of Cyprus have definitely got something to be extremely angry about. It seems that a lot of the problems with their banks are related to Greece.

There is one nation which stands out on the list that Kay referred to. It is Japan with by far the highest level of government debt in the world. However, it is still deemed to relatively safe because most of their bond buyers are local.

In the case of Fed Res monthly bailouts happening now - the money isn't being printed...as I understand, we are now simply creating dollars digitally for the fed to spend. No need to print it as it's being spent as fast as it is issued.