Where Is Gold Going In This Market

[mania]

Cyprus bailout: Parliament postpones debate

According to Reuters news agency, almost half of the depositors in Cyprus are believed to be non-resident Russians.

[churchill]

Supposedly this move ( 6-9.9%)was made to "avoid unsettling investors in larger countries and sparking a new round of market contagion."

How can such an action do anything but cause contagion?

What is someone in Greece, Spain, or Italy supposed to think?

Think the parlay of EU contagion-begging actions for a second.

1.Spanish banks will not be able to evict homeowners,( EU Court Strikes Down Spain’s Eviction Law.)who in turn will be give reason to default. Losses will soar at Spanish banks and they are insolvent already.

2.The "Offer You Cannot Refuse" action by the EU is sure to arouse suspicion of a forced bailout in Spain.

3.Cyprus actions will heighten fears of bank takeovers, capital controls, and theft of deposits via confiscation.

http://globaleconomicanalysis.blogspot.nl/2013/03/contagion-begging-actions-expect-bank.html

...and meanwhile with all your wetting of knickers, the price of gold still goes nowhere.

great yes Gold goes nowhere on sunday

Confidence ...that is what it is about ...Trust ....

Wet Knickers ......let us see

[midas]

Supposedly this move ( 6-9.9%)was made to "avoid unsettling investors in larger countries and sparking a new round of market contagion."

How can such an action do anything but cause contagion?

What is someone in Greece, Spain, or Italy supposed to think?

Think the parlay of EU contagion-begging actions for a second.

1.Spanish banks will not be able to evict homeowners,( EU Court Strikes Down Spain’s Eviction Law.)who in turn will be give reason to default. Losses will soar at Spanish banks and they are insolvent already.

2.The "Offer You Cannot Refuse" action by the EU is sure to arouse suspicion of a forced bailout in Spain.

3.Cyprus actions will heighten fears of bank takeovers, capital controls, and theft of deposits via confiscation.

http://globaleconomicanalysis.blogspot.nl/2013/03/contagion-begging-actions-expect-bank.html

...and meanwhile with all your wetting of knickers, the price of gold still goes nowhere.

great yes Gold goes nowhere on sunday

Confidence ...that is what it is about ...Trust ....

Wet Knickers ......let us see

Nobody wetting their knickers here but Afxentis Afxentiou former of the Central Bank of Cyprus might be .

“If tomorrow Cyprus’s Parliament rejects the bill, Cyprus opens the road to chaos,” Cyprus's two largest banks will collapse. He said if the bill is rejected, “Cyprus will turn into Libya. Even with the pain, we need to follow a normal course, with hope we’ll see better days.”

http://www.bloomberg.com/news/2013-03-16/anastasiades-seeks-cyprus-parliament-support-for-deposit-losses.html

[midas]

[mccw]

Really is so stupid. It's such a small amount of money I can't see why the ECB needed to be so hard as to risk the contagion, bank runs or loss of confidence on wider EU.

[mania]

Really is so stupid. It's such a small amount of money I can't see why the ECB needed to be so hard as to risk the contagion, bank runs or loss of confidence on wider EU.

Have to agree. If this fly's it will be a contagious fear that causes loss of what is left in this faith based system well outside of Cyprus

[mccw]

Really is so stupid. It's such a small amount of money I can't see why the ECB needed to be so hard as to risk the contagion, bank runs or loss of confidence on wider EU.

Have to agree. If this fly's it will be a contagious fear that causes loss of what is left in this faith based system well outside of Cyprus

Only reason I can see is to test reactions on a small country; with the view to apply across the board in future. The worry is after its been done a couple of time it could happen anywhere, as they'll point and say its accepted practice. Same like the QE and buying your own countries bonds etc etc. but it must back fire surely. It's a line crossed.

[mccw]

Almost like they are deliberately trying to spark another round of crises? To further institute/ have excuse to demand labour "reforms", privatisation's, etc etc, take over zee gold,

[farang000999]

i already mentioned that possibility.

And so did everyone else on the planet as that is everyone's initial reaction... so once some start pulling money from these weak banks, simply game theory dictates that others should do so as well. Seems more like a certainty than a possibility.

[Naam]

i already mentioned that possibility.

And so did everyone else on the planet as that is everyone's initial reaction... so once some start pulling money from these weak banks, simply game theory dictates that others should do so as well. Seems more like a certainty than a possibility.

feeling bored? if everyone else on this planet mentioned it why do you repeat it? and if it is a certainty that people will be pulling their cash in countries with huge debt then we don't have to discuss it further and just wait for the certainty to happen. Spanish and Italian banks will open in approximately 10 hours.

p.s. i opt not to hold my breath based on your certainty

[Naam]

Really is so stupid. It's such a small amount of money I can't see why the ECB needed to be so hard as to risk the contagion, bank runs or loss of confidence on wider EU.

inform yourself please. the actual demand came from Mme Lagarde, IMF.

[Naam]

You have missed the point entirely. The fact that these banksters in

collusion with the politicians even considered levying a 40% tax

indicates in principle how far they were thinking of going. Mabe they

think 10% would avoid riots ( or bulldozers ) but i dont think it will

avoid a wholesale bank run in many countries. Very bleak outlook

i haven't missed any point and i don't care what Schäuble suggested because

it did not materialise and his suggestions were not quoted in context with the

other points of his suggestions. it is therefore a waste of time to discuss it.

my point was and is that any percentage of "tax" lower than 100% is

better than a total loss.

in the case of Iceland you were raving, ranting and applauding umpteen

times that creditors were cheated 100% out of their money. why you

pity now Cypriot and other foreign (mainly Greek and Russian) creditors

is inconsistent and beyond my grasp.

and should there be a run on European banks tomorrow resulting in a

"healthy" crisis then this is exactly what i am looking forward too. the

odds are indeed in favour of a run.

oops, sorry Midas! i forgot to mention what Schäuble had in mind when he mentioned "40%" bail-in. now that i reveal it it will cause you sleepless nights because his demands are fully compliant with yours (aired and applauded by you many times in context with Iceland) and even beyond.

Schäuble wanted to keep the €UR 100,000 guarantee in order not to hurt the 'little' Cypriot people but asked for a haircut of 40% on all other creditors' receivables including bondholders.

[Naam]

Almost like they are deliberately trying to spark another round of crises? To further institute/ have excuse to demand labour "reforms", privatisation's, etc etc, take over zee gold,

Madame Lagarde konspiring wizz ze bad Tchermanns Merkel and Schäuble in Berlin vanted to giff a helping hand to a Brit who shtrongly beliefs in ze soopreem value of Gold and iz vaiting till ze Tchineese kome up vizz a gold-backed kurrenzie. in a sekret memorandum (written in Tchermann-Frentch) ze name of ze Brit vas not shpelled out but abbreviated as "EmmZeeZeeDubbelYew". alletchedly he is ze neighbour of ze internashonally renowned and famous Sviss gluhm&duhm investor Marc Faber who lives in norzern Thailand.

[midas]

You have missed the point entirely. The fact that these banksters in

collusion with the politicians even considered levying a 40% tax

indicates in principle how far they were thinking of going. Mabe they

think 10% would avoid riots ( or bulldozers ) but i dont think it will

avoid a wholesale bank run in many countries. Very bleak outlook

i haven't missed any point and i don't care what Schäuble suggested because

it did not materialise and his suggestions were not quoted in context with the

other points of his suggestions. it is therefore a waste of time to discuss it.

my point was and is that any percentage of "tax" lower than 100% is

better than a total loss.

in the case of Iceland you were raving, ranting and applauding umpteen

times that creditors were cheated 100% out of their money. why you

pity now Cypriot and other foreign (mainly Greek and Russian) creditors

is inconsistent and beyond my grasp.

and should there be a run on European banks tomorrow resulting in a

"healthy" crisis then this is exactly what i am looking forward too. the

odds are indeed in favour of a run.

oops, sorry Midas! i forgot to mention what Schäuble had in mind when he mentioned "40%" bail-in. now that i reveal it it will cause you sleepless nights because his demands are fully compliant with yours (aired and applauded by you many times in context with Iceland) and even beyond.

Schäuble wanted to keep the €UR 100,000 guarantee in order not to hurt the 'little' Cypriot people but asked for a haircut of 40% on all other creditors' receivables including bondholders.

And I forgot to mention this……………. this is what I was getting at….

I don't remember this happening in Iceland ?

“ What we’re seeing here is the Cypriot government being forced to break one of its most important promises — the promise that if you put your money in the bank, and your deposits total less than €100,000, then they will be safe.”

http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/?dlvrit=60132

[ExpatJ]

Gold has jumped in response to this move.

An EU official was quoted (anon) on bloomberg.com that they are testing this policy in Cyprus and if it works, plan to use this bank account tax in other EU countries.

It seems like a massive policy mistake by those IMF/EU ECB officials.

[midas]

Gold has jumped in response to this move.

An EU official was quoted (anon) on bloomberg.com that they are testing this policy in Cyprus and if it works, plan to use this bank account tax in other EU countries.

It seems like a massive policy mistake by those IMF/EU ECB officials.

" One flabbergasted Larnaca bank employee, 28, was grabbing a coffee before returning to the rolling TV news he said the nation was glued to. He found the bank levy an "extraordinary" surprise. "Are we the guinea pigs? There's a feeling they are trying this out on us before they do it elsewhere. "

http://www.guardian.co.uk/world/2013/mar/17/cyprus-bailout-seize-savings-deposits

[Naam]

And I forgot to mention this……………. this is what I was getting at….

I don't remember this happening in Iceland ?

“ What we’re seeing here is the Cypriot government being forced to break one of its most important promises — the promise that if you put your money in the bank, and your deposits total less than €100,000, then they will be safe.”

http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/?dlvrit=60132

what we are seeing is milkmaid mathematics by an ignorant blogger rehashed/copied by you without doing a little own homework!

Financial Times (excerpt only)

A stunned Mr Anastasiades decided to walk out. “The president said, ‘I can’t do that’,” said one member of the Cypriot delegation. “You’re trying to destroy us. Even if I agree to it, I can’t pass it [through parliament].”

But Mr Anastasiades soon learnt storming out was not an option. The European Central Bank had another shock for him: the island’s second-largest bank, Laiki, was in such bad shape that it no longer qualified for the eurosystem’s emergency liquidity assistance – the cheap central bank loans that teetering eurozone banks need to run their day-to-day operations.

The message, delivered by the ECB’s chief negotiator, Jörg Asmussen, meant that if no deal was reached, Laiki would collapse, probably bringing the island’s largest bank down with it, and saddling Nicosia with a €30bn bill to reimburse accounts covered by the country’s deposit guarantee scheme. It was money Nicosia did not have. All of the island’s account holders would be wiped out.

http://www.ft.com/intl/cms/s/f890566a-8f24-11e2-a39b-00144feabdc0,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2Ff890566a-8f24-11e2-a39b-00144feabdc0.html&_i_referer=

[mccw]

Almost like they are deliberately trying to spark another round of crises? To further institute/ have excuse to demand labour "reforms", privatisation's, etc etc, take over zee gold,

Madame Lagarde konspiring wizz ze bad Tchermanns Merkel and Schäuble in Berlin vanted to giff a helping hand to a Brit who shtrongly beliefs in ze soopreem value of Gold and iz vaiting till ze Tchineese kome up vizz a gold-backed kurrenzie. in a sekret memorandum (written in Tchermann-Frentch) ze name of ze Brit vas not shpelled out but abbreviated as "EmmZeeZeeDubbelYew". alletchedly he is ze neighbour of ze internashonally renowned and famous Sviss gluhm&duhm investor Marc Faber who lives in norzern Thailand.

Haha; very good

The other good point of chaos in the med is a weakening Euro; which will keep Germany's exports nice and competitive. Maybe they were reading about those pesky Brits (who avoided the darstadly master plan for the 3rd time) devaluing thier currency with news of car exports to imports going nicely in to surplus for the first time in decades.

No no, its unfair to blame just zee Germans; of course the IMF and corporate globalists, criminal banking elite are all in it together.

Deflects nicely from the "sequester" and debt bomb awaiting in the United States.

[midas]

And I forgot to mention this……………. this is what I was getting at….

I don't remember this happening in Iceland ?

“ What we’re seeing here is the Cypriot government being forced to break one of its most important promises — the promise that if you put your money in the bank, and your deposits total less than €100,000, then they will be safe.”

http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/?dlvrit=60132

what we are seeing is milkmaid mathematics by an ignorant blogger rehashed/copied by you without doing a little own homework!

Financial Times (excerpt only)

A stunned Mr Anastasiades decided to walk out. “The president said, ‘I can’t do that’,” said one member of the Cypriot delegation. “You’re trying to destroy us. Even if I agree to it, I can’t pass it [through parliament].”

But Mr Anastasiades soon learnt storming out was not an option. The European Central Bank had another shock for him: the island’s second-largest bank, Laiki, was in such bad shape that it no longer qualified for the eurosystem’s emergency liquidity assistance – the cheap central bank loans that teetering eurozone banks need to run their day-to-day operations.

The message, delivered by the ECB’s chief negotiator, Jörg Asmussen, meant that if no deal was reached, Laiki would collapse, probably bringing the island’s largest bank down with it, and saddling Nicosia with a €30bn bill to reimburse accounts covered by the country’s deposit guarantee scheme. It was money Nicosia did not have. All of the island’s account holders would be wiped out.

http://www.ft.com/intl/cms/s/f890566a-8f24-11e2-a39b-00144feabdc0,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/f890566a-8f24-11e2-a39b-00144feabdc0.html&_i_referer=

Sounds a lot like the Hank Paulson threat a few years ago

and where is the guarantee that this is still going to work at the end of the day? This is not a solution for the EU problems it is simply to buy time

[mania]

This is not a solution for the EU problems it is simply to buy time

+1

They all have been can kicking time buyers.

(Not just the EU but all including the USA)

[midas]

And I forgot to mention this……………. this is what I was getting at….

I don't remember this happening in Iceland ?

“ What we’re seeing here is the Cypriot government being forced to break one of its most important promises — the promise that if you put your money in the bank, and your deposits total less than €100,000, then they will be safe.”

http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/?dlvrit=60132

what we are seeing is milkmaid mathematics by an ignorant blogger rehashed/copied by you without doing a little own homework!

Financial Times (excerpt only)

A stunned Mr Anastasiades decided to walk out. “The president said, ‘I can’t do that’,” said one member of the Cypriot delegation. “You’re trying to destroy us. Even if I agree to it, I can’t pass it [through parliament].”

But Mr Anastasiades soon learnt storming out was not an option. The European Central Bank had another shock for him: the island’s second-largest bank, Laiki, was in such bad shape that it no longer qualified for the eurosystem’s emergency liquidity assistance – the cheap central bank loans that teetering eurozone banks need to run their day-to-day operations.

The message, delivered by the ECB’s chief negotiator, Jörg Asmussen, meant that if no deal was reached, Laiki would collapse, probably bringing the island’s largest bank down with it, and saddling Nicosia with a €30bn bill to reimburse accounts covered by the country’s deposit guarantee scheme. It was money Nicosia did not have. All of the island’s account holders would be wiped out.

http://www.ft.com/intl/cms/s/f890566a-8f24-11e2-a39b-00144feabdc0,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/f890566a-8f24-11e2-a39b-00144feabdc0.html&_i_referer=

Here is another milkmaid ( who rose to become CEO of a bank )

“This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver.”

Lars Seier Christensen, CEO Saxo Bank

[Naam]

And I forgot to mention this……………. this is what I was getting at….

I don't remember this happening in Iceland ?

“ What we’re seeing here is the Cypriot government being forced to break one of its most important promises — the promise that if you put your money in the bank, and your deposits total less than €100,000, then they will be safe.”

http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/?dlvrit=60132

what we are seeing is milkmaid mathematics by an ignorant blogger rehashed/copied by you without doing a little own homework!

Financial Times (excerpt only)

A stunned Mr Anastasiades decided to walk out. “The president said, ‘I can’t do that’,” said one member of the Cypriot delegation. “You’re trying to destroy us. Even if I agree to it, I can’t pass it [through parliament].”

But Mr Anastasiades soon learnt storming out was not an option. The European Central Bank had another shock for him: the island’s second-largest bank, Laiki, was in such bad shape that it no longer qualified for the eurosystem’s emergency liquidity assistance – the cheap central bank loans that teetering eurozone banks need to run their day-to-day operations.

The message, delivered by the ECB’s chief negotiator, Jörg Asmussen, meant that if no deal was reached, Laiki would collapse, probably bringing the island’s largest bank down with it, and saddling Nicosia with a €30bn bill to reimburse accounts covered by the country’s deposit guarantee scheme. It was money Nicosia did not have. All of the island’s account holders would be wiped out.

http://www.ft.com/intl/cms/s/f890566a-8f24-11e2-a39b-00144feabdc0,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/f890566a-8f24-11e2-a39b-00144feabdc0.html&_i_refere

r=

Sounds a lot like the Hank Paulson threat a few years ago

and where is the guarantee that this is still going to work at the end of the day? This is not a solution for the EU problems it is simply to buy time

there is no guarantee that it will work and only those ignorant with the "scene". believe that it will be implemented as published. it also goes without saying that it is not a solution for the prevailing debt problem of some (not all!) EU countries.

the fact remains that you bitch about something which you (mentally) supported and repeatedly applauded when it happened to the poor bàstàrds who send their savings to Iceland and were cheated 100% (those who's governments did not jump in with compensation like the UK government).

and i am waiting that finally somebody jumps in with facts because the yada yada "EU fascists" and the yakety-yak "broken promises" as well as the bleeding heart bla-bla "them poor Cypriots" is quite boring. especially when it is combined with the deman that the EU should have shelled out all necessary billions paid for sooner or later by the EU taxpayer

[Naam]

And I forgot to mention this……………. this is what I was getting at….

I don't remember this happening in Iceland ?

“ What we’re seeing here is the Cypriot government being forced to break one of its most important promises — the promise that if you put your money in the bank, and your deposits total less than €100,000, then they will be safe.”

http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/?dlvrit=60132

what we are seeing is milkmaid mathematics by an ignorant blogger rehashed/copied by you without doing a little own homework!

Financial Times (excerpt only)

A stunned Mr Anastasiades decided to walk out. “The president said, ‘I can’t do that’,” said one member of the Cypriot delegation. “You’re trying to destroy us. Even if I agree to it, I can’t pass it [through parliament].”

But Mr Anastasiades soon learnt storming out was not an option. The European Central Bank had another shock for him: the island’s second-largest bank, Laiki, was in such bad shape that it no longer qualified for the eurosystem’s emergency liquidity assistance – the cheap central bank loans that teetering eurozone banks need to run their day-to-day operations.

The message, delivered by the ECB’s chief negotiator, Jörg Asmussen, meant that if no deal was reached, Laiki would collapse, probably bringing the island’s largest bank down with it, and saddling Nicosia with a €30bn bill to reimburse accounts covered by the country’s deposit guarantee scheme. It was money Nicosia did not have. All of the island’s account holders would be wiped out.

http://www.ft.com/intl/cms/s/f890566a-8f24-11e2-a39b-00144feabdc0,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/f890566a-8f24-11e2-a39b-00144feabdc0.html&_i_refer

er=

Here is another milkmaid ( who rose to become CEO of a bank )

“This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver.”

Lars Seier Christensen, CEO Saxo Bank

what's this milkmaid's alternative? does he have an alternative? if yes, why doesn't he present it? of course he has to talk rubbish being the CEO of a bank located in the EU. "dictated by foreign powers" = my àss! yes, foreign powers who are beggared for billions of their taxpayers' money! since when can beggars be choosers? Cyprus lost a war and its citizens will be suffering as other nations' citizens are suffering who lost a war. the same applies to Greece, Spain, Italy, Portugal and last not least sooner or later to the citizens of the Greatest Nation on Earth™.

[mccw]

And I forgot to mention this. this is what I was getting at.

I don't remember this happening in Iceland ?

What were seeing here is the Cypriot government being forced to break one of its most important promises the promise that if you put your money in the bank, and your deposits total less than 100,000, then they will be safe.

http://blogs.reuters.com/felix-salmon/2013/03/16/the-cyprus-precedent/?dlvrit=60132

what we are seeing is milkmaid mathematics by an ignorant blogger rehashed/copied by you without doing a little own homework!

Financial Times (excerpt only)

A stunned Mr Anastasiades decided to walk out. The president said, I cant do that, said one member of the Cypriot delegation. Youre trying to destroy us. Even if I agree to it, I cant pass it [through parliament].

But Mr Anastasiades soon learnt storming out was not an option. The European Central Bank had another shock for him: the islands second-largest bank, Laiki, was in such bad shape that it no longer qualified for the eurosystems emergency liquidity assistance the cheap central bank loans that teetering eurozone banks need to run their day-to-day operations.

The message, delivered by the ECBs chief negotiator, Jörg Asmussen, meant that if no deal was reached, Laiki would collapse, probably bringing the islands largest bank down with it, and saddling Nicosia with a 30bn bill to reimburse accounts covered by the countrys deposit guarantee scheme. It was money Nicosia did not have. All of the islands account holders would be wiped out.

http://www.ft.com/intl/cms/s/f890566a-8f24-11e2-a39b-00144feabdc0,Authorised=false.html?_i_location=http://www.ft.com/cms/s/0/f890566a-8f24-11e2-a39b-00144feabdc0.html&_i_referer=

Sounds a lot like the Hank Paulson threat a few years ago

and where is the guarantee that this is still going to work at the end of the day? This is not a solution for the EU problems it is simply to buy time

there is no guarantee that it will work and only those ignorant with the "scene". believe that it will be implemented as published. it also goes without saying that it is not a solution for the prevailing debt problem of some (not all!) EU countries.

the fact remains that you bitch about something which you (mentally) supported and repeatedly applauded when it happened to the poor bàstàrds who send their savings to Iceland and were cheated 100% (those who's governments did not jump in with compensation like the UK government).

and i am waiting that finally somebody jumps in with facts because the yada yada "EU fascists" and the yakety-yak "broken promises" as well as the bleeding heart bla-bla "them poor Cypriots" is quite boring. especially when it is combined with the deman that the EU should have shelled out all necessary billions paid for sooner or later by the EU taxpayer

What are you on about naam?

[Naam]

What are you on about naam?

i am on my chair in front of three screens trying to make a little pocket money to buy treats for my dogs. the odds in my favour are excellent.

the Asians are shitting in their pants, all markets red.

http://finance.yahoo.com/intlindices?e=asia

and all because a tiny bag of rice might be toppling in the Mediterranean

Cyprus GDP <$25billion = 0.00151% of EU GDP $16.566 trillion

p.s. personally i feel sorry for the Cypriots. we have lived 2½ years on the island and met the most friendly and helpful people of this planet, perhaps of this galaxy.

[Naam]

Wall Street Journal (excerpt only)

Just after 5 p.m., finance ministers, IMF Managing Director Christine Lagarde, ECB executive board member Jörg Asmussen and the EU's economic-affairs commissioner, Olli Rehn, filed into a meeting room on the fifth floor of Brussels's Justus Lipsius, which houses the EU's ministerial meetings and summits. Cyprus's newly elected President Nicos Anastasiades stayed behind in the country's delegation room on the seventh floor, ready to approve or reject any potential deals.

Mr. Rehn was the first to make a specific proposal. To raise funds, Cyprus should impose a special levy on deposits, taxing accounts of less than €100,000 at 3%, those up to €500,000 at 5% and those above at 7%. Such a "solidarity levy "—the brainchild of Thomas Wieser, an Austrian who chairs technical discussion among euro-zone finance officials, and Mr. Asmussen— could avoid a straight "haircut" on deposits, which they feared could be too destabilizing for Cyprus and the rest of Europe. The tax would be applied to all Cypriot banks, not just the two in deep trouble.

But Ms. Lagarde had something else in mind. The IMF chief presented a much more radical plan, in which deposits above €100,000 in Laiki and Bank of Cyprus would have been cut by between 30% and 40%. The owners of senior bonds in the two banks would also have faced losses—a step that was ultimately rejected. That plan would have limited the international bailout to €10 billion and raise some €7.5 billion from depositors.

It quickly garnered the support of German Finance Minister Wolfgang Schäuble, as well as the delegates of Finland, the Netherlands and Slovakia—all countries with strong, bailout-wary parliaments.

http://online.wsj.com/article/SB10001424127887323639604578366700444429538.html

[midas]

Sounds a lot like the Hank Paulson threat a few years ago

and where is the guarantee that this is still going to work at the end of the day? This is not a solution for the EU problems it is simply to buy time

there is no guarantee that it will work and only those ignorant with the "scene". believe that it will be implemented as published. it also goes without saying that it is not a solution for the prevailing debt problem of some (not all!) EU countries.

the fact remains that you bitch about something which you (mentally) supported and repeatedly applauded when it happened to the poor bàstàrds who send their savings to Iceland and were cheated 100% (those who's governments did not jump in with compensation like the UK government).

and i am waiting that finally somebody jumps in with facts because the yada yada "EU fascists" and the yakety-yak "broken promises" as well as the bleeding heart bla-bla "them poor Cypriots" is quite boring. especially when it is combined with the deman that the EU should have shelled out all necessary billions paid for sooner or later by the EU taxpayer

What are you on about naam?

He is making absolutely no sense whatsoever? He keeps rabbiting on about comparing what I said about Iceland with Cyprus and anyone normal would instantly recognise there is absolutely no comparison whatsoever? No one has ever come in before ( recently ) and stolen money from people's bank accounts like this.

A bank account is not a bond or a stock or any sort of investment. This seems to be lost on Naam. A bank account is the private property of a citizen or a corporation and does not belong to the government or at least that was the supposition up until now in Europe.

Then I remember of course he said in one of his earlier post is useless to wail? Perhaps he thinks no matter how much they really wanted to levy on people ...the public should just bend over and take it………….

Edited March 18, 2013 by midas

[teletiger]

Let the bondholders eat cake.

Oh,and news of Russia parking a carrier group in the Med. Depositor protection you can believe in.

Regards.

[Naam]

He is making absolutely no sense whatsoever? He keeps rabbiting on about
comparing what I said about Iceland with Cyprus and anyone normal would
instantly recognise there is absolutely no comparison whatsoever? No
one has ever come in before ( recently ) and stolen money from people's
bank accounts like this.

Iceland has you ignorant! and you were salivating about it only a few weeks ago by copying and pasting a speech of its president Grimsson and applauding the thief. all cash from savings accounts was stolen in 2008. British and Dutch government covered the losses of their citizens with taxpayers' money.

http://www.google.co.uk/search?hl=en&as_q=iceland+cash+losses&as_epq=&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=

an estimated several thousand citizens from 17 different countries lost onehundred percent of their cash savings.

http://www.google.co.uk/search?hl=en&as_q=iceland+cash+losses&as_epq=&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=#hl=en&lr=&as_qdr=all&q=iceland+savings+wiped+out&oq=iceland+savings+&gs_l=serp.1.6.0l2j0i22i30l8.227752.229738.0.234410.9.9.0.0.0.0.115.834.8j1.9.0.les%3B..0.0...1c.1.6.serp.g381uNBZ0Do&bav=on.2,or.&bvm=bv.43828540,d.bmk&fp=5bca37d6d7b11f3a&biw=1280&bih=809

and now back for some additional dog food money first four batches are in safe and sound.

[midas]

He is making absolutely no sense whatsoever? He keeps rabbiting on about

comparing what I said about Iceland with Cyprus and anyone normal would

instantly recognise there is absolutely no comparison whatsoever? No

one has ever come in before ( recently ) and stolen money from people's

bank accounts like this.

Iceland has you ignorant! and you were salivating about it only a few weeks ago by copying and pasting a speech of its president Grimsson and applauding the thief. all cash from savings accounts was stolen in 2008. British and Dutch government covered the losses of their citizens with taxpayers' money.

http://www.google.co.uk/search?hl=en&as_q=iceland+cash+losses&as_epq=&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=

an estimated several thousand citizens from 17 different countries lost onehundred percent of their cash savings.

http://www.google.co.uk/search?hl=en&as_q=iceland+cash+losses&as_epq=&as_oq=&as_eq=&as_nlo=&as_nhi=&lr=&cr=&as_qdr=all&as_sitesearch=&as_occt=any&safe=images&tbs=&as_filetype=&as_rights=#hl=en&lr=&as_qdr=all&q=iceland+savings+wiped+out&oq=iceland+savings+&gs_l=serp.1.6.0l2j0i22i30l8.227752.229738.0.234410.9.9.0.0.0.0.115.834.8j1.9.0.les;..0.0...1c.1.6.serp.g381uNBZ0Do&bav=on.2,or.&bvm=bv.43828540,d.bmk&fp=5bca37d6d7b11f3a&biw=1280&bih=809

and now back for some additional dog food money first four batches are in safe and sound.

You are the ignorant. You have lost the plot because you can't tell the good guys from the bad guys!

I applauded president Grimsson because he stood up against these criminal oligarchs. You seem to be defending them

I think you'd better stick to playing poker on behalf of your dogs

Iceland’s President has Exposed Anti-Democratic EU

http://www.currentconcerns.ch/index.php?id=964

Edited March 18, 2013 by midas