Cyprus

[mccw]

The Dutch letting the cat out of the bag; what the northerners are planning for the south in future.

From sky news app:

Cyprus is working to agree capital controls to help prevent a run on savings when banks eventually re-open following the nation's bailout.

The closure of Cypriot banks was extended until Thursday amid a rush to restructure the two biggest lenders Bank of Cyprus (BoC) and Laiki, also known as the Popular Bank.

The chairman of the BoC is understood to have tendered his resignation in protest at the bailout condition that it would have to absorb Laiki's debts.

The 10bn euro (£8.5bn) rescue was secured when politicians agreed to seize cash from bank depositors with more than 100,000 euros in their accounts.

It amounted to a hit of up to 40% on the money held by such people banking with BoC and Laiki, finance minister Michalis Sarris told BBC radio - cash that will be swapped for shares in the lenders.

The country's president had earlier assured his people the rescue package he struck with the EU and International Monetary Fund was in their best interests, despite the prospect of years of financial pain ahead.

Nicos Anastasiades agreed to close down Laiki as part of the demanded reforms of the Cypriot financial sector - brought to the brink of collapse by its investments in neighbouring Greece.

The capital controls being discussed, preventing people moving funds out of the country, could last for a number of weeks and may include weekly withdrawal limits.

Cash machine withdrawals remain restricted while the branch shutdown is said to be hammering businesses, which have been without access to their funds for more than a week.

European leaders said a chaotic national bankruptcy that might have forced Cyprus from the euro and upset Europe's economy had been averted by the rescue - though investors in other European banks were alarmed by the precedent of losses for depositors in Cyprus.

The raid on uninsured Laiki depositors is expected to raise 4.2bn euros of the 5.8bn the EU and IMF had told Cyprus to raise as a contribution to the bailout, according to Dutch finance minister Jeroen Dijsselbloem.

The politician, who heads the so-called Eurogroup of finance ministers, has faced a backlash after he spoke of the need for lenders to banks to accept the potential risks of their failure in future.

The comment - interpreted as support for the terms of the Cypriot bailout to become a template for any future eurozone bailouts - was widely criticised after it had a knock-on effect on world markets.

Greek finance minister Yannis Stournaras later insisted that a bailout deal agreed for Cyprus only applied to the island country, after markets started to speculate.

"This solution concerns Cyprus only and no other country, because Cyprus has a particular banking system," Mr Stournaras said, following a meeting with Greek President Carolos Papoulias.

Meanwhile Russia was angered that its depositors in Cypriot banks would suffer huge losses, President Vladimir Putin has ordered officials to restructure a loan Moscow granted to Cyprus in 2011.

"""""""

Choice bit of economic pay back from the Russians at the end there.

Also the gloomy truth from Cypriot gov that the country and people still face years of economic hardship ahead (though perhapse still an understatement?)

[churchill]

Who knows the F@#$

but this lady gets on my nerves repeating every 5 minutes ...'IMF head Christine Lagarde said the bailout deal agreed was “a comprehensive and credible plan” '

http://armstrongeconomics.com/693-2/2013-2/cyprus-the-euro/

[midas]

Who knows the F@#$

but this lady gets on my nerves repeating every 5 minutes ...'IMF head Christine Lagarde said the bailout deal agreed was [/size]“a comprehensive and credible plan” '[/size]

http://armstrongeconomics.com/693-2/2013-2/cyprus-the-euro/[/size]

I would have no faith whatsoever that she even understands the meaning of " credible" when she herself faces accusations of “complicity in embezzlement” of public funds?

http://www.telegraph.co.uk/finance/financialcrisis/9920513/IMF-faces-losing-second-French-boss.html

[yoshiwara]

Who knows the F@#$

but this lady gets on my nerves repeating every 5 minutes ...'IMF head Christine Lagarde said the bailout deal agreed was [/size]“a comprehensive and credible plan” '[/size]

http://armstrongeconomics.com/693-2/2013-2/cyprus-the-euro/[/size]

I would have no faith whatsoever that she even understands the meaning of " credible" when she herself faces accusations of “complicity in embezzlement” of public funds?

http://www.telegraph.co.uk/finance/financialcrisis/9920513/IMF-faces-losing-second-French-boss.html

Forum gold bugs and 'credible' is a contradiction in terms.

[mccw]

Who knows the F@#$

but this lady gets on my nerves repeating every 5 minutes ...'IMF head Christine Lagarde said the bailout deal agreed was [/size]a comprehensive and credible plan '[/size]

http://armstrongeconomics.com/693-2/2013-2/cyprus-the-euro/[/size]

I would have no faith whatsoever that she even understands the meaning of " credible" when she herself faces accusations of complicity in embezzlement of public funds?

http://www.telegraph.co.uk/finance/financialcrisis/9920513/IMF-faces-losing-second-French-boss.html

Forum gold bugs and 'credible' is a contradiction in terms.

You have a real affliction, tormented by seeing gold bugs everywhere

[jbrain]

Cyprus Isn’t Over, It’s Still a ‘Disaster for All of Us’: Steve Forbes

http://finance.yahoo.com/blogs/daily-ticker/cyprus-isn-t-over-still-disaster-us-steve-125721871.html;_ylt=ApDdZPA41b1UAYJj.nqNO.KiuYdG;_ylu=X3oDMTQ0M3M5bTdhBG1pdANGUCBUaGUgRGFpbHkgVGlja2VyBHBrZwNjNzZiZjJkNS1kZjRiLTNiNTQtYTQ3Ny00YmI1MTRlMWViMzQEcG9zAzEEc2VjA01lZGlhU2VjdGlvbkxpc3QEdmVyA2M4NTRjNWIzLTk2MzgtMTFlMi04ZmZkLTMzMDcwMDQzODk5Zg--;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

[Pakboong]

I continue to believe that none of this was really about Cyprus at all. I maintain that this is a smack to the back of Putin's head for his efforts to nationalize Russia's central bank and to run all foreign bankers out of mother Russia. The big players do not like the little people of whom Putin is included, playing with their right to control the money of all nations. Hitler tried this in 1933 and got away with it for a few years. He doubled the GNP in 5 years. Putin knows that fiat currency will kill his economy and is taking steps as quietly as he can to protect Russia. It is refreshing to know that there are a few left in the world who are willing to take on this losing fight. Perhaps the time has come for the other players to take up the fight along with Russia and nationalize their banks. There may actually be a positive outcome yet. The first step in the problem solving process is to identify the problem and this is a good start.

What a load of fantastical nonsense.

Within the past few days, Russia has lead the BRICS conference whereby the BRICS monetary fund was established with $100 billion from Russia and China to start up their own competition to the International Monetary Fund. There have been at least two Russian lawmaker resignations for holding joint citizenship in another country. Putin begins a move to nationalize Russian banks and outlaws foreign involvement in Russian banks.

Sure sounds a lot like 1933 Germany to me. On top of it all, Russia starts an unannounced military exercise of huge proportions today. Sounds like they are expecting some grief over all of this.

The BRICS is made up of Russia, Brazil, South africa, India and China. In other worlds over half of the world population and does not include muslim countries.

[midas]

I continue to believe that none of this was really about Cyprus at all. I maintain that this is a smack to the back of Putin's head for his efforts to nationalize Russia's central bank and to run all foreign bankers out of mother Russia. The big players do not like the little people of whom Putin is included, playing with their right to control the money of all nations. Hitler tried this in 1933 and got away with it for a few years. He doubled the GNP in 5 years. Putin knows that fiat currency will kill his economy and is taking steps as quietly as he can to protect Russia. It is refreshing to know that there are a few left in the world who are willing to take on this losing fight. Perhaps the time has come for the other players to take up the fight along with Russia and nationalize their banks. There may actually be a positive outcome yet. The first step in the problem solving process is to identify the problem and this is a good start.

What a load of fantastical nonsense.

Within the past few days, Russia has lead the BRICS conference whereby the BRICS monetary fund was established with $100 billion from Russia and China to start up their own competition to the International Monetary Fund. There have been at least two Russian lawmaker resignations for holding joint citizenship in another country. Putin begins a move to nationalize Russian banks and outlaws foreign involvement in Russian banks.

Sure sounds a lot like 1933 Germany to me. On top of it all, Russia starts an unannounced military exercise of huge proportions today. Sounds like they are expecting some grief over all of this.

The BRICS is made up of Russia, Brazil, South africa, India and China. In other worlds over half of the world population and does not include muslim countries.

Pakboong for Yoshiwara to even half understand the implications of these manoeuvres would be asking for an awful lot

[Naam]

Russia starts an unannounced military exercise of huge proportions today. Sounds like they are expecting some grief over all of this.

rumour has it that a Cypriot cavallery brigade is on the verge to invade Russia but the plan where to establish strategic bridgeheads after crossing the Russian border is a well kept a secret. the latter must be the reason for Putin to order the military exercise of huge proportions.

[yoshiwara]

I continue to believe that none of this was really about Cyprus at all. I maintain that this is a smack to the back of Putin's head for his efforts to nationalize Russia's central bank and to run all foreign bankers out of mother Russia. The big players do not like the little people of whom Putin is included, playing with their right to control the money of all nations. Hitler tried this in 1933 and got away with it for a few years. He doubled the GNP in 5 years. Putin knows that fiat currency will kill his economy and is taking steps as quietly as he can to protect Russia. It is refreshing to know that there are a few left in the world who are willing to take on this losing fight. Perhaps the time has come for the other players to take up the fight along with Russia and nationalize their banks. There may actually be a positive outcome yet. The first step in the problem solving process is to identify the problem and this is a good start.

What a load of fantastical nonsense.

Within the past few days, Russia has lead the BRICS conference whereby the BRICS monetary fund was established with $100 billion from Russia and China to start up their own competition to the International Monetary Fund. There have been at least two Russian lawmaker resignations for holding joint citizenship in another country. Putin begins a move to nationalize Russian banks and outlaws foreign involvement in Russian banks.

Sure sounds a lot like 1933 Germany to me. On top of it all, Russia starts an unannounced military exercise of huge proportions today. Sounds like they are expecting some grief over all of this.

The BRICS is made up of Russia, Brazil, South africa, India and China. In other worlds over half of the world population and does not include muslim countries.

Pakboong for Yoshiwara to even half understand the implications of these manoeuvres would be asking for an awful lot

You can spell the word 'manoeuvre' but that is as far as it goes.

[midas]

Cyprus crisis: limits on bank withdrawals to last 'about a month'

Just 24 hours ago Cypriots were told curbs to prevent money from leaving the country would only be in place for a week

If you believe that you will believe anything ....!!!

We all remember Jean-Claude Juncker, once said that "you have to lie" to the people in order to keep the financial markets calm..............

http://www.guardian.co.uk/world/2013/mar/28/cyprus-crisis-limits-bank-withdrawals

Edited March 29, 2013 by midas

[Naam]

Who knows the F@#$

but this lady gets on my nerves repeating every 5 minutes ...'IMF head Christine Lagarde said the bailout deal agreed was “a comprehensive and credible plan” '

http://armstrongeconomics.com/693-2/2013-2/cyprus-the-euro/

serves you right having your TV locked on the channel "Christine is educating ignorant Brits".

[Naam]

Cyprus crisis: limits on bank withdrawals to last 'about a month'

Just 24 hours ago Cypriots were told curbs to prevent money from leaving the country would only be in place for a week

If you believe that you will believe anything ....!!!

We all remember Jean-Claude Juncker, once said that "you have to lie" to the people in order to keep the financial markets calm..............

http://www.guardian.co.uk/world/2013/mar/28/cyprus-crisis-limits-bank-withdrawals

please list three politicians who never lied

[Maestro]

Big depositors in Cyprus to lose far more than feared
By Michele Kambas
NICOSIA | Fri Mar 29, 2013 4:16pm EDT

Reuters) - Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.

Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.

The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.

Read more: http://www.reuters.com/article/2013/03/29/us-cyprus-parliament-idUSBRE92G03I20130329

-- Reuters 2013-03-29

[Naam]

epositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros

Bank of Cyprus share price:

[midas]

Big depositors in Cyprus to lose far more than feared

By Michele Kambas

NICOSIA | Fri Mar 29, 2013 4:16pm EDT

Reuters) - Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.

Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.

The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.

Read more: http://www.reuters.com/article/2013/03/29/us-cyprus-parliament-idUSBRE92G03I20130329

-- Reuters 2013-03-29

A heartbreaking story about how this is affected an ordinary hard-working Australian immigrant

"I Went To Sleep Friday A Rich Man, I Woke Up Poor"

“''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.''

John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.”

http://m.smh.com.au/national/i-went-to-sleep-friday-as-a-rich-man-i-woke-up-a-poor-man-20130328-2gxab.html

Edited March 30, 2013 by midas

[yoshiwara]

Big depositors in Cyprus to lose far more than feared

By Michele Kambas

NICOSIA | Fri Mar 29, 2013 4:16pm EDT

Reuters) - Big depositors in Cyprus's largest bank stand to lose far more than initially feared under a European Union rescue package to save the island from bankruptcy, a source with direct knowledge of the terms said on Friday.

Under conditions expected to be announced on Saturday, depositors in Bank of Cyprus will get shares in the bank worth 37.5 percent of their deposits over 100,000 euros, the source told Reuters, while the rest of their deposits may never be paid back.

The toughening of the terms will send a clear signal that the bailout means the end of Cyprus as a hub for offshore finance and could accelerate economic decline on the island and bring steeper job losses.

Read more: http://www.reuters.com/article/2013/03/29/us-cyprus-parliament-idUSBRE92G03I20130329

-- Reuters 2013-03-29

A heartbreaking story about how this is affected an ordinary hard-working Australian immigrant

"I Went To Sleep Friday A Rich Man, I Woke Up Poor"

“''Very bad, very, very bad,'' says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ''I lost all my money.''

John now lives in the picturesque fishing village of Liopetri on Cyprus' south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.”

http://m.smh.com.au/national/i-went-to-sleep-friday-as-a-rich-man-i-woke-up-a-poor-man-20130328-2gxab.html

Its all gone? Those guys who sell trinkets on the beach... I was a millionaire mate, Ferrari, condo, girls, I had it all and then one day I slipped on a banana. It was deliberately put there by those banker bastards and then... Would you like an earring or a broach? Only 10 euros.

[Maestro]

30 March 2013 Last updated at 16:25 GMT
Bank of Cyprus big depositors could lose up to 60%

Bank of Cyprus depositors with more than 100,000 euros (£84,300; $128,200) could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say.

The central bank says 37.5% of holdings over 100,000 euros will become shares.

Up to 22.5% will go into a fund attracting no interest and may be subject to further write-offs.

Read more: http://www.bbc.co.uk/news/business-21982652

-- Reuters 2013-03-30

[Maestro]

30 March 2013 Last updated at 16:25 GMT
Bank of Cyprus big depositors could lose up to 60%

Bank of Cyprus depositors with more than 100,000 euros (£84,300; $128,200) could lose up to 60% of their savings as part of an EU-IMF bailout restructuring move, officials say.

The central bank says 37.5% of holdings over 100,000 euros will become shares.

Up to 22.5% will go into a fund attracting no interest and may be subject to further write-offs.

Read more: http://www.bbc.co.uk/news/business-21982652

-- BBC 2013-03-30

[yoshiwara]

As late as 2010 The Cypriot banks were buying Greek government bonds just as the rest of the world and his mother were bailing out.

It was the embracing of these purchases which set apart the Cypriot banks. Not Russian mafia money, not dodgy mortgages, just this.

An old pals act with the government of the day directing the traffic and an electorate too lazy to read the small print.

[Maestro]

1 April 2013 Last updated at 10:37 GMT
Cyprus crisis: Moscow will not bail out Russian savers

The Russian government says it will not compensate Russian savers who have lost money in the Cyprus banking crisis.

Russians are believed to have billions of euros in Cypriot accounts and deposits above 100,000 euros (£84,300; $128,200) in the two biggest banks could be reduced by as much as 60%.

Such losses would be "a great shame", First Deputy PM Igor Shuvalov said, "but the Russian government won't take any action in that situation".

Read more: http://www.bbc.co.uk/news/world-europe-21992745

[Rajab Al Zarahni]

IMO, this matter is huge and has many cause and affects but Russia announcing last week that foreign banking within Russia is not allowed has to play a big part. This could be a move similar to Hitler nationalizing her banks to stave of the failures of the Weimar Republic in 1933. It is also likely a canary in the coalmine check for how much the people will take. The IMF and the EU could easily bail out Cyprus. This is a testor. The banksters will go to great lengths to avoid the money coming out of their own hides. Cyprus banks hold deposits which are currently over 10 times their annual GDP.

This act, will of course, have a rippling effect throughout the Western world to say the least.

Interesting statement.

Wrt "The IMF and the EU could easily bail out Cyprus." Could they really, I mean could the EU or IMF really bail out Cyprus and deal with the results?

I believe the EU could easily bail out the entire Cypriot shortfall but it sends the wrong message to all the other profligate wasters of money.

[yoshiwara]

IMO, this matter is huge and has many cause and affects but Russia announcing last week that foreign banking within Russia is not allowed has to play a big part. This could be a move similar to Hitler nationalizing her banks to stave of the failures of the Weimar Republic in 1933. It is also likely a canary in the coalmine check for how much the people will take. The IMF and the EU could easily bail out Cyprus. This is a testor. The banksters will go to great lengths to avoid the money coming out of their own hides. Cyprus banks hold deposits which are currently over 10 times their annual GDP.

This act, will of course, have a rippling effect throughout the Western world to say the least.

Interesting statement.

Wrt "The IMF and the EU could easily bail out Cyprus." Could they really, I mean could the EU or IMF really bail out Cyprus and deal with the results?

I believe the EU could easily bail out the entire Cypriot shortfall but it sends the wrong message to all the other profligate wasters of money.

The Cypriot government thought they could blackmail the EU into 100% bailing them out. They failed. Cyprus wasn't an unfortunate side effect of an international banking crisis.

It was a family extension of Greek corruption attempting to leech EU funds in perpetuity. Luxembourg and others take deposits in excess of their GDP. Cyprus is unique in blowing it all on one destination.

Well not quite unique. Unique in not having their own currency and doing such. If instead of taking a haircut on deposits, the Cypriots had decided to 'protect' deposits and withdrawn from the Euro and exchanged one euro for one new Cyprus pound, then in euro terms they would have lost a lot lot more. Russia on their side could have elected to compensate all Russian depositors, but have not. Better to keep that money in the shadows whatever the loss.

[socrates28]

As late as 2010 The Cypriot banks were buying Greek government bonds just as the rest of the world and his mother were bailing out.

It was the embracing of these purchases which set apart the Cypriot banks. Not Russian mafia money, not dodgy mortgages, just this.

An old pals act with the government of the day directing the traffic and an electorate too lazy to read the small print.

As embarassing as it is to admit it as a Greek Cypriot

This is bang on the money!!

[midas]

As late as 2010 The Cypriot banks were buying Greek government bonds just as the rest of the world and his mother were bailing out.

It was the embracing of these purchases which set apart the Cypriot banks. Not Russian mafia money, not dodgy mortgages, just this.

An old pals act with the government of the day directing the traffic and an electorate too lazy to read the small print.

As embarassing as it is to admit it as a Greek Cypriot

This is bang on the money!!

But that doesn't excuse people particularly the President of the country from continuing to behave badly after the event? Come on you can't expect people to endure extreme hardship and then as the leader of the country you and your family do the direct opposite yourselves ?

“A company owned by in-laws of Cypriot President Nicos Anastasiades withdrew dozens of millions from Laiki Bank on March 12 and 13, according to an article published in Cypriot newspaper Haravgi. “

http://www.enetenglish.gr/?i=news.en.economy&id=481

[Pakboong]

As late as 2010 The Cypriot banks were buying Greek government bonds just as the rest of the world and his mother were bailing out.

It was the embracing of these purchases which set apart the Cypriot banks. Not Russian mafia money, not dodgy mortgages, just this.

An old pals act with the government of the day directing the traffic and an electorate too lazy to read the small print.

As embarassing as it is to admit it as a Greek Cypriot

This is bang on the money!!

But that doesn't excuse people particularly the President of the country from continuing to behave badly after the event? Come on you can't expect people to endure extreme hardship and then as the leader of the country you and your family do the direct opposite yourselves ?

“A company owned by in-laws of Cypriot President Nicos Anastasiades withdrew dozens of millions from Laiki Bank on March 12 and 13, according to an article published in Cypriot newspaper Haravgi. “

http://www.enetenglish.gr/?i=news.en.economy&id=481

A problem for any country with a privately owned central bank. Eric Holder, the US attorney general as stated more than a few times that the problem with prosecuting the privately owned Federal Reserve Bank and /or the too big to fail major banks has a potential to bring the whole system to its knees.

[midas]

As late as 2010 The Cypriot banks were buying Greek government bonds just as the rest of the world and his mother were bailing out.

It was the embracing of these purchases which set apart the Cypriot banks. Not Russian mafia money, not dodgy mortgages, just this.

An old pals act with the government of the day directing the traffic and an electorate too lazy to read the small print.

As embarassing as it is to admit it as a Greek Cypriot

This is bang on the money!!

But that doesn't excuse people particularly the President of the country from continuing to behave badly after the event? Come on you can't expect people to endure extreme hardship and then as the leader of the country you and your family do the direct opposite yourselves ?

“A company owned by in-laws of Cypriot President Nicos Anastasiades withdrew dozens of millions from Laiki Bank on March 12 and 13, according to an article published in Cypriot newspaper Haravgi. “

http://www.enetenglish.gr/?i=news.en.economy&id=481

A problem for any country with a privately owned central bank. Eric Holder, the US attorney general as stated more than a few times that the problem with prosecuting the privately owned Federal Reserve Bank and /or the too big to fail major banks has a potential to bring the whole system to its knees.

Cyprus should be awake-up call -a shot across the bow.

It should give us clear warning to those of us (which I don't mind admitting includes myself ) who had the wrong idea of what depositing my money in a bank account was meant to represent

It Can Happen Here: The Confiscation Scheme Planned for U.S. and U.K. Depositors

“ few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put

in the bank. Our money becomes the bank’s, and we become unsecured creditors

holding IOUs or promises to pay. (See here and here.)

But until now the bank has been obligated to pay the money back on demand in

the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into

“bank equity.” The bank will get the money and we will get stock in the

bank. With any luck we may be able to sell the stock to someone else, but when

and at what price? Most people keep a deposit account so they can have ready

cash to pay the bills. “

http://www.nationofchange.org/it-can-happen-here-confiscation-scheme-planned-us-and-uk-depositors-1364735979

Edited April 2, 2013 by midas

[yoshiwara]

Cyprus should be awake-up call -a shot across the bow.

It should give us clear warning to those of us (which I don't mind admitting includes myself ) who had the wrong idea of what depositing my money in a bank account was meant to represent

It Can Happen Here: The Confiscation Scheme Planned for U.S. and U.K. Depositors

“ few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put

in the bank. Our money becomes the bank’s, and we become unsecured creditors

holding IOUs or promises to pay. (See here and here.)

But until now the bank has been obligated to pay the money back on demand in

the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into

“bank equity.” The bank will get the money and we will get stock in the

bank. With any luck we may be able to sell the stock to someone else, but when

and at what price? Most people keep a deposit account so they can have ready

cash to pay the bills. “

http://www.nationofchange.org/it-can-happen-here-confiscation-scheme-planned-us-and-uk-depositors-1364735979

Since you have the wrong idea about mostly everything, another one wouldn't surprise us in the least.

[midas]

Cyprus should be awake-up call -a shot across the bow.

It should give us clear warning to those of us (which I don't mind admitting includes myself ) who had the wrong idea of what depositing my money in a bank account was meant to represent

It Can Happen Here: The Confiscation Scheme Planned for U.S. and U.K. Depositors

“ few depositors realize it, legally the bank owns the depositor’s funds as soon as they are put

in the bank. Our money becomes the bank’s, and we become unsecured creditors

holding IOUs or promises to pay. (See here and here.)

But until now the bank has been obligated to pay the money back on demand in

the form of cash. Under the FDIC-BOE plan, our IOUs will be converted into

“bank equity.” The bank will get the money and we will get stock in the

bank. With any luck we may be able to sell the stock to someone else, but when

and at what price? Most people keep a deposit account so they can have ready

cash to pay the bills. “

http://www.nationofchange.org/it-can-happen-here-confiscation-scheme-planned-us-and-uk-depositors-1364735979

Since you have the wrong idea about mostly everything, another one wouldn't surprise us in the least.

but having the wrong idea is probably better than you having absolutely NO IDEA about anything.

Edited April 2, 2013 by midas

[nidieunimaitre]

Banking is based on trust, on believe.

No bank in the world will ever be able to pay back the depositors if all / most / many depositors ask their money back.

And the 100.000 euro garantee? (assuming you live in a country with such a garantee)?

Ask yourself: where will that money come from?