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PostPosted: Sun Mar 17, 2013 8:57 am 
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Coming to a theater near you? Is Cyprus the first domino to fall?

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The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed.

Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday.

There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.

Skai radio reported on Sunday that the Bank of Greece has sent between 4 and 5 billion euros to Cyprus in order to help Cypriot banks respond to cash requirements by their clients.

So, if the official name of the March 18 holiday was "Green Monday", will the March 19th ad hoc holiday be called "Red Tuesday"? Inquiring minds want to know.

http://www.zerohedge.com/news/2013-03-1 ... on-spreads

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PostPosted: Sun Mar 17, 2013 9:30 am 
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Here's the short version of what's happening:
Cyprus's banks, like many banks in Europe, are bankrupt. Cyprus went to the Eurozone to get a bailout, the same way Ireland, Greece, and other European countries have. The Eurozone powers-that-be gave Cyprus a bailout--but with a startling condition that has never before been imposed on any major banking system since the start of the global financial crisis in 2008. The Eurozone powers-that-be (mainly, Germany) insisted that the depositors in Cyprus's banks pay part of the tab.
Not the bondholders. The depositors. The folks who had their money in the banks for safe-keeping.


When Cyprus's banks reopen on Tuesday morning, every depositor will have some of his or her money seized. Accounts under 100,000 euros will have 6.75% of the funds seized. Accounts over 100,000 euros will have 9.9% seized. And then the Eurozone's emergency lending facility and the International Monetary Fund will inject 10 billion euros into the banks to allow them to keep operating.

http://www.businessinsider.com/cyprus-b ... uns-2013-3

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PostPosted: Sun Mar 17, 2013 11:23 am 
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Coming soon to a bank near you... ?

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