Banks in Cyprus will stay shut thru Thurs-talks continue re: proposed EU bailout bank levy

[sailingaway]

Banks in Cyprus will stay shut until Thursday as talks continue over proposed EU bailout bank levy

http://www.bbc.co.uk/news/world-europe-21832187#TWEET670452


Cyprus told it can amend bailout, as key vote postponed

Cyprus can amend the terms of a bailout deal that has sparked huge public anger and led to heavy cash withdrawals, German and European bank officials say.

so, bank runs are what scares them. Fancy that.

http://www.bbc.co.uk/news/world-europe-21832187#TWEET670452

[itshappening]

They're going to take it all.... They just got punked

[itshappening]

Don't forget the Cypriots are into fractional reserve banking like the rest of us so when everyone wants to take their money out it's not there.

Hence meltdown.

Should be fun.

Grab some popcorn!

[sailingaway]

Don't forget the Cypriots are into fractional reserve banking like the rest of us so when everyone wants to take their money out it's not there.





I am absolutely sure they don't want the average person aware it is more than just not having so much 'on hand'.....

and I am sure that is what is behind rethinking this. Because fractional reserve banking is hardly confined to Greece.

[itshappening]

The problem is there is a lot of Russians with hundreds of millions stuffed in "offshore" cypriot accounts.

They're going to get a massive bank run and the money isnt there because they've lent it all out and only have whatever the reserve requirement is on hand (probably a few %).

There's no way out of this. Cypriots have lost all their money one way or another. They will have to rely on the ECB printing all the euro's and bailing them out. This could cause inflation.

[sailingaway]

They can patch it for a while with global funds in a pyramid scheme, or extension of one, I should say. And it looks like they might. Because the conclusions drawn are NOT being confined to Greece.

They keep robbing Peter to pay the current Paul, and it all comes out of the pocket and future lifestyle of the ordinary people.

[ninepointfive]

this situation finally made my mind up on a few things.

[itshappening]

They will need the IMF/ECB to stand behind the depositors so the average Cypriot's money is "there" because at the moment, it's not. And the Russians are going to be clamoring to withdraw their hundreds of millions if not billions.

Either way Cyprus is stuffed and have to sign themselves over to IMF/ECB control.

This will expose the fiat and fractional reserve banking scam for what its worth.

Take note as this will happen in the USA soon enough.

Your money isnt "there", only a computer says it is and if everyone turns up to take out their money then the bank will tell you to go away and close.

[sailingaway]

They will need the IMF/ECB to stand behind the depositors so the average Cypriot's money is "there" because at the moment, it's not. And the Russians are going to be clamoring to withdraw their hundreds of millions if not billions.

Either way Cyprus is stuffed and have to sign themselves over to IMF/ECB control.

This will expose the fiat and fractional reserve banking scam for what its worth.

Take note as this will happen in the USA soon enough.

Your money isnt "there", only a computer says it is and if everyone turns up to take out their money then the bank will tell you to go away and close.

I agree they will need IMF but from the 'delay' it looks like that is what they are discussing, to me.

[HOLLYWOOD]

Man these slimy politicians have it made... blow all the money buying votes for years, knowing damn well the economic conditions down the road are going to crash.

Doesn't matter whether it's; Parliamentary, Democratic, Communistic, Republic, Monarchy... the swindle evolves, always conjuring a plan of taking from the people, sooner or later, but usually later.