Via Reuters...
http://www.reuters.com/article/2013/03/ ... 3I20130325
I hope these people know exactly whose money they are talking about seizing. The boys in the Kremlin are known to play rough.
Cyprus Deal Near - Some Accounts Over €100,000 to be Frozen
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Ad Orientem
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Cyprus Deal Near - Some Accounts Over €100,000 to be Frozen
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MachineGhost
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Re: Cyprus Deal Near - Some Accounts Over €100,000 to be Frozen
How can there be a deadline for a banking system to "collapse" when it is already insolvent yet still operating? Is the real problem the banks don't have enough liquidity to pay off all the depositors if there is a run on the banks? What will the bailout funds (presumably from the ECB) be used for if not for liquidity purposes to pay off depositors in case of a bank run and how does that fix the bank's insolvency? Insolvency and illiquidity are not the same thing. Apprantly there is enough liquidity to move depositers from one insolvent bank to another and call the latter "good".
The whole thing feels like a B.S. manufactured crisis. If I was Cyprus, I'd just flip the bird to the toothless technocrats in Brussels, burn the "insolvent" bank's scribbles on paper (accounting), leave the Euro and provide my own liquidity. Problem solved.
The whole thing feels like a B.S. manufactured crisis. If I was Cyprus, I'd just flip the bird to the toothless technocrats in Brussels, burn the "insolvent" bank's scribbles on paper (accounting), leave the Euro and provide my own liquidity. Problem solved.
Last edited by MachineGhost on Sun Mar 24, 2013 8:23 pm, edited 1 time in total.
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Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!
Disclaimer: I am not a broker, dealer, investment advisor, physician, theologian or prophet. I should not be considered as legally permitted to render such advice!