People in Cyprus have reacted with shock to news of a one-off levy of up to 10% on savings as part of a 10bn-euro (£8.7bn; $13bn) bailout agreed in Brussels. Savers queued at cash machines amid resentment at the charge, while co-operative credit societies shut to prevent a run on deposits. At one Kyperounta Co-operative bank branch, a frustrated man parked his bulldozer outside, apparently threatening to break in.
Regarding the topic of last minute chaos and confusion in Cyprus, and Europe, it will come as no surprise that the previously scheduled Monday bank holiday (aka Green Monday) has been extended into Tuesday. So prepare to not be surprised.. 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"...
Many people will be watching nervously to see what happens on tuesday, when the bank holiday in Cyprus is over and trading resumes.
ReplyDeleteCheck out James Sinclair's blog on IMS stealing Putin's gold
ReplyDeletein Cyprus which is what probably initiated this.
Cyprus is just the start, I read an article from the New Zealand Reserve Bank talking about "haircuts" to peoples accounts. When everyone wakes up and see's that the IMF is behind this and its demands on the Cypriot Government [re selling its state owned assets] possibly to IMF owned Companies. This is just the start of the NWO and no one can do anything. STAND UP AND DO AN ICELAND FOR GOD'S SAKE.
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