Cyprus steals 10% of all depositors money, trigger bank runs.

[Denny]

You can respect your community while venting your frustration on those who put you in that position. Especially if the banks are closed and refuse to give you your money. Bulldozer through the wall of the banks is a good start and since the police and fire aren't getting their money either, I'm betting you won't be stopped

If there is no chaos, then Frost isn't satisfied.

[Forever_frost]

To a point. I view it as logic. Bank has your money that you earned. They refuse to return said money and are actively keeping X percentage of your money that has already been taxed at least once. You are retrieving your money from people who have no right to it and are keeping it from you. Since police refuse to act to return your property, you have a natural right to go get it

[Denny]

To a point. I view it as logic. Bank has your money that you earned. They refuse to return said money and are actively keeping X percentage of your money that has already been taxed at least once. You are retrieving your money from people who have no right to it and are keeping it from you. Since police refuse to act to return your property, you have a natural right to go get it

Ya, but what good would it do to bring down the house? The Euro is going to hell in a hand basket. even if you destroy a bank and grab your cash (or the cash of others), what goo will it do at that point? How will the money that is taken out of vaults by force be controlled, counted and allocated if there is no bank record of who has what (remember, you destoyed the bank to get to the vault). It'll become he who has possession owns it, then to he who has the most firepower takes possession, then to he who is the last standing keeps possession.

You've never lived in a small, remote community with each and every person relied on as a resource to maintain daily life, have you?

[slow99]

Sounds like the person is a citizen of Cyprus in your example?

Yes?

[Denny]

LoL!

[Forever_frost]

You're right Denny, which is why first come, first serve. Unless the people just decide to 'annex' the bank for the return of their capital. I believe a gentleman in the US took over a branch of BOA over a lawsuit where the bank ignored him.

Yes, I have lived in communities like that.

[slow99]

Well shit.

[Denny]

I bet you can pick up a hell of a deal on a Mediterranean cruise about now. You disappointed Jody, BTW.

[Forever_frost]

I do wonder how cruise lines are handling ships breaking down and their 'exotic' destinations destabilizing

[Denny]

Not too well, eventually. They aren't too big to fail.

[sc281]

Well shit.

My sentiments as well.

Ready for the fun?

http://m.guardiannews.com/world/2013/mar/24/cyprus-bank-levy-leave-euro

[Forever_frost]

My sentiments as well.

Ready for the fun?

http://m.guardiannews.com/world/2013...evy-leave-euro

The parties considered new proposals that had emerged over the weekend with European officials speaking of a levy of up to 25% on Bank of Cyprus depositors with accounts holding more than €100,000, plus a further levy of up to 5% on similar deposits in other banks.

Russians are estimated to hold more than €20bn of the €68bn deposited in Cypriot banks. Some €38bn of the total is in accounts liable for the levy, suggesting that Russians could forfeit around €3bn. If the Cypriot government balked at the bank levy, the IMF and German officials were likely to demand even stiffer terms, including a "bail-in" arrangement whereby account holders with more €100,000 would forfeit up to 40% of their savings in return for shares in restructured banks.

[Forever_frost]

3 hours ago
Deal outline

So here's a wrap-up of what appears to be the shape of tonight's last-ditch deal between Cyprus and international lenders:

• A €10bn bailout that will shut down Cyprus' second largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians.

• The deal will spare the country a financial meltdown by winding down Popular Bank of Cyprus, also known as Laiki, and shifting deposits below €100,000 to the Bank of Cyprus to create a "good bank".

• Deposits above €100,000, which under EU law are not guaranteed, will be frozen and used to resolve debts, and Laiki will effectively be shuttered, with thousands of job losses.

http://m.guardiannews.com/business/2013/mar/24/eurozone-crisis-cyprus-bailout-eurogroup-meeting

[racrguy]

The Ruskies are not going to be happy about this.

[jw33]