Cypriot bank deposits hit in €10bn bailout

[wachtwoord]

I agree fully. It will take a long time for the poor and uneducated to realize this benefit however. This is the main customer base of WU.

The Bitcoin strength in remittance and the fact that WU is quite leveraged were the main two arguments against investing in WU.

[ShadowOfHarbringer]

One thing is still unclear to me. How can EU save the banks in Cyprus by initiating panic, chaos and bankrun? It's like trying to cure broken leg by punching it with massive metal pipe.

There is no plan to save anything. The plan is to pillage as much as possible before the cash flow dries up. It's just like the final years of the USSR.

This.

Many people profited a lot from the fall of the USSR. How could I emulate their approach here?

Nobody knows this exactly.

The fall of EU will be probably very different from the fall of USSR.

[justusranvier]

Many people profited a lot from the fall of the USSR. How could I emulate their approach here?

The people who profited were those who got into upper management positions in the state industries, so they could move resources overseas to claim for their own use once the government dissolved.

[n8rwJeTt8TrrLKPa55eU]

I agree fully. It will take a long time for the poor and uneducated to realize this benefit however. This is the main customer base of WU.

Noose tightening further today in Cyprus wrt. money transfers:

The Central Bank of Cyprus, in a letter to Cypriot banks has ordered all banks to temporarily freeze money orders and funds transfers, reports Eυρωπαϊκή Kρίση Xρέoυς.

The letter dated March 16, 2013 is marked "confidential" and temporarily prohibits institutions subject to supervision by the Central Bank from issuing money orders or  any other transfer of funds using any payment system or clearing and settlement systems, within or outside the Republic, including transfers within the same institution.

http://www.economicpolicyjournal.com/2013/03/euro-minister-doesnt-rule-out-taxes-on.html

[oakpacific]

I agree fully. It will take a long time for the poor and uneducated to realize this benefit however. This is the main customer base of WU.

The Bitcoin strength in remittance and the fact that WU is quite leveraged were the main two arguments against investing in WU.

Acutally, not many poor and uneducated people could afford to use WU.... people mostly use it when they are out of options.

[ralree]

http://www.quickmeme.com/meme/3te8jo/

+1

[niko]

People can try and keep their fiat savings outside of the banks, but their salaries are still being deposited into bank accounts, and are vulnerable to similar sudden, retroactive changes in rules (stealing, that is). Does any company pay cash salaries any more? When I was a kid, my parents used to come home once a month with an envelope full of currency bills...

What happened in Cyprus is essentially a retroactive taxation.

[wachtwoord]

News: UK government pays the full taxation for British citizens with accounts in Cyprus.

[cypherdoc]

From one of the comments :

For a dessert: CEO of the biggest local bank (Bank of Cyprus), that brought about this nightmare, yesterday won the right to get his bonus of 2 Million Euro (he initially wanted 3.5 Million).

http://www.economist.com/blogs/schumpeter/2013/03/cyprus-bail-out?zid=307&ah=5e80419d1bc9821ebe173f4f0f060a07

[Littleshop]

News: UK government pays the full taxation for British citizens with accounts in Cyprus.

While this increases trust, it also increases the odds of foreign governments steeling foreign money from thier own banks as there are less consequences for the local government.  It is kind of like paying a ransom.  More kidnappings will follow. 

[joecooin]

News: UK government pays the full taxation for British citizens with accounts in Cyprus.

Source?

Also, this should read:

"British taxpayers forced to pay the full taxation for Btitish citizens rich enough to hold a bank account in Cyprus."

Joe

[Mike Hearn]

UK isn't doing that. It's compensating civil servants and military only, not all British citizens. The assumption being that the people who work for the UK govt out there didn't choose to be there.

[wachtwoord]

UK isn't doing that. It's compensating civil servants and military only, not all British citizens. The assumption being that the people who work for the UK govt out there didn't choose to be there.

Okay then my source is wrong because the Dutch NOS is claiming exactly that.

[salfter]

Bah, no "tour" at WSJ too today and amazingly I hadn't already been captured by them long ago as I at first guessed I likely had been.

If you give Google a paywalled WSJ link, it'll return a link to the full article that you can read.

[cypherdoc]

so, perhaps the Cayman Islands is next?

[BTC Books]

so, perhaps the Cayman Islands is next?

I sure would be sweating it if I had money in Greece.  Is there a reliable and current source for bank deposit flows in Greece?

[cypherdoc]

so, perhaps the Cayman Islands is next?

I sure would be sweating it if I had money in Greece.  Is there a reliable and current source for bank deposit flows in Greece?

only Greece? 

perhaps it's spelled:  PIIGS

or perhaps:  PIIGSUSA

[joecooin]

I wonder when the first names of bankers, politicians and super-rich are being leaked, who got exclusive beforehand knowledge of what's going to happen on thursday already so they could get their money out by friday.

That's what happened in Argentinia in 2001.

Joe

[cypherdoc]

I wonder when the first names of bankers, politicians and super-rich are being leaked, who got exclusive beforehand knowledge of what's going to happen on thursday already so they could get their money out by friday.

That's what happened in Argentinia in 2001.

Joe

once again, US politicians set the bar. 

they are allowed to frontrun their political decisions in the stock market.   so why not Cyprus?

[BTC Books]

so, perhaps the Cayman Islands is next?

I sure would be sweating it if I had money in Greece.  Is there a reliable and current source for bank deposit flows in Greece?

only Greece? 

perhaps it's spelled:  PIIGS

or perhaps:  PIIGSUSA

It's a frog-boil, I think.

Those guys are so used to doing things incrementally that I doubt they'll break the habit, even for something like this.

So yeah:  Greece.  Then PIIS.  Then the rest of the EZ (except Germany, of course).  But probably not the US:  here, I think they'll just keep stealing by printing money and giving it away to the banks and Wall Street.