Cypriot bank deposits hit in €10bn bailout

[Gabi]

Oh noes, the ATM networks is forked!

-MarkM-

The Euro just forked. There is Euro on bank account in cyprus and there is Euro cash on hand or in Germany.
Their exchange rate is not 1:1.

This, sir, is awesome 

[Piper67]

Oh noes, the ATM networks is forked!

-MarkM-

The Euro just forked. There is Euro on bank account in cyprus and there is Euro cash on hand or in Germany.
Their exchange rate is not 1:1.

This, sir, is awesome 

This should be engraved in golden letters somewhere. The Euro is forked. How about zero hedge and ars technica do a story with that headline?

[wachtwoord]

I'm on the better fork.

[Vladimir]

Unbelievable. The politburo in one go violated 2 articles of their sacred Human Rights, the one about property and the one about racial discrimination. Nicely done! Hitler would be proud.

They are not even trying anymore to steal money from population stealthily via inflation, they just take their annual cut outright in one go in this case.

I am surprised that BTC is not at 80$ on the Cyprus news yet.

How long does it take to transfer 90% that left in a Cyprus's banks to mtgox these days?

If I had any money in Cyprus, Ireland, Italy, Portugal, Spain, Italy or actually also in Netherlands, France, UK, Germany, US and while I am at it in any other country I would be converting it promptly into Bitcoin and PM's because this one time Cyprus thing is guaranteed to become two and tree time thing before long. Luckily I have no any notable amount money in any of those countries, so I can relax and buy some more popcorn.

[Vladimir]

They key is that they have reneged on deposit insurance. I think this is the beginning of the end of most modern fiat currencies. For all we know 2013 could enter the annals of history as the year of bank runs.

[n8rwJeTt8TrrLKPa55eU]

More importantly, as of this morning Europe has finally grasped that there is a 6.75% to 9.9% premium to holding physical cash in your mattress rather than having it stored with your local friendly insolvent bank.

Great observation.

[Jan]

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

Yay!

[markm]

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

Yay!

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

-MarkM-

[klaus]

THIS is very strange!!

Is this a EZB / IMF ad campaign for bitcoin?

Whats the next step in destroying worldwide confidence in fiat?

(btw, the fed makes also a very good job. $85 billion per month - LOL)

[Spaceman_Spiff]

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

The funny thing is that I got transfered to a Western Union add when accessing this meme pic .
No thanks WU, I have got better options  .

[Spaceman_Spiff]

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

Yay!

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

-MarkM-

I know the end result is true, but you make it sound as if bitcoin people are plundering cypriots' bank account.

[jl2012]

I am wondering why it wouldn't've been easier to just print moar money, thus taking it out of all deposits, whether in trouser pockets, under mattresses, in banks,in the back of the glove-compartment, wherever.

Because they are using euro, so they can't print on their own will?

[jl2012]

Oh noes, the ATM networks is forked!

-MarkM-

The Euro just forked. There is Euro on bank account in cyprus and there is Euro cash on hand or in Germany.
Their exchange rate is not 1:1.

Quote of the year

[ShadowOfHarbringer]

Read about it here http://www.ft.com/cms/s/0/33fb34b4-8df8-11e2-9d6b-00144feabdc0.html#axzz2Nh4PjXyG.

They took money out of every bank account. Now, that's a first AFAIK.

I would say bitcoin is needed more than ever to save oneself from all those banksters.

When i read it today, i simply couldn't believe it.
They just took people's money. Just stole it. Just like that.

THIS IS UN-FUCKIN-BELIEVABLE. Is the system really already starting to crash ?

[ShadowOfHarbringer]

Borrowed from somebody earlier in the topic:

[Herodes]

Read about it here http://www.ft.com/cms/s/0/33fb34b4-8df8-11e2-9d6b-00144feabdc0.html#axzz2Nh4PjXyG.

They took money out of every bank account. Now, that's a first AFAIK.

I would say bitcoin is needed more than ever to save oneself from all those banksters.

Would anyone kindly copy the entire article and put it here or on a pastebin ? That silly site asks for free registration and then you can read a whopping 8 articles for free every 30 days after that.

[malevolent]

Read about it here http://www.ft.com/cms/s/0/33fb34b4-8df8-11e2-9d6b-00144feabdc0.html#axzz2Nh4PjXyG.

They took money out of every bank account. Now, that's a first AFAIK.

I would say bitcoin is needed more than ever to save oneself from all those banksters.

Would anyone kindly copy the entire article and put it here or on a pastebin ? That silly site asks for free registration and then you can read a whopping 8 articles for free every 30 days after that.

Type in cache: before the URL

http://webcache.googleusercontent.com/search?q=cache%3Ahttp%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F33fb34b4-8df8-11e2-9d6b-00144feabdc0.html%23axzz2Nh4PjXyG&aq=f&oq=cache%3Ahttp%3A%2F%2Fwww.ft.com%2Fcms%2Fs%2F0%2F33fb34b4-8df8-11e2-9d6b-00144feabdc0.html%23axzz2Nh4PjXyG&aqs=chrome.0.57j58j59l2j60l2.1937&sourceid=chrome&ie=UTF-8

[Littleshop]

http://www.guardian.co.uk/world/2013/mar/16/cyprus-savings-levy-imposed-eurozone

Here is another article.  This may be the biggest mistake made since the idea of borrowing all of the money in the first place.  It sets a bad precedent and will set off (STARTING MONDAY) runs on banks anywhere in Europe that has a serious government debt problem.  They actually are taking 6.6% of peoples savings with less then 100k Euros and 9.9% of peoples savings with more.

They have broke the trust in banks in Cyprus for at least 20 years, and maybe in other parts of Europe as well.
 It may not get reported but I am sure all over Europe, ATMS are gonna be out of cash for a while.

[marcus_of_augustus]

According to Dutch newspapers they did it because the majority of the savings in Cyprus were from tax evading Russians and that this was the reason the European Union wouldn't bail Cyprus out directly.

That appears to be the reasoning, a similar one they used for effectively banning cash from the southern European economies. "Tax evasion" has been the convenient excuse for central bank monetary meddling for over 100 years now.

They are on a sorely misguided path. They are meddling with the basic properties of their money itself, i.e. digital fiat databases, and in the process thoroughly destablising the whole financial and economic systems.

It is is yet more evidence that they have fundamental misunderstandings about what money is and how people think about money. It is a fatal conceit of socialist power centers that inevitably leads to the collapse of their monetary systems. While we worry about the ECB writing reports about bitcoin, the ECB themselves seem not to understand how money works, in fact some of the bitcoin ECB report was revealing in how central bank bureaucrat thought about money, and it was unsettling to observe how ignorant they were in some aspects.

I would mark this as the beginning of widespread bank runs in Europe. The message is now clear, bank deposits do not belong to you but at any time the ECB can "have" them to re-allocate as they see best.

[Herodes]

wall street journal version

http://online.wsj.com/article/SB10001424127887324077704578362180039767150.html

Officials hoped that the contribution of depositors ...

So let me get this clear, politicians in Greece have mismanaged the country for years, and when they need a bailout, they exploit the population again, while they themselves continue to live in nice houses, have lavish lifestyles, mistresses, money in tax heavens and so on.

What should really happen is that every incompetent politician should leave office, or be put in jail for the remainder of their lives, and all their posessions should be confiscated and be used to pay off governmental help. Will never happen - power and money rule everything.

So normal people should just get bitcoins, no govt. can take 10% then. Or perhaps also get some gold and silver. This means that bank deposits are not safe. They took about 1/10th now, what if there's more problems later on, they take more, and then more problems, they will take even more....

I say, let any banks who cannot sustain themselves go bankrupt. People can live off the land if need be, they did that before the banks existed.