Cypriot bank deposits hit in €10bn bailout

[alexeft]

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.

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[markm]

It is also kind of weird. Do the politicians and bigwigs over there keep their money under their mattress instead of in a bank?

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.

I seem to have exceeded my teaser-article-access quota (pre-capture "tour") at that site for the day so I cannot actually read it right now.

-MarkM-

[Bitcoinpro]

wall street journal version

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

[Bitcoinpro]

snap bank holiday and they are using a real public holiday to do it 

[markm]

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. (Been too canny too long, I guess. )

Thank gosh for Google -> BBC.

http://www.bbc.co.uk/news/business-21797888

-MarkM-

[alexeft]

It is also kind of weird. Do the politicians and bigwigs over there keep their money under their mattress instead of in a bank?

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.

I seem to have exceeded my teaser-article-access quota (pre-capture "tour") at that site for the day so I cannot actually read it right now.

-MarkM-

Cyprus is a member of the eurozone, hence, they can't print money at will. Only germany can these days  , to their own interest of course.

[Bitcoinpro]

they shoulda had their money in coin

[marcus_of_augustus]

I think the correct term for wide-scale theft like this is plunder.

Not unlike MF Global but seems to have a thicker patina of legitimacy applied, they are calling it a "one-off" tax on bank deposits.

[wachtwoord]

I guess that isn't the wisest choice but Cyprus was unable to print the money themselves and were likely denied a bailout (why else do something like this?). If I were a Cypriot I would no longer use a bank account for anything by my current assets, I would take my chances with burglars before I'd take a chance with the governmental thieves.

Hint for European governments: DO NOT guarantee savings in bank accounts and let banks go bankrupt if they do. Your so called 'cure' is much much worse than what you are trying to cure.

[grau]

It is incredibly naive to think the banking system could be bailed out by a haircut of the savings.
No one in cyprus will deposit into a bank for quite a few years. They could as well just close them.

Sorry for those savers.
On the positive side, people will for sure look for alternatives like Bitcoin.

[alexeft]

It is incredibly naive to think the banking system could be bailed out by a haircut of the savings.
No one in cyprus will deposit into a bank for quite a few years. They could as well just close them.

Sorry for those savers.
On the positive side, people will for sure look for alternatives like Bitcoin.

Exactly!!!

[wachtwoord]

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.

[grau]

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.

I buy that, but that does not change the effect. Depositors will seek to withdraw their remaining money as cash or transfer to Germany.
It is very likely that both actions will be substantially limited in addition as the banks open.

[bitdragon]

i just came back from 3 months in Cyprus_
Quite something:
So they are paying 5.8 Billion to get an interest bearing loan of 10 Billion...

It is getting more and more obvious

[Technomage]

This news is crazy. It's going wild in Finland. I think that people will start increasingly worrying that even more wealthy European countries will at some point be affected by this madness. That is good for Bitcoin.

I've been telling everyone "Bitcoin user not affected" like a madman today.

[Technomage]

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

[nexus6]

According to Cypriot guy comment on Reddit, the ATMs are running out of money, and they have blocked all the banking accounts 

http://www.reddit.com/r/europe/comments/1aeht8/eurozone_and_imf_agree_10bneuro_cyprus_bailout/c8wouo2

[markm]

Oh noes, the ATM networks is forked!

-MarkM-

[n8rwJeTt8TrrLKPa55eU]

This is huge news.  Cracks in the EU facade inevitably reappearing.

Preview of ccoming attractions in Spain, Italy?

Next week should see some interesting volatility in financial markets.

Another catalyst for continued move into BTC and metals.

Now, more than ever: be your own bank.

[grau]

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.