2013-03-23 ABC News - Cyprus Crisis Boosting Unique Currency, the Bitcoin

[phelix]

Banks in Cyprus payed 5% interest. Interest like that comes at a risk. You should have been aware of this.

The government of Cyprus guaranteed the deposits.

As of the latest news, they have guaranteed "insured" deposits (< 100K Euros) to prevent a pan-European bank run but those with over 100K are going to get absolutely raped.  Laiki is going to be shuttered and "insured" accounts moved to Bank of Cyprus which will be allowed to survive with "haircuts".

Why there are not bank runs throughout Europe right now I have no idea...  

As far as I know the US have even higher debt...

[1715244213]

1715244213

[zeroday]

Cyprus crisis shows that rules has changed and every citizen is now responsible for their country's debt.
US will be glad to continue this practice. They already confiscated gold in 1933. That time they raided every bank cell to seize every piece of precious metal stored. What prevents them to raid the banks now?

[cypherdoc]

Banks in Cyprus payed 5% interest. Interest like that comes at a risk. You should have been aware of this.

The government of Cyprus guaranteed the deposits.

As of the latest news, they have guaranteed "insured" deposits (< 100K Euros) to prevent a pan-European bank run but those with over 100K are going to get absolutely raped.  Laiki is going to be shuttered and "insured" accounts moved to Bank of Cyprus which will be allowed to survive with "haircuts".

Why there are not bank runs throughout Europe right now I have no idea...   

oh there will be.  by uninsured depositors.

[wachtwoord]

Cyprus crisis shows that rules has changed and every citizen is now responsible for their country's debt.
US will be glad to continue this practice. They already confiscated gold in 1933. That time they raided every bank cell to seize every piece of precious metal stored. What prevents them to raid the banks now?

Morals?

Oh wait, ....