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On March 26 2013 03:49 RCMDVA wrote:And now we have the "Template retraction". Show nested quote +Statement by the Eurogroup President on Cyprus 25/03/2013 - Statement
Cyprus is a specific case with exceptional challenges which required the bail-in measures we have agreed upon yesterday.
Macro-economic adjustment programmes are tailor-made to the situation of the country concerned and no models or templates are used.
I think it's a bit silly that there is no model or template. Yes, a tailor-made solution sounds nice, but trying to tailor a solution over a weekend or two just doesn't seem to work very well. Surely some standards and some commonality would be preferable.
Edit: A rather depressing take on Cyprus:
The broken Euro Frances Coppola Imagine you live in a prosperous country, with a lovely climate, beautiful beaches, blue seas. But there's something funny about this country. It doesn't have a functioning banking system. ... Once full capital controls are imposed, a Euro in Cyprus will no longer be the same as a Euro anywhere else in the Euro area. It cannot leave the island. The Cyprus Euro will in effect be a new domestic currency. The imposition of capital controls in Cyprus is therefore the end of the single currency in its present form. As this image shows, the single currency will have a bit missing - a bleeding chunk torn from its edge: ![[image loading]](http://4.bp.blogspot.com/-mMLiWv0y8og/UU9wc2Qf8EI/AAAAAAAAANY/xi3Ru5zGOaY/s320/Broken+Euro.png) ... In effect, Cyprus is no longer a full member of the European Union. And this sets a dangerous precedent. The Troika's mishandling of the Greek crisis and the ensuing contagion to Cyprus has fundamentally weakened the European project. If it can bully one state into imposing capital controls in clear breach of the principles of the European Union, and in so doing destroy the integrity of the single currency, then it can do it to others. ...
Full read here.
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not only the russians, but more aggravating, all the politicians that were in the "know" withdrew their own millions off those banks before they clamped them shut.
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On March 26 2013 15:39 aksfjh wrote:So sad...
it's not only the russians, the UK citizens too.
somehow the departments of cyprus banks in russia and england weren't closed and they could withdraw money without limit. who would have thought so 
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They always find a way. Is anyone suprised.
Hell, Roman Abromovich... (Chelsea FC owner) is having his girlfriend give birth New York so he can have a US citizen as a kid. I can just imagine the accounts opened in that kids name the second they get his/her social security number.
Billionaire anchor baby.
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On March 26 2013 00:51 Sermokala wrote:
Russia is going to be mad as shit over all this. A ton of that money being taken is gona come from their own oligarchs.
Why should they be? If I was Putin, I'd give the oligarchs my middle finger and tell them that's what they get for tax dodging.
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I'm not sure if you can use a local branch to reach foreign deposits.
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On March 27 2013 03:01 JonnyBNoHo wrote:I'm not sure if you can use a local branch to reach foreign deposits.
I don't think you can, but as far as I know, they exploited a loophole in the regulations. There were/are exceptions for money transfers declared as humanitarian aid and for "special reasons". There are some reports that claim that the banks were pretty lenient in the way they controlled these regulations.
So, some big money made it probably out, let's hope not all of it got away in the 10 days the Cyprian parliament bought with their little farce.
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On March 27 2013 02:44 andrewlt wrote:Show nested quote +On March 26 2013 00:51 Sermokala wrote:
Russia is going to be mad as shit over all this. A ton of that money being taken is gona come from their own oligarchs. Why should they be? If I was Putin, I'd give the oligarchs my middle finger and tell them that's what they get for tax dodging.
Thats not how things work in Russia
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They didn't withdraw any big amount of money, just some bullshit conspiracy theory from right winged nuts
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If the money was being held in Cypriot banks then surely the Cypriot banks could have stopped the money from being withdrawn, and thus forced it to be subject to the same taxation that will now be levied on the Cypriots themselves. Not that I'm in favour of this whole shambles. Seriously, in international terms the amount of money being levied is chickenfeed, but they are creating a mass panic and the very real fear amongst Europeans that a government can get them into a terrific mess and force the citizenry to pay for it without their say-so. This makes people much less likely to trust their politicians and banks, and may be the catalyst for people to start pulling their money out of banks all across Europe, making the whole situation far worse than simply allowing Cyprus to default.
Good job, financial bureaucrats of Europe. Good job indeed.
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You guys are freaking out over something that still needs to be verified (as much as I love Zero Hedge, it has been very wrong in the past). Let's see what actually happened before we draw conclusions.
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On March 27 2013 07:36 Hatsu wrote:Yeah but no figures.
i expect big money to be smart enough to use all means possible. i don't need figures if i see the open door.
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On March 27 2013 07:53 Gaga wrote:i expect big money to be smart enough to use all means possible. i don't need figures if i see the open door.
exactly. ofc they withdrawed most of their money. funny that the standard german press does not report these rueters facts up to now.
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On the bright side, Cyprus banks will be able to reduce their future operating costs by firing anyone whose job it was to open new accounts for people, as that function will no longer be required.
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On March 27 2013 08:30 Kaitlin wrote:
On the bright side, Cyprus banks will be able to reduce their future operating costs by firing anyone whose job it was to open new accounts for people, as that function will no longer be required.
The underpaid girl behind the counter. Yeah, I'm sure that'll solve everything.
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First, you seem to have missed the point entirely. Second, why do you automatically assume such a person is underpaid ? She may have been overpaid, in fact.
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EPT
