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  1. #61
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    Default Re: Greece

    How shock waves will hit US if Greece drops euro

    By MATTHEW CRAFT, Associated Press – 12 minutes ago

    NEW YORK (AP) — The unthinkable suddenly looks possible.

    Bankers, governments and investors are starting to prepare for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.

    The worst-case scenario envisions governments defaulting on their debts, a run on European banks and a worldwide credit crunch reminiscent of the financial crisis in the fall of 2008.

    A Greek election on Sunday will go a long way toward determining whether it happens. Syriza, a party opposed to the restrictions placed on Greece in exchange for a bailout from European neighbors, could do well.

    In the meantime, banks and investors have sketched out the ripple effects if Greek were to leave the euro.

    They think the path of a full-blown crisis would start in Greece, quickly move to the rest of Europe and then hit the U.S. Stocks and oil would plunge, the euro would sink against the U.S. dollar, and big banks would uncover losses on complex trades.

    ACT I

    What would Greece's exit look like? In the worst-case scenario, it starts off messy.

    The government resurrects the Greek currency, the drachma, and says each drachma equals one euro. But currency markets would treat it differently. Banks' foreign-exchange experts expect the drachma would plunge to half the value of the euro soon after its debut.

    For Greeks, that would likely mean surging inflation — 35 percent in the first year, according to some estimates. The country is a net importer, and would have to pay more for oil, medical equipment and anything else coming from abroad.

    The Greek central bank would also need to print more drachmas once the country got locked out of lending markets, says Athanasios Vamvakidis, foreign exchange strategist at Bank of America-Merrill Lynch in London.

    Greece's government and banks currently survive on international aid. "Without access to markets, they have to print money," he says.

    That's one reason analysts say the switch to a drachma would lead the country to default on its government debt, possibly triggering losses for the European Central Bank and other international lenders.

    Most assume foreign banks would have to write off loans to Greek businesses, too. Why would Greeks pay off foreign debts that effectively double when the drachma drops by half?

    Say a small shop owner in Athens has a €50,000 business loan from a French bank. She also has €50,000 in savings in a Greek bank. The Greek government turns her savings into 50,000 drachma.

    If the new currency fell by 50 percent to the euro as expected, her savings would suddenly be worth €25,000. But she would still owe €50,000 to the French bank.

    European banks would take a direct blow. They've managed to shed much of their Greek debt but still held $65 billion, mainly in loans to Greek corporations, at the end of last year, according to an analysis by Nomura, a financial services company. French banks have the most to lose.

    ACT II

    Here's where things get scary.

    The European Central Bank and European Union would have to persuade bond investors that they will keep Portugal, Spain and Italy from following Greece out the door. Otherwise borrowing costs for those countries would shoot higher.

    "If they fail to reassure bond investors, all of the nightmare scenarios come into play," says Robert Shapiro, a former U.S. undersecretary of commerce in the Clinton administration.

    Experts agree that the so-called firewall built to stop the crisis from spreading needs more firepower.

    Much of the €248 billion ($310 billion) left in the European Financial Stability Facility, one European bailout fund, was pledged by the same countries that may wind up needing it, Vamvakidis says.

    There's also a European Stability Mechanism that's supposed to be up and running next month, but Germany has yet to sign off on it.

    A fast-spreading crisis is known in financial circles as contagion — a term borrowed from medicine and familiar to anyone who has watched a disaster movie about killer viruses on the loose.

    "It's like a disease that spreads on contact," says Mark Blythe, professor of international political economy at Brown University.

    The bond market, where banks, traders and governments cross paths, provides the setting. If Greece dropped the euro, traders would become more suspicious of Spain, Portugal and Italy and sell those countries' government bonds, pushing their prices down and driving their interest rates up.

    Higher borrowing costs squeeze those countries' budgets and push them deeper into recession. Plunging bond prices imperil Europe's already troubled banks, which stockpiled government bonds when they were considered safe.

    At this point, the risk would be high for a run on banks throughout Europe. People would stampede to their banks to withdraw what they can. Analysts and investors say that's the biggest fear.

    People in Spain, for example, have already seen what's happened in Greece and have started pulling euros out of their accounts in fear the country will switch back to cheaper pesetas.

    "People see their banks in trouble," Shapiro says.

    In less frantic times, the government would come to the rescue with cash or take over the banks. European countries have already committed to lend up to $125 billion to Spain's banks to help save them.

    But all this is happening in the middle of a government debt crisis, and if the crisis gets worse, the Spanish or Italian governments couldn't borrow enough cash from investors to save the day.

    "They can't afford to guarantee deposits or money market balances," Shapiro says. "They don't have the ability to borrow internationally from bond markets. Where are they going to get the funds?"

    From here, the crisis could easily snowball: Banks could fail, the surviving banks could stop lending to each other, and a credit freeze could shut down Europe as assuredly as a blizzard did last winter.

    One way to stem the contagion would be to create so-called eurobonds — bonds backed by all 17 euro countries. They could be sold to raise money for troubled European governments.

    Germany, which has the strongest economy of the euro countries, has slowly warmed to the idea but wants weak governments to fix their finances first. "Germany's strength is not infinite," Chancellor Angela Merkel said Thursday.

    The International Monetary Fund would probably pitch in. Peter Tchir, who runs TF Market Advisors, worries that the IMF may take a loss on the roughly $28 billion it has already loaned to Greece.

    Cash-strapped European governments should be able to turn to the IMF for help, but the IMF's money comes from its 188 member countries. Tchir says that the U.S. and other countries may balk if the IMF asks for help supporting Europe.

    "People are happy to put money in if they think they won't lose it," Tchir says. "In this case, the IMF loses money, then everybody gets scared."

    ACT III

    A full-blown crisis would cross the Atlantic through the dense web of contracts, loans and other financial transactions that tie European banks to those in the U.S., experts say.

    Blythe, the professor at Brown, believes credit default swaps, the complex financial instruments made infamous by the 2008 financial crisis, would provide the path.

    The swaps were created as a sort of insurance for loans. After lending money to a business or government, investors take out insurance on the loan. If the borrower runs into trouble and can't pay — say, the government of Spain defaults — the banks that sold the insurance cover the loss.

    A $2 billion trading loss that JPMorgan Chase revealed in May, traced to a hedge against the Europe crisis, shows just how easy it is for even the safest and savviest of banks to slip up.

    And it doesn't even take a default for a credit default swap to go bad.

    If traders think other countries will follow Greece, they'll drive up borrowing rates by selling government bonds, which also pushes up the cost of insuring their debt. That's similar to how your neighborhood insurance agent handles a teenage driver.

    In the derivatives market, where credit default swaps are traded, there's a twist. When markets treat Spain like a bad credit risk, those who took out insurance on Spanish debt to protect against a default can force the banks that sold the insurance to prove they can make good on the claim.

    To do that, banks cash out something else — U.S. government debt, gold, or anything easy to sell. In normal times, it's no big deal. In a crisis, it can lead to a cascade of selling, spreading trouble from one market to another.

    Another problem: It's not clear how much U.S. banks have at risk to Europe through credit default swaps, because regulations let banks keep that information a secret.

    "You could have American banks up to their necks in CDS liabilities," Blythe says. "We don't even know."

    There's a wide variety of other paths the turmoil could take into the U.S.

    Money market mutual funds, which hold more than $2.5 trillion, have an estimated 15 percent of their investments in Europe. European banks are also large buyers of U.S. mortgage bonds. If they're forced to sell them, mortgage rates could jump, imperiling the U.S. housing market. Frightened banks might also pull the credit lines companies depend on for global trade.

    So, what's the good news? It's hard to find anybody who believes the crisis will get that far.

    The bankers planning for a Greek exit say they think European leaders will get scared into action. The Federal Reserve and other central banks learned from the financial crisis in 2008, they believe, and will jump in to stop the nightmare scenario from unfolding.

    Just in case the worst comes to pass, analysts at Barclay's have attempted to estimate the fallout. They compare it to the days after the investment bank Lehman Brothers collapsed in September 2008. This time, they project that oil prices would fall to $50, stock markets outside of Europe would plunge 30 percent, and the dollar would soar to trade nearly even with the euro.

    Blythe is skeptical that it will get this bad, because he hopes the previous financial crisis has left governments and central banks prepared.

    However the Greek story ends, Blythe believes it's bound to be ugly. Putting 17 countries together to share a common currency worked well when Europe prospered. Now that they're struggling, "all the design flaws are becoming apparent," he says. Every solution that's supposed to fix a problem creates another problem.

    The proposed $125 billion loan to save Spanish banks, for instance, adds to the debt burden of Spain and other troubled European countries, which sent their borrowing costs higher and put a tighter squeeze on their budgets.

    "The euro itself," Blythe says, "is a bloody doomsday machine."
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  2. #62
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    Default Re: Greece

    Greece Euro Exit Would Kill Already Fragile Hospitals
    Published: Friday, 15 Jun 2012 | 4:54 AM ET
    Text Size
    By: Catherine Boyle
    Staff Writer, CNBC.com


    The supply of healthcare and medicines in Greece is already increasingly difficult – and if the country left the euro, the situation would get even worse, Greek healthcare officials have warned CNBC.

    Greeks go to the polls on Sunday in an election that analysts see as a make-or-break moment for the country's fate, with many saying that if the left-wing, anti-bailout party Syriza wins the country will have to exit the single currency area.

    “If we leave the euro, this hospital will close down and so will many more,” Tony Rapp, deputy general manager of Athens’ Henry Dunant Hospital, told CNBC.

    Staff at his hospital, set up by a charitable trust which has seen donations dry up and the number of people undergoing private procedures halve, are still working despite missing around five months’ pay.

    Medical supplies are paid for in cash, and the hospital has to take decisions every day about which bill to pay first. The hospital’s hopes for survival rest on receiving 25 million euros ($31.5 million) in reimbursements from the government – and a loan from Cyprus’ Marfin Laiki bank, which is itself facing stormy weather. If Greece exits the euro, neither of these will happen, Rapp believes.

    Greece's healthcare system is a mixed system, with both public and private healthcare, and most people are insured either through work or through personal policies.

    Access to doctors and medicine, which is taken for granted by most of the Western world, is increasingly problematic in Greece. The troika of the International Monetary Fund, European Central Bank and European Commission which bailed out the struggling country has told it to cut healthcare spending from 10 percent to 6 percent of gross domestic product.

    Caretaker Prime Minister Panagiotis Pikrammenos has warned that lives are at stake.

    Pensions, Salaries Cut

    The government now charges five euros for a doctor’s visit – a small sum which is increasingly unaffordable to ordinary people here –and has slashed the healthcare budget by 13 percent. Pensions and salaries have been cut, while unemployment is still rising. And many of the middle classes have stopped paying their health insurance as their belts have to be tightened.

    Free healthcare is being left in the hands of charities, non-governmental organizations and even the Orthodox Church.

    RELATED LINKS

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    The queue for the Clinic of Social Mission in central Athens, a free clinic run by the church, is filled with those who don’t have medical insurance. Eleni Doulianaki, one of the doctors at the clinic, warned that 10 percent of the patients they see “are in dire need” of further treatment in hospital for life-threatening conditions, but that the welfare system won’t cover them. Close to half of them previously had health insurance.

    Corruption is also a huge problem. The healthcare industry is the part of the economy most affected by corruption in Greece, according to Transparency International. Greeks paid up to 20,000 euros each to jump the waiting list in public hospitals in 2011, the group’s most recent report said. While the amount being paid in bribes is falling with people’s incomes, the legacy of inflated costs remains.

    The cost of some medicines is four times what it would be elsewhere in the European Union – often because there are people taking “fakelaki” (“little envelopes”) all along the food chain.

    Written by Catherine Boyle, CNBC. Twitter: @catboyle01
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    Default Re: Greece

    Greece’s Ailing Economy Grinds To A Halt
    June 19, 2012

    Last week, Medical Service Limited, a small Athens’ supplier of medical equipment that can no longer afford to pay its employees, received what should have been a blessing: an order from one of the city’s hospitals for a heart monitoring machine.

    But after thinking it over, Yannis Stamos, the company’s co-founder, turned the customer away. Filling the order would have meant reaching into Medical Service’s own pockets to cover the €35,000 cost of such a machine, since Greek banks have stopped lending and the company’s German suppliers now demand pre-payment in cash.

    Even if it could foot the bill, Medical Service would then have to hand over thousands of euros in sales tax to the Greek government within a month – long before any hospital is likely to pay.

    “It’s a terrible situation,” Mr Stamos says. “Everything is frozen. The economy is dead, and no one is paying anyone.”

    Medical Service is but a snapshot of what is happening to businesses across Greece as the economy’s gears grind to a halt. After sputtering through four years of recession, most commercial activity has all but ceased over the past six weeks as the country endured two nail-biting elections with its future in the eurozone hanging in the balance.

    The political paralysis has both quickened the outflow of deposits from Greece’s teetering banks and put on hold an EU-funded effort to recapitalise them. Business leaders say they can no longer obtain the most basic credit – even when they boast solid order books.

    Making matters worse, the government, which controls much of the economy, has stopped paying its bills. As of last month, it owed nearly €7bn to the private sector.

    A €174bn EU bailout was supposed to help, but it has had negligible effect on the real economy, since most of the funds leave the country as soon as they arrive to repay foreign creditors.

    “We have got to a point where we’re at a complete standstill,” said Constantine Michalos, the president of the Athens Chamber of Commerce. “The first thing a coalition government has to do is recapitalise the Greek banking system.”

    The chamber’s own study reveals that 68,000 Greek businesses closed over the past 17 months and it expects a further 36,000 to close in the next 12 months. It foresees the economy will shrink a further 7.8 per cent this year – worse than the 6 to 6.5 per cent decline forecast by most economists. Even tourism, a typical redoubt of the Greek economy, is suffering as the political uncertainty has led holidaymakers to cancel bookings.

    “The liquidity problem of the banks coupled with the state’s difficulty in paying its obligations for the past year has created ripple effects in the economy and everyone is feeling the effects,” said Thimios Bouloutas, the chief executive of Marfin Investment Group, a Greek holding company that owns hotels, an airline, private hospitals and a restaurant chain.

    Some of those effects are obvious. With Greek pharmacists owed €370m by government insurance schemes, for example, some medications have become scarce and patients now have to pay the full cost of prescription drugs.

    Others are less so. One Athens executive said his company had begun shopping for a new data centre outside Greece, amid fears that the country will suffer rolling blackouts this summer because of debts owed to the main utility.

    The executive declined to be identified because the company does not want foreign customers or potential investors to know that it is based in Greece. “It’s quite sad that we’re doing that but it’s reality,” he said.

    The cash crunch also appears to be forcing Greek companies to drop European suppliers and turn to Chinese competitors because they are willing to offer credit.

    Dimitris Papanikolaou, vice-president of Neon Energy, which installs solar panels, said this factor – not cost – was the main reason he increasingly bought materials from China instead of Germany. At Medical Service, Mr Stamos has done likewise, switching to Chinese ultrasound machines.

    In many ways, Mr Stamos embodies the enormous progress Greece has made in just a few generations – as well as the calamity it now faces. His father delivered goods by donkey on the island of Andros.

    After settling in Athens, the son launched his company with a partner and a bank loan in 1991. His daughter studies economics at Athens university.

    Late payments by Greece’s public hospitals have been a chronic challenge requiring a sympathetic banker.

    Two years ago, the government paid €1m in arrears to Medical Service in the form of bonds. That seemed like a reasonable deal – until the country’s latest EU bailout led to a 50 per cent “haircut” for those securities.

    In March, Mr Stamos stopped paying regular salaries to his eight employees and reduced their hours. Like other Greek executives, he is hoping that a new government will emerge this week, and then begin settling its bills. “I’m an optimist,” he said.

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    Default Re: Greece

    Companion Threads:





    Cyprus Could be the Next Domino to Fall to Russia

    by John Galt
    July 8, 2012 22:00 ET


    The United States slumbers under the inept leadership of the Clinton State Department and the old Soviet Union begins its march through the Western sphere by purchasing influence one nation, one alliance at a time. The U.S. thinks it can intimidate the Russians with verbal sparring but in reality they are laughing, in fact mocking the handiwork of decades of Soviet influence over our foreign policy as we stumble from crisis to crisis and Moscow simply purchases allies like we buy our own bonds to survive.

    The latest nation to possibly fall as a key domino is that of Cyprus, a divided island where the Greeks can no longer support their half and a Russian ‘loan’ to buy influence along with Israeli military troops on the ground could greatly destabilize the Eastern Mediterranean and further isolate the nation of Turkey which is drifting into the radical Islamist camp. The headline from the news website New Europe speaks volumes about the crisis the West is ignoring:

    Cyprus asks Russia for help


    In the story by Ivan Angelov, the news is fairly grim for those thinking this possibly future petroleum power will submit to the will of the EU banksters:
    The authorities in Nicosia have asked Moscow for financial assistance amounting to five billion euro, announced on Friday the Russian Finance Minister, Anton Siluanov before reporters quoted by ITAR-TASS.

    Siluanov stated that the request was being examined and did not fail to emphasize the fact that the island has requested financial support not only from Russia, but by the European Union as well.

    At the end of 2011, Cyprus received a loan amounting to 2.5 billion euro from Russia at preferential rates, but it seems to have been insufficient. Because of the crisis in its banking sector, the country has no access to loans from international debt markets, while “Fitch”, “Moody’s” and “Standard & Poor’s” drastically reduced the country’s credit rates.
    Regardless of the outcome of the negotiations with Brussels, if Cyprus accepts the loans from Russia on more favorable terms than that of the ECB/EMU authorities, then the risk of Greece and other Eastern European/Balkan states seeking alliances with their former Soviet masters increases. That in and of itself should alarm the Obama/Clinton State Department; unless of course they are actually working to assist their “friends” in Moscow.

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    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    添ou Americans are so gullible.
    No, you won稚 accept
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    until you値l finally wake up and find you already have communism.

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    like overripe fruit into our hands."



  5. #65
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    Default Re: Greece



    Reuters A man stands inside Athens's Eleftherios Venizelos airport Wednesday during a 24-hour labor strike.
    ATHENS—Clashes broke out at an Athens protest Wednesday as tens of thousands of demonstrators marched through the city in opposition to a fresh round of budget cuts the Greek government is expected to announce in the coming days.
    In the city's main Syntagma Square, hundreds of hooded youths threw rocks and petrol bombs at riot police, who responded by firing several rounds of tear gas and stun grenades. Clouds of smoke hung over the square, located in front of parliament, as bins were set alight and shop fronts were vandalized.
    There were more than 100 detentions and at least 20 arrests, while six police officers were injured in the clashes, police said.
    Chanting slogans and carrying banners reading, "Close down the International Monetary Fund, not the hospitals," protesters shut down the center of the city before converging on Greece's parliament building. One group of demonstrators marched carrying a coffin holding up a Greek flag on a pole while a well-dressed elderly gentleman, wearing a hangman's noose instead of a tie, held up a sign saying "201 euros is my pension."
    Some 3,000 law enforcers stood over the march, with hundreds of police in riot gear lined up outside of parliament in an effort to minimize the violence that has marked past demonstrations. Police estimates put the number of protesters, including workers, business owners and students, participating in the rally at about 35,000 to 40,0000, though organizers say up to 100,000 people were involved.
    The protests were linked to a 24-hour strike called by the country's two giant umbrella unions, GSEE and ADEDY—the first since the three-party coalition government led by Prime Minister Antonis Samaras took office in June. The strike represents the first real test of public opposition to the cutbacks.
    View Slideshow



    Orestis Panagiotoue/European Pressphoto Agency Workers shout slogans during a general strike protest in Athens on Wednesday.






    With hundreds of thousands of workers walking off the job on Wednesday, the strike brought public services to a standstill across the country, closing government offices, schools, museums and courts, while hospitals were operating on skeleton staff. A partial transit strike in Athens affected early-morning commuters, while train and ferry operations around the country were suspended.
    A three-hour walkout by air-traffic controllers disrupted flight schedules around Greece, while bank workers, teachers, lawyers, merchants and doctors also joined the strike.
    In the center of Athens, most shops were closed amid fears of the violent episodes that marked Greece's last major protest in February, while lamp posts around the city were festooned with posters announcing the strike and reading: "SOS—the country should be saved, but above all its people."
    Vassilis Georgiades, 56, says he has felt the pain of Greece's successive austerity measures and doesn't think the government's planned cuts will be the last. An accountant by training, he has seen his pretax salary cut by more than a third from €1,800 ($2,322) a month to €1,100 since the start of the Greek debt crisis. His wife, a supermarket manager, was laid off in March, losing her €1,000-a-month salary.
    "We are trapped in a vicious cycle," he said. "There is no logic to all this. I don't know what kind economist thought this plan up."
    The strike comes as Greece's government—comprising the conservative New Democracy, Socialist Pasok and leftist Democratic Left parties—prepares to sign off on a €13.5 billion package of budget cuts and revenue measures that Greece has promised its international creditors in exchange for continued funding under the terms of it latest €173 billion bailout.
    Late Tuesday, Samaras and Finance Minister Yannis Stournaras finalized a draft of the austerity measures, according to a government official. Mr. Stournaras is expected later Wednesday to present the plan to the leaders of the government's two junior coalition partners, Pasok and the Democratic Left party.
    A high-level troika of international inspectors from the European Commission, the International Monetary Fund and the European Central Bank is expected to return to Athens this weekend to assess those cutbacks and other reform measures to determine whether Greece deserves to receive a next tranche of badly needed aid.
    Talks on the package—aimed at cutting government spending by the equivalent of 5.5 percentage points worth of gross domestic product over the next two years—have been ongoing since early September. The measures include steep cutbacks in public sector payrolls, pension and welfare payments, and an increase in Greece's retirement age to 67 from 65.
    If the inspectors sign off on the latest cuts and other reforms—and euro-zone finance ministers approve their report—Greece will receive €31.5 billion in aid next month. The inspectors' report, to be delivered before an Oct. 8 meeting of the finance ministers, will also play a key role in determining whether Greece is able to win a sought-after two-year extension in meeting its budget-deficit targets.
    "We cannot accept any more cuts because we have to cover our basic needs," Vassilis Xenakis, secretary for international affairs for the public sector ADEDY union, said in a radio interview. "We want to save our country but we have to try to save human beings at the same time."
    To win credibility with foreign creditors, Greece's three coalition partners say they are determined to make the budget cuts. But they follow several waves of austerity measures over the past 2ス years, as it struggles to fix its public finances. The measures have pushed the economy into a deep five-year-long recession, with unemployment—now above 24%--reaching record highs. The cuts also run counter to what the three coalition partners promised voters just three months ago, when they campaigned on promises to ease the austerity program.
    Although the conservatives—who dominate the coalition—continue to enjoy a slight edge over the opposition radical left Syriza party, recent polls show that opposition to the austerity measures continues to grow.
    One poll at the weekend showed that 57% of Greeks believe the country should proceed to immediately denounce the loan memorandum governing Greece's bailout, up from 48% in July.
    By contrast, the number of Greeks who believe the country should respect the terms of the bailout, while trying to negotiate better ones, has fallen to 40%, from 48% in July.
    That sentiment was also reflected in a second survey, published at the weekend, showing that 66.7% of Greeks think the country should strive to stay in the euro, but also abandon the austerity policies dictated by the loan memorandum.
    —Nektaria Stamoula and Philip Pangalos contributed to this article. Write to Stelios Bouras at stelios.bouras@dowjones.com and Alkman Granitsas at alkman.granitsas@dowjones.com
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    Default Re: Greece

    Shock, Anger, & Fear: Here’s the International Reaction to Cyprus’ Shock Tax on Bank Deposits

    Mar. 17, 2013 9:55pm Erica Ritz


    People withdraw money from a cash-point machine in the Cypriot capital Nicosia on March 17, 2013. (Photo: AFP/Getty Images)


    The world was stunned on Saturday when Cyprus announced that it planned to levy a harsh one-time tax on bank deposits as part of a bailout agreement with its European partners and the International Monetary Fund (IMF).

    Nervous depositors rushed to ATM machines to drain their accounts only to find that the banks had already sealed off either 6.75% or 9.9%, depending on whether they had more or less than €100,000 in the account.

    The Cypriot bailout follows those for Greece, Portugal, Ireland and the Spanish banking sector, but it’s the first that dips into people’s savings to finance a bailout. Analysts worry the move could roil international markets and jeopardize Europe’s fragile economies.

    Reuters reports that lawmakers are working to soften the blow for those with less money in the bank, changing the rates from 6.75 percent and 9.9 percent to 3.0 percent and 12.5 percent, respectively.

    But regardless of whether they succeed, the move to tax private deposits has sparked controversy around the world:
    (Photo: Twitter/@@TheEconomist)

    (Photo: Twitter/@DanHannanMEP)

    (Photo: Twitter/@keynesianr)

    (Photo: Twitter/@MrCsTg)

    (Photo: Twitter/@DCorleone59)

    (Photo: Twitter/@der_bluthund)

    (Photo: Twitter/@doctorbjorn)

    (Photo: Twitter/@KoosJansen)

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    (Photo: Twitter/@BradThor)

    The BBC has more on the story, including interviews with irate Cypriots (video via ZeroHedge):

    ​The Associated Press contributed to this report.


    Eurozone/IMF Trigger Collapse For a Lousy €10 Billion! – Are They Pulling the Plug?

    March 18, 2013 By The Doc 30 Comments











    Submitted by Bill Holter:

    The news over the weekend is that the Cyprus banking system will have a “holiday” on Monday which was “scheduled” AND at least Tuesday which was not. The ECB and IMF wanted a 40% haircut and apparently the deal reached is one where balances under €100,000 will be reduced by 6.75% and by 9.9% for those over €100,000. Understand that much of what is deposited in Cyprus are funds from wealthy Russian oligarchs and mafia.

    This is a disaster on so many levels I can’t even count them all. First off, what happened to the rule of law? I thought that in a capitalistic society that equity holders lose first, then preferred shareholders followed by unsecured then secured debtors…DEPOSITORS are the absolute last in line to lose money. This is being called a “tax”, when in reality it is outright theft!

    In this case the depositors are first in line which will surely cause a bank run in Cyprus…which will be followed by runs in other places like Greece, Spain, Italy and Portugal. Make no mistake, this could turn into something ugly and HUGE very quickly as the world runs entirely on confidence and won’t run without it.

    Investors (depositors) the world over will see this and shortly understand that the rule of law is no longer and that “possession” is now more than 9/10th’s of the law. The possibility exists that within 2 weeks the entire system is shuttered.

    My first thought was “why”. Why would the banksters promote a bank run which this surely will do over $10 billion or less? This is not even chump change and could be printed instantaneously with no cost. Are they “pulling the plug”? Has the tipping point arrived? Is this “payback” for the 20 tons of heroin that Russia seized a week ago? What is the possible upside to scaring depositors into withdrawing all of their funds? This cannot be a “mistake” where they are miscalculating the ramifications, no one is that stupid.

    If I had to guess, this will end up where “currency blocks” are formed. The Euro may split into a north/south currency where Russia is included with the “hard money” Germans of the north. I can see an Asian or maybe 2 Asian currencies, a South American currency and a U.S./Mexico/Canada currency. Have the central banks who have been accumulating Gold over the past years seen this “coming”? You bet they have which is why they been buyers!

    This coming week will be extremely interesting to say the least. How fast will the bank runs spread? How far? And of most humor is that the hedge fund community is now the least long and most SHORT the Gold market that they’ve been since at least 1999…Aug. to be exact and we all know what happened then.

    I’ve read many comments where people believe that the PM’s will be smashed this coming week as they have been “trained” to do with Dollars being the “safe haven” trade. I don’t think so, “this time is different”. In the past the Dollar caught all of the safe haven trade…because the populace needed to be trained. You must understand that when everything IS under control, the “show” of Dollar strength and Gold weakness was doable. Whether the Cyprus situation is real, done by stupidity or “planned” doesn’t matter, REAL fear will be generated. …And with real fear will also bring with it REAL purchases of metal.

    Investors (depositors) the world over will see this and shortly understand that the rule of law is no longer and that “possession” is now more than 9/10th’s of the law. The possibility exists that within 2 weeks the entire system is shuttered. No stock trading, no banking, no credit or ATM cards. With this will come “distribution” or lack of it and the shelves will be bare even if you do have Dollar bills to spend.

    I am not being overly dramatic here, the possibility exists that “this event” sets off the forest fire. If it is not this it will be something else sooner or later as the mathematics of the current system do not and cannot balance out. I cannot believe that this is a “mistake”, only if you wanted to implode a system would something like depositors being defrauded occur. ……….. the above was written Saturday late.

    After pondering further on this situation, I find it extremely curious that Gold has been boxed in for the last 5 months only leading up to THIS. “THIS” being a potential bank run that doesn’t need to happen here and now but apparently will. Everything possible has been done over the last 5 months to separate owners from their precious metals and to scare as many possible away. Since the late 90′s, whenever “something bad” financially happened, Gold would go down and the Dollar would strengthen. It wasn’t “right” but it was the way it was. Now we have a different setup. Those who own Gold now and have hung on will only it have parted from their dead, cold, hands. Everyone else has been scared away to the point that even hedge funds collectively are short and betting on the price to drop…at the same time that …along comes an event that has the possibilty of tanking the global banking system. What I am saying here is that a huge move could be afoot and one that is “sanctioned”. Just my thoughts.

    Could “Cyprus” be avoided? Yes, and it still can be easily with some $10 billion of confetti. IF it is not avoided? Then it is game on and “the wind” will be at the PM backs and those that fought so hard for so long to suppress the prices will be on the other side of the trade and “mark” prices to the moon! It is hard to tell now but a far better picture and clearer read on the situation will be available probably before “beer thirty” this coming Friday (maybe even far sooner).

    Those who stepped up over the past month or so and purchased Gold or Silver on the dips will probably be well rewarded in very short order!

    Regards, Bill H.

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    Default Re: Greece

    Companion Thread: Obama isolating America from its Allies

    Russia Sending Permanent Warship Fleet To Mediterranean: Is A Russian Naval Base In Cyprus Coming Next?

    Submitted by Tyler Durden on 03/17/2013 20:13 -0400

    That Russia has previously threatened, and followed through with, sending ships to the Mediterranean is nothing new. In the past, every such episode was related to the protection of what Putin considered vital geopolitical interests in the region: whether defending the Syrian port of Tartus, various crude and natural gas pipelines in the region threatened by NATO expansion in Turkey, or offsetting heightened US presence around Gaza and Israel (and of course Iran). Which is why with the legacy conflicts in the region dormant, and the only news of any relevance being the European intervention in Cyprus against Russian oligarch interests, it is surprising we learn today that the Russian Navy will dispatch a permanent fleet of five or six combat ships to the Mediterranean Sea, with frigates and cruisers making up the core of the fleet.

    How far into the Mediterranean one wonders? It wouldn't be too difficult to put two and two together and assume that with Cyprus just a few hundreds kilometers away from Syria, Lebanon, Gaza and Israel, Russia may have not only a new geopolitical target, namely the now pseudo-insolvent Russian protectorate of Cyprus, but a perfect alibi to be in the region as well, and more importantly, have a Plan B to the Syrian port of Tartus which is Russia's only naval base in the region.

    How soon until we read that Russia is willing to invest even more unguaranteed loans into the Cypriot financial system.... in exchange for one tiny little naval and/or military base?


    From RT:

    "Up to five or six ships must be on a permanent basis in the Mediterranean Sea. They should be controlled through the command of the Black Sea Fleet," Russian TV channel Zvezda quoted Admiral Chirkov as saying.

    Supply vessels will also be included in the permanent deployment to the Mediterranean.

    The decision to send Russian ships to the Mediterranean's waters was first announced on March 11 by Defense Minister Sergey Shoigu.

    "I think that we have everything to create and maintain such a grouping. Certainly, this shows the positive dynamics of development of the Navy," Shoigu told top officers of the Russian Armed Forces. By 2020, the Russian Navy will include eight missile submarines, 16 multipurpose subs and 54 combat ships, he added.

    Chirkov said that top Navy officers are currently in the process of strategizing the deployment of a combat group to the Mediterranean. He also said that Russia is prepared to send combat ships to the Pacific and Indian Oceans.

    "There was an experience in the history of the Navy when we had squadrons in the Indian and Pacific Oceans. Of course, if needed, we will [advise] the Defense Ministry's top officials, the government and the President [on the deployment of] task forces on a permanent basis there," Chirkov explained.

    And an example of the kind of ship that will soon be floating in Cyprus' back yard:


    4.846155





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    Default Re: Greece

    Oh, what's everyone worried about, that can't happen HERE!
    Libertatem Prius!


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    Default Re: Greece


    Quote Originally Posted by vector7 View Post
    IMF Stole 10% of Putin's money, how will he get even?

    This has to be the wildest unintended consequence in history.

    My Dear Extended Family,

    Courtesy of KingWorldNews.com



    Today legendary trader Jim Sinclair told King World News we have just witnessed one of the most important events in history and it will have a major impact on the gold market. Below Sinclair, who's father was business partners with legendary trader Jesse Livermore, had to say in this extraordinary and exclusive KWN interview:

    "The wire reports on the Cyprus situation are working overtime to try to make the case that 80% of the deposits belong to the people of Cyprus, and only 20% of the deposits belong to the Russians. That's absolutely false. After 1985, when the 'Robber Barrons' of Russia took over the general economics of Russia, that was the transformation from the KGB to private business. The primary place for exported Russian funds was Cyprus.

    Now, there is one leader in the world that would be very dangerous to challenge, and that is Putin of Russia....

    "What's just happened is the IMF has backed up, lauded, supported, and publicized, as if it were a victory, the taking of 10% of what really turns out to be 80% of Russian 'black money.' Russian 'black money' is KGB money, now in business. The leader of Russia (Putin) was a former KGB official. Who's money do you think they have taken? This is the biggest mistake the IMF could possibly have ever made."

    Eric King: "Jim, it's unimaginable to me, but, incredibly, just ten days ago you warned that you don't want to anger Russian leader Putin because he and Russia will punish the West in the gold market. Can you talk about how this is going to impact the gold market beginning on Monday?"


    Sinclair: “What would you rather have, an insured bank account by the BIS, FDIC, ECB, when any government can come in and take 10% of your account and treat that as if you are paying a tax for monies that were lost because of devious actions by the banks themselves, or gold?”

    Eric King: “Will the Russians take their revenge in the gold market? Is that one of the places they will seek revenge?”

    Sinclair: “The answer is that this is one of the most important events in modern times for the popularity of holding gold rather than holding fiat money. This is the catalyst that will propel gold through the $1,600 level. To prevent a break above $1,600 in gold would take extraordinary efforts on the part of any manipulator in the marketplace.

    It’s very dangerous in doing business with the Russians, to lose their money. Revenge will be very much a part of the motivation for what happens from this point forward. This type of event will take us out of the $1,500s and we may never see those prices again in our lifetimes.”

    IMPORTANT - Jim Sinclair is holding a meeting in New York this coming Wednesday, March 20th at 2 PM EST. For details and to sign up to attend this event CLICK HERE.

    UPDATE - The incredible KWN audio interview with the former US Treasury official Dr. Paul Craig Roberts is available now and you can listen to it by CLICKING HERE.

    ゥ 2013 by King World Newsョ. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.

    The interviews with Dr. Paul Craig Roberts, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, John Embry, Gerald Celente, Rick Rule, Ben Davies and Andrew Maguire are available now. Also, be sure to listen to the other recent KWN interviews which included Marc Faber, Felix Zulauf and Art Cashin by CLICKING HERE.


    Click here to read the full interview on KingWorldNews.com


    All Hell Is Breaking Loose After Cyprus Catastrophe




    Today legendary trader Jim Sinclair told King World News that all hell is breaking loose after the Cyprus catastrophe. Sinclair, whose father was business partners with another legendary trader, Jesse Livermore, had this to say in this extraordinary and exclusive KWN interview:

    Eric King: “Jim, your comments over the weekend on King World News regarding the Cyprus disaster have electrified the world. But it also seems to have frightened a great many people.”

    Sinclair: “Well, it should have frightened many of the players involved, and served as a wake-up call. There was a great miscalculation made with regards to Cyprus, and the situation has quickly turned into a catastrophe. There was no real understanding of the entities that were behind the Russian corporations which have money in Cyprus, and the effect of what is in reality the confiscation of Russian ex-KGB money.

    The people at the IMF, which have spearheaded this disaster, never expected the ‘Cyprus Solution’ to blow up in their face the way it has. “This has quickly turned into a PR nightmare because it is not a ‘tax,’ but instead a ‘confiscation.’ They have stolen KGB money in order to meet the liabilities of the banks. Up to this point, bank depositors have been held whole in this most serious Western, and by consequence international financial meltdown.

    Up to now the psychology has been that if you have money in the bank you really don’t have to worry too much. This represents a complete change in the strategy that has existed up to the present time, which has been crucial in holding together the financial world after the meltdown of the over-the-counter derivative has done so much damage.”

    Eric King: “The aftermath of this debacle and some of the chess moves that are going on here, your thoughts?”

    Sinclair: “Taking Russian money is very foolish. You have to understand the culture of the people you are dealing with. The government leaders in Cyprus have no ability to protect themselves from the retribution of the former Russian KGB agents, including Putin himself.

    The government leaders in Cyprus are trying to back-pedal right now in order to save their lives. Let me say it again, they are trying to save their own lives. Remember, ‘revenge is best served cold.’ This means the revenge never comes at the moment of the miscreant act. But it will come in time.

    To take money from the leading economic entities in Russia, is to take money from the former KGB officers, and taking money from them is extremely dangerous. I think the reality has quickly set in for the leaders of Cyprus that they have aided in the confiscation of the most serious and dangerous money you could possibly touch. It has these leaders more afraid for their lives than their bank accounts.

    I would also add that this was the biggest mistake made by the IMF and the ECB in their history. Every time you do business with a Russian company, you do business with a bank in Cyprus. Money goes in, it goes out, but it all funnels through Cyprus.

    Coming down on Cyprus as a test case for the new ‘Bail-In’ rather than ‘Bailout,’ the utilization of the depositors’ money to pay for the losses, could very well derail the entire effort so far to maintain the appearance of solvency in the West.

    Trillions upon trillions of dollars have been put into the system in order to maintain this appearance of solvency, and so this Cyprus miscalculation is extremely serious. This was a ‘test case’ and the IMF firmly believed the ‘Cyprus Solution’ wouldn’t mean anything.

    The real catastrophe here was the misidentification of the capital present in the banks, which, in fact, turns out to be KGB money they are confiscating. And as I said earlier, taking money from them is extremely dangerous.”

    Eric King: “As you predicted over the weekend, gold has pierced the $1,600 level on the upside, and it looks as though the physical buyers, the central banks and others, have begun to raise their bids and pressure the shorts.”

    Sinclair: “The thesis upon which the hedge funds have gone short of gold has now been destroyed. This is the birth of a transition of the gold market to a cash market. The paper markets will now be moving towards becoming cash markets. It is the birth of an entire new era of trading in what, up until now, has been a paper-dominated market for gold when it comes to setting price.

    Ultimately, this will mean the end of the manipulation of the gold market because it will become 100% cash. Paper, in gold, is about to exit as a business as the physical market retakes its rightful position once again, and the physical market makes the market price in gold.

    This will be the beginning of a minimum $1,900 advance in gold. This will represent more than a doubling of the current price of gold as all hell breaks loose, and this Cyprus catastrophe has a ripple effect around the world.”

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    Default Re: Greece

    Eleana Kazakeou@eleanakk

    Russian billionaires arriving via private jets at the LCA airport, apparently bringing 'armies' of bodyguards. #cyprus



    11:11 AM - 18 Mar 13

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    Nikita Khrushchev: "We will bury you"
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    Default Re: Greece

    Well, this is the beginning of the Crash.

    We're in mid March.

    This will expand to the Euro, EU, then to Asia and then to the USA.

    Right on schedule.
    Libertatem Prius!


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    Default Re: Greece

    Cyprus Disaster Is Much Bigger Than Being Reported



    Today legendary trader Jim Sinclair told King World News that the Cyprus disaster is much bigger than what is being reported and the implications are stunning. Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had this to say in this extraordinary and exclusive KWN interview:

    Sinclair: “If people believe that $13 billion is the total of this bailout, they are out of their minds. $130 billion is not the true total of even the Russian deposits in Cyprus banks. One important Russian businessman, in his various business enterprises, would have $100 billion on deposit himself. 10% of all deposits in Cypress could be $500 billion or more because Cyprus is the banking entity for Russia, not Switzerland or Grand Cayman.

    The Central Bank of Cyprus doesn't even know how big the Russian deposits are because it is held as secret at the behest of the Russians. It is a secret banking system set up for the Russians, by the Russians, and the IMF has just taken a large bite out of that elephant.

    Because of that, any attempt to shift the weight of bank solvency to depositors has failed. This was the grand experiment which was the defining event where the financial shift from the onus of insolvency was to be placed on the shoulders of depositors rather than on quantitative easing....

    Before Sinclair continues with this interview, people around the world should understand the significance in history of this legendary trader and his family. Sinclair’s father (Bert Seligman), his firm used to control a staggering 10% of the daily New York Stock Exchange trading volume throughout the 1950s.

    Sinclair was always around his father’s firm as a kid and even as a young man, but he started full-time in 1958. For people in the know, Bert Seligman and Jesse Livermore were business partners, and the Seligman name is truly legendary. But his father wasn’t just business partners with Jesse Livermore, Sinclair also remembers his father telling him stories about operations that he and Joe Kennedy (who later headed the SEC) conducted together in the stock market as well as the commodity markets in the 1920s and 1930s.

    Being around and later working in his father’s firm shaped his entire career and molded him into the legendary trader he ultimately became. Sinclair later earned the nickname “Mr. Gold” because he was considered to be the largest trader in the 1970s bull market in gold, later calling the top of that market to the day.

    But later in his life and when Wall Street found itself in jeopardy because of the significant break in the price of gold and silver in 1980, it (Wall Street) petitioned the Fed for a $1 billion bailout. People don’t know this, but Bache was broke and so was Merrill Lynch. At that time a bailout of that size was almost unthinkable, but something had to be done.

    Well, the $1 billion was granted on one condition by Paul Volcker, who headed the Fed at that time, and that condition was that Jim Sinclair was to be retained by the Hunt’s to effect the liquidation of their monstrous positions in silver, copper, zinc, and gold. Volcker literally made it a criteria of granting the one billion dollars in loans that Jim Sinclair would guide the Hunt liquidation.

    With KWN readers having a better understanding of his background, Sinclair continues: “People need to grasp that this is not about $130 billion. The real dollar figure is orders of magnitudes larger than that number. How much higher we’ll never know, but it is massive. This is the Bank of Russia we are talking about here. The Central Bank of Russia is for the people in Russia. What the IMF went after here is the central bank of the Russian elite and former KGB, and the Russians simply will not stand still for that.”

    Sinclair also added: “When the Cyprus event first took place, the mainstream media completely missed the entire point of the story. This is why I immediately did an interview with King World News to explain that what the IMF had just done was to steal the Russian elite, or ex-KGB officials’ money.

    Although the mainstream media is days late and a dollar short, I find it flattering that they are now taking my words almost verbatim and using them in their reports. I noticed that when you released the second interview that we did earlier today, I listened to and read my words being read back to me almost verbatim by the mainstream media within 22 minutes. As I said, I guess copying us is the sincerest form of flattery at this point.

    Part of the result of all of this is the Russian elite will now move heavily out of currencies and into gold. Going forward, the Russian sovereign entity will now support the price of gold and it will be for the benefit of the Russian oligarchy. This will also serve to bring Russian and Chinese financial interests closer together, and, in time, will finally result in freeing the gold market from Western price manipulation and influence.

    This IMF catastrophe in Cyprus is literally a landmark event in history, and the single most important event in the entire history of the gold market. I full expect that the key point I have now made, that this concerns much more money than has been reported, will now be cloned in the mainstream media as well.”

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    Default Re: Greece

    There is "hope" I guess..... they might reject stealing money from the bank accounts of people there.

    Cyprus Set to Reject Tax on Bank Deposits

    By LIZ ALDERMAN

    Published: March 19, 2013

    NICOSIA Cyprus痴 Parliament is likely to reject an international bailout package that involves taxing ordinary depositors to pay part of the bill, President Nicos Anastasiades said Tuesday, despite a revision that would remove some objections by exempting small bank accounts from the levies.


    Lawmakers were scheduled to vote late Tuesday on the 10 billion, or $13 billion, bailout.


    Should the measure fail in Parliament, Mr. Anastasiades and his E.U. partners would have to return to the negotiating table. Analysts have also raised the possibility of bank runs and a halt in liquidity to Cypriot banks from the European Central Bank if the measure did not pass.


    The bailout plan, negotiated over the weekend, has aroused harsh criticism in many quarters for its unprecedented inclusion of ordinary bank depositors including those with insured accounts among those who would have to bear part of the cost.


    The original terms of the bailout called for a one-time tax of 6.75 percent on deposits of less than 100,000, and a 9.9 percent tax on holdings of more than 100,000. The moves are designed to raise 5.8 billion of the total 10 billion bailout cost a condition imposed by Cyprus痴 E.U. partners.


    Under a new plan put forward by Mr. Anastasiades early Tuesday, depositors with less than 20,000 in the bank would be exempt, but the taxes would remain in place for accounts above that amount.


    But Mr. Anastasiades said that the changes probably would not be enough to secure a majority in the 56-member legislature to approve the bailout plan.


    的 estimate that the Parliament will turn down the package, he said on state television as he headed into a series of meetings.


    A government spokesman, Christos Stylianides, echoed that opinion, telling state radio, 的t looks like it won稚 pass.


    The managing director of the International Monetary Fund, Christine Lagarde, said Tuesday she was in favor of modifying the agreement to put a lower burden on ordinary depositors.


    展e are extremely supportive of the Cypriot intentions to introduce more progressive rates, she told an audience in Frankfurt.


    She urged leaders in Cyprus to quickly approve the plan agreed to by European leaders in Brussels last weekend.


    哲ow is the time for the authorities to deliver on what they have commented, Ms. Lagarde said.


    She complained that critics have not recognized how much the agreement will force Cyprus banks to restructure and become healthier.


    In Brussels, Simon O辰onnor, a spokesman for Olli Rehn, the E.U. commissioner for economic and monetary affairs, said Tuesday that finance ministers from countries using the euro had agreed the previous night in a teleconference that Cyprus could adjust the way the levy would operate.


    But Mr. O辰onnor said that E.U. authorities still were waiting to see whether the adjustments being discussed in Cyprus deliver 鍍he same financial effect as the agreement between Cyprus and international lenders in the early hours of Saturday.


    徹n the parameters of this levy, we will not comment as long as that痴 a process that痴 still under way, Mr. O辰onnor.


    Cypriot banks were closed Monday for a bank holiday that has been extended through Wednesday.


    The governor of the Cypriot central bank governor, Panicos Demetriades, warned lawmakers on Tuesday that as much as 10 percent of the 65 billion in deposits placed in Cypriot banks would flee the country as soon as banks doors open Thursday morning, should Parliament approve the deposit tax.


    He also cautioned that the plan to exempt deposits under 20,000 from the tax posed a new problem, since the government would only be able to raise 5.5 billion, instead of the full 5.8 billion required by lenders. The gap would be considered a breach of the bailout agreement and 菟erhaps might not be accepted by Cyprus痴 lenders, he said.


    It could also mean that Cyprus could eventually seek a higher tax on bigger deposits, a move that raised further alarms in Russia, where President Vladmir Putin has condemned the tax as unfair.


    On Tuesday, Russia痴 envoy to the European Union, Vladimir Chizhov, said in Brussels that the levy was 都imilar to forceful expropriation, and warned that 鍍he whole banking system can collapse, Reuters reported.
    Libertatem Prius!


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    Default Re: Greece

    Report: Russian Company Offers to Bailout Cyprus in Exchange for Gas Exploration Rights

    3:05 PM, Mar 18, 2013 • By DANIEL HALPER

    The Russian energy company Gazprom is offering to bailout Cyprus in exchange for gas exploration rights, according to media reports.

    "Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country’s banks in exchange for exploration rights for natural gas in Cyprus’’ exclusive economic zone, local media reported," reports GreeceReporter.com.

    "Gazprom is," the site notes, "the largest extractor of natural gas in the world and the largest Russian company."

    Cyprus does not appear to be interested in the offer, however:
    The proposal states that Gazprom will fund the restructuring of the country’s crippled financial institutions in exchange for substantial control over the country’s gas resources while Cyprus won’t need to take the harsh bailout package offered by the EU.

    EU offered a 10 billion euros rescue package to Cyprus with the condition of raising 5.8 billion euros ($7.5 billion) by taking a piece of every bank account in Cyprus. The originally proposed levies on deposits are 9.9 percent for acounts exceeding 100,000 euros and 6.7 percent on anything below that.

    Cypriot President Nicos Anstasiades is not willing to discuss the Russian’s offer according toNewsit who cited an anonymous source close to the President.

    “The president is not going to discuss this plan because he wants a solution that will come from the EU,” said the anonymous source.

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    Default Re: Greece

    Geez, this is getting complex and dangerous.
    Libertatem Prius!


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    Default Re: Greece

    Socialist ready to make power grab of world citizens money

    Get your money out of the banks.Due to an 兎mergency deal reached today in Brussels, a one-time 9.9% tax is to be levied on Cypriot bank deposits of more than 100,000 euros effective Tuesday, March 19.

    Virtually overnight and with no warning of any kind, the emergency tax deal was imposed on the people of Cyprus without vote or debate. People ran to ATM machines today only to discover that the taxed amount of their cash had already been frozen.

    Monday in Cyprus is a national holiday, the first day of Greek Orthodox Easter.

    Nor is this emergency only inflicted upon the so-called rich as even deposits under 100,000 euros will now be taxed at 6.7%.

    的f it can happen in Cyprus, it can happen anywhere, worried British correspondent Anna Grayson told Canada Free Press (CFP) in an overseas telephone call today.

    的s this why the U.S. Department of Homeland Security has purchased millions of hollow point bullets, is this why rumors of an underground bunker being built for Obama are circulating?

    The bottom line of the Cyprus story is that politicians are forcing a new 10 billion euro bailout葉o be paid directly from the bank accounts of ordinary people.

    The people of Cyprus, most of whom never saw this coming, never had a chance. Without social media they would not have known their accounts were frozen as of today.

    People poured into the streets, making a run on ATM machines. A crowd of around 150 protesters massed in front of the presidential palace late in the afternoon at the beginning of the three-day religious holiday on the island.

    Cyprus is the fifth country to seek a bailout following Greece, Ireland, Portugal and Spain but the terms of the deal are a radical departure from previous schemes.

    No one will escape the bailout deal which will apply to everyone from pensions to Russian oligarchs, who are alleged to have billions stashed away in what officials claim is a bloated Cypriot banking sector. (Sky News, March 16, 2013).)

    The blueprint laid by cunning EU Socialist finance ministers comes at a time when the USA is being led by a Socialist president.

    This is how the EU robbed the people of Cyprus:

    Banks first cooperated with the EU by sealing off the amount of the proposed levy預 6.75 percent tax on deposits under 100,000 and 9.9 percent on those above 洋aking it impossible for depositors to access their full amount. The only means bank customers have left is the ability to draw from the rest of their funds via ATM machines this weekend. Many depositors made their way to the machines on Saturday to drain their accounts. But the few banks that opened on Saturdays did so only briefly, and no international transfers will be able to go through until Tuesday, with Monday being the holiday. Cyprus Parliament is expected to meet Sunday to pass the required legislation., or after the deed was done. The deal also needs the approval of several eurozone parliaments; at the time of writing it was unclear how fast they can act and what will happen to bank deposits in the meantime.

    What痴 happening in Cyprus should send a chill over the entire world.

    Politicians working with complicit big banks need no rule of law; no parliament debates to close in on the bank accounts of average people.

    Get your money out of the banks wherever you are, and do it as soon as possible.

    http://canadafreepress.com/index.php/article/53818

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    添ou Americans are so gullible.
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    Default Re: Greece

    More On Cyprus And Its Implications

    Posted on March 18, 2013 | 3 Comments
    Click on the mood music/graphics above, and enjoy:
    Zero Hedge: The Rape Of Cyprus By The European Union & The IMF
    Zero Hedge: London Cabbie Explains The ‘Ole Effin’ Deal, Mate
    Sinclair: …The government leaders in Cyprus have no ability to protect themselves from the retribution of the former Russian KGB agents, including Putin himself. The government leaders in Cyprus are trying to back-pedal right now in order to save their lives. Let me say it again, they are trying to save their own lives…

    Denninger: Cyprus Parliament Refuses
    Miss Barnhardt gets the last word:
    ‘THIS (CYPRUS) OPENS UP ENORMOUS POSSIBILITIES…’
    POSTED BY ANN BARNHARDT – MARCH 18, AD 2013 10:47 AM MST

    ‘… for the Administration.’
    Thus spoken on CNBC this day.
    A couple of points. First, there STILL is confusion about these confiscations, dating back to the MF Global theft. People are still trying to say that the money that was/is confiscated, both from the MF Global customers and the Cypriot bank accounts is somehow “investment” capital.
    No, no, no, no, no.
    If you deposit money in a custodial account, you are NOT investing in the brokerage firm or in the bank. The MF Global customers were not investors in MF Global or sharing in any way in MF Global’s proprietary trading profits. The people of Cyprus are not investors in their banks. The people of Cyprus who deposited money in the bank were not signing on to a share in an uber-leveraged scheme involving repos and credit default swaps on Greek sovereign paper.
    THEY WERE PEOPLE WHO SIMPLY DEPOSITED THEIR MONEY, THEIR PROPERTY IN CURRENCY FORM, THE FUNGIBLE PROXY FOR THEIR LABOR AND CREATIVE CAPACITY WHICH THEY HAD ACCUMULATED, INTO A SACROSANCT, INSURED, CUSTODIAL DEMAND DEPOSIT AND/OR TIME DEPOSIT ACCOUNT.
    The MF Global accounts were the same – they were fully-backed demand deposit accounts that were used to margin the account holder’s futures and options positions. They were the sole, private property of the account holder and MF Global had ZERO ownership interest in that customer money.
    Do you know why people used to keep fairly large balances in brokerage accounts like MF Global? Because before MF Global, brokerage accounts were guaranteed 100% by the exchange. No maximums. If a firm failed, the purpose and role of the exchange was to backstop and guarantee the firm with zero liquidity interruption. And, remembering that on the day MF Global imploded and the customer funds were swept and wired to JP Morgan, the Chicago Mercantile Exchange had an emergency slush fund of over EIGHT BILLION DOLLARS ready to go, the fact that the customers were not made INSTANTLY whole by the Chicago Mercantile Exchange is totally nefarious and criminal regardless of the circumstances.
    Now the total integral failure of the brokerage paradigm has occurred in the retail banking paradigm. All deposits in the EU *were* insured up to 100,000 Euro, just like the farcical FDIC insurance. Now everyone knows that it is all total cow poop, just like the guarantees on brokerage accounts has been proved multiple times to be total cow poop.
    Oh, and the oligarchs are trying to call this a “tax”. Um, no. Taxes are passed by legislatures. This is Christine Legarde and some German bureaucrats arbitrarily, forcibly confiscating private bank accounts. Any “law” passed ex post facto in Cyprus will merely be a show trying to make it appear that this is not the arbitrary tyranny that it is.
    Finally, I don’t care how much Russian money laundering is going on in Cyprus, and yes, I know it is huge. This is totally beside the point. Just because criminal money laundering is happening through Cypriot banks doesn’t mean that anyone has the right to confiscate the money of innocent Cypriots. The whole Russian money laundering excuse is a total red herring. Look, the nation with the largest absolute quantity of money laundering is the United States of America. Think HSBC. Think Wachovia. Think Washington Mutual. Think Bank of America. Does that mean that every bank account in the entire country can be levied – and not just in the banks with the money laundering but EVERY ACCOUNT IN EVERY BANK IN THE NATION? Of course not.
    Bottom line: I shut down my brokerage firm precisely because I knew that there was no longer any rule of law and that customer money was totally indefensible. Now the same thing has happened in the retail banking sector and Obama regime cronies are openly declaring on national television that across-the-board private property confiscations are being regarded as “opening up enormous possibilities.”
    DO NOT sit around and wait for your money, be it in retirement accounts, stock accounts, money market accounts or even in simple bank accounts or CDs, to be stolen. There is probably going to be a small reaction lag as the low-information populaces of the Southern European countries (Greece, Italy, Spain, Portugal) are slow on the uptake of what has happened, but it won’t last forever. Once Guido in Naples gets his head around this, the Eurozone will be O.V.E.R. And the the US banks carrying HUNDREDS OF TRILLIONS OF DOLLARS in leveraged European sovereign debt over-the-counter derivatives will implode into a black hole-esque singularity at the speed that information can cross the Atlantic Ocean, which AIN’T VERY DARN LONG, kids.
    **If you haven’t seen it already, I have an 8-part, 2.5 hour YouTube presentation recorded just recently in November 2012, explaining exactly these topics on YouTube. Click on the link that says “YouTube” on the left to go to my YouTube Channel homepage. Part 1 of the econ presentation should be at the top of the list.
    Bernaulson lives, courtesy of BankFailFriday
    Libertatem Prius!


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  18. #78
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    Default Re: Greece

    EU theft of private bank accounts a 都acrifice to mainstream media



    The mainstream media downplaying of what is happening in the Mediterranean Island of Cyprus this weekend is already muddying the water.

    Tens of thousands of unwitting little people have had their bank accounts ripped off over the long weekend by their own government, in a fashion where their ripped off funds were already a fait accompli before word began to leak out over social media.

    Media downplaying notwithstanding, the unvarnished truth about what is happening in Cyprus is both precedent setting and staggering in dimension.

    Yet mainstream media reports are already describing the robbery of ordinary depositor痴 money as a 登ne-off levy, and writing 鍍he first time a deal has called for savers to sacrifice some of their cash holdings.

    As the Brits, who have already come to the rescue of their military personnel and ex-patriots would say: 釘ollocks!

    The European Union is run by mainly socialist politicians whose agenda is based on the redistribution of assets and goods. America, on which so many other countries in the world are dependent, is now under the clutches of a Marxist president following the same playbook.

    Outgoing President Demetris Christofias of Cyprus is a Communist. They say Christofias was the 登nly Communist in the EU, but how far away from Communism is Socialism?

    An indication about how the EU socialists feel about communists? Under the EU痴 rotating chairmanship, Christofias, the communist, chaired EU meetings from July 1st until the end of 2012.

    Describing the 9.9% levy on savings over C100,000 and a 6.75% levy on savings below C100,000 as a 登ne-off levy would be akin to a caught-in-the-act bank robber saying he was only planning to rob the bank once. Stealing money from savers then describing it as sacrificing some of their cash holdings, is an outrage.

    The governments of our day never sacrifice, many getting rich while serving public office.

    The story of the Cyprus levy on savings is further clouded by media chatter about the Russian banks cross-board loans to Cypriot-based Russian companies which totaled $30-40 bn at the end of 2012, or equal to 15-20 per cent of Russian banks capital base in Russia, and 5-6 per cent of their gross corporate loans.

    Ordinary bank depositors should not lose out no matter how many cross-board loans to Cypriot-based Russian companies exist.

    Nor are big banks in bed with big government politicians an anomaly peculiar to the beleaguered Island of Cyprus.
    The hypocrisy of socialists in bed with big banks is jaw-dropping.

    Two days before Cyprus depositors were relieved of their cash, the Deutsche Bank痴 global head of FX strategy, Bilaf Hafeez gave a speech indicating the euro area needs a role model that people across Europe can respect.

    的 can only think of one figure that is respected by most Europeans and has never sinned, Jesus! Hafeez said. (Business Insider, March 14, 2013)

    Incredible to note that the Deutsche Bank痴 research department transcribed Hafeez痴 speech and sent it out to clients in a note.

    The EU threw the image of the Savior over at their formation 14 years ago, replacing His image with that of Europa, Woman on a Bull, whose image is permanently parked in front of the EU Parliamentary Building in Strasbourg with a corresponding statue in front of the EU Commission Building in Brussels.

    Meanwhile, pray that what is happening in Cyprus this weekend is not precedent setting for other nations. If this blatant EU rip-off of its own people is allowed to stand, unscrupulous socialist politicians in office will set policy that forces their populations to sacrifice some of their cash holdings to greedy governments the world over.

    http://canadafreepress.com/index.php/article/53832

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    Default Re: Greece

    Is THIS what the 2Billion rounds of DHS ammo and nearly 3,000 MRAPs working in tandem with weaponized drones are for?

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    Nikita Khrushchev: "We will bury you"
    "Your grandchildren will live under communism."
    添ou Americans are so gullible.
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    until you値l finally wake up and find you already have communism.

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    Default Re: Greece

    Sinclair - All Hell Is Breaking Loose After Cyprus Catastrophe




    Today legendary trader Jim Sinclair told King World News that all hell is breaking loose after the Cyprus catastrophe. Sinclair, whose father was business partners with another legendary trader, Jesse Livermore, had this to say in this extraordinary and exclusive KWN interview:




    </frame>


    Eric King: “Jim, your comments over the weekend on King World News regarding the Cyprus disaster have electrified the world. But it also seems to have frightened a great many people.”



    Sinclair: “Well, it should have frightened many of the players involved, and served as a wake-up call. There was a great miscalculation made with regards to Cyprus, and the situation has quickly turned into a catastrophe. There was no real understanding of the entities that were behind the Russian corporations which have money in Cyprus, and the effect of what is in reality the confiscation of Russian ex-KGB money.



    The people at the IMF, which have spearheaded this disaster, never expected the ‘Cyprus Solution’ to blow up in their face the way it has....




    “This has quickly turned into a PR nightmare because it is not a ‘tax,’ but instead a ‘confiscation.’ They have stolen KGB money in order to meet the liabilities of the banks. Up to this point, bank depositors have been held whole in this most serious Western, and by consequence international financial meltdown.





    Up to now the psychology has been that if you have money in the bank you really don’t have to worry too much. This represents a complete change in the strategy that has existed up to the present time, which has been crucial in holding together the financial world after the meltdown of the over-the-counter derivative has done so much damage.”



    Eric King: “The aftermath of this debacle and some of the chess moves that are going on here, your thoughts?”



    Sinclair: “Taking Russian money is very foolish. You have to understand the culture of the people you are dealing with. The government leaders in Cyprus have no ability to protect themselves from the retribution of the former Russian KGB agents, including Putin himself.



    The government leaders in Cyprus are trying to back-pedal right now in order to save their lives. Let me say it again, they are trying to save their own lives. Remember, ‘revenge is best served cold.’ This means the revenge never comes at the moment of the miscreant act. But it will come in time.



    To take money from the leading economic entities in Russia, is to take money from the former KGB officers, and taking money from them is extremely dangerous. I think the reality has quickly set in for the leaders of Cyprus that they have aided in the confiscation of the most serious and dangerous money you could possibly touch. It has these leaders more afraid for their lives than their bank accounts.



    I would also add that this was the biggest mistake made by the IMF and the ECB in their history. Every time you do business with a Russian company, you do business with a bank in Cyprus. Money goes in, it goes out, but it all funnels through Cyprus.



    Coming down on Cyprus as a test case for the new ‘Bail-In’ rather than ‘Bailout,’ the utilization of the depositors’ money to pay for the losses, could very well derail the entire effort so far to maintain the appearance of solvency in the West.



    Trillions upon trillions of dollars have been put into the system in order to maintain this appearance of solvency, and so this Cyprus miscalculation is extremely serious. This was a ‘test case’ and the IMF firmly believed the ‘Cyprus Solution’ wouldn’t mean anything.



    The real catastrophe here was the misidentification of the capital present in the banks, which, in fact, turns out to be KGB money they are confiscating. And as I said earlier, taking money from them is extremely dangerous.”



    Eric King: “As you predicted over the weekend, gold has pierced the $1,600 level on the upside, and it looks as though the physical buyers, the central banks and others, have begun to raise their bids and pressure the shorts.”



    Sinclair: “The thesis upon which the hedge funds have gone short of gold has now been destroyed. This is the birth of a transition of the gold market to a cash market. The paper markets will now be moving towards becoming cash markets. It is the birth of an entire new era of trading in what, up until now, has been a paper-dominated market for gold when it comes to setting price.



    Ultimately, this will mean the end of the manipulation of the gold market because it will become 100% cash. Paper, in gold, is about to exit as a business as the physical market retakes its rightful position once again, and the physical market makes the market price in gold.



    This will be the beginning of a minimum $1,900 advance in gold. This will represent more than a doubling of the current price of gold as all hell breaks loose, and this Cyprus catastrophe has a ripple effect around the world.”



    IMPORTANT - Jim Sinclair is holding a meeting in New York this coming Wednesday, March 20th at 2 PM EST. For details and to sign up to attend this event CLICK HERE.



    UPDATE - The incredible KWN audio interviews with billionaire Eric Sprott and the former US Treasury official Dr. Paul Craig Roberts are available now and you can listen to them by CLICKING HERE.



    ゥ 2013 by King World Newsョ. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. However, linking directly to the blog page is permitted and encouraged.



    The interviews with Eric Sprott, Dr. Paul Craig Roberts, Egon von Greyerz, Rob Arnott, James Turk, Jim Sinclair, John Embry, Gerald Celente, Rick Rule, Ben Davies and Andrew Maguire are available now. Also, be sure to listen to the other recent KWN interviews which included Marc Faber, Felix Zulauf and Art Cashin by CLICKING HERE.



    Eric King

    KingWorldNews.com
    Libertatem Prius!


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