CYPRUS: COULD THERE NOW BE A RUN ON SPANISH, ITALIAN & GREEK BANKS?
17 Mar 2013 at 21:02
Well if I lived in Spain. Greece or Italy, do you know what I would be doing tomorrow? Trotting off down to my local bank and withdrawing all my savings and then either stuffing it under my mattress, putting it into a German bank, or buying property or gold with it.
After The Banksters Steal Money From Bank Accounts In Cyprus They Will Start Doing It EVERYWHERE
Cyprus is a beta test. The banksters are trying to commit bank robbery in broad daylight, and they are eager to see if the rest of the world will let them get away with it. Cyprus was probably chosen because it is very small (therefore nobody will care too much about it) and because there is a lot of foreign (i.e. Russian) money parked there. The IMF and the EU could have easily bailed out Cyprus without any trouble whatsoever, but they purposely decided not to do that. Instead, they decided that this would be a great time to test the idea of a “wealth tax”. The government of Cyprus was given two options by the IMF and the EU – either they could confiscate money from private bank accounts or they could leave the eurozone. Apparently this was presented as a “take it or leave it” proposition, and many are using the world “blackmail” to describe what has happened. Sadly, this decision is going to set a very ominous precedent for the future and it is going to have ripple effects far beyond Cyprus. After the banksters steal money from bank accounts in Cyprus they will start doing it everywhere. If this “bank robbery” goes well, it will only be a matter of time before depositors in nations such as Greece, Italy, Spain and Portugal are asked to take “haircuts” as well. And what will happen one day when the U.S. financial system collapses? Will U.S. bank accounts also be hit with a “one time” wealth tax? That is very frightening to think about.
EURO plunging, as we speak, against the USD – EUR/USD now -1,34% !
It is all over Twiiter-
Auchh! Bank runs in Italy and Greece tomorrow morning..? Stocks going down? The Cypriot Haircut by P.Krugman [link to nyti.ms] #Cyprus
In that link, you read in the NYTimes:
“It’s as if the Europeans are holding up a neon sign, written in Greek and Italian, saying “time to stage a run on your banks!”
Tomorrow and the days immediately following should be very interesting.”
Twitter Just Crushed Wall Street After The Cyprus Bailout
ANALYST: Cyprus Could Cause The Already Overvalued S&P 500 To Fall By 10%
Markets Are Diving All Across Asia
The chatter on Twitter.com is intense. Here just a few of the latest, EU related —
Now we know why a week ago there was nearly a $100 Billion Federal Reserve cash injection into European banks. Prep for withdrawals. #Cyprus
The amount of money bankers steal from each other (London Whale) is growing exponentially and now spilling over to retail deposits #Cyprus
scary situation in #Cyprus . People in Portugal and Spain obviously worried about a possible run on banks too
If the #EU can steal money from banks in #Cyprus then they can raid any bank in Europe. Chilling.
And, the scareiest of all, for we all know where this could lead –
#GOLDMAN: The Bailout Could Be A Great Deal For #Cyprus
More than just Cyprus, real quick
@JakeCatskill on Twitter.com
US futures open in the red DJIA down over 100 points. $DIA $SPY. ECB supporting $UVXY via #Cyprus.
The Botching of the Cyprus Bailout: Worse Than Lehman Brothers
RT: @FGoria: Europe is risking a #bankrun http://www.ft.com/intl/cms/s/b501c302-8cea-11e2-aed2-00144feabdc0… by Wolfgang Münchau #Cyprus
The Times of London’s Monday Morning Front Page —
“Alarm over savings tax spreads fear across EU”
This is a major, MAJOR game changer and the fallout will be with us for a long time to come. I believe it could be the beginning of the end for the Eurozone as this is an unbelievable blow to the already challenged trust that might be left among investors. Talk about a possible own goal.
Market reaction? it must be very good for gold – and for safe-haven countries like Switzerland, Singapore and economically more healthy non-Euro contries in, for example, Scandinavia. I would think the EUR and associated markets will be undermined by increasing lack of confidence when the full implications become clear for investors.
This is full-blown socialism and I still cannot believe this really happened.
People are getting angry as they can’t withdraw any money from their ATM’s and will get angrier as they will be blocked from that for for days. Watch tomorrow for riots. They say this is a test run. Any country can be next.