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Historic Events Are Unfolding In Europe: Cyprus Is No Longer A Full Member Of The Eurozone, Savings Accounts In Spain & Italy May Be Raided To Save Banks, Russia Has Started Raids On Several German Organizations Based In Moscow, And Economy Now Expected To Sink Even Deeper Into Recession


MORGAN STANLEY: Cyprus Is No Longer A Full Member Of The Eurozone!

Yesterday we brought you some commentary from various economists and pundits who were arguing that in a sense, Cyprus has just left the Eurozone.

The reasoning with this: In order to reopen Cypriot banks (tentatively scheduled for Thursday) Cyprus will need to impose strict capital controls to prevent a bank run. In other words, there will be limits on how much money you can take out, move to another bank, etc.

What this means is that a euro in a Cypriot bank just isn’t worth what a euro in a German bank is, since the latter has far more mobility. There are now multiple euros.

http://www.businessinsider.com/morgan-stanley-cyprus-is-no-longer-a-full-member-of-the-eurozone-2013-3

A Cypriot euro isn’t really a euro any more

http://blogs.marketwatch.com/thetell/2013/03/26/a-cypriot-euro-isnt-really-a-euro-any-more/

Eurozone Economy Now Expected To Sink Even Deeper Into Recession

A bottomless pit.

*S&P SEES EUROZONE GDP DECLINING 0.5% IN ’13, HAD SEEN DOWN 0.1%

http://www.businessinsider.com/sp-lowers-eurozone-growth-forecast-2013-3

EUROZONE CHIEF – Personal savings accounts in Spain, Italy will be raided to save euro

Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe’s single currency by propping up failing banks, a senior eurozone official has announced.

http://www.telegraph.co.uk/finance/financialcrisis/9952979/Cyprus-bail-out-savers-will-be-raided-to-save-euro-in-future-crises-says-eurozone-chief.html

As Cyprus Delays Reopening Banks Again, Here Are The Longest Bank Closures Ever

We thought it useful to consider Cyprus in relation to the longest bank closures in history. Cyprus has now shutdown its banking system longer than Argentina, Ecuador, and Uruguay and as far as President Anastasiades comments that capital controls are temporary…

http://www.zerohedge.com/news/2013-03-25/cyprus-delays-reopening-banks-again-here-are-longest-bank-closures-ever

 

Sinclair – Historic Events Are Unfolding Right Now

Today Jim Sinclair spoke with King World News about the historic events which are taking place, the unfolding drama in Cyprus, and bank runs in Europe. Below is what Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had to say.

Eric King: “Jim, this is a quote from your March 20th KWN interview”:

“Cyprus cannot, will not, absolutely must not leave the euro. They know that quite well. So the break of the euro market down into the 1.28 area must have sent shock waves through decision-makers in euro land. Cyprus must be rescued because they cannot be allowed to leave the euro.”

Again, you said that 5 days ago and that was incredibly accurate.”

Sinclair: “Clearly Cyprus remains within the euro. That is a victory for the euro, not a defeat. What it means is Cyprus’ threat to leave the euro was the effective tool to bring what is now the heads of an agreement, but not particulars, whereby Cyprus remains in the euro.

But going forward, selective banks can go broke and remain so….

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/25_Sinclair_-_Historic_Events_Are_Unfolding_Right_Now.html

Russia has started raids on several German organizations based in Moscow

Russian authorities have targeted German non-profit organizations as part of a crackdown on “foreign agents.” Officials are not happy, with Foreign Minister Guido Westerwelle’s office saying that interfering in their work could create “a sustained effect on bilateral relations.”

Russia’s recent large-scale crackdown against organizations designated as “foreign agents” has now been extended to German political foundations. Russian state prosecutors have launched investigations of the Konrad Adenauer Foundation (KAS), a political think tank aligned with Chancellor Angela Merkel’s conservative Christian Democratic Union party, and the Friedrich Ebert Foundation (FES), the think tank of the center-left Social Democratic Party, according to German daily Süddeutsche Zeitung.

http://www.spiegel.de/international/europe/russian-authorities-raid-german-foundations-and-ngos-a-890969.html

Nigel Farage – Major European Bank Runs Now Taking Place

from KingWorldNews:

Today Nigel Farage told King World News that what they have done in Cyprus has now sparked major banks runs in Europe. Farage, who is Britain’s popular MEP, also stated, “Even people like me who have spent many long years warning that things are out of control are really, really scared by the events of the past few days.

Clearly the little man (under 100,000 euro deposits) has gotten off of the hook for the moment. They were quite prepared to break their own deposit guarantee scheme initially, but they have now gone for a much, much more spectacular coup in terms of the amount of money they are going to steal from big companies, and from bigger savers (deposits over 100,000 euros)…”

http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/3/25_Nigel_Farage_-_Major_European_Bank_Runs_Now_Taking_Place.html

Cyprus Market‏@russian_market1 h
TELECOM ITALIA -4%

Cyprus Market‏@russian_market1 h
BANKIA -15%

Cyprus Market‏@russian_market1 h
FITCH KEEPS CYPRUS BANK HELLENIC OUTLOOK NEGATIVE

Cyprus Market‏@russian_market1 h
EURUSD 1.2842 #FITCH

Cyprus Market‏@russian_market1 h
FITCH CUTS CYPRUS BANKS CPB, BOC AFTER AID AGREEMENT

Cyprus Market‏@russian_market1 h
BANKIA SHARES FALL -11.6% IN MADRID

Cyprus Market‏@russian_market1 h
FITCH: HELLENIC BANK ON RWN

Cyprus Market‏@russian_market1 h
FITCH DOWNGRADES BANK OF CYPRUS TO RESTRICTED DEFAULT, LAIKI BANK TO DEFAULT

Cyprus Market‏@russian_market1 h
FITCH DOWNGRADES CYPRIOT BANKS

Cyprus Market‏@russian_market48 s
CHINA WORRIED SOME STATES MAY LEAVE EURO – CDU’S KAUDER

Cyprus Market‏@russian_market1 min
RUSSIA FACES HIGHER RISKS AS FUNDS FROZEN IN CYPRUS

 

NOMURA: Europe Needs To Do 3 Things To Fix The Crisis, And Right Now It’s Doing None Of Them

http://www.businessinsider.com/nomura-on-dijsselbloem-and-other-post-cyprus-mistakes-2013-3

 

Europe Is Getting Ugly Again

Europe is creaking again.

European banks are particularly weak.

And Italy is leading the way down again. The Milan stock market is down 1.1%.

 

Screen Shot 2013 03 26 at 8.09.01 AM

FTSE MIB

 

Greece is off 4.7%.

http://www.businessinsider.com/european-markets-falling-banks-weak-2013-3#ixzz2OeXct18W

Global Financial Stress Is Starting To Grow, And That’s Bad News For Stocks

http://www.businessinsider.com/baml-global-financial-stress-index-surges-2013-3

CYPRUS: Banks still closed; depositors to lose 40%

http://www.telegraph.co.uk/finance/debt-crisis-live/9953844/Cyprus-bailout-live.html

Students protest, bank prez offers resignation

http://www.reuters.com/article/2013/03/26/us-cyprus-parliament-idUSBRE92G03I20130326

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  • Sideshow

    Folks, if your not ready..globally…with hard silver in SMALL weights for trade…ie pre 65 US coins, and at least 90 days of food, and a weapon to lay low….your screwed.

    The world economy is designed to crash to remove petrol dollar and go to gold standard.