And so it begins…. All Cyprus banks this weekend have frozen electronic transfers while a bailout is brought in. There will be a “bank holiday” on Monday and then on Tuesday, March 19th, 10% of every bank depositors savings will be taken and transferred to the central planners and central banksters.
Cyprus bailout: Man threatens bank with bulldozer
JPMorgan Asks “Has Europe Bazookaed Itself In The Foot”, Answers “Yes”
ANALYST: The Cyprus Deal Could Be The ‘Trigger’ We Were Waiting For In Europe
Sebastian Valdivieso ‏@S_Valdivieso
“Cyprus has declared a bank holiday on Monday to prevent such a run on the banks and banned electronic transfers.”
Mikaël Kerbourc’h ‏@kerbourchmikael
The Botching of the Cyprus Bailout: Worse Than Lehman Brothers
Dr Ausberto Torres ‏@aussietorres
BOOM RT @InsideParadeplz: DIJSSELBLOEM DECLINES TO RULE OUT FURTHER DEPOSITOR HAIRCUTS IN OTHER EUROZONE COUNTRIES: GREECE, SPAIN OR ITALY.
Cyprus Depositor Tax: Genius Plan or the End of the Euro?
Every so often, a moment comes along when you learn something important about how economies work. Thanks to the Euro area member states, we’re about to get one of these moments. Next week, we’re going to find out how people react when their bank deposits are at risk of being confiscated.
Tomorrow, Cyprus could vote to leave the euro. This is political dynamite – Telegraph
Economics Nobel Laureate+ #Cyprus econ advisor Pissarides warns economy would collapse within “2 or 3 days” if deposit tax failed to pass
Ian Gillespie ‏@IanRGillespie
Cyprus delays vote on EU bank acc’t tax. Ironically, voting it down may now increase the risk of a bank run. (1/2)
#Cyprus Parliament doesn’t have votes for bailout, President warns of complete #collapse if #bankrescue not passed!
REPORT: Germany Told Cyprus They Could Tax Their Depositors, Or Leave The Eurozone http://www.businessinsider.com/report-germany-told-cyprus-they-could-tax-their-depositors-or-leave-the-eurozone-2013-3#ixzz2NijouhAa #Truth #Freedom
Live Streaming Of Cyprus Mega TV
Business Insider ‏@businessinsider
CITI: Watch These 5 Currencies To See How The Market Is Reacting To Cyprus
What will be the market impact from the Cyprus bailout?
The developments in Cyprus will lead to EUR selling and USD, CHF, GBP, NOK and SEK buying (in that order). The issue is whether to believe that the Cyprus levy on depositors is one-off, but depositors and investors elsewhere could easily see this as another in a string of ‘one-offs’ and react badly. The risk-return to depositors in countries with weak banking systems may not favor taking the risk that Cypriot banking system was so unique that such a levy would never be considered elsewhere. The levy on deposits ostensibly covered by deposit insurance may also undermine confidence in weak banks.
The question is whether this becomes a full-blown crisis or a mini-crisis. Given the element of surprise, it is probably the case that euro zone policymakers will not have concrete measures prepared to convince depositors elsewhere that this will never happen again. So it seems likely in the first instance some resurgence of tail risk will re-appear and that there is a risk that we could see a downward spike in the euro and significant backing up of spreads.
European Central Bank Has Just Set Us All Up For Another Great Depression. They Initiated A Surprise Assault On The Precautionary Savings of Their Own People. This Is A Nuclear War On Savings And Wealth!
Yup, just like this. . .
S&P Futures Plunge To 1-Week Lows; Gold Jumps To 3-Week Highs
Given FX markets are double-dipping now, it is little surprise that S&P 500 futures open down 16 points from the 1553.5 close on Friday – a one-week low. This is the biggest close-to-open gap down since May 2012. Treasury Futures just opened implying a 1.94% 10Y (-5bps) and 3.16% 30Y (-5bps). And despite the USD strength, spot gold just opened also up from $1591.95 to $1607. The arb against JPY carry is holding stocks for now… only another 8 hours until Europe opens… Over 38,000 contracts have traded in S&P 500 futures in the first 5 minutes ($2.9bn notional) – 30 times the average for a Sunday night… The initial dump was caught by a VWAP reverter but that is fading now… Japan’s NKY looks set to open down around 500 points or so given JPY’s strength.