Cyprus civil servants, pensions could go unpaid
AFP – Civil servants and pensions in cash-strapped Cyprus could go unpaid this month because of a shortfall of at least 75 million euros ($97 million) in government coffers, an official warned on Monday.
Finance Minister Haris Georgiades, meanwhile, cautioned that leaving the eurozone would take Cyprus back “centuries” and insisted the island has no “Plan B” for reneging on a 10-billion-euro ($13-billion) bailout.
by Phoenix Capital Research
The news coming out of Cyprus only gets worse.
It was bad enough that the political class even promoted the idea of STEALING depositors’ savings. But now we’re finding out that they lied time and again about how much they’d take.
Initially the plan in Cyprus was the following:
Simply TAKING 6.75% of ALL savings accounts up to the official insurance limit of €100,000
A 9.9% levy (THEFT) on all deposits [...]
London Gold Market Report
from Adrian Ash, BullionVault
Thurs 28 Mar, 08:50 EST
Jump in Euros “Confirms Gold as Safe Haven” as Cyprus Imposes Eurozone’s First-Ever Exchange Controls
The GOLD PRICE slipped back to $1600 per ounce Thursday morning in London, heading into the 4-day Easter weekend 1.3% higher from the start of March.
Silver bullion was flat for the month at $28.65 after recovering yesterday’s sharp 2.3% drop.
European stock markets shrugged off overnight falls in [...]
by Phoenix Capital Research
Cyprus put another nail in the coffin of Democracy and capitalism over the weekend.
Having found that the Cyprus people and Parliament wouldn’t stand for the confiscation (THEFT) of depositors’ savings, the EU bureaucrats simply chose an option in which voting doesn’t occur.
This is precisely what I feared would happen: that any basic rules or laws would be tossed out the window during times of extreme crisis. This has [...]
from Zero Hedge:
Rumors and news continue to play but some slight weakness after-hours (Treasuries at session highs) suggest fears might have legs. While the Cypriot government submits its bank restructuring (good-bank / bad-bank and capital controls) and Solidarity Fund (CCOs), there will be no vote until tomorrow morning Europe time.
*CYPRUS SUBMITS LAWS ON CAPITAL CONTROLS, SOLIDARITY FUND
*CYPRUS SUBMITS LAW ON BANKING REFORMS, SPEAKER SAYS
*CYPRUS PARLIAMENT TO DISCUSS NEW LAWS TOMORROW, CYBC SAYS
March 18, 2013
There’s only one reason people leave money in a bank: because they think it’s safe there. They think they can get their money back out when they ask for it. This trust is what makes bank accounts possible, and without this trust, there is no longer any reason to put money in any bank.
The government of Cyprus just destroyed that trust across the entire EU. How did it accomplish [...]