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Rumor $$ haircut in Austria on deposits > 30,000 € [12:30] Does not matter anything, right? covenant with Commerzbank lost 2.5 billion euros [11:00] insider info from Austria: Haircut from € 30,000? A savings bank has warned wealthy clients with lots of money in a savings account, QUICKLY AS POSSIBLE split the money on several accounts with less than € 30,000. So the haircut is very bald.WE. [12:30] The analyst: The info comes with 30,000 euros given [...] by GoldCore Today’s AM fix was USD 1,436.50, EUR 1,103.47 and GBP 938.15 per ounce. Cross Currency Table – (Bloomberg) Gold fell $11.90 or -0.82% yesterday to $1,431.40/oz and silver finished -0.8%. The European Union will today meet to discuss and move forward the proposal to ‘bail-in’ depositors with savings of over €100,000 as part of future bank wind-downs. It now looks [...] London Gold Market Report from Adrian Ash, BullionVault Thurs 9 May, 07:50 EST
Gold “Still Bearish” as Western Buying “Cools”, But Indian Festival Demand Seen Matching ETF Outflows
SPOT GOLD PRICES slipped back below $1470 per ounce Thursday morning in London, drifting as world stock markets failed to follow Wall Street higher, where equities yesterday hit new all-time highs.
Silver held above $24.00 per ounce, just shy of last week’s finish, as commodities slipped overall. A rise in [...] The same man who called for a united Europe and spearheaded the euro currency in 1999 , Germany’s former finance minister Oskar LaFontaine has formally retracted his support for the troubled currency, and is calling for its abandonment. Consistently weak data and little upward momentum in recovery has caused severe doubts about the shared financial responsibility that comes along with the continent-wide currency. The current trajectory of the euro, LaFontaine argues, is [...] by GoldCore Today’s AM fix was USD 1,463.00, EUR 1,118.67 and GBP 941.74 per ounce. Cross Currency Table – (Bloomberg) Gold rose $0.70 or 0.05% yesterday to $1,469.90/oz and silver finished down 0.37%. A bank holiday was observed in the U.K. and Ireland yesterday. Ireland’s Finance Minister, and current European Council President, Michael Noonan, is introducing a proposal to European finance ministers that [...] from Zero Hedge: A few hours ago, Greek lawmakers approved a reform law to unlock about €8.8 billion of rescue loans from the European Union and the International Monetary Fund. The law, which was a condition for further aid installments, passed easily with the solid backing of the three parties comprising Greece’s ruling coalition, by 168 to 123 votes. Next, euro zone officials will meet on Monday to approve overdue payment of [...] by Phoenix Capital Research If you happened to simply glance over the headlines in the financial media over the last few months, you’d think the European Crisis was over. In November, no less than France’s Prime Minister, Spain’s Prime Minister, and even Germany’s Finance Minister suggested that the worst is over for the Euro Crisis or that the Crisis as a whole was over completely. Unfortunately for them, the markets don’t seem to [...] Debt crisis: Cyprus wants to sell gold reserves: Midst of the crisis Cyprus wants to sell some of its gold reserves. The government of the island nation threatened by bankruptcy is waiting for the approval of the Central Bank. The reserves could be sold in the coming months, said Finance Minister Harris Georgiades to Bloomberg. The exact plan for this “serious decision” should be formulated by the Board of Governors of the Central Bank. http://de.rian.ru/politics/20130417/265955941.html http://translate.google.de/translate?hl=de&sl=de&tl=en&u=http://de.rian.ru/politics/20130417/265955941.html 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. read more… http://www.france24.com/en/20130408-cyprus-civil-servants-pensions-could-go-unpaid “Cyprus’ [...] Russian Market‏@russian_market3 min Russian Market‏@russian_market6 min Paulo Dias‏@1ens2 h https://twitter.com/1ens Paulo Dias‏@1ens2 h Enough is enough for the Cypriot finance minister – Michalis Sarris has handed in his notice, after securing the 10-billion-euro bailout that will see savers in two major banks pay the bill. The finger-pointing’s far from over though – as the island tries to establish who’s to blame for the country’s economic meltdown. CYPRUS FINANCE MINISTER SARRIS SAYS HE RESIGNS Investigation? Did he also funnel cash into London ahead of Confiscation Day? But fear not, all shall be well, the now ex-finmin promises: SARRIS SAYS CAPITAL CONTROLS WILL BE EASED GRADUALLY http://www.zerohedge.com/news/2013-04-02/cyprus-finance-minister-resigns By Michael Don’t be surprised when the global elite confiscate money from your bank account one day. They are already very clearly telling you that they are going to do it. Dutch Finance Minister Jeroen Dijsselbloem is the president of the Eurogroup – an organization of eurozone finance ministers that was instrumental in putting together the Cyprus “deal” – and he has said publicly that what has just happened in Cyprus [...] Cyprus central bank fires Bank of Cyprus chief Kipri – official – Reuters (via CNBC) https://twitter.com/faisalislam ALARM: SPAIN, GREECE EXEMPLIFY RISK OF RELIANCE ON BANKS’ LIQUIDITY. – CHART https://twitter.com/russian_market/status/316831534369869824/photo/1 Italian Industrial Orders Come In Horrible Not much to say except with this kind of spiraling down, crises both financial and political will continue. http://www.businessinsider.com/italian-industrial-orders-come-in-horrible-2013-3 Chris Marshall‏@cmarshallCW2 min NYT: Dallara, [...] Looks like Cyprus banks aren’t reopening tomorrow after all – all banks to remain closed until Thursday. Not enough cash? https://twitter.com/zerohedge The Associated Press‏@AP4 min Cyprus Market‏@russian_market29 s Cyprus Market‏@russian_market49 s zerohedge‏@zerohedge3 min EUROGROUP PRESIDENT SPOOKS MARKETS: Says Cyprus Deal Is A Template For The Rest Of The Euro Area Today, in an interview with Reuters and the Financial Times, Dutch Finance Minister and President of the Eurogroup of euro zone finance ministers Jeroen Dijsselbloem said that the Cyprus deal will serve as a template for future bank restructurings in the euro zone. http://www.businessinsider.com/dijsselbloem-cyprus-deal-is-a-template-2013-3#ixzz2OZ6HyuQR Faisal Islam‏@faisalislam4 min Bloomberg.com Cyprus is undermining trust in European banks and can be likened to Lehman Brothers Inc., whose collapse ignited the 2008 global economic crisis, Russian billionaire Vladimir Potanin said. “Very serious” levels of capital may be taken out of the island nation, destroying the economy and hurting the European Union, Potanin, chief executive officer of OAO GMK Norilsk Nickel, the world’s biggest producer of the metal, said in Moscow today. Cyprus is seeking [...] Interesting interview by Medvedev today who admitted that most Russian government agencies use Cyprus for it’s financial transactions. A few points here: -How corrupt does a country have to be for its government agencies to use a tax haven for financial transactions? -From latest reports, the Cypriot banks might open on March 26th at the earliest. That’s two weeks after being shut down. That’s two weeks of unmet financial obligations, ie government employee [...] “Germany’s finance minister has warned Cyprus that its crisis-stricken banks may never be able to reopen if it rejects the terms of a bailout.” “There may have been jubilation among many Cypriots at Tuesday night’s parliamentary defeat of the hated banking tax, but now the country faces a tough reality.” http://en.mercopress.com/2013/03/20/germany-warns-cyprus-banks-might-never-reopen-if-terms-of-bailout-are-rejected Cypriot leaders held crisis talks on Wednesday to avert financial meltdown after rejecting the terms of a controversial European Union bailout, turning instead [...] London Gold Market Report from Ben Traynor, BullionVault Wednesday 20 March 2013, 08:45 EST
Gold & Silver Trade Lower, Germany “Could Live Without Cyprus in Euro”
GOLD dropped below $1610 an ounce Wednesday, as stocks, commodities and the Euro all regained some ground lost since news of the Cyprus bailout negotiations broke over the weekend.
“We still believe that an interim low was made in February and that the precious metal should reach the January low [...] If (scratch that, WHEN) the Cyprus Parliament rejects the deposit tax, the aid package would be in jeopardy, potentially setting the stage for default, which would be akin to dominoes laced with dynamite given the leverage in system and the derivatives holding the global construct together. http://money.msn.com/top-stocks/post.aspx?post=1268dbe8-6a91-4420-b14f-103525208dde
US Deposits In Perspective – $25 Billion In Insurance, $9,283 Billion In Deposits – $297,514 Billion In Derivatives Total derivative notional outstanding of the Top 25 holding companies is [...] Cyprus & the Biggest Myth of Banking Today by Adrian Ash, BullionVault Tuesday, 19 March 2013
Bank deposit accounts should be sacred. Right up until they’re not…
YOU’D THINK that with all this practice, politicians would know how to handle a banking crisis by now. Most especially in the Eurozone. But no. Five years since Bear Stearns hit the skids (the anniversary was Monday) the Cypriot mess is such a mess that people elsewhere feel [...] Stocks Sliding, Euro Tanking Uncertainty. This uncertainty is causing stocks to sell off and the euro to tumble. In fact, Bloomberg’s Sara Eisen reports that the euro is now below $1.29 for the first time since December. At $1.2858, its down 0.76 percent for the day.
FinViz Read more: http://www.businessinsider.com/market-update-march-19-2013-2013-3#ixzz2O0dApEHK Cypriot parliament rejects ruling party request to postpone vote!!! PIMCO says it is cutting allocations to Eurozone after Cyprus deposit levy!!! zerohedge‏@zerohedge zerohedge‏@zerohedge National planning Cyprus-style solution for New Zealand The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said today. Open Bank Resolution (OBR) is Finance Minister Bill English’s favoured option dealing with a major bank failure. If a bank fails under OBR, all depositors will have their savings reduced overnight [...] A quarter of Cyprus bank deposits are Russian, so taxing them is unpopular in Moscow. Russian officials are up in arms over a possible levy on Cyprus bank accounts, which Russian president Vladimir Putin denounced as “unfair, unprofessional and dangerous.” There’s good reason for their concern: Nearly a third of all the money in Cyprus’ outsized banking sector is Russian. http://money.cnn.com/2013/03/19/news/economy/cyprus-russia/index.html?iid=Lead Sinclair – Cyprus Disaster Is Much Bigger Than Being Reported Today legendary trader [...] |
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TICK, TICK … BOOM! The European Project Is Crashing To Earth: IMF BLOCKS TROIKA DEAL!!! Every Half Hour, New Demands Are Made! CYPRUS CHURCH CLAIMS IMMEDIATE EURO EXIT – SPIEGEL! A Potential Bankruptcy Just 48 Hours Away!
zerohedge‏@zerohedge5 min
Nicosia official says Cyprus not in reach of deal with troika, blames IMF
A senior Cypriot official suggested late on Saturday that his government was not close to an agreement with the troika over a range of measures aimed at securing a 10-billion-euro bailout for his country.
“We are not in touching distance of an agreement,” the official, who preferred to remain anonymous, told the Cyprus News Agency.
According to the news [...]