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Posted: 3/22/2013 6:24:07 AM EDT
Oops. This might not end well for our pals in the EU.


BREAKING: Russian treasury unable to
meet it’s financial obligations. All government agencies see asset
freeze in Cyprus-Prime Minister Medvedev





March 21st, 2013




















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 salaries, public
works financing, unpaid pensions etc etc…Expect unrest on the streets of
Moscow






-The EU/Germany are certainly aware that 95% of all Russian money
goes through the Cypriot banks. Certainly they were well aware of the
consequences this would lead to. Is this the first salvo in the new
world war??


















Russia complains government accounts blocked in Cyprus













Russian Prime Minister Dmitry Medvedev complained Thursday that
accounts of Russian government agencies in Cyprus had been blocked as
Cypriot Finance Minister Michalis Sarris was set to resume talks in
Moscow to secure aid.






In comments released early Thursday, Medvedev warned that Russia would take a "firm” stand on Cyprus because the accounts of governmment structures had been blocked on the island.











Cyprus ATMs Low On Cash, Credit Card Payments Refused; Medvedev Compares Europe To USSR








So far the market has been largely oblivious of the shattered trust
and changed dynamic in European banking dynamics for one simple reason:
Cyprus banks have been closed, and likely will be closed indefinitely,
preventing the mass media from broadcasting what happens when an entire
population, and foreign depositors, decide to clear out the holdings of
their bank accounts, either physically or electronically, and the public
anger the will result when they find that courtesy of fractional
reserve banking, only a tiny amount of said deposits is actually
present. In the meantime, retail depositors have had their withdrawals
limited through a form of capital controls, allowing them to pull only
as much as the daily limit is on given ATMs. So far the banks have had
enough cash to keep ATMs stocked up to the daily required minimum, but
that may soon be ending. BBC’s Mark Lowen, in Nicosia, reports that "Cyprus’ banks are still giving out cash through machines – although with limits, and some are running low.
Ironically, as physical cash becomes ever scarcer, merchants are now
clamping down on electronic payments unsure if they will ever be able to
convert electronic euros into actual ones: "Some businesses are now refusing credit card payments, our correspondent reports.”











Pictures From A Cyprus ATM Line











"Markets believe that we will find a solution and that we will provide more money and this might not be the case.”










 
Link Posted: 3/22/2013 6:26:46 AM EDT
[#1]
Interesting.





Speed
Link Posted: 3/22/2013 6:27:31 AM EDT
[#2]
wow, this adds a few layers to the drama.

I hope the euro folks are ok with BEANS in their CHILI, because you know who'll come along to bail THEM out
Link Posted: 3/22/2013 6:30:05 AM EDT
[#3]
Wars have been started over less.
Link Posted: 3/22/2013 6:32:18 AM EDT
[#4]



Quoted:


Wars have been started over less.


Yep. This is almost like watching a Tom Clancy novel coming true in real life.



 
Link Posted: 3/22/2013 6:33:13 AM EDT
[#5]
Quoted:
Wars have been started over less.


Yup.
Link Posted: 3/22/2013 6:33:40 AM EDT
[#6]
Link Posted: 3/22/2013 6:34:19 AM EDT
[#7]
Oh im pretty sur barry will come to the rescue with chinese money to "bail" them out... FBHO!
Link Posted: 3/22/2013 6:36:27 AM EDT
[#8]



Quoted:





Quoted:

Wars have been started over less.


Yep. This is almost like watching a Tom Clancy novel coming true in real life.

 


All we need is a bad wheat harvest....



 
Link Posted: 3/22/2013 6:36:33 AM EDT
[#9]
Quoted:
Wars have been started over less.


This legit?

I was aware that a lot of private Russian money was "parked" in Cyprus banks but 95% of all transactions funnel through there?

Oh shit!
Link Posted: 3/22/2013 6:39:47 AM EDT
[#10]
Well kiss cyprus good buy. The russians will own them in weeks. One way or another.
Link Posted: 3/22/2013 6:40:29 AM EDT
[#11]



Quoted:


Oh im pretty sur barry will come to the rescue with chinese money to "bail" them out... FBHO!


Bailouts or no bailouts are irrelevant now because confidence in the cypriot banking system is now virtually dead. As soon as the cypriot banks finally open back up, there will be a mad dash for cash as depositors rush to get their money out of the banks. Plus, runs like this can easily spread to other countries because people in places like italy and spain (for example) will be asking themselves "Can this happen here and can my deposits be seized overnight in order to cover bad bank debts and sovereign debts that I was not responsible for?" and many of those people will answer their own question with a "Yes" and, then, the run will be on.



 
Link Posted: 3/22/2013 6:41:11 AM EDT
[#12]
and here comes China with their dollars!!!
Link Posted: 3/22/2013 6:41:35 AM EDT
[#13]
That's about as smart as cutting off a country's oil and not protecting your forward harbor.

 
Link Posted: 3/22/2013 6:42:10 AM EDT
[#14]
Quoted:

Quoted:
Wars have been started over less.

Yep. This is almost like watching a Tom Clancy novel coming true in real life.
 


all the drama going on over here 24/7 and all of a sudden this comes to life overseas.  Never know what is going to cause hell on earth.
Link Posted: 3/22/2013 6:42:38 AM EDT
[#15]
Looks like we aren't the only people to elect idiots into public office.
Link Posted: 3/22/2013 6:42:38 AM EDT
[#16]





Quoted:
Quoted:
Quoted:


Wars have been started over less.



Yep. This is almost like watching a Tom Clancy novel coming true in real life.


 



All we need is a bad wheat harvest....


 

WWJRDRAN?
What would Jack Ryan do right about now?




 
 
Link Posted: 3/22/2013 6:43:54 AM EDT
[#17]

[Cleveland]And BOOM! goes the dynamite.[/Cleveland]

Link Posted: 3/22/2013 6:44:13 AM EDT
[#18]
Quoted:
It will get out of control and we'll be lucky to live through it


Link Posted: 3/22/2013 6:45:04 AM EDT
[#19]
No worries, I'm sure the large Cypriot armed forces and nuclear arsenal will keep Russia at bay.
Link Posted: 3/22/2013 6:45:50 AM EDT
[#20]


Russia  =  No balls.  


Put up or shut up.

LOL

Link Posted: 3/22/2013 6:46:06 AM EDT
[#21]
Quoted:
Well kiss cyprus good buy. The russians will own them in weeks. One way or another.



If the Russians try anything too bold, expect the Greeks and Turks to react.

Link Posted: 3/22/2013 6:46:20 AM EDT
[#22]



Quoted:


and here comes China with their dollars!!!


Again, how does that stop a bank run? Even with a bailout by Santa Claus or whoever, cypriot depositors now know that their money isn't safe in their own bank accounts. If you knew the government could just come in a seize between 6 to 10 percent of your money directly out of your bank account whenever they felt like it then how much would you trust your local bank to keep your money safe?



 
Link Posted: 3/22/2013 6:48:55 AM EDT
[#23]



Quoted:



Quoted:

Well kiss cyprus good buy. The russians will own them in weeks. One way or another.






If the Russians try anything too bold, expect the Greeks and Turks to react.









It won't be just them because there are British and (I think) Israeli forces that are based on Cyprus, as well, plus there are also Israeli financial interest at stake in Cyprus, too.



 
Link Posted: 3/22/2013 6:49:45 AM EDT
[#24]
Quoted:
Well kiss cyprus good buy. The russians will own them in weeks. One way or another.


Ok. But it's not like they are going to put boots on the ground to physically control a bunch of 1's and 0's, their literally is no hard currency to take away and hold onto. It's ledgers and numbers in a network.
Link Posted: 3/22/2013 6:53:41 AM EDT
[#25]
This business will get out of control. It will get out of control and we'll be lucky to live through it.
 



ETA: Russians don't take a dump, son, without a plan.
Link Posted: 3/22/2013 6:55:17 AM EDT
[#26]
Cyprus will soon be starring in a russian army commercial?
http://www.youtube.com/watch?v=YiTrcnsgmVQ
Link Posted: 3/22/2013 6:56:25 AM EDT
[#27]
Are there big, unmarked, cargo planes flying into Cypryus?

It's always small countries starting the big wars isn't it. Serbia, Hawaii ( the one the Germans bombed), floating island Lusitania.
Link Posted: 3/22/2013 6:58:10 AM EDT
[#28]
Link Posted: 3/22/2013 6:58:23 AM EDT
[#29]
If the IMF and World Bank got away with stealing funds in Cyprus, it would have spread to the PIIGs and then to the rest of the EU.  It would then come here.

Bet anything if it had gone through, the President of Cyprus would have been hit by the Russian Mafia.
Link Posted: 3/22/2013 6:59:58 AM EDT
[#30]



Quoted:





Quoted:

and here comes China with their dollars!!!


Again, how does that stop a bank run? Even with a bailout by Santa Claus or whoever, cypriot depositors now know that their money isn't safe in their own bank accounts. If you knew the government could just come in a seize between 6 to 10 percent of your money directly out of your bank account whenever they felt like it then how much would you trust your local bank to keep your money safe?

 


Look for an increase in home invasions and robberies.  



 
Link Posted: 3/22/2013 7:00:05 AM EDT
[#31]
Quoted:

All we need is a bad wheat harvest....
 





Link Posted: 3/22/2013 7:00:17 AM EDT
[#32]
Quoted:
Oh im pretty sur barry will come to the rescue with chinese money to "bail" them out... FBHO!


Ya, I was thinking that zero would come riding in on his wookie and save the day with freshly printed dollars.
Link Posted: 3/22/2013 7:02:08 AM EDT
[#33]
Cyprus is just a trial balloon for the IMF, Soros et al and the world banks.
Link Posted: 3/22/2013 7:03:33 AM EDT
[#34]
The Russian Bear is like the mob with nukes. Nothing more.
Link Posted: 3/22/2013 7:04:23 AM EDT
[#35]
Quoted:
The Russian Bear is like the mob with nukes. Nothing more.



Ya, and fucking the Mob out of their money usually ends well.
Link Posted: 3/22/2013 7:06:28 AM EDT
[#36]



Quoted:



Quoted:

Well kiss cyprus good buy. The russians will own them in weeks. One way or another.






If the Russians try anything too bold, expect the Greeks and Turks to react.





If Russia attacks Cyprus from behind, do you think grease will help?

 
Link Posted: 3/22/2013 7:06:56 AM EDT
[#37]
Quoted:
Cyprus is just a trial balloon for the IMF, Soros et al and the world banks.


Well it will never happen in America.

1) Americans have no savings to confiscate

3) Any wealth or cash on hand will be confiscated via inflation.
Link Posted: 3/22/2013 7:08:08 AM EDT
[#38]
OST
Link Posted: 3/22/2013 7:09:01 AM EDT
[#39]
Why are Russian government agencies using Cypriot banks?  I know the country is crooked as a dog's hind leg, but Russia does have banks.  Something doesn't add up.
Link Posted: 3/22/2013 7:12:13 AM EDT
[#40]
Paraphrasing a comment in the last article in the OP-" Currency is just a medium of exchange. When the currency becomes corrupt you need to get out of it. Children's medium of exchange is a smile. When they stop looking cute you boot them to the curb."



All forms of electronic currency is becoming corrupt due to the crimes and greed of those who control it.
This is why I cashed in my 403b, paid the penalties and bought guns and ammo before the craziness. My buddies aren't laughing at me today.
Link Posted: 3/22/2013 7:14:16 AM EDT
[#41]
Link Posted: 3/22/2013 7:15:01 AM EDT
[#42]

 So.....What would stop the russkies from moving on Cyprus to gain control of their funds?


  And would anybody care?


Link Posted: 3/22/2013 7:15:32 AM EDT
[#43]
Quoted:
Quoted:
The Russian Bear is like the mob with nukes. Nothing more.



Ya, and fucking the Mob out of their money usually ends well.


Yep. Except they don't send Vinny and Guido to break your legs or shoot you in the kneecaps. They send a Team of Spetsnaz to kill everyone.
Link Posted: 3/22/2013 7:18:38 AM EDT
[#44]



Quoted:


No worries, I'm sure the large Cypriot armed forces and nuclear arsenal will keep Russia at bay.


The 3,500 British servicemen/women stationed at the two UK Sovereign Base areas might make the Russians think twice before attempting a military solution.

 
Link Posted: 3/22/2013 7:20:49 AM EDT
[#45]
.

[/quote]
If Russia attacks Cyprus from behind, do you think grease will help?  [/quote]




Link Posted: 3/22/2013 7:23:30 AM EDT
[#46]



Quoted:




 So.....What would stop the russkies from moving on Cyprus to gain control of their funds?





  And would anybody care?











I'm pretty sure the brits, israelis and greeks wouldn't take to kindly to that move---not to mention a few other western european countries like germany, for example. Turkey would take quite a bit of interest in a move like that, as well.



 
Link Posted: 3/22/2013 7:24:24 AM EDT
[#47]
Stealing someones money usually pisses them off.

Link Posted: 3/22/2013 7:24:56 AM EDT
[#48]
A 2 week bank holiday?

Holy shit, that country's financial system is now non-existent.

This will spread through other EU countries and the rest of the world. All the banks are tied together and they all hold derivatives and CDSs.

I will bet the CDS domino game has begun.

The fiat debt bubble just shit the bed.

This is the event that rapid accelerates the greatest world wide depression.


yes I drama much



Link Posted: 3/22/2013 7:25:56 AM EDT
[#49]
Quoted:

Quoted:
No worries, I'm sure the large Cypriot armed forces and nuclear arsenal will keep Russia at bay.

The 3,500 British servicemen/women stationed at the two UK Sovereign Base areas might make the Russians think twice before attempting a military solution.  


This would probably be a good time to pull them out.
Link Posted: 3/22/2013 7:38:22 AM EDT
[#50]



Quoted:



Quoted:




Quoted:

No worries, I'm sure the large Cypriot armed forces and nuclear arsenal will keep Russia at bay.


The 3,500 British servicemen/women stationed at the two UK Sovereign Base areas might make the Russians think twice before attempting a military solution.  




This would probably be a good time to pull them out re-enforce them with additional forces and support.






Fixed.





 
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