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Most businesses in Cyprus will fail in 2 weeks. No payroll, no ability to pay bills. I read where one pig Farmer has resorted to feeding his pigs with pigs (cannibalism) because he is limited to the purchase of 1 ton of grain a day.

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The U.S. can and is printing money and, you're right, that isn't an option for Cyprus... But, it also wasn't an option for Cyprus to not buy those junk Greek bonds that went tits up and left the banks in a bad spot.  The EU is an incestuous (sp?) pos where all the countries are obligated to buy all the other countries junk bonds....    The small  players don't stand a chance against the large players and, they're all obligated to Germany now.  Look at how they're dictating terms...

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Tell me, how much money do you personally manage at your company?

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Your point being?

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I can see several things happening:

People will go back to burying cash in Mason jars and stuffing mattresses.
All of the Cypriot banks will fail due to lack of deposits.
An underground, cash-only economy will bloom.
The Russian mafai will whack a few select politicians and bankers as an example for the rest.

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i

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I can see several things happening:

People will go back to burying cash in Mason jars and stuffing mattresses.
All of the Cypriot banks will fail due to lack of deposits.
An underground, cash-only economy will bloom.
The Russian mafai will whack a few select politicians and bankers as an example for the rest.

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If you ran a medium sized company, you'd realize having 20 or 30 accounts to be under FDIC limits would be absolutely retarded.

But, you don't. Most likely your mom does all your money management and you survive on an allowance.

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I think Cyprus was an experiment. Italy and Spain will be the real test of how fucked their system can get. And in the end Germany will bail them out. Ironic much?

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If you ran a medium sized company, you'd realize having 20 or 30 accounts to be under FDIC limits would be absolutely retarded.

But, you don't. Most likely your mom does all your money management and you survive on an allowance.

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I wonder if that's true... there isn't much political will for Germany to bail anyone else out... Merkel has an election coming up... that's why Cyprus was treated so harshly, IMHO... it obviously wasn't about the money.

We may see some break away countries soon.  I don't see how Cyprus, Italy and Spain can stay.... otherwise, why would Germany?  5 of the countries in the EU have already needed bailouts.  It's really starting to come apart now.

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I wonder if that's true... there isn't much political will for Germany to bail anyone else out... Merkel has an election coming up... that's why Cyprus was treated so harshly, IMHO... it obviously wasn't about the money.

We may see some break away countries soon.  I don't see how Cyprus, Italy and Spain can stay.... otherwise, why would Germany?  5 of the countries in the EU have already needed bailouts.  It's really starting to come apart now.

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Slovenia
Spain
Italy
Portugal
Greece
Cyprus
Ireland


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If you ran a medium sized company, you'd realize having 20 or 30 accounts to be under FDIC limits would be absolutely retarded.

But, you don't. Most likely your mom does all your money management and you survive on an allowance.]

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last transaction 06/03/2013

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Proper cash management is not stupid. In the US FDIC insures deposits up to $250k so why would you have more than that in any single account/institution? I'm not familiar with Cypriot banking laws but I don't imagine they have that sort of protection. I was being facetious in my comment. Obviously no one deserves to have anything taken from them but stupid is leaving that kind of money unprotected. Unless that amount means nothing to you because you are mega rich.

Note: The Regulations on the Establishment and Operation of the Deposit Protection Scheme have been amended on 24 July 2009, in accordance with which the following changes were introduced:

- The maximum amount of compensation per depositor per bank has increased from €20.000 to €100.000

- All currencies of deposits are now covered whereas before only the currencies of member states of the EU were covered

- The coinsurance has been abolished and, therefore, claims up to €100.000 are fully reimbursed (whereas before only 90% of the claims was covered)

-------------------------------------------------------------------------

In accordance with the Regulations on the Establishment and Operation of the Deposit Protection Scheme (DPS) issued under article 34(2) of the Banking Law of 1997, as subsequently amended, a Deposit Protection Fund (DPF) has been established and is in operation since September 2000. The DPF is a separate legal entity administered by a Management Committee.

The purpose of the DPS is to provide protection and pay compensation to depositors in case a member bank is unable to repay the deposits of its customers.

The DPS covers deposits denominated in all currencies. Participation is compulsory for all the banks licensed by the Central Bank of Cyprus (i.e. banks incorporated in Cyprus as well as Cyprus branches of foreign banks incorporated outside the European Union) which accept deposits from the general public including, in the case of banks incorporated in Cyprus, their branches operating in other European Union countries. The DPF’s Management Committee may exempt a Cyprus branch of a foreign bank incorporated outside the European Union from joining the Cyprus DPS provided that it is covered by an equivalent DPS in its country of origin.

The deposits of the European Union branches operating in Cyprus are covered, in accordance with the relevant directive of the European Union, by the corresponding DPS operating in their country of incorporation.

The DPS is activated if it is determined that a member bank is unable to repay its deposits, such a determination being made by the Central Bank of Cyprus or, in case of a member bank which is incorporated in a country other than Cyprus, the competent supervisory authority of the country where the bank is incorporated. The DPS may also be activated by a Court’s order for the liquidation of a member bank.

The maximum level of compensation, per depositor and per bank, under the DPS is €100.000. This limit applies to the aggregate of a depositor’s deposits with the same bank.

For the purposes of calculating the compensation paid to a depositor, the amounts of deposits will be set-off against any loans or other credit facilities granted by the depositor’s bank as well as any other counterclaim that the bank concerned may have against the depositor in respect of which a right of set-off exists.

In accordance with article 18 of the Regulations governing the operation of the DPS certain categories of deposits are exempted from the payment of compensation. (e.g. bank deposits held for own account, deposits by provident and pension funds, insurance companies, government departments, semi-government organisations and local authorities, deposits by collective investment companies etc.).

Should the DPS be activated, an announcement will be made in the Official Gazette of the Republic of Cyprus as well as in the daily press stating that the member bank is unable to repay its deposits and determining the way in which claims together with supporting documentary evidence should be submitted.

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competently crushed by an crusty ol' timer.  

ar-jedi

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That is Euro for 03/06/2013. They do shit backwards.

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Its been tried time and time again, when will these over educated idiots figure out that socialism does not work.

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No fucking way did somebody with 850k euros in their account NOT get creative in draining that account in the last two weeks.  I call bullshit.

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Keep an eye on Luxembourg, their banking deposits are 22 times their GDP ( by comparison Cyprus was 8 times GDP). As soon as capital flight accelerates and the need for a bail out becomes clear,  the Euro zone wiil implode.

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Anyone who has a million bucks in cash in a savings account deserves to have it taken away.

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it is not backwards.



the european date format makes much more sense, it is in tidy LSB->MSB order.  

the US .mil uses the same european-style format: "06 Mar 2013" = 06/03/2013.  



ar-jedi

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Huh, maybe the guys who spend all their money immediately aren't all that dumb afterall.

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BS.



Ignore button, work your magic...



click.



*poof*

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Its been tried time and time again, when will these over educated idiots figure out that socialism does not work.

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Anyone who has a million bucks in cash in a savings account deserves to have it taken away.

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it is not backwards.

the european date format makes much more sense, it is in tidy LSB->MSB order.  
the US .mil uses the same european-style format: "06 Mar 2013" = 06/03/2013.  

ar-jedi

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I agree with and am familiar with .mil notation.

But you forget, they also drive on the wrong side of the road , too. Backwards.

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Unless you have a small business and have to use it to make payroll.   Maybe you just forgot the "/sarc"  ?

I think what we're going to see is most medium sized businesses there will go out of business overnight.

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It's going to happen... it's only a matter of timing... when they go, our banks will be exposed too.....  I'm curious to see what will happen then....  we have a lot of derivitive exposure to France...after Italy and Spain... France is next.

I'm not sure anyone will allow the derivitives to be cashed in, however.  The board that decides what a credit event is are populated by the very banks that write the contracts..... that's why when Greece defaulted, it was "voluntary".  LOL  You just can't make this shit up.

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But you forget, they also drive on the wrong side of the road , too. Backwards.

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I hear lots of people sayin I hope they don't try that shit here but everybody forgets they already have...anybody remember the "we have to put everybodies retirement funds in the stock market"  oh too bad we "lost" a shitload.

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I hear lots of people sayin I hope they don't try that shit here but everybody forgets they already have...anybody remember the "we have to put everybodies retirement funds in the stock market"  oh too bad we "lost" a shitload.

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UN brokered "global bailout".
With the USA expected to shoulder 90% of the burden and have like 2% of the oversight.
Obama and the lefties would be all over it. The global version of "fair share"

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I'd be finding a rifle and "unblocking" the rest of my money.

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Fractional Reserve Banking.  They can't turn bits on the computer into physical money, and they don't have enough physical money on hand to pay out every account.