Bank runs, bank holiday & 10pct bailout tax on deposits in Cyprus

swissaustrian

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European equity markets are down over 2%, the Euro is tumbling.
Gold once again heralded problems ahead.
 

pmbug

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Dollar is up, but metals have held their ground so far.
 

swissaustrian

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Yes. I was referring to the pm crash on Friday and Monday. There is a chance that this was the preparation for an EuroExit of Cyprus. I don't think that the parliament is going to vote yes, at least not the first time. They only have two choices: Either vote yes or leave the Eurozone.
 

pmbug

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There has been a total blackout in the Western mainstream media regarding what just took place in Cyprus. Even where there was even scant reporting about Cyprus, they only reported approximately 1/3 of the amount of the assets that have effectively been stolen.
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What that tells me is that ‘bail-in’ is now a go globally. There is no question that if you were to analyze the various initiatives in New Zealand, Canada, the United States, Great Britain, etc, you would know that ‘bail-in’ is definitely being framed and will now be applied as a replacement for ‘bail out.’

So the fact that the news of the $4.2 billion which was just stolen from accounts in Cyprus didn’t make any mainstream US news, and wasn’t even mentioned on financial media during the day, tells me there is definitely a feeling that what has taken place, and what is still to take place, will disturb the ‘social order.’
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http://kingworldnews.com/kingworldn..._Blackout,_Panic_&_A_Major_Short_Squeeze.html

Best I can tell, it hasn't happened yet:
Cyprus' lawmakers are voting on a multi-billion bailout agreement aimed at preventing the country from going bankrupt.

The 56-seat parliament is expected later Tuesday to narrowly approve the 23 billion euros ($30 billion) deal that the country struck with its euro partners and the International Monetary Fund last month.
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http://www.foxnews.com/world/2013/0...lion-euros-financial-rescue-deal-expected-to/
 

pmbug

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Hmmm...
Cypriot lender Bank of Cyprus said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid.

The process, known as a 'bail-in', made depositors in the bank pay for its recapitalization, after the institution was hit by massive losses from its exposure to debt-crippled Greece.

Bank of Cyprus, the island's largest bank, said it had converted 37.5 percent of deposits exceeding 100,000 euros into "class A" shares, with an additional 22.5 percent held as a buffer for possible conversion in the future.

Another 30 percent would be temporarily frozen and held as deposits, the bank said.
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http://www.reuters.com/article/2013/04/28/us-cyprus-bank-deposits-idUSBRE93R0BF20130428

So Bank of Cyprus already started with the confiscations and even though their Parliament has not yet voted on the deal. :paperbag:
 
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