So a midnight deal was struck between the Cyprus government and the “troika” consisting of unelected bureaucrats before the deadline.
From Bloomberg:
Cyprus agreed to the outlines of an international bailout, paving the way for 10 billion euros ($13 billion) of emergency loans and eliminating the threat of default.The accord between Cyprus and the “troika” representing international lenders was reached in overnight talks in Brussels and ratified by finance ministers from the 17-nation euro area.
“It’s in best interest of the Cyprus people and the European Union,” Cyprus President Nicos Anastasiades told reporters.
It’s really in the best interests of those in the seat of power and connected to them. and not for Cyprus
The content of the deal, again from Bloomberg:
The agreement calls for Cyprus Popular Bank Pcl (CPB) to be shut down and split. The Bank of Cyprus Plc would take over the viable assets of the failed bank along with 9 billion euros in central bank-provided emergency liquidity aid, according to three EU officials who asked not to be named because talks are ongoing.Deposits below the EU deposit-guarantee ceiling of 100,000 euros will be protected, and a loss of no more than 40 percent will be imposed on uninsured depositors at the Bank of Cyprus, two EU officials said. Uninsured depositors at Cyprus Popular would largely be wiped out, two other officials said.
Wow. 40% losses for uninsured deposits above 100,000 euros for Bank of Cyprus while total losses uninsured deposits for Cyprus Popular!
Who determines this? The eurocrats from the troika. They will play "god" here. They will ascertain whose assets are “viable” or assets that would be taken over by Bank of Cyprus, and whose assets will be condemned for total losses. They will decide on who are the winners and the losers. They will play the judge, jury and executioner.
I wonder how much under the table deal is going on right now for deposit accounts of 100,000 euro and above? There will a lot of grease money out there to bargain for survival.
And I also wonder how the Russians will be taking this.
Ah but while deal is reached this is subject to approval.
Again from Bloomberg:
It was the second time in nine days that Cyprus struck a deal with European creditors and the IMF. The first accord, reached in the early hours of March 16, fell apart three days later when the Cypriot parliament rejected a tax on all bank accounts on the island.
Perhaps we should pay heed to the advice of Mises Institute's founder, Lew Rockwell:
Your money is not safe in a bank..If the bank is in trouble the government will take your money…Mattress will be a better place to keep your money
2 comments:
Thanks for your article.
Perhaps you might enjoy mine: World Passes Through Peak Dividend Investing And Peak Real Estate Investing As European Financials Trade Lower …. A New Trust, The Trust In The Diktat Of Regional Leaders Such As The EU Finance Leaders And Angela Merkel Is Rising
http://tinyurl.com/cwhspzj
A new trust, the trust in the diktat of regional leaders such as the EU Finance Leaders and Angela Merkel is rising. Complete and total regional governance of the Eurozone is only a matte of time.
There is waiting in the wings of Europe’s Stage, a New Pharaoh, the most credible of sovereigns. Soon he will step into the limelight, and rise to power, not through schemes of Liberalism, such as carry trade investment, but rather through schemes of Authoritarianism, Daniel 8:23, such as regional framework agreements, to rule Euroland, Revelation 13:5-10. He will be accompanied in authority and power by the EU’s Monetary Priest, who will provide the economy of diktat, where diktat serves as currency, power and wealth, Revelation 13:11-18. The Prince of the people, will one day rule the world for three and one half years, that is during the Great Tribulation, demanding emperor worship, this immediately prior to the Advent of Jesus, Daniel 9:26. These Fierce Leaders will oversee the Beast Regime of Regional Governance, Totalitarian Collectivism, and Debt Servitude, that is rising from the profligate Mediterranean nation states, to replace the Banker Regime of Democratic Nation Investment, Revelation 13:1-4. Germans cannot be Greeks; but most assuredly they will be one, living together in a debt union and gulag of debt servitude, with the periphery profligate countries of Portugal, Italy, Ireland, Greece, and Spain, existing as hollow economic moons revolving about planet Germany.
@thediktatreporter
Thanks for your comments.
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