Example of the Mania Phase: Awards Received by the Bank of Cyprus

Euphoric sentiment is one principal trait of the manic phase; particularly the feeling of overconfidence, grandeur,invincibility and or infallibility. 

As I previously pointed out it had been no different in Cyprus whose banking system thought they were “immune” or "decoupled" to the euro crisis such that they even passed the “stress test” conducted by the European Banking Authority in 2011.

Chris Rossini at the Economic Policy Journal enumerates the string of awards that Bank of Cyprus received during their heyday or the pinnacle/climax of the bubble cycle.

The Bank of Cyprus, which is stealing up to 40% of deposits from those with more than 100k Euros, had quite a veil of legitimacy. 

Check out the prestigious awards that the bank recently earned:

Feb 25 2011 - The Banker magazine ranked the Bank of Cyprus amongst the leading banks of the world.

Apr 4 2011 - The prestigious Global Finance financial magazine honours the Bank of Cyprus with the title of Best Bank in Cyprus.

Jun 15 2011 - The Bank of Cyprus has succeeded in being included in the category of «Best Banking Organizations» worldwide at the annual World Finance Banking Awards of the internationally acclaimed financial magazine World Finance.

Sept 13 2011 - In the framework of its annual “Awards for Excellence 2011”, the Bank of Cyprus was named Best Bank in Cyprus by the international financial magazine EUROMONEY.

Nov 1 2011 - The Bank of Cyprus was awarded the ‘JP Morgan Chase Quality Recognition Award’ for its funds transfer operations for the eleventh consecutive year.

Dec 1 2011 - The Bank of Cyprus was named “Bank of the year 2011” in Cyprus by the prestigious international financial affairs publication The Banker, during its annual “Bank of the Year Awards 2011.”

Feb 9 2012 - Bank of Cyprus has been named as the Best Bank for Private Banking in Cyprus, by the internationally acclaimed magazine EUROMONEY.

Mar 23 2012 - The international financial magazine ‘Global Finance’ has named the Bank of Cyprus the best banking institution in Cyprus in the Developed Markets category of “World’s Best Banks Awards”.

Sep 26 2012 - Bank of Cyprus has been awarded the ‘2011 Citi Performance Excellence Award’ by the world-renowned financial organization Citibank, for global electronic payments leadership and excellence.

Notice that the accolades flowed from 2011 until September of 2012, which was only a few months back.

Then events unhinged or unglued pretty fast.

It has been part of the mainstream’s propaganda to say that current system based on fiat money has been hunky dory and functioning well. The reality is that it hasn’t.

Yet when aura of superiority, augustness and opulence have been propped up by a credit bubble, watch out. 

This applies to any country or region, Asia and the Philippines notwithstanding.