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Bank Holiday In Cyprus

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Taco
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Posts: 4621
Joined: July 9th, 2011, 5:30 pm

Bank Holiday In Cyprus

Post by Taco » March 17th, 2013, 8:03 am

European leaders are now seizing funds directly from client accounts claiming its a new tax. Incidently, tomorrow(Monday) is a holiday in Cyprus and banks are closed until Tuesday, ATM's are not working either. If its not in your hand you don't own it.

Bank Holiday In Cyprus
http://www.shtfplan.com/headline-news/c ... s_03162013

Cyprus Depositor Haircut
http://www.zerohedge.com/news/2013-03-1 ... nk-runs-br

Cyprus: The Next Financial Crisis
http://www.washingtonpost.com/blogs/won ... al-crisis/

ATMs Emptied Across Cyprus
http://www.dailymail.co.uk/news/article ... z2NkGlscvc

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Teal Lantern
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Posts: 2769
Joined: August 14th, 2012, 12:48 am
Location: Briar Patch, Universe 25

Post by Teal Lantern » March 17th, 2013, 10:55 pm

This is happening in various forms across Europe. Some with bank accounts, some with retirement & pensions.
They also keep floating schemes of "converting" USSA IRAs into GRAs --
Guaranteed (yeah, right, should be "Govt") Retirement Accounts.

These types of events make me wary of putting cash in foreign nations.
Are there any places NOT run by thieves, or do I have to open an account on freakin'
MARS? :twisted:
не поглеждай назад. 8)

"Even an American judge is unlikely to award child support for imputed children." - FredOnEverything

Array9
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Posts: 252
Joined: January 14th, 2013, 4:49 pm

Post by Array9 » March 18th, 2013, 6:54 am

This banking insider gives his view on what's going on.

http://www.stevequayle.com/index.php?s=33&d=323
Men chase, women choose

As long as you have gold in your hand, you will ALWAYS have bread on your table.

Banano
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Posts: 2012
Joined: June 11th, 2011, 9:26 am

Post by Banano » March 18th, 2013, 8:10 am

Aren't savers meant to be insured against losses when banks go bust?

Absolutely. Cyprus's deposit protection scheme states deposits up to €100,000 are protected. But in this case the banks haven't collapsed, so it doesn't apply.

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Teal Lantern
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Joined: August 14th, 2012, 12:48 am
Location: Briar Patch, Universe 25

Post by Teal Lantern » March 18th, 2013, 4:44 pm

Banano wrote:Aren't savers meant to be insured against losses when banks go bust?

Absolutely. Cyprus's deposit protection scheme states deposits up to €100,000 are protected. But in this case the banks haven't collapsed, so it doesn't apply.
True, in theory, but you're not protected against taxes which is what they called the cash grab.

Deposit insurance (pooled risk) protects against one bad bank bringing down the entire system, but when the whole system is sick, there's no protection anywhere inside that system.

Side note: That option to open an account on
MARS may be here sooner rather than later. :shock:

Wanted: People willing to die on Mars
Mars One co-founder tells CBC about its proposed one-way trip to the Red Planet

http://www.cbc.ca/news/world/story/2013 ... -mars.html?
не поглеждай назад. 8)

"Even an American judge is unlikely to award child support for imputed children." - FredOnEverything

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