Bank Holiday In Cyprus

Taco · Post by **Taco** » March 17th, 2013, 12:03 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

Teal Lantern · Post by **Teal Lantern** » March 17th, 2013, 2:55 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?

Array9 · Post by **Array9** » March 17th, 2013, 10:54 pm

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

http://www.stevequayle.com/index.php?s=33&d=323

Banano · Post by **Banano** » March 18th, 2013, 12:10 am

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

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

Teal Lantern · Post by **Teal Lantern** » March 18th, 2013, 8:44 am

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 â‚¬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.

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?