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Part of what is p*ssing everyone off right now, is how the Russians oligarchs were tipped off beforehand, and took 2 billion euros worth of money out of Cypriot banks before the proposal went through.
According to this site people are still lining up to remove their money from ATM's. I certainly have no first hand experience here but maybe the ATM's are still open and people are getting as much as they can out already.
But at that time it was just rumor and proposal.
What if it had been passed ?
Then every nation in financial trouble would know the EU could steal their money.So what i would do is get my money out of a bank and move it to the caymans or elsewhere
This is a great way to take control of a country without even firing a shot. The EU is willing to make Cyprus to go under all to show the other reckless members this too can be your fate if you dare to disobey us.
According to this site people are still lining up to remove their money from ATM's. I certainly have no first hand experience here but maybe the ATM's are still open and people are getting as much as they can out already.
If so, they've really caused a mess by insisting the banks must be protected at all costs.
There's a cap on amount you can withdraw per day. The beauty of electronic banking is that things can be shut off pretty easily. There's a price for convenience oh and considering there's about a tenth of physical cash inside a country versus deposits. Cash will soon dry up.
There's a cap on amount you can withdraw per day. The beauty of electronic banking is that things can be shut off pretty easily. There's a price for convenience oh and considering there's about a tenth of physical cash inside a country versus deposits. Cash will soon dry up.
Looks like riots are starting.
I figured it was like here but if these pictures were recent I figured it showed what the country was facing when they do open the banks back up.
I can't see how they are going to open at all. When they do it seems there will be a major run. Did the "best and the brightest" really think this was a good idea?
Cyprus, and places like Greece and Spain did just fine before they joined the Euro. I know, I visited all those places back then. They must rue the day.
I figured it was like here but if these pictures were recent I figured it showed what the country was facing when they do open the banks back up.
I can't see how they are going to open at all. When they do it seems there will be a major run. Did the "best and the brightest" really think this was a good idea?
They could be closed indefinitely until a new currency is instituted which will then promptly be devalued. They should have voted for the tax because what they're staring out now may be even more frightening.
If they're out the euro they are in theory out the EU, no freedom of movement so you're basically trapped in a dying island. Hopefully they ramp up energy exploration and production.
Even if this is sorted out whichever way, as soon as the banks open, there will be a run. People will want to empty their accounts. This is not going to be pretty whatever happens.
^^^This.
The whole premise of creating a bank is to instill a sense of safety, trust and confidence so that people will let you hold their money. That confidence is now destroyed. Who in their right mind would keep their money in a Cypriot bank after this... even if you are one of the lucky small investors who don't get a haircut?
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