Cyprus-Forum.com

[Demonax]

A bit bloody late now!

Cyprus deal a "mistake," can be changed: Austrian Finance Minister Fekter

Reported on twitter.

[Maximus]

A bit bloody late now!

Cyprus deal a "mistake," can be changed: Austrian Finance Minister Fekter

Reported on twitter.

collectively, they stacked it for 0.2% of the eurozones GDP but the crown goes to us Cypriots though for not managing our finances better and having to go looking for a loan.

something good will come of this though, every cloud has a silver lining.

[Demonax]

Hearing reports that the bailout vote for tomorrow has been cancelled. Cypriot leader to tell Eurogroup he cannot pass the measures...

Things getting interesting...

[cyprusgrump]

Word from Nicosia that they've canceled the bailout vote for tomorrow. #Cyprus

[Demonax]

Cyprus Parliament Refuses

Watch for the kaboom...... there are now reports that a solid majority of Cypriot Parlimentarians are refusing to go along with the confiscation demand for depositor funds.

There could be a very ugly showdown coming here as without enabling legislation there is a good chance that the locking of people's accounts could be considered theft by conversion and given the amounts involved this is not a petty offense!

I suspect, but cannot prove, that the reason for the IMF and ECB demand is that the ECB and other "protected" parties are the holders of the bonds in these banks, and had an orderly resolution process been carried out (or for that matter a disorderly bankruptcy) the result would have been a wipe-out of these institutions' holdings.

Rather than accept that, having willfully and intentionally looked the other way and accepted those bonds as collateral despite knowing they were worthless they attempted to steal the funds from the people to cover it.

If the Parliament says "nuts!" to that and decides to stand firm then we shall see if the ECB makes good on its threats and forces bankruptcy proceedings -- and whether the people of Cyprus decide in turn that they've had enough of this crap and start issuing Letters of Marque and Reprisal against Herr Merkel, Christine Lagarde, Mario Draghi and the rest of their institutions.

It's about damn time someone stood up to these jackals.

http://market-ticker.org/post=218880

[Oceanside50]

what an ingenius way to take the Russian mobs money from Cypriot banks.....first you force the Cyprus government to accept this deal and then the Cypriot vouli doesnt pass it, which renders the Cyprus banks as bankrupt and all its capital confiscated by the Eu....the bankers(eu) get their money and so do most of the smaller depositors(Cypriot depositors)....

[Demonax]

CyBC reporting that DIKO have refused to back the plan.

Cyprus has said OXI to Ms. Merkel.

Good Lord.

[cyprusgrump]

Breaking: Eurozone finance ministers have ended their video conference call on the Cyprus crisis.

And the big news is that the Eurogroup have apparently agreed to give Cyprus more flexibility on its bank levy. As long as it hits the €5.8bn target. And it appears that tomorrow's vote in parliament still goes ahead.

That's according to a source in the Greek finance minister, interviewed by Reuters.

Here are the latest snaps off the Reuters terminal:

• EUROGROUP MEETING ON CYPRUS OVER, EUROGROUP GIVES CYPRUS MORE FLEXIBILITY ON BANK LEVY - GREEK FINMIN SOURCE

• EUROGROUP TO SAY THAT CYPRUS SHOULD SAFEGUARD PROTECTION OF DEPOSITORS BELOW 100,000 EUROS - GREEK FINMIN SOURCE

• CYPRUS PARLIAMENTARY VOTE ON BANK LEVY TO TAKE PLACE ON TUESDAY, AS PLANNED - GREEK FIN MIN SOURCE

• CYPRUS SHOULD STILL RAISE 5.8 BILLION EUROS FROM THE BANK LEVY AS PLANNED - GREEK FINANCE MINISTRY SOURCE

[Demonax]

So it's back on and the Russians are going to pay even more! Bet Putin is pleased.

[Maximus]

they cant touch deposits under 100K, they are guaranteed by the EU, FFS.