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Thread: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    As for why international interests in bankrupting Greece, Egypt, Tunisia, Libya, Syria, etc...


    The following is a comment to this article on SOTT.net (http://www.sott.net/articles/show/24...Greek-Property) about Greece selling properties, etc...


    Quote Greece Has More Oil Than Iran. By: Highland Fleet Lute

    The southern part of Crete apparently has more oil than Iran! Speaking on STEP FM in Canada, Professor Antonis Foskolos from the Department of Mineral Resources and Engineering of the Technical University of Crete. said that "we committed ​​a crime back in 1997 when they stopped investigations."

    Foskolos said that the hydrocarbon fields under Crete are immense with at least 22 billion barrels of oil. The Herodotus Basin he said has some 14 to 15 billion barrels of oil, while there are only 400 million barrels in Patras. He also noted that the deposits of natural gas recently found in Cyprus are still "small" because there are at least three other layers that have yet to be investigated. Cyprus has four layers.. said Foskolos... but the aforementioned basin under Crete has "7 layers"!

    The Professor said that once the oil begins being exploited it will all be exported, since the whole area Crete has an additional 22 billion barrels of oil totaling some 38 billion barrels! "We are at the level of Iran in relation to stocks," (meaning oil reserves) noted Foskolos and concluded by saying that in 2016-2017 this development, and these riches will change the face of Greece. This "will change the strength of the country. "

    In an earlier report on hellasfrappe Foskolos had said that the two areas that in his professional opinion have significant amount of deposits are nine mud volcanoes southeast of Crete, in the Greek Herodotus basin. More precisely, the mud volcanoes in this area contain high amounts of hydrocarbon reserves, primarily natural gas, of approximately 1.5 trillion cubic meters! (Click here for that story). This is comparable with what has been found in the Nile Delta, the Caspian Sea (deposit Shah Deniz), Norway and elsewhere.

    In his expert opinion, the south eastern basin of Herodotus in Crete has reserves that surpass two trillion cubic meter mark. This is a vast amount and can only be compared to what was discovered in the Nile Delta (by SHELL, BP) . He says the sediments are of the same origin and geological formations are very similar. In all so far, it is estimated that there are 3.5 trillion cubic meters of gas located there, which can be equaled to 20-22 billion barrels of oil!

    The benefits for Greece are obvious. Foskolos believes that the exploitation of these deposits will create a total of 300,000 jobs. At least 100,000 in the primary sector and 200,000 jobs in the secondary sector, while all revenue can be reaped by the Greek state in 25 years amounts to 437 billion US and this is not counting the profits from the pipeline that will transport the natural gas to Europe ( at a length of 1000 km at a cost of approximately $ 20,000 / km, or 25 billion US dollars.)

    Other experts agree with Foskolos as well. A separate report on the Chaniotika nea site said that Professor Giannis Makris says that there are two potential hydrocarbon reserves southwest of Crete, where sediment thickness frin 10 to 12 kilometers, and there are hydrocarbon reserves in Western Crete where there are 3 fields of mud volcanoes.

    .... and thousands of tons of gold, uranium, osmium and and other rare minerals, apparently.

    "Whenever we attempted to start bidding processes that would allow corporations to create infrastructure for the extraction of the resources we received major pressure to abandon the efforts and warnings that 'nothing will materialise' no matter what we do".....

    https://www.youtube.com/watch?v=x8M-...eature=related
    [Link]
    This, together with Tunisia, Egypt, Libya, Syria...

    The last countries standing up against the IMF firing squad were Libya, Venezuela, North Korea, Cuba and Iran... how many have now been checked out?

    So, what can you guess the real plan to be?

    Perhaps... maybe... prevent other Libya or Venezuela to rise up to the plate? By ensuring their mineral assets are securely hypothecated with triple or quadruple mortgages... maybe?

    Anyone ever read John Perkins' "Confessions of an Economic Hit Man"?
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    A couple hours ago (not sure exactly when) Bloomberg tweeted that:
    BREAKING: #Cyprus passes all nine bills on bank resolution required for E.U. bailout
    Earlier in the day (Friday afternoon Cyprus time) I heard that the EU Troika (comprised of the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF)) had rejected 'Plan B' in Cyprus. That plan would have involved further loans to Cyrus. Russia backed out of providing loans under that plan, after German Prime Minister Merckel insisted that Cyprus talk to the EU Troika, not to Russia.

    ¤=[Post Update]=¤

    Harvey Organ's Daily earlier summed up the Cyprus situation thusly:
    The big news of the day is Cyprus again. This morning we were greeted with news that all deals with Russia are now off the table. Cyprus is scrambling with Plan C to rape the private pension funds and replace them with worthless sovereign Cyprus bonds, and possibly sell their 13.9 tonnes of gold. It looks to me like Russia is waiting for Cyprus to fail and then they will swoop in and take the prize assets for pennies on the dollar.
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    From Zerohedge, Cyprus has just initiated "capital controls".

    Capital controls limit the flow of foreign capital in and out of the domestic economy. This includes taxes, tariffs, outright legislation and volume restrictions, as well as market-based forces. Capital controls can affect many asset classes such as equities, bonds and foreign exchange trades.

    ¤=[Post Update]=¤

    More details from The Guardian:
    Cyprus has taken a significant step towards securing its desperately needed bailout.

    The nine bills approved in the last couple of hours will allow Nicosia to implement a much-deed restructure its banking sector, impose capital controls to prevent a run at its banks, and set up a solidarity fund that might attract new capital.

    But it's only part of the battle. Cyprus still needs to find the full near-€6bn demanded by international lenders, in time for the eurogroup meeting on Sunday.

    It is going to be a tense, dramatic weekend for Cyprus. On Saturday, MPs are expected to reconvene at parliament to discuss and vote on the deposit levy -- back on the agenda, as other options run out.

    The details of that tax will be fascinating, amid rumours that big depositors will lose 15% of their wealth.

    Cyprus's president Nicos Anastasiades will then travel to Brussels to start the task of persuading eurozone officials to unlock its bailout before the European Central Bank can pull the liquidity plug on Monday.

    Sunday's meeting of the eurogroup, complete with Christine Lagarde, will be a crucial event -- determining Cyprus's fate, and the long-term future of the eurozone.
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Some more background tapestry about Cyprus, from http://www.marketoracle.co.uk/Article39600.html:




    Could Cyprus Banking Crisis Trigger a War?
    Mar 22, 2013 - 11:50 AM GMT By: LewRockwell

    Eric Margolis writes: Realizing they will never be a world power, the Cypriots have decided to settle for being a world nuisance. ~ George Mikes, Hungarian writer

    Cyprus is a big pain in the neck for one and all. Its banks are bust due to reckless lending to Greece. The sunny island is a beehive of tax evasion, money laundering, dodgy trade and espionage.

    Now, the threatened bankruptcy of Cyprus has triggered the latest European financial crisis.

    Russian businessmen and the Russian Mafia have some 30 billion euros stashed away in Cyprus. Russians make up the second largest biggest cohort of Greek Cyprus’ 869,000 people. Some 260,000 ethnic Turks live in the isolated Turkish Republic of Northern Cyprus, which no one but Turkey recognizes.

    A 10 billion euro EU bailout is in the works. But the Germans, who will have to fund most of the rescue, are loathe to rescue the Russian mob, and who can blame them?
    So the Germans seem set on punishing the wayward Greek Cypriotes and their Russian pals by trying to impose a tax on local bank deposits. This ham-handed plan triggered outrage and fear across Europe, and may ignite a run on banks in Cyprus and Greece. Moscow is furious.

    But there’s much more to the Cyprus crisis than its dubious banks. Cyprus has bedeviled Europe and world diplomacy since 1974, then Greek Cypriot far rightists staged a coup and sought union – or "enosis" – with mainland Greece. Turkey promptly intervened with 30,000 troops to protect Turkish Cypriots in the north. Many Greeks fled or were expelled to the south.

    Europe and the UN have been trying to sort out the Cyprus mess ever since. After decades of mind-numbing negotiations, former UN chief Kofi Annan proposed a sensible deal in 2004 for a Greek-Turkish federation. Turks accepted, but Greek Cypriots blocked it. Britain, which has two important air bases in Cyprus, backed the status quo.

    In the same year, the EU committed the grave error of admitting Cyprus as a member without first insisting that Greek Cypriots agree to a peace deal and Greek-Turkish federation.

    Northern Cyprus was left in limbo while the south became part of the EU, assuring the island’s ugly dispute would become part of the European Union. Cyprus should never have been admitted to the EU.

    Europeans who opposed Turkish membership in the EU used Cyprus as a pretext to delay admission, infuriating Turkey.

    After decades of patient work developing normal relations after centuries of conflict, Greece and Turkey are again up in arms again over Cyprus. Their dangerous problem of overlapping air and sea claims in the Aegean has revived - just when Greece must slash its bloated military budget.

    It gets worse. Very large underwater gas deposits were recently discovered between Cyprus and Israel. Both Cyprus and Israel, who are to jointly develop them, could become energy exporters. They have become very close allies.

    "Not so fast" say Cyprus’ Turkish minority. ‘That gas also belongs in part to us!" Ankara insists the gas must be shared and has sent ships to back its claim.

    Palestine, Egypt, Lebanon and Syria are also advancing claims to the "Aphrodite" gas field off Cyprus -shades of the tense South China Sea. But most likely to clash are the Turks and Israelis.

    Turkey is still boiling mad over the Israeli seizure of a Gaza bound relief ship in 2010 and the killing of nine Turks.

    Israel has emerged as a major backer of the embattled Greek government, using its influence in Washington and financial clout.

    Russia, increasingly interested in the Greece-Cyprus-Syria region, says it will keep a nine-ship squadron in the eastern Mediterranean as Moscow’s worries over Syria, now under western siege, grow by the day. Moscow is hinting that it mighty bail out Cypriot banks in exchange for the lion’s share of the "Aphrodite" gas fields.

    All the elements are in place for a very nasty, dangerous multi-party confrontation in the eastern Mediterranean. The EU could have pre-empted this danger by using a bank rescue of Cyprus to force Greek Cypriots to make a sensible peace deal with their Turkish neighbors. And by forcing Cyprus to fairly share the offshore gas bonanza with neighboring states. But it probably won’t.


    Eric Margolis [send him mail] is contributing foreign editor for Sun National Media Canada. He is the author of War at the Top of the World and the new book, American Raj: Liberation or Domination?: Resolving the Conflict Between the West and the Muslim World. See his website.
    Copyright © 2013 Eric Margolis
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    if economy crash and bank losing money then where's the money went to? who's the winner?

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Quote Posted by apokalypse (here)
    if economy crash and bank losing money then where's the money went to? who's the winner?
    Money go "poof" (meaning it becomes worth less, until such time as it becomes worthless) .
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Michael Rivero has it right. Everyone should pay attention to what is going on in Cyprus now.

    Blessings,
    Yiola

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Hot off the press at Reuters:

    Quote Reuters) - Cyprus conceded on Saturday to a one-off levy on deposits over 100,000 euros in a dramatic U-turn as it raced to satisfy European partners and seal an 11th-hour bailout deal to avert financial collapse.

    The island's finance minister, Michael Sarris, reported "significant progress" in talks with international lenders, with the clock running down to and end-Monday deadline for Cyprus to clinch a bailout deal with the EU or lose emergency funding for its stricken banks and risk tumbling out of the euro zone.

    His counterparts in Europe's 17-nation currency union scheduled talks in Brussels for Sunday evening to see if the numbers add up, and the EU's Economic Affairs Commissioner Olli Rehn said progress was being made towards a solution.

    As Cypriot party leaders met, a senior Cypriot official told Reuters that Nicosia had agreed with EU/IMF lenders on a 20 percent levy over and above 100,000 euros at No. 1 lender Bank of Cyprus, and four percent on deposits over the same level at others.

    Troika officials could not immediately be reached for comment.

    Cypriot President Nicos Anastasiades tweeted: "We are undertaking great efforts. I hope we have a solution soon."

    The conservative leader, barely a month in the job and wrestling with Cyprus's worst crisis since a 1974 invasion by Turkish forces split the island in two, was due to lead a delegation to Brussels, also on Sunday, to meet heads of the EU, the European Central Bank and International Monetary Fund, in a sign a deal might be near.

    "Hopefully by tomorrow in Brussels we will have the agreement of our partners," Averof Neophytou, deputy leader of the ruling Democratic Rally party, told reporters.

    Government officials held talks through the day at the finance ministry with Cyprus's 'troika' of lenders - the EU, ECB and IMF. Angry demonstrators outside chanted "resign, resign!"

    Its outsized banking sector crippled by exposure to crisis-hit Greece, Cyprus needs to raise 5.8 billion euros in exchange for a 10 billion euro EU lifeline to keep the country's economy afloat.

    But in a stunning vote on Tuesday, Cyprus's 56-seat parliament rejected a levy on depositors, big and small, as "bank robbery", and Sarris spent three fruitless days in Moscow trying to win help from Russia, whose citizens have billions of euros at stake in Cypriot banks.

    Rebuffed by the Kremlin, Sarris said on Saturday talks with the troika were centred on a possibly levy of around 25 percent on savings over and above 100,000 euros at failing Bank of Cyprus.

    In a sign of how fluid the situation remains, however, a senior ruling party lawmaker said other options were on the table, including a "voluntary haircut" in exchange for equity that would not require parliamentary approval.

    The EU's Rehn said the bloc recognised the progress made by the Cypriot government, and warned of tough times ahead.

    "Unfortunately, the events of recent days have led to a situation where there are no longer any optimal solutions available," he said in a statement. "Today, there are only hard choices left."
    Continue reading at link:

    http://uk.reuters.com/article/2013/0...92F07R20130323
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Thanks Morningsong, Indeed people on the street in Cyprus have been on a roller coaster ride for more than a week now. Our hopes stemming from last week's NO vote in Parliament have been dashed as it seems that the government here ultimately will give in to the demands of the EU/IMF group. Very stringent laws and regulations are now being put into place restricting access to our bank accounts ahead of next week's bank openings. I fear that a seed of austerity and government control has been planted in Cyprus that will eventually sprout and spread to other EU countries.
    Blessings,
    Yiola

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Yep, Cyprus is definitely sitting atop a powder keg...

    Everyone seems to want a piece of that keg, from http://www.veteranstoday.com/2013/03...an-gas-fields/:




    U.S. accomplishes takeover of the Eastern Mediterranean Gas Fields
    By www.roytov.com


    “We even gave them one hour of ‘siesta’ after lunch, as their culture demands, but they ran away as soon as the first missiles fell.” This is the summary of the heartbreaking claim that appeared in The Marker on March 23, 2013. It was a sharp reminder that The Eastern Mediterranean Gas Fields Affair is still well and alive. Daewoo, a Korean corporation, is developing the Israeli gas fields and is constructing a private electricity production plant near Dimona; from summer 2013 it will provide 440MW of electricity, about 4% of Israel’s consumption. 700 Koreans working there were truly surprised to find out that Israelis consider “siesta” a Korean word; they were also surprised in January 2013, when they became the target of missiles shot from Gaza.


    Daewoo Develops Tamar Gas Burners for Forges, Furnaces, and Kilns


    The Eastern Mediterranean Gas Fields Affair


    Israel’s Strategy

    As expanded in German Machine, Russian Workers and Israel’s Largest Nuclear Shelter, whenever possible, Israel attempts to acquire technology instead of developing it. This strategy dates back to the days when Shimon Peres decided that the Weizmann Institute of Science would adapt French nuclear technologies instead of developing them from scratch. After the first Eastern Mediterranean gas fields were found, Israel started a frantic search for partners owning the required technologies.

    In parallel, an aggressive attempt to secure its military control of the area took place. The main two problems were the disputed maritime border with Lebanon and the Palestinian claims on fields in front of Gaza. The first event deteriorated into a war of words that led to the formation of unexpected alliances. Turkey, Iran and Northern Cyprus joined Lebanon. Cyprus and Greece joined Israel while gas-thirsty Spain attempted to secure Israeli supply.

    Azerbaijan had a significant interest in Israeli hegemony while Russia was also interested in it, both mainly due to the Israeli capability to shorten their supply lines through the Ashdod-Eilat pipeline. Egypt was in turmoil and Gaza was under siege. The chances that a regional war would erupt were high. Israel gave the Gaza Marine field to the Palestinians and bought their quiet; only the Turkish issue was left open. Yet, the gas reserves are so large that world players stepped in.


    Uncle Obama Steps in
    As far as I can tell, most Americans don’t like their country being called an “empire.” Most of them feel outraged will hearing terms as “neo-colonialism” aimed at their country, which they ironically call “Land of the Free.” The Land where NSA, FBI and CIA Agents are Free. Most of them consider atrocious the idea that corporations act as colonialist agents. Can McDonald’s be considered a colonial agent? Yet, America’s favorite colony started its empire that way. The English East India Company was founded in 1600, as The Company of Merchants of London Trading into the East Indies.

    In 1612 Mughal Emperor Jahangir granted it the rights to establish a factory and trading post, in the port of Surat on the western coast of India. The company soon became immensely successful, establishing many similar outposts. Following Robert Clive’s victory in the 1757 Battle of Plassey, the British enclaves became independent and begun being consolidated into a new empire. Where there wasn’t a strong local government, the British simply took over the Indian states.

    In stronger areas, Indian rulers acknowledged the company’s hegemony in return for limited internal autonomy. After the empire was consolidated, all pretensions were dropped. The company was replaced by the British Raj, a ruthless colonial regime which lasted until India got independence in 1947. An empire based on wild capitalism, the British provided minimal freedom to their subjects. This is true regarding most of the European Westphalian states. The Dutch also wanted an empire of their own.

    The Dutch East India Company (VOC) began the conquest of the Indonesian archipelago from 1603, when the first trading post was established. In 1800, the bankrupted party was dissolved, and its possessions nationalized as the Dutch East Indies. The Dutch East Indies colony became modern Indonesia following World War II. Needless to say, also here the conquerors were after material profits and kept their colonies underdeveloped. Nowadays it is America’s turn; Empire and McFalafel.

    Yet, in this case, the USA cannot be blamed alone on malevolent intentions. Since the first deposits were found, the Israeli government showed an odd obsession with Noble Energy, an oil and gas company from Houston, Texas. This company systematically collected operation and drilling licenses. In March 2013, it owns 79% of the proven gas reserves and 100% of the operation licenses. Noble delegates works to subcontractors. No other company requested licenses, maybe they were afraid of a regional war; hence the Israeli government gave them away to the first bidder. In October 2012, the president of Australian Woodside Petroleum met with Prime Minister Netanyahu, in an attempt to buy 30% of the Leviathan field.

    As of now, this deal has not been concluded. In other words, the USA drills and operates the larger part of the Eastern Mediterranean Gas Fields. There is enough gas there to provide Israel’s entire energy consumption for decades. The country will slowly move from its coal-operated electricity plants to gas-operated ones, and much gas will be left for the Americans to play with. Even the gas consumed in Israel will generate commissions for the Americans. In this context, the humble and compassionate public request of President Obama from Netanyahu to end the conflict with Turkey, expressed during his recent visit to Israel, must be seen in a new color; “Imperial Cold” is its name.
    Last edited by Hervé; 24th March 2013 at 05:47.
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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    It seems that life will be back to normal in Cyprus within a couple of days..

    (Reuters) - Cyprus clinched a last-ditch deal with international lenders to shut down its second-largest bank and inflict heavy losses on uninsured depositors, including wealthy Russians, in return for a 10 billion euro (8 billion pounds) bailout.

    The agreement came hours before a deadline to avert a collapse of the banking system in fraught negotiations between President Nicos Anastasiades and heads of the European Union, the European Central Bank and the International Monetary Fund...

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Unfortunately, there will be no "back to normal" for Cyprus, because its economy has become based on offshore finance, which has now been destroyed... all of the hot money has gone to Latvia, apparently.

    My prediction: the Cyprus economy having been seriously damaged will continue to shrink, and another bail out will be required in a year or two.

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    The lack of common sense on this planet is phenomenal.

    Stealing approx. 7.5 billion from depositors in order to borrow 10 billion from criminal bankers???????????? dah!!!!!!!!!!!!
    SilentFeathers

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    This all feels like dealing with a loan shark...you scrape/rob/steal/borrow whatever you can to satisfy the loan shark today, but he'll be back next week reminding you how he didn't break your legs last week, but that's always an option. It never ends.

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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    no translations needed ...


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    Default Re: Bank Theft during long weekend in Cyprus - Enforced 6.75-10% taken from all savings accounts.

    Quote Posted by giovonni (here)
    no translations needed ...

    I had at least half of this picture in mind for years

    But this indeed exceeds all expectations ...

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