Skip to comments.Chaos in crisis-hit Cyprus as thousands of savers rush to withdraw cash
Posted on 03/28/2013 12:34:05 PM PDT by Jean S
Chaos in crisis-hit Cyprus as thousands of savers rush to withdraw cash from banks which have opened for first time in two weeks
Ten of thousands of Cypriots scrambled to get hold of what savings they could today after the island's banks opened for the first time in two weeks amid tight restrictions on withdrawals.
There were chaotic scenes outside some banks, with one branch manager in the capital Nicosia forced to placate angry customers clamouring to get in ahead of opening.
Staff had turned up for work early as cash was delivered by armoured trucks, while armed police and hundreds of staff from private security firm G4S were placed on standby over fears of a run on deposits.
Cyprus's banks have been closed while the government negotiated a 10billion euro (£8.5billion) bailout to recapitalise its ailing lenders.
As part of the deal savers with more than £85,000 will lose up to 40 per cent of their cash, a measure which has prompted fury among the cash-strapped island's wealthiest residents.
(Excerpt) Read more at dailymail.co.uk ...
Soon coming to a bank near you!
You cannot save an institution where people save their money by stealing it.
If I were a criminal in Cyprus I would be sure to follow some of the withdrawals home , and be looking under their mattresses the first chance I got.
But it will. The money which the Banksters and their Government allies made vanish won't be there to loan, make payrolls or invest in new technology.
Much like the money our own Banksters made vanish overnight in September 2008.
Agreed, the unintended consequences will be that people will no longer trust their savings to a bank. Home safes, strong boxes and home furniture will be the new savings method.
It will not be the run on the Banks that will kill them, it will be the lack of deposits. And the velocity of money will stagnate to near zero or possibly even go negative. That is what will kill the banks.
It will take a whole new generation of citizens to build the trust again.
Whoa, didn’t see that coming......
Can’t believe it’s not happening in Spain too. They’ll wait until it’s too late.
And I read that tomorrow is a normal holiday and the banks will be closed again. In any case withdrawals are severely capped or else they would be already out of cash.
They would be if everyone were allowed to withdraw all of their money.
But, really, what right does a bank have to say that you can’t have YOUR money?
Soon coming to a bank near you!
The Obama administration’s preferred method which
they would have no qualms about using if they had
I see a huge opportunity for someone selling home safes and strongboxes.
At the current exchange rate £85,000 is a little less than $110,000 US.
Take away 40% and you're left with $66,000.
Does anyone here doubt that Obama and the democrats would do the same thing if (when) they feel they can get away with it?
And when they do it they will have help from some RINOs too.
Napolitano didn't buy 1.2 billion rounds of ammunition to keep land grabbing French Canadians out of Detroit.
I withdrew nearly all my money 4-weeks ago. Saw it coming!
But while tensions ran high initially, the atmosphere was largely calm, with some customers saying they wanted to support their country by not rushing to take all their savings out.
Some British politician said that it was foolish to start a bank run, but even more foolish, once it started, not to participate.
Those patriotic people above will regret their decision in a few days/weeks. .
Sigh... This looks eerily like one of those “buy ammo” prophecies I’ve seen over the years on FR. I didn’t listen, I’m kicking myself for it.....
Social Security, too, was for one brief moment your money.
Now it's theirs.
This is the first “negative” article I’ve seen about the banks re-opening. Most portrayed the people of Cyprus to be happy and understanding - with many deciding to leave their money in the bank “for the good of the country.” This was nothing but pure propaganda. Since everyone is limited to taking out just a few hundred euros a day, why stand in line at a bank? You just have to go to a bank machine.
BTW, how many people have read that the head of the Cyprus Central Bank and the former President were Communists? If you want to know why the country, you need to see who was running the show.
Citizens of Cyprus fear if the government controls how much of their own money they can have that it’s not their money anymore...
Their fears are well grounded.