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 ...
At some point the goverment will probably print paper script that expires monthly to avoid hoarding of cash outside of a bank.
Actually, only 30-40% of the part over 100,000 is being confiscated, not that that is much consolation if you were WAY over.
Wow 40 percent of their cash.
A lot of good that does you when they cancel outstanding currency and issue new currency, or inflate it away, or incinerate it with flash grenades. But I still understand the sentiment.
The ATM’s are empty.
Once those deposits leave, a society will quickly generate into black market, barter and other types of transactions which become very hard to track and even harder to tax.
The socialist Utopians in the EC could be looking at a societal collapse just as quick and dramatic as Russia's eastern European satellite states in 1988.
Those outside the Eurozone like the UK and our own socialist masters will not be able to keep it from crossing the English Channel and even the Atlantic.
They had there parliament vote in capital controls. So in actuality it was the government that said they could not get all their money.
And the congress will do the same thing here in the US when it becomes necessary.
In addition. I saw pictures yesterday of big box vans that were delivering Euro’s to Cypriot banks to combat today’s little problem.
What we have today is the biggest Shell game in history. All coming out to the pockets of the brain dead peon citizens of the world.
I know this may not sound conservative, but the people of Cyprus, like in many Euroweanie Countries deserve to have their savings confiscated. They demand that the government provide for them from craddle to grave and then do eveything they can to avoid the taxes that are necessary to support the services that they demand. Stupid is as stupid does.
Here in the USA too.
I'm seriously thinking about a nice deep concrete pit under a garage workbench - say something a little longer than my longest rifle with enough room for a fire-resistant safe.
other sources are saying they will take up to 80% and that it will takes years to get out the remaining 20%. Which is just another way of saying you ain’t never getting it back.
I believe they actually do have that right and, besides, your money isn't there. It's been lent out or invested in Greek bonds [which caused this crisis in the first place when the EU made Greek bondholders take their haircut. The Cypriot banks lost about half their reserves].
The same is true anywhere in the world -- only about 10% of your cash is at the bank. They just depend on the fact that everyone won't want his at the same time.
And using that logic then you could say the same thing about US savers.
The real culprits are the governments and the bankers. People get used to living with what they have until bankers run unsustainable scams so that governments can create unsustainable entitlements. Therefore getting people used to what they should not of ever had. This calamity was planned and intentional from the get go. As it serves the interest of those who want to destroy freedom and the west. But that is another subject.
The part I had a hard time believing were all the people who went to deposit money in their accounts to show solidarity and support for Cyprus! Unbelievable!
Obviously propaganda of the highest order.
How did these accounts accumulate over 100,000 Euro if they belong to people who sucked welfare from cradle to grave?
There is some hot money from Russia, BUT MOST WAS EARNED LEGITIMATELY IN BUSINESS OR INVESTMENT, much by retired foreigners (e.g UK).
With a Greek name I'd expect you have at least a minimal understanding of that part of the world.
Well, at least it's no worse than your comprehension of any other topic.
Don’t give them any ideas — oops — too late
+1. It appears that by far the majority of people are just rolling over and taking this, SO FAR (we've yet to hear from the Russian mob account holders, at least those who didn't get their money out last week).
The under 100,000 people have a false sense of security over the newest terms leaving their deposits alone -- THEY'RE NEXT!
what did anyone expect?
Really,Those poor people.Takes so long to save it also how are they going to pay the bills.