"Yeah ... Nat-u-ral Gas Bonds ...
That's the Ticket!"
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Posted on 03/17/2013 2:22:46 PM PDT by DeaconBenjamin
Cypriot President Nicos Anastasiades told his citizens on Sunday that he has chosen the least catastrophic option and confirmed that depositors will get bonds linked to natural gas earnings for the haircut their bank accounts have suffered. He also said he is trying to change the terms imposed on Nicosia for the bailout of the 10 billion euros.
In a televised address Anastasiades admitted that Cyprus is undergoing “the most tragic moments since 1974,” in reference to the Turkish invasion that has led to the occupation of the northern third of the island.
“The first option would have led to a disorderly default as a result of the decision by the European Central Bank for the immediate stop of the emergency liquidity assistance to the two major Cypriot banks.
“The second is the option of a very difficult but controlled and manageable situation that will eventually lead to the stabilization of the economy and to a rebound,” said Anastasiades, rendering full account of the disastrous impact on the country a disorderly default would have entailed.
"In recognition of its obligations, the state will offer to those who will keep their deposits in Cyprus bonds equal to half of their contribution now, linked to the future public revenues from natural gas," he said, adding that all this is meant to relieve future generations from the consequences of this generation's mistakes.
Meanwhile the government has not yet announced that Tuesday is going to be a bank holiday although sources confirm that this has been the decision of the cabinet.
Sell the bonds separately if it’s such a good deal.. People don’t want their money confiscated.
A great idea for Obama, he can take the money out of all our savings accounts and in return give us government bonds issued against the pond scum energy developments being backed across the United States by the federal government.
He’s trying to change the terms? Too late, buddy.
The EU will tell him, “Go see what kind of deal you can get from the Russians. Or the Turks. I’m sure they’ll be glad to help you out.”
Greek Cyprus is in a Catch-22: damned if they do, damned if they don’t.
Russia will help them out, for a price.
Yeah, and I wonder what the price would be. A lot steeper than a 10% loss of savings deposits, of that I’m sure.
How many bonds do the tax payers funding the 10 billion euro bailout, i.e. all those that are not Cypriots, get? Yeah, thought so...
The doublespeak and blame-shifting here is truly amazing.
ha ha
half or more of the accounts that lost 10% of their money belong to Russians, probably many present or former KGB now aka “oligarchs” keeping their money in Cyprus
Money they get from “developing” natural resources like uranium, and running natural gas in that pipeline to the greenies in Germany while their windmills sit silent and still in the dark
I think the Germans are gonna see an increase in their gas bill
and I think the Russian “billionaires” who didnt get the tipoff to avoid this haircut are gonna see this offer as a buncha bull biomass
Promises, promises....
Yeah, it’s a silly idea.
One of my former students works for Turkiye Is Bankasi, the biggest bank in Turkey - with a dozen branches in Northern Cyprus - and her manager e-mailed her to tell her that their call-center’s been flooded with phone calls from Greek Cypriots inquiring about opening an account there. We were chatting on Skype, and she said, “Good heavens, I’m not looking forward to whenever the banks reopen in the Greek part of the island, because those folks may decide to take a little trip and open accounts up here. It could be a busy day.”
That makes sense, actually...and it’s pragmatic. What are they gonna do.....put their money in Greek banks? LOL. HSBC also has quite a few branches up north as well. TIB is considered a pretty solid bank, all things considered; likely more solid than a lot of their European cousins.
I told her she’ll have to let me know what goes down. With their rules, the Russians would be SOL - only residents of Cyprus can open accounts there, north or south.
why didn’t he just promise the bonds to the people who stole the depositors’ money instead?
this is not legal, these people did not voluntarily enter into a contract to do this.
Yeah right..natural gas bonds.
What are they..bottled cow farts?
They keep calling it a haircut.
It ain’t a haircut. It’s theft.
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