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Is this the “IT” ?

17 Mar

Wonder what would happen when “IT” begins?  Wonder how “the authorities” will behave in an economic collapse?  Ever think which route Governments would take?

Well, today, we got the answer for you.

Euro zone finance ministers want Cyprus savers to forfeit a portion of their deposits in return for a 10 billion euro ($13 billion) bailout for the island, which has been financially crippled by its exposure to neighboring Greece.

Bank runs:

The decision, announced on Saturday morning, stunned Cypriots and caused a run on cash points, most of which were depleted within hours. Electronic transfers were stopped.

Why it matters:

The move to take a percentage of deposits, which could raise almost 6 billion euros, must be ratified by parliament, where no party has a majority. If it fails to do so, President Nicos Anastasiades has warned, Cyprus’s two largest banks will collapse.

One bank, the Cyprus Popular Bank, could have its emergency liquidity assistance (ELA) funding from the European Central Bank cut by March 21.

A default in Cyprus could unravel investor confidence in the euro zone, undoing the improvements fostered by the European Central Bank’s promise last year to do whatever it takes to shore up the currency bloc.

Currencies

Euro/US Dollar FX Spot Rate (EUR= :Exchange)

Now ask yourself what a Euro Zone collapse will do to us.  There is a reason why the banksters of Europe are pulling this heist in Cyprus.  It’s an island, and this is but a trial run.

This is looking like one of those John Galt short stories!

Asia-Pacific is taking a hit too!

Price Change %Change
HSI 22050.57 -482.54 -2.14%
NIKKEI 12297.07 -263.88 -2.10%
STI 3263.81 -22.24 -0.68%
ASX 200 5045.00 -75.20 -1.47%
SHANGHAI 2257.76 -20.64 -0.91%

 

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4 Comments

Posted by on March 17, 2013 in Uncategorized

 

4 responses to “Is this the “IT” ?

  1. Wildflower

    March 17, 2013 at 10:02 pm

    whom can you trust to rob you well

     
    • The Soffitrat

      March 17, 2013 at 10:10 pm

      The government (doesn’t matter which one these days), are all alike. Every stinkin one of them.

       
  2. The Soffitrat

    March 20, 2013 at 2:04 am

    Ah! The KGB to the rescue!

    The Cypriot parliament has thrown out a controversial plan to skim €5.8bn (£5bn) from savers’ bank accounts, in a move that risks plunging the eurozone into a fresh crisis and heightens expectations that the cash-strapped country will seek a funding lifeline from Russia.

    http://www.guardian.co.uk/world/2013/mar/19/cyprus-rejects-eurozone-bailout-savings-tax

     
  3. Dannyboy53

    April 14, 2013 at 9:48 pm

    1) “…a run on cash points, most of which were depleted within hours.”

    2) “Electronic transfers were stopped.”

    3) “…the European Central Bank’s promise last year to do whatever it takes to shore up the currency bloc.

    All are useless acts of desperation. Because this is a deliberate and eminent world-wide collapse it isn’t really the numbers or amounts of money that matters…it’s the desperate reactions to the carefully orchestrated acts of destruction that are much sought after.

    The communists aren’t going to destroy capitalism, they can’t survive without it. Their goal is to control it in the hands of a few.

     

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