gov't to withdraw 10% from everyone's bank accounts

[Pedronicus]

[patches70]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

[AndyDufresne]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

--Andy

[Metsfanmax]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

http://begthequestion.info/

[patches70]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

http://begthequestion.info/

pedant- one who is unimaginative or who unduly emphasizes minutiae in the presentation or use of knowledge


Pedantry is like hypocrisy in religion--a form of knowledge without the power of it.- Joseph Addison

Pedants are men who would appear to be learned, without the necessary ingredient of knowledge.
- George Bancroft

Pedants, who have the least knowledge to be proud of, are impelled most by vanity.
- Wilkie (William) Collins

Pedantry, in the common acceptation of the word, means an absurd ostentation of learning, and stiffness of phraseology, proceeding from a misguided knowledge of books and a total ignorance of men.
- Henry Mackenzie

[patches70]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

--Andy

Heh heh,

See, Andy gets it!

[Metsfanmax]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

http://begthequestion.info/

pedant- one who is unimaginative or who unduly emphasizes minutiae in the presentation or use of knowledge


Pedantry is like hypocrisy in religion--a form of knowledge without the power of it.- Joseph Addison

Pedants are men who would appear to be learned, without the necessary ingredient of knowledge.
- George Bancroft

Pedants, who have the least knowledge to be proud of, are impelled most by vanity.
- Wilkie (William) Collins

Pedantry, in the common acceptation of the word, means an absurd ostentation of learning, and stiffness of phraseology, proceeding from a misguided knowledge of books and a total ignorance of men.
- Henry Mackenzie

Why is it pedantic to correct someone's complete misunderstanding of a phrase? Many people use this terminology incorrectly and I would like to educate these people on the proper usage. Thank you for listening.

[patches70]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

http://begthequestion.info/

pedant- one who is unimaginative or who unduly emphasizes minutiae in the presentation or use of knowledge


Pedantry is like hypocrisy in religion--a form of knowledge without the power of it.- Joseph Addison

Pedants are men who would appear to be learned, without the necessary ingredient of knowledge.
- George Bancroft

Pedants, who have the least knowledge to be proud of, are impelled most by vanity.
- Wilkie (William) Collins

Pedantry, in the common acceptation of the word, means an absurd ostentation of learning, and stiffness of phraseology, proceeding from a misguided knowledge of books and a total ignorance of men.
- Henry Mackenzie

Why is it pedantic to correct someone's complete misunderstanding of a phrase? Many people use this terminology incorrectly and I would like to educate these people on the proper usage. Thank you for listening.

The Cyprus Central bank now saying that the banks will be open on Thursday begs the question. Why? Because they first said the banks would be open on Tuesday, then Wednesday, now Thursday. The statement that the banks will be open on Thursday is assumed true with the only proof being the statement itself, thus begging the question if the statement is even true at all.

[Metsfanmax]

And Cyprus has just announced the bank holiday will extend until Thursday.

This begs the question-
Which Thursday?

Heh heh.

http://begthequestion.info/

pedant- one who is unimaginative or who unduly emphasizes minutiae in the presentation or use of knowledge


Pedantry is like hypocrisy in religion--a form of knowledge without the power of it.- Joseph Addison

Pedants are men who would appear to be learned, without the necessary ingredient of knowledge.
- George Bancroft

Pedants, who have the least knowledge to be proud of, are impelled most by vanity.
- Wilkie (William) Collins

Pedantry, in the common acceptation of the word, means an absurd ostentation of learning, and stiffness of phraseology, proceeding from a misguided knowledge of books and a total ignorance of men.
- Henry Mackenzie

Why is it pedantic to correct someone's complete misunderstanding of a phrase? Many people use this terminology incorrectly and I would like to educate these people on the proper usage. Thank you for listening.

The Cyprus Central bank now saying that the banks will be open on Thursday begs the question. Why? Because they first said the banks would be open on Tuesday, then Wednesday, now Thursday. The statement that the banks will be open on Thursday is assumed true with the only proof being the statement itself, thus begging the question if the statement is even true at all.

This is not at all relevant to my original correction. That being said, I am glad that the misunderstanding of the phrase has been at least partially corrected.

[majorheadache876]

Fun. As bad as it sounds though. If it helps keep value in the remaining money so you don't lose 100% it might be a blessing in disguise.

im thinking this is one of the most idiotic comments ever on CC, course most of your comments are in the top 10 of stupidity.

[majorheadache876]

The government here takes a third of your income and doesn't give you jack squat for it.

Wow that's harsh. You should totally move to a place with roads, schools and police. It's sure a lot better than where you are now!

let see, where I live the roads are fuxed, the schools are full of illegals and the police are criminals.

anything else?

[Fruitcake]

Back on topic, I wonder how many Euro bank note holders are checking the serial numbers to ensure their originate from Germany?

(The Bundesbank has stated previously that in the worst case scenario, German Euro notes would be honoured by the bank so many will only ever accept notes of German origin).

[AAFitz]

Fun. As bad as it sounds though. If it helps keep value in the remaining money so you don't lose 100% it might be a blessing in disguise.

im thinking this is one of the most idiotic comments ever on CC, course most of your comments are in the top 10 of stupidity.

Or, yours is.

[saxitoxin]

Back on topic, I wonder how many Euro bank note holders are checking the serial numbers to ensure their originate from Germany?

(The Bundesbank has stated previously that in the worst case scenario, German Euro notes would be honoured by the bank so many will only ever accept notes of German origin).

provide more details on what the worst case scenario will look like

[majorheadache876]

Fun. As bad as it sounds though. If it helps keep value in the remaining money so you don't lose 100% it might be a blessing in disguise.

im thinking this is one of the most idiotic comments ever on CC, course most of your comments are in the top 10 of stupidity.

Or, yours is.

fitz you've always been a smug little worm

[patches70]

Back on topic, I wonder how many Euro bank note holders are checking the serial numbers to ensure their originate from Germany?

(The Bundesbank has stated previously that in the worst case scenario, German Euro notes would be honoured by the bank so many will only ever accept notes of German origin).

Have you thought about what advantage the ECB gets if Cyprus bites the bullet? I mean the Cyprus banking system is (likely) finished. The moment their banks open it's over for them. They'll be taken over by someone else I think.

The bank runs could extend outside Cyprus as well. What purpose would this serve anyone?
The ECB can't use ctrl P like The Fed can. A major crisis may induce the EU to finally allow the ECB the same latitudes as the US Fed and the ECB can start up the printing presses and start formally monetizing debt instead of having to go through all the bond trading junk and shuffling of debt between the member nations as has been going on previously.

I think the ECB and Germany are gambling here. They think this will not be systemic. The plan is that depositors get hit but Cypriot bonds and senior bank paper are going to be made whole.
These countries are too small to absorb debtor risk and this is a way to force intra country wealth transfers to service these debts instead of having to rely on cross country loans.

If at the end of this mess the Cyprus banking system and economy somehow survive, then it makes the prospect of the wealth tax much more....viable, as a solution. The citizens don't want to invest in their nation's bonds? Then force them to.

Seems to me that the facade of State sovereignty is about to collapse for the Europeans and they'll get a real good look at who is really running things.

[patches70]

Back on topic, I wonder how many Euro bank note holders are checking the serial numbers to ensure their originate from Germany?

(The Bundesbank has stated previously that in the worst case scenario, German Euro notes would be honoured by the bank so many will only ever accept notes of German origin).

provide more details on what the worst case scenario will look like

Cyprus exits the EMU.
Capital flight out of Cyprus and the EU in general.
Complete economic collapse in Cyprus.
Government collapses.
Rise in ultra nationalistic views and parties.
Civil disobedience and strife.
Violence.
The USD being left as the defacto last fiat currency standing.
Make no mistake, this is a risk-off situation. Many will be fleeing to the USD. Which brings up another unsettling point and player in all this as well. (Fruitcake trades in currencies, will he be sticking with the euro?)



And what about Russia who has significant economic interests in Cyprus? Should watch to see what deals the Russians make.

[Fruitcake]

Back on topic, I wonder how many Euro bank note holders are checking the serial numbers to ensure their originate from Germany?

(The Bundesbank has stated previously that in the worst case scenario, German Euro notes would be honoured by the bank so many will only ever accept notes of German origin).

provide more details on what the worst case scenario will look like

I will answer this with my opinion when I have more time.

For now, here is something of an update, courtesy of JP Morgan

Their analysts have just published this new research note, warning that the financial markets have underestimated the risks posed by Cyprus.

They suggest that investors could be wrong to think the current deadlock over the bailout will be resolved, or that the eurozone's long-term "crisis management framework" remains intact. With Cyprus, the rest of the eurozone, and Moscow all at odds over the plan, the near-term risks are 'material'. Cyprus's fundamental problem, the bank says, is that it is "politically impossible to impose the extent of losses on insured depositors [those with less than €100,000 in the bank] that the weekend agreement envisaged".

This leaves Cyprus with three options, none very pleasant:
option (1)
Recalibrate the pain so that insured depositors do not need to pay anything, while uninsured depositors pay around 15.4% of their deposits.[/b]
The difficulty (and the main reason why this approach was not tried initially) is that the burden would fall disproportionately on Russian institutions and individuals. Russian influence is Cyprus is considerable; and statements from President Putin indicate that he would be extremely hostile to such an approach. There is some possibility that Russia would respond to a larger haircut by refusing to roll its existing €2.5bn loan to Cyprus; meaning that this option would still leave a significant shortfall. In such a scenario, either the haircut on uninsured deposits would need to be around 21.8%, or further Troika funding would need to be found.
option (2)
Go straight to requesting additional support from the Troika.
The Eurogroup is holding a further conference call this evening, which is likely to investigate the near-term implications of the Cypriot agreement, a significant amendment of the terms of the deals (which calls for €5.8bn to be found from deposit haircuts) is unlikely. Politically, it could be very difficult for Germany in particular to make any kind of U-turn (especially since part of the purpose of the whole exercise has been to demonstrate the Government's hard-line to domestic voters). The Eurogroup could propose looking at different parts of the capital structure, but this could risk compounding the existing error by creating additional uncertainties. Finance Ministers may look for other forms of funding, but their task looks difficult (it is possible that Cyprus will revisit the idea of securitising future gas revenues).( Fc comment on this....why didn't they think about this in the first place?)
option (3)
Tweak the current pain distribution so that less of the burden falls on the insureds.
The Government has already proposed staggering the burden so that depositors with less than €100,000 pay 3%,those with less than €500,000 pay 10% and those with more than €500,000 pay 15%. This sounds like desperation as realisation starts to dawn that perhaps the original plan was not the best idea the bunch of thieves could come up with.

JP Morgan argues that the "breach of faith between Euro area policymakers and regional depositors" will remain.

.....meanwhile there is blood in the markets, $/€ exchanges are not for the faint of heart right now.

[Fruitcake]

Another update:

Eurozone finance ministers have ended their video conference call on the Cyprus crisis.
The Eurogroup have apparently agreed to give Cyprus more flexibility on its bank levy. As long as it hits the €5.8bn target. And it appears that tomorrow's vote in parliament still goes ahead.
That's according to a source in the Greek finance minister, interviewed by Reuters.

[2dimes]

My home care nurse made a note for the doctors regarding the fact that Saxi did not defend me after that very personal attack.

[Frito Bandito]

Actually, there is a lOT of Russian money in the Cypriot banks...

All honestly earned, I'm sure!!

[Fruitcake]

Here's the official statement from Eurogroup president, Jeroen Dijsselbloem, following tonight's teleconference call.

"I recall that the political agreement reached on 16 March on the cornerstones of the adjustment programme and the financing envelope for Cyprus reflects the consensus reached by the Cypriot government with the Eurogroup. The implementation of the reform measures included in the draft programme is the best guarantee for a more prosperous future for Cyprus and its citizens, through a viable financial sector, sound public finances and sustainable economic growth.

I reiterate that the stability levy on deposits is a one-off measure. This measure will - together with the international financial support - be used to restore the viability of the Cypriot banking system and hence, safeguard financial stability in Cyprus. In the absence of this measure, Cyprus would have faced scenarios that would have left deposit holders significantly worse off.

The Eurogroup continues to be of the view that small depositors should be treated differently from large depositors and reaffirms the importance of fully guaranteeing deposits below €100,000. The Cypriot authorities will introduce more progressivity in the one-off levy compared to what was agreed on 16 March, provided that it continues yielding the targeted reduction of the financing envelope and, hence, not impact the overall amount of financial assistance up to €10bn.

The Eurogroup takes note of the authorities' decision to declare a temporary bank holiday in Cyprus on 19-20 March 2013 to safeguard the stability of the financial sector, and urges a swift decision by the Cypriot authorities and parliament to rapidly implement the agreed measures.

The euro area Member States stand ready to assist Cyprus in its reform efforts on the basis of the agreed adjustment programme."

yawn........

[saxitoxin]

My home care nurse made a note for the doctors regarding the fact that Saxi did not defend me after that very personal attack.

[2dimes]

I made 9 seconds. I presume that's well above average.

[AAFitz]

Fun. As bad as it sounds though. If it helps keep value in the remaining money so you don't lose 100% it might be a blessing in disguise.

im thinking this is one of the most idiotic comments ever on CC, course most of your comments are in the top 10 of stupidity.

Or, yours is.

fitz you've always been a smug little worm

Actually, its you that is the smug one here.

I simply pointed out another possibility, and have no idea which of the two is correct, if either.

You on the other hand, suggest you fully know the situation, and while you may even, it makes you the smug worm you accuse me of being, which also makes you a hypocritical...well....lets just say it makes you hypocritical.