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FAO, CAIN: The Germans don't even TRY to hide it, anymore.

Started by The Good Reverend Roger, March 18, 2013, 08:19:46 PM

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Faust

You dicks looked like you had too much fun with that cuban missile crisis. We want our own.
Sleepless nights at the chateau

The Good Reverend Roger

Quote from: Faust on March 22, 2013, 04:36:27 PM
You dicks looked like you had too much fun with that cuban missile crisis. We want our own.

It's great fun, and cheap at twice the price!   :lulz:
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Cain

Well, the Germans buying it all up as part of a Great Cypriot closing down sale (everything must go!) will certainly ease matters.

Har.

Har.

Har.

Cain

Here's a fairly decent article, from a Russian POV

http://darussophile.com/2013/03/21/the-western-medias-war-against-cyprus-and-russia/

QuoteIf you ever manage to get a troupe as diverse as Latynina, Mark Adomanis, the Cypriot Communist Party, virtually every financial analyst, Prokhorov, and Putin united in condemning your crass stupidity and cack-handedness, it's probably time to stop and ponder. But it's safe to say that's not what the Troika – the European Commission, European Central Bank, and IMF – tasked with managing the European sovereign debt crisis is going to be doing any time soon.

QuoteMany Western papers even went so far as to hint that the reason Russia was so "concerned" about Cyprus was because Putin and other members of his inner circle had money in Cyprus. This was echoed by the (viciously anti-Putin) Russian business newspaper Vedomosti, which alleged that "it is hard to believe, but it appears as if European politicians are ready to risk a lot in order to pressure a certain influential politician secretly hiding money in Cypriot banks." They did not have the courage of their convictions to say it outright, but the hidden subtext is obvious to all. We call these conspiracy theories. Were this true, in fact, it would be indicative of severe schizophrenia on Putin's part – that is, if he actually DID have quadrillions parked in Nicosia - considering that previous discussions on Russian loans to Cyprus had been linked to Cyprus becoming more proactive about revealing the identities of Russians with bank accounts there to the Russian tax authorities.

QuoteI don't pretend to have any precise idea of how things will develop now – Will Cyprus hurtle out of the Eurozone? Will contagion spread to Spain and Portugal? Will Gazprom get exploration rights to the recently discovered oil fields in return for loans? Will China get involved? – but a few things I think we can be pretty sure of: (1) The ECB/Eurocrat class are either utterly, frightfully oblivious, or have altogether darker ulterior motives; (2) The Cypriot banking system is finished; (3) It will be a reality check for Russians who firmly believe their assets are automatically safe abroad and will help the de-offshoring process, though I don't expect any sudden radical changes because there are still plenty of alternatives like Latvia which I hear is getting pretty hot with Russian money nowadays.

Cain

Good news: the EU is functionally retarded.

QuoteSavings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

Faust

Quote from: Cain on March 26, 2013, 11:05:52 AM
Good news: the EU is functionally retarded.

QuoteSavings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

It's not retarded, It's a game of Go For Broke played on a national scale. First one to the bottom wins.
Sleepless nights at the chateau

Faust

Serious note: So I guess that means all the senior policy makers in the EU have their money safely outside the Euro zone now?
Sleepless nights at the chateau

Junkenstein

First I've seen of the gas angle, It'll be good to get some practice here before heading back to the falklands.

Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

The Good Reverend Roger

Quote from: Cain on March 26, 2013, 11:05:52 AM
Good news: the EU is functionally retarded.

QuoteSavings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe's single currency by propping up failing banks, a senior eurozone official has announced.

The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.

The euro fell on global markets after Jeroen Dijsselbloem, the Dutch chairman of the eurozone, announced that the heavy losses inflicted on depositors in Cyprus would be the template for future banking crises across Europe.

Toldja.   :lulz:
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Junkenstein

Just wait for that to become retroactive when greece or spain gets uppity.
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

The Good Reverend Roger

Quote from: Junkenstein on March 26, 2013, 07:57:43 PM
Just wait for that to become retroactive when greece or spain gets uppity.

This is better than Iraq, for blatant daylight robbery.   :lulz:
" It's just that Depeche Mode were a bunch of optimistic loveburgers."
- TGRR, shaming himself forever, 7/8/2017

"Billy, when I say that ethics is our number one priority and safety is also our number one priority, you should take that to mean exactly what I said. Also quality. That's our number one priority as well. Don't look at me that way, you're in the corporate world now and this is how it works."
- TGRR, raising the bar at work.

Cain

http://blogs.ft.com/the-a-list/2013/03/26/why-russia-refused-to-bailout-cyprus/#axzz2OenqKl4n

QuoteRussia's largest trading partner remains the EU; Moscow is dependent on revenues from gas sales to Europe. The bottom line: Moscow has far more to lose than gain from aggressively reacting to the crisis.

HERP DERP RUSSIA IS THE NEXT SOVIET UNION BUT WITH GANGSTERS AND HATES THE WEST.  WHY THEY NOT RUB OUR NOSES IN OUR FAILURE AND BUY UP CLIENT STATES?

http://www.theamericanconservative.com/larison/cyprus-and-revisionism/

QuoteRussia and China aren't very interested in collecting client states, but then why would anyone have thought that they were? It is mostly Westerners and American hawks in particular that are always ready to interpret actions by other major powers as evidence of their "expansionism" or "revisionism," and most of the time neither of these is happening. Clients can be or eventually become expense liabilities that cause the patron more headaches and problems than they are worth, so it is not very likely that risk-averse, self-interested states are going to fritter away many resources on current clients or on the acquisition of new ones. If these states already have a few clients, they aren't going to abandon them entirely, but they're hardly ready to go to the wall for them, either.

Cain

Meanwhile, here are the conditions of the 10 billion bailout:

QuoteRestrictions in daily withdrawals
Ban on premature termination of time savings deposits
Compulsory renewal of all time savings deposits upon maturity
Conversion of current accounts to time deposits
Ban or restrictions on non cash transactions
Restrictions on use of debit, credit or prepaid debit cards
Ban or restriction on cashing in checks
Restrictions on domestic interbank transfers or transfers within the same bank
Restrictions on the interactions/transactions of the public with credit institutions
Restrictions on movements of capital, payments, transfers
Any other measure which the Finance Minister or the Governor of Cyprus Central Bank see necessary for reasons of public order and safety

Interestingly, none of the 10 billion provided by the EU is allowed to be used for the bailout itself, but instead must be put towards "financial restructuring", which will be explained in a memorandum of understanding at a later date.

Junkenstein

So would this be the same kind of "financial restructuring" that allows you to put all the debt into one easy monthly payment?

It would seem to fix nothing, just establish a regime to repay. Some of those look designed to piss people off and/or kill any chance of recovery

I mean:

Compulsory renewal of all time savings deposits upon maturity
Conversion of current accounts to time deposits
Ban or restrictions on non cash transactions
Restrictions on use of debit, credit or prepaid debit cards

That's a sure mix for a happy island. Black Market Ahoy!
Nine naked Men just walking down the road will cause a heap of trouble for all concerned.

Cain

Also, since Euros in Cyprus cannot be transferred elsewhere, they've essentially created the worst of both worlds...the Cypriots get their own currency, but they cannot control it.  It's pegged to the same value as a real Euro but is worth less, since it can only be spent in Cyprus.

That'll never cause problems.