The Euro train wreck continues.
The European Central Bank gave Cyprus until Monday to raise billions of euros to clinch an international bailout or face losing emergency funds for its banks and inevitable collapse.
The vote by Cyprus’s parliament Tuesday evening to reject the terms of the European Union (EU) bailout agreed last Saturday has deepened a crisis which threatens to spread across Europe, posing the risk of national bankruptcy.
The government-bankster combine continues to hold for ransom 100% of the people's savings, because Cypriot banks, like all banks, are inherently bankrupt thanks to fractional reserves.
If you want to know why the EU is nervous about Cyprus negotiating with Russia for a bailout, look no further than this Ekathimerini report on the status of negotiations between the two countries.
SocGen's Sebastien Galy gives the state of play in Cyprus:
In Nigel Farage's first TV appearance since the Cypriot wealth tax was announced, the Englishman pulls no punches.
Watch for the kaboom...... there are now reports that a solid majority of Cypriot Parlimentarians are refusing to go along with the confiscation demand for depositor funds.
There was panic in Cyprus today as ordinary citizens learned that the government was about to take nearly seven percent (6.75 percent) of the money in their bank accounts as part of a package to bail out reckless banks.
From the library of genuine news, Reuters reports Cyprus parliament rejects deposit tax for bailout.
For a mere 0.95% handling fee, the friendly German bankers are offering Cypriot depositors the opportunity to "take fast action and secure their deposits"
Just as we predicted yesterday, the Cyprus bailout vote has not passed parliament in a move that was merely there to force Germany's bluff.
Follow the vote live below courtesy of Sigma live.
...the ongoing discussion in Cyprus' government will see a "no" vote as the WSJ is reporting a rather stunning gamble by the Cypriots (and by Cypriots we mean European leaders) to force the Russians to bear the brunt of the cost of the bailout.
The National Government are pushing a Cyprus-style solution to bank failure in New Zealand which will see small depositors lose some of their savings to fund big bank bailouts, the Green Party said. Open Bank Resolution is the favored option
According to multiple reports, Germany basically said to Cyprus: Tax your depositors, or you can leave the Eurozone. We're not just writing going to write a big check this time, because you're too small to really matter. On the one hand you migh
The surprise decision by euro zone leaders to part-fund a bailout of Cyprus by taxing bank deposits sent shockwaves through financial markets on Monday, with shares and the bonds of struggling euro zone governments tumbling.
Is the financial rape of Cyprus another IMF riot waiting to happen?
The eurozone staggers from crisis to crisis and bailout to bailout. But this time the finance ministers of the single currency nations have crossed the Rubicon.
The International Monetary Fund initially demanded to loot a shocking 40% of savings from the private bank accounts of Cypriots underscores how residents of the Mediterranean country could be the latest victims of the infamous “IMF riot,”
...No Bank Account, No Retirement Fund And No Stock Portfolio Is Safe
...They Will Start Doing It EVERYWHERE
Confindustria, the business federation, said 29pc of Italian firms cannot meet "operational expenses" and are starved of liquidity. A "third phase of the credit crunch" is underway that matches the shocks in 2008-2009 and again in 2011.
What is new is that bank deposits will be “taxed”. The proper term is “confiscated”. Like everywhere in the EU, bank deposits in Cyprus are guaranteed up to €100,000, only to be told that the guarantee has been changed ex post.
Creditanstalt, an Austrian bank that collapsed in 1931, precipitated a financial panic that led to a series of bank failures and a currency crisis, a classic combination of contagion worsened by poor official responses. The Cyprus deposit-seizure sch
Here is Das’s summary of the Cyprus deal points and possible outcomes. But first, the latest news snapshot:
Cyprus's president said on Sunday that savers made to pay a tax on bank deposits as part of a sovereign bailout deal will be compensated by shares in banks guaranteed by future natural gas revenues.
Russians from President Vladimir V. Putin on down expressed fury on Monday over the European Union’s proposal to bail out the banking system in Cyprus in a manner seen in Moscow as specifically designed to extract money from Russian depositors
Markets are tanking all around the world thanks to the goings on in a country with a GDP that's less than Shreveport, Louisiana's.
The Cyprus bailout deal has a lot of people scratching their heads over what EU leaders were thinking when they came up with it.