Robbing the poor so the rich can stay rich

Source: USA Today Depositors at bailed-out Cyprus' largest bank will lose 47.5% of their savings exceeding 100,000 euros ($132,000), the government said Monday. The figure comes four months after Cyprus agreed on a 23 billion-euro ($30.5 billion) rescue package with its euro partners and the International Monetary Fund. In exchange for a 10 billion euro loan, deposits worth more than the insured limit of 100,000 euros at the Bank of Cyprus and smaller lender Laiki were raided in a so-called bail-in to prop up the country's teetering banking sector. The savings raid prompted Cypriot authorities to impose restrictions on money withdrawals and transfers for all banks to head off a run. Christopher Pissarides, the Nobel laureate who heads the government's economic advisory body, forecast Monday that the bank controls could be in place for another two years. "The (economy) has absorbed the initial shock and is moving ahead. We see things improving," he told reporters after talks with Cyprus President Nicos Anastasiades Monday.

So Who Knew? In February Cyprus Deposit Outflows Soared To A Three Year High

The decision to crush Cypriot depositors (first all of them, then just the uninsured ones) came in March, without any prior hints of the carnage that was about to be unleashed upon Cypriot bank unsecured liabilities. Or so the media narrative goes, because the last thing needed is to give skeptics any indication the "ad hoc" Troika plan was not so ad hoc after all, and some individuals - notably the whale depositors - were warned in advance, sparing them the indignity of pulling a few billion at €300 per day. Alas, as just released central bank data shows, there may be cracks in the narrative because in February, at a time when the Eurozone was supposedly getting better every day and the Dow Jones was on the verge of its all time high, Cypriot depositors pulled the largest amount of cash in over three years.








Add this curious finding to the to do list for the 'task force' investigating who not only circumvented the capital controls, but had advance knowledge it was coming. Surely they will get right on top of that.



http://www.zerohedge.com/news/2013-03-28/so-who-knew-february-cyprus-deposit-outflows-soared-three-year-high

Ex-KGB to Banker:


You know... I think that you've gotten the wrong impression about me. I think in all fairness, I should explain to you what it is that I do.

For instance, tomorrow morning I'll get up nice and early, take a walk down over to the bank and walk in and see you, and, uh... if you don't have my money for me, I'll crack your fuckin head wide open in front of everybody in the the bank. And just about the time that I'm comin' out of jail, hopefully, you'll be comin' out of your coma. And guess what? I'll split your fuckin head open again. Because I'm fuckin stupid. I don't give a fuck about jail. That's my business. That's what I do. And we know what you do, don't we, Charlie? You fuck people out of money and get away with it.