Bank holiday extended to Tuesday and possibly Wednesday http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_17/03/2013_488273 Nicosia declares Tuesday a bank holiday, but ECB urges for action The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed. Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout â including a bank account haircut and a tax hike on interest and corporate earnings â but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday. There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer.
Now the Titanic is sinking there is the problem of insufficient lifeboats. Fill up the available lifeboats and they will sink too. Looks like some will just have to swim for it !! The Soviet dream has finally come true and our fates are in the hands of the same useless plonkers ! Fantastic
it felt great to gold holders. gold was reveled not devalued. i guess nobody thought it worth the time to correct an obvious ................
Notice that when the "world ends" in Cyprus, the politicians ensure they still get their holiday pay and time off. I predict they will reverse their position before the banks open for business. Some other country - Germany or the US will cover the 10% payment. In a world parched dry by endless money printing, fear, high unemployment, and ridiculous policies and words, all it takes is one spark (somewhere), to cause an inferno that can't be extinguished.
"While this tax may hit a few Russian oligarchs, it will harm thousands of innocent people who did nothing wrong" remark from kashrin you were undeservedly gentile with the poster who wrote above the effects on the oligarchs his remark will rank among the most ignorant remarks on ET for the year 2013.. i am willing to bet that russian oligarchs found about the tax before it happens. that is the value of good inside information. it was not the usual inside info crap bandied around.
it's a fancy name invented by sleazy politicians. in reality it's called expropriation http://www.merriam-webster.com/dictionary/expropriation
Yes, this is socialism however there are more socialist in Cyprus then anywhere else in Europe, as a matter of fact AKEL ( socialist party) is the largest and most established political party in Cyprus. If you ask me they got what they wanted, SOCIALISM.
what happened and will happen in near future reminds me of this: http://en.wikipedia.org/wiki/Black_swan_theory Investors should always take precautions, especially if politicians, like the president of the European Council, declare today on TV that the situation of Cyprus is completely different from the situation in Spain, Greece and Italy. A professional crook always tries first to win the victims confidence so that it is easier to steal from him.