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Thread: Russian Prime Minister Dmitry Medvedev: Cyprus Bailout Deal Is Tantamount To Theft

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    White Cracker 4thIDvet's Avatar
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    Default Russian Prime Minister Dmitry Medvedev: Cyprus Bailout Deal Is Tantamount To Theft

    Anyone watching this, the start of WWIII...??

    THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

    MOSCOW -- A spokesman for Russian President Vladimir Putin says the president has asked the government to restructure a 2.5 billion euro ($3.2 billion) loan to Cyprus.

    Moscow has been worried about the crisis in Cyprus as Russian citizens hold as much as 20 billion euros ($26 billion) in Cypriot banks.
    Russian Prime Minister Dmitry Medvedev: Cyprus Bailout Deal Is Tantamount To Theft

    They "Cypress Govt." literally, overnight, took 30% of peoples holdings, that they had in the banks.. Russians, Cypriots, all, buck up..
    Russia was in on it, screwing their own people for gas and oil rights in Cypress..
    Still trust banks, want to keep yer hard earned money with those scavengers? Good luck..
    This is gonna get ugly, real ugly..
    "Man needs but two things to survive alone in the woods. A blow up female doll and his trusty old AK-47" - Thomas Jefferson 1781


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    Gunco Veteran Viper Dude's Avatar
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    Russia may demand something in return for this massive money grab... like a major naval base on Cypress. Such a base would support their efforts in Syria etc. The Russians have always wanted a window on the Med back to the time of the ancient Czars. That was the cause of the Russo-Turkish wars, the Crimean War, and the "Charge of the Light Brigade". This time around there is no one in the area with sufficient firepower to trump the Ruskies !!!

    Had the Brits and French left the Czar occupy that AO as heir to the Bysantine Empire it would likely have halted the inflow of Islam into Europe and challenged later the Commie and Nazi power grabs. Big Mistake !!!

    VD in AZ

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    Indian Admin Winn R's Avatar
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    'Cyprus is laundry machine for dirty Russian money'

    13.02.13 @ 10:31

    By EUOBSERVER

    The US-based NGO, Global Financial Integrity, has said "Cyprus is a laundry machine for dirty Russian money." Its report says the EU country, with a GDP of $23bn, sent $129bn into Russia in 2011. It says Russia since 1994 saw $212bn of "illicit" financial outflows and $553bn in illicit inflows.
    This is where the Russian mob hides their money. They have effective control now and have been bleeding it dry.
    There is no nonsense so errant that it cannot be made the creed of the vast majority by adequate governmental action. -- Bertrand Russell


    "Never attribute to malice that which can be adequately explained by stupidity." Robert J. Hanlon

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    Gunco Addicted for life j427x's Avatar
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    i waiting for the soviet para-troopers to land---

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    GuncoHolic Sprat's Avatar
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    OH domino!

    all its going to take is one small country to go under
    Sprat and sprat1 are one and the same.

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    Gunco Good ole boy tanvil's Avatar
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    Italy likes the idea too. Maybe Spain, maybe the IMF is considering doing it here.

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    No Hope For Me Coils's Avatar
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    I didn't hear anything about what's in that article about Russian President, I knew the Russians' have a lot of money there. But I've heard some of the stuff going on with the Cyprus government.
    The government has closed the banks for a week or more now and they aren't going to let them reopen until Thursday.
    They are taking any where from 10-50% of what people have in the banks, for most of the people it's in the 25-30% range. The news I heard was saying most of the money in the banks by citizens are retirement accounts.
    "Government is not the solution to our problem, government is the problem" Ronald Reagan

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    White Cracker 4thIDvet's Avatar
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    Default Coils...

    This did not just happen overnight.. Summit for this bank closure took place in Russia in 2011... Russia wants in on the natural gas in the A.O...
    As Winn said, Russian mob is laundering money their.. God knows who else is..
    Now the best part.. They got in a situation similar to ours.. Not enough people working and to many on retirement.. Not necessarily welfare, but legitimate working people who paid in the system, for their retirement.
    Govt. showed them how to spend their money, not to wisely.. Kind of like Nancie's Jet and Nappies golf games..
    So their going down the tubes. What to do? Ask the people to take a pay cut. People said get bent.. Govt. said get bent.. Conclusion, monetary failure..
    Same as is happening here. Nobody wants to give.. Not many people really taking this seriously, whatever..
    DHS buying more ammo. Stay tuned..
    ADD: As Sprat said. Domino, watch..
    Last edited by 4thIDvet; 03-26-2013 at 10:09 AM. Reason: ADD:
    "Man needs but two things to survive alone in the woods. A blow up female doll and his trusty old AK-47" - Thomas Jefferson 1781


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    Gunco Good ole boy tanvil's Avatar
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    It looks like they have been taking courses over at the federal reserve bankster university.

    What 2 Trillion?????
    Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus? | Zero Hedge

    Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus?
    Tyler Durden's picture
    Submitted by Tyler Durden on 03/25/2013 17:00 -0400

    European Central Bank
    Latvia
    New Normal
    recovery
    Reuters

    Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash.

    Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do.

    The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks.

    As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot.

    From Reuters:

    While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money.


    No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors.

    So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates?

    Just brilliant.

    And if there was any doubt that the entire process of destroying one entire nation was simply to punish Cyprus, it can be completely cleared away now:

    ECB officials contacted Latvia, another EU country that has received large Russian deposits, to warn authorities against taking in Russian money fleeing Cyprus, two sources familiar with the contacts said.



    "It was made clear to our Latvian friends that if they want to join the euro, they should not provide a haven for Russian money exiting Cyprus," a euro zone central banker said.

    If one thinks there is any material Russian cash therefore left in Cyprus with this epic loophole in place, we urge them to make a deposit in the insolvent nation. One person who certainly will not be allocating any of his money into Bank of Cyprus is German FinMin Schaeuble:

    German Finance Minister Wolfgang Schaeuble said the bank closure had limited capital flight but that the ECB was looking closely at the issue. He declined to provide figures.

    Perhaps because if he did, it would become clear that the only entities truly punished by this weekend's actions are not evil Russian billionaires, but small and medium domestic companies, and other moderately wealthy individuals, hardly any of them from the former "Evil Empire."

    Companies that had to meet margin calls to avoid defaulting on deals were granted funds. Transfers for trade in humanitarian products, medicines and jet fuel were allowed.

    The stealth withdrawals by Russians of course means that the two megabanks are now utterly drained of capital, and that the haircuts on those who still have unsecured deposits with the two banks will be so big it will likely mean a complete wipeout of all deposits. As in 0% recovery on your deposits!

    In other words, by now any big Russian funds in Cyprus are long gone, and the only damage accrues to the locals: for one reason because their money over the critical EUR100K threshold has been "vaporized", and for another because the marginal driving force and loan demand creator in Cyprus, the Russians, are gone and are never coming back again.

    This is what passes for monetary real-politik in the New Normal - an entire nation becomes collateral when pursuing a wealthy group of people. And the "wealthy group" is victorious in the end despite everything...

    If we were Cypriots at this point we would be angry. Very, very angry.

  10. #10
    Gunco Addicted for life j427x's Avatar
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    yep just like wall-street.

    they let the big guys bail and let the little guy eat it.

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