Saxo Bank CEO On Cyprus: ‘This Is Full-Blown Socialism And I Still Can’t Believe It Happened’

From the article:

This is full-blown socialism and I still cannot believe this really happened.”


Cyprus bailout a major game changer (Trading Floor, By Saxo bank CEO Lars Seier Christensen, March 16, 2013):

It is difficult to describe the weekend bailout package to Cyprus in any other way. The confiscation of 6.75 percent of small depositors’ money and 9.9 percent of big depositors’ funds is without precedence that I can think of in a supposedly civilised and democratic society. But maybe the European Union (EU) is no longer a civilised democracy?

I heard rumours about this when I visited Limassol last week, but dismissed them as completely outlandish. And yet, here we are. The consequences are unpredictable, but we are clearly looking at a significant paradigm shift.

This is a breach of fundamental property rights, dictated to a small country by foreign powers and it must make every bank depositor in Europe shiver. Although the representatives at the bailout press conference tried to present this as a one-off, they were not willing to rule out similar measures elsewhere – not that it would have mattered much as the trust is gone anyway. It is now difficult to expect any kind of limitation to what measures the Troika and EU might take when the crisis really starts to bite.

Read moreSaxo Bank CEO On Cyprus: ‘This Is Full-Blown Socialism And I Still Can’t Believe It Happened’

Cyprus Government Thieves To The People: ‘The Situation Is Serious But Not Tragic, There Is No Reason To Panic’

From the article:

Government spokesman Christos Stylianides tried to calm shell-shocked Cypriots saying: “The situation is serious but not tragic, there is no reason to panic.”

“The Cyprus government had to decide between saving the economy and a disorderly default,” he told the official CNA news agency.

“It’s something that compared to other possible outcomes, is the least onerous,” Cypriot Finance Minister Michalis Sarris said, adding the arrangement meant his government “avoided salary and pension cuts” for the public sector.

‘Saving the economy’ = saving the investors, who were ‘dumb‘ enought to buy government debt = saving the banksters … AGAIN.

Disorderly default’ = ‘orderly’ defaulting on its debt = dumb investors, mainly the banksters, will get ‘wiped out’ … and NOT THE PEOPLE.

Remember Iceland (1, 2, 3, 4, 5, 6, 7)???


See also:

BREAKING NEWS: Cyprus ‘Bailout’: Depositor Accounts With More Than €100,000 Will Be ‘TAXED’ At 9.9%, Those With Less At 6.75%

BREAKING NEWS: Cyprus Haircut ‘Bailout’ Is Directly STEALING Money From Depositors, Turns Into Saver ‘Panic’, Frozen Assets, Bank Runs, Broken ATMs


Cyprus shellshocked over eurozone bailout deal (EU Business, March 16, 2013):

(NICOSIA) – Residents of Cyprus reacted with shock on Saturday after the government agreed to a 10-billion-euro ($13 billion) bailout that includes an unprecedented levy on all bank deposits.

The debt rescue package, agreed with the eurozone and International Monetary Fund early in the morning after around 10 hours of talks in Brussels, is significantly less than the 17 billion euros Cyprus had initially sought.

It includes 5.8 billion euros to be raised through the bank deposit levy of up to 9.9 percent, which will apply to everyone from pensioners to Russian oligarchs and tens of thousands of British expats.

Read moreCyprus Government Thieves To The People: ‘The Situation Is Serious But Not Tragic, There Is No Reason To Panic’

BREAKING NEWS: Cyprus ‘Bailout’: Depositor Accounts With More Than €100,000 Will Be ‘TAXED’ At 9.9%, Those With Less At 6.75%

I call that outright THEFT!

Don’t miss:

BREAKING NEWS: Cyprus Haircut ‘Bailout’ Is Directly STEALING Money From Depositors, Turns Into Saver ‘Panic’, Frozen Assets, Bank Runs, Broken ATMs


Depositors Pay Price in Cyprus Bailout Deal (Wall Street Journal, March 16, 2013):

BRUSSELS—Depositors in Cypriot banks will be hit with a one-off tax on their savings, as part of a €10 billion ($12.96 billion) bailout for the Mediterranean island from the euro zone and the International Monetary Fund.

The deal, announced early Saturday, marks the first time in the euro zone’s five-year-old financial crisis that depositors in bloc’s banks will lose money. Accounts with more than €100,000 will be taxed at 9.9%, those with less at 6.75%, raising an expected €5.8 billion for the near-bankrupt nation.

“This decision should not be compared to the ideal, but to the very real possibility that much more money could have been lost in bankruptcy of the banking system or indeed of the country,” Cypriot Finance Minister Michalis Sarris told reporters, looking strained after 10 hours of often-fraught negotiations.

Read moreBREAKING NEWS: Cyprus ‘Bailout’: Depositor Accounts With More Than €100,000 Will Be ‘TAXED’ At 9.9%, Those With Less At 6.75%

BREAKING NEWS: Cyprus Haircut ‘Bailout’ Is Directly STEALING Money From Depositors, Turns Into Saver ‘Panic’, Frozen Assets, Bank Runs, Broken ATMs

Aaaaand it’s gone …

(In case you have difficulty believing this, here is the related Wall Street Journal article.)

I told you to invest in physical gold and silver (and most important, to keep it outside the banking system).

All the sheeple who still believe in their fiat currencies will get herded, milked, fleeced and slaughtered (at least financially).

There will be very high rates of inflation in Europe and the U.S. and a currency reform where the sheeple will lose at least  50% through devaluation is just around the corner.

So THIS is just the beginning and another (last) warning.

And if you have a problem with your government stealing your money and resist, then you’re going to feel the batons of your not so local riot police squad.

Those (brainwashed) police officers will also get completely fleeced, BUT they have a very secure (and  highly dangerous) job in the coming years to support their family.

Got PHYSICAL GOLD AND SILVER?


Europe Does It Again: Cyprus Depositor Haircut “Bailout” Turns Into Saver “Panic”, Frozen Assets, Bank Runs, Broken ATMs (ZeroHedge, March 16, 2013):

Europe has done it again.

Late last night, after markets closed for the weekend, following an extended discussion the European finance ministers announced their “bailout” solution for Russian oligarch depositor-haven Cyprus: a €13 billion bailout (Europe’s fifth) with a huge twist: the implementation of what has been the biggest taboo in European bailouts to date – the  impairment of depositors, and a fresh, full blown escalation in the status quo’s war against savers everywhere.

Specifically, Cyprus will impose a levy of 6.75% on deposits of less than €100,000 – the ceiling for European Union account insurance, which is now effectively gone following this case study – and 9.9% above that. The measures will raise €5.8 billion, Dutch Finance Minister Jeroen Dijsselbloem, who leads the group of euro-area ministers, said.

But it doesn’t stop there: a partial “bail-in” of junior bondholders is also possible, as for the first time ever the entire liability structure of a European bank – even if it is a Cypriot bank – is open season for impairments. The logical question: why here, and why now? And what happens when the Cypriot bank run that has taken the country by storm this morning spreads everywhere else, now that the scab over Europe’s biggest festering wound is torn throughout the periphery as all the other PIIGS realize they too are expendable on the altar of mollifying voters and investors in the other countries that make up Europe’s disunion.

Bloomberg’s take on the sacrifice of Cyprus’ savers:

Officials have struggled to find an agreement that would rescue Cyprus, which accounts for just half of a percent of the euro region’s economy, without unsettling investors in larger countries and sparking a new round of market contagion. Policy makers began meeting at 5 p.m. yesterday in a hastily convened gathering, seeking to overcome differences on bondholder losses while financial markets were closed.

Read moreBREAKING NEWS: Cyprus Haircut ‘Bailout’ Is Directly STEALING Money From Depositors, Turns Into Saver ‘Panic’, Frozen Assets, Bank Runs, Broken ATMs

LEAKED: Mario Draghi And His Triumvirate Shut Up German Finance Minister To Keep Cyprus From Blowing Up The Eurozone

LEAKED: Mario Draghi And His Triumvirate Shut Up German Finance Minister To Keep Cyprus From Blowing Up The Eurozone (ZeroHedge, Jan 28, 2013):

The state-sponsored chorus about the end of the debt crisis in the Eurozone has been deafening. It even has feel-good metrics: the Euro Breakup Index for January fell to 17.2%—the percentage of investors who thought that at least one country would leave the Eurozone within twelve months. In July, it stood at 73%. For Cyprus, the fifth Eurozone country to ask for a bailout, the index fell to 7.5%. “A euro breakup is almost no issue anymore among investors,” the statement said.

Just then, in a fight over whether or not to bail out Cyprus, top Eurocrats exposed what a taxpayer-funded con game they thought these bailouts really were—and how fragile the Eurozone was.

Read moreLEAKED: Mario Draghi And His Triumvirate Shut Up German Finance Minister To Keep Cyprus From Blowing Up The Eurozone

20 Facts About The Collapse Of Europe That Everyone Should Know

By The Numbers: 20 Facts About The Collapse Of Europe That Everyone Should Know (Economic Collapse, Jan 8, 2013):

The economic implosion of Europe is accelerating.  Even while the mainstream media continues to proclaim that the financial crisis in Europe has been “averted”, the economic statistics that are coming out of Europe just continue to get worse.  Manufacturing activity in Europe has been contracting month after month, the unemployment rate in the eurozone has hit yet another brand new record high, and the official unemployment rates in both Greece and Spain are now much higher than the peak unemployment rate in the United States during the Great Depression of the 1930s.  The economic situation in Europe is far worse than it was a year ago, and it is going to continue to get worse as austerity continues to take a huge toll on the economies of the eurozone.  It would be hard to understate how bad things have gotten – particularly in southern Europe.  The truth is that most of southern Europe is experiencing a full-blown economic depression right now.  Sadly, most Americans are paying very little attention to what is going on across the Atlantic.  But they should be watching, because this is what happens when nations accumulate too much debt.  The United States has the biggest debt burden of all, and eventually what is happening over in Spain, France, Italy, Portugal and Greece is going to happen over here as well.

The following are 20 facts about the collapse of Europe that everyone should know…

Read more20 Facts About The Collapse Of Europe That Everyone Should Know

S&P Cuts France’s Credit Rating – 9 EU Nations See Ratings Cut

See also:

Marc Faber’s Latest Rant On Global Monetization Wars (Video)

… the majority of European nations deserve a CCC rating …

The Real Dark Horse: S&P’s Mass Downgrade FAQ May Have Just Hobbled The European Sovereign Debt Market


France’s credit rating downgraded in latest blow to euro zone (The Globe and Mail, Jan. 13, 2012):

The euro zone’s worst-case scenario of recession and default is looming larger after a mass debt downgrade of France and several other countries, and stalled Greek debt restructuring talks.

Standard & Poor’s stripped France of its prized triple-A rating and slashed the ratings of Italy, Spain and six other European countries Friday, continuing a disturbing pattern of the feared becoming reality in Europe’s smouldering debt crisis.

The move Friday crushed nascent hope that the region’s debt woes might finally be easing after successful bond auctions by Spain and Italy earlier in the week.

The most immediate problem for the euro zone is that France – its second largest economy – will now face significantly higher borrowing costs just as the region slides into recession.

Equally important, the downgrade makes it more expensive for the European Financial Stability Fund to raise cash because France is the fund’s No. 2 backer behind Germany. The EFSF, set up in 2010, is due to raise money in the markets on Tuesday.

Read moreS&P Cuts France’s Credit Rating – 9 EU Nations See Ratings Cut