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Finance minister Michael Sarris orders all Cypriot banks to remain closed until Thursday, AP...

Finance minister Michael Sarris orders all Cypriot banks to remain closed until Thursday, AP reports. Reuters originally indicated only Bank of Cyprus and Cyprus Popular would not reopen Tuesday morning.
Comments (21)
  • Bill L.
    , contributor
    Comments (682) | Send Message
     
    Short post: http://seekingalpha.co...

     

    Currently long gold.

     

    -Bill L.
    25 Mar 2013, 06:36 PM Reply Like
  • Teutonic Knight
    , contributor
    Comments (2000) | Send Message
     
    Which Thursday?
    25 Mar 2013, 07:37 PM Reply Like
  • june1234
    , contributor
    Comments (2499) | Send Message
     
    they'll probably close 5 minutes later if everybody shows up
    25 Mar 2013, 07:47 PM Reply Like
  • WMARKW
    , contributor
    Comments (10250) | Send Message
     
    Tuetonic - you hit the nail on the head there. Who can believe anything. And the "leaders" are getting more and more brazen. Can't wait to see the size of the lines at the bank.....should be interesting. In the meantime - defensive is my posture.
    25 Mar 2013, 07:48 PM Reply Like
  • al roman
    , contributor
    Comments (4613) | Send Message
     
    Shows the importance of Honoring an ethical legal mechanism.
    25 Mar 2013, 08:03 PM Reply Like
  • Unsure Now
    , contributor
    Comments (406) | Send Message
     
    I can't imagine what is really going on inside this country. People had to of run out of money already....

     

    Well never know the truth that's for sure!!
    25 Mar 2013, 08:23 PM Reply Like
  • Macro Investor
    , contributor
    Comments (8430) | Send Message
     
    Interesting Times, eh?
    25 Mar 2013, 08:32 PM Reply Like
  • Nolesince87
    , contributor
    Comments (258) | Send Message
     
    I'm in the USA. Already pulling my money out of banks and looking to put it all into hard assets for the new barter economy that will soon be coming to a country near you.... Western World has many times more debt than it has money, don't be the last one out.
    25 Mar 2013, 08:29 PM Reply Like
  • Unsure Now
    , contributor
    Comments (406) | Send Message
     
    Oh you will hear this could never happen here...Yeah right!!
    25 Mar 2013, 08:32 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4040) | Send Message
     
    The extreme dangers of a deposit tax

     

    Cyprus and other economically beleaguered nations should avoid deposit taxes and instead attempt to reassure their citizens of the security of their bank deposits if they hope to rebuild their economies.

     

    http://bit.ly/11DOBpf
    25 Mar 2013, 09:13 PM Reply Like
  • WMARKW
    , contributor
    Comments (10250) | Send Message
     
    Chris - Thanks for the link. You would think this would be common sense..... and that such actions would be rejected outright based on logic. But they are not. So.....it alwasys leads me to ask if there is something else going behind the scenes. Is there some other motivation.
    25 Mar 2013, 11:28 PM Reply Like
  • Interesting Times
    , contributor
    Comments (10158) | Send Message
     
    WMARKW

     

    I agree that something else is brewing. Wonder if will ever know what it is..
    26 Mar 2013, 02:04 AM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    Wmark. Absolutely there is something else going on. The EU needs some sort of tax harmony so rogue countries don't shelter big chunks of money that would pay taxes in other countries, like Germany or the Netherlands. There is a minimum VAT required but this problem in Cyprus is something the ministers have been after for quite a while. There's also clearly the suspicion that the Russian money is being laundered, turned into Euros, escaping Russian taxation (with Putin's blessing) and avoiding EU authorities. the lack of tax harmony was a big failing when the Euro was first set up, but taxation is a sovereign issue.
    26 Mar 2013, 02:14 AM Reply Like
  • WMARKW
    , contributor
    Comments (10250) | Send Message
     
    So, as I have said before, this is all a "slow boiling frog" issue and the "leaders" will eventually force upon the EU by crisis what they could not get in the way of consent earlier.
    26 Mar 2013, 04:21 PM Reply Like
  • Chris DeMuth Jr.
    , contributor
    Comments (4040) | Send Message
     
    Well thought/well said and true... unfortunately.
    26 Mar 2013, 04:24 PM Reply Like
  • Hendershott
    , contributor
    Comments (1498) | Send Message
     
    Yes,The much discussed banking union in the EU. Everyone will have to have the same rules, even the Swiss, Slovenia and Cyprus.
    26 Mar 2013, 09:08 PM Reply Like
  • ptnyc
    , contributor
    Comments (49) | Send Message
     
    @Chris DMJr, thanks for the link. Directly addressed what I was already thinking.

     

    I feel there must be some other dimension to the whole story (Russia, the whole offshore tax haven industry?) than what we are being told. While I wouldn't rule out stupid arrogance as the reason why Merkel and the rest of the Troika insisted on a draconian deposit tax, I don't understand why they didn't see the risk of bank-runs and an enormous global backlash. All for $10B Euros! The damage now is many, many orders of magnitude worse. The cost of rebuilding confidence will be very, very expensive; in the U.S., it's currently about $1T a year.
    25 Mar 2013, 11:31 PM Reply Like
  • widesmile
    , contributor
    Comments (5) | Send Message
     
    Am I to believe common sense is at work in most capital markets? I still think in this Euro poker club Germany is the "house", and the house always wins.
    26 Mar 2013, 02:08 AM Reply Like
  • Nicholas Pardini
    , contributor
    Comments (422) | Send Message
     
    When will they open? Maybe they won't. Anybody with deposits in Italy, France, or Spain needs to get their money out ASAP.
    26 Mar 2013, 02:26 AM Reply Like
  • solojif
    , contributor
    Comments (108) | Send Message
     
    Do citizens in Cyprus have the right to bear arms?
    Colt, Ruger, Smith & Wesson should look into this market. I think the growth potential is huge.
    26 Mar 2013, 03:38 AM Reply Like
  • BerNankdaShank
    , contributor
    Comment (1) | Send Message
     
    Got Gold, Silver, Butter, Pointy Rocks since most Govt'shave clamped down on anything stronger? LOL
    26 Mar 2013, 05:20 AM Reply Like
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