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Panic on the Streets of Cyprus
March 20, 2013 | 2 comments
The Spectacle Blog
After the Cypriot Parliament struck down the EU-proposal to levy a tax on Cypriot bank depositors as part of a bank bailout deal, Cyprus’ finance minister moved to plan B: ask Russia for help.
Russian investors have sunk significant amounts of money into Cypriot banks due to lax money-laundering laws, and it would seem that they might come to the rescue. Moscow refused, putting the Brussels-endorsed bank levy,”back on the table.”
The EU has given Cyprus until Monday to act, at which point it will stop funds flowing to Cyprus’ banks. As Reuters reports, “the loss of the European Central Bank lifeline would effectively cause the banking system to collapse,” forcing Cyprus out of the euro.
Other ideas being debated by Cyprus’ leaders to come up with $5.8 billion euros by Monday include nationalizing pension funds, pooling state assets, and splitting Cyprus Popular Bank into good and bad assets. Germany prefers the depositor tax and the splitting of bank assests. As of now, Cyprus’ President Nicos Anastasiades seems to agree and is indicating that a tax levied only on depositors with more than €100,000 is a likely course.
A deal is promised in the next few hours. In the meantime, Cypriots are protesting outside of the Parliament.
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More Blog Posts by Eileen Norcross
http://spectator.org/blog/2013/03/22/the-clock-is-ticking-for-cypru
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aware| 3.22.13 @ 4:15PM
From now on your deposits, retirement account, and any other "asset" not in your physical possession is fair game for central bankers and their assassins, the political class.
JP| 3.22.13 @ 4:44PM
And while Cyprus burns, the US is consumed by Gay Marriage. Thanks Axelrod, you evil genius.
Occam's Tool| 3.22.13 @ 5:32PM
Pay your bills.
Dimitry_Aleksandrovich| 3.22.13 @ 11:05PM
If Cyprus leaves the Eurozone then Russia might just have done them a favor. I'm sure the Russians would help more if Cyprus throws off the EU and establishes stronger economic ties with Russia and the emerging Eurasian economies. It could be a good blue print for Greece as well.
wombat1| 3.23.13 @ 1:07PM
"The Clock Is Ticking for Cyprus"?
There IS no clock.
We know this script from Greece. There will be crisis meeting after crisis meeting, handwringing, speculation, market prices will bounce up and down (to the quiet profit of a knowledgeable few).
Finally a last-minute, Honest-to-God, we-mean-it-this-time "solution" or "rescue package" will be agreed upon, with terms nobody entirely understands, clearly unreasonable sacrifices required of the victim nation, by an EU that has no way of enforcing them. Everything will calm down. Somebody will shoot up a school somewhere else or something, the news cycle will go yelling after some other preposterous hobgoblin, and everything will be just as it was. Until next time.
Oldefarte| 3.23.13 @ 7:02PM
Hello! this is exactly where this country is headed if the stupids don't wake up and begin voting responsibly. The defecit/debt of this nation cannot continue indefinately with the Democrat-crooks stealing like a youknowhat with a stolen credit card. What is the difference between Cyprus taxing wealthy bank depositors and some community organizer in this country demanding that rich folks pay more in taxiation? Hey stupids.......wake up!!!!!!!!!