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Cyprus says 'superhuman' efforts needed to reopen banks

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The comment by central bank governor Panicos Demetriades came as hundreds of angry bank workers demonstrated outside his office Geez! This guys name PANICOS, sounds a bit too much like PANIC to me! I guess many folk on that island are about to panic real soon!

1 ( +1 / -0 )

And his other name, Demetriades, is situated right above the word, "demonstrated." Is this some kind of secret code you've discovered?

Anyway, I do wonder how all this is going to play out. Economies are so connected these days...

0 ( +0 / -0 )

amazing how this has made almost no impact on the financial markets. Seems people are geting resigned to the Euro mess. Meanwhile Cypriots join the suffering of Greeks and Portuguese and spanish and Irish.

1 ( +1 / -0 )

So, whose property is the amount on deposit in a bank?

0 ( +1 / -1 )

Great quotes in this article

Demetriades said the delay in reopening them was to fully install capital controls that would prevent depositors from draining their accounts...

They would try to drain the accounts because the bank intends to steal a big part of them.

we have to demonstrate to show that we do not want others to decide for our lives..

Yes, but unfortunately, others will decide your lives. It's a done deal.

The Europeans, the Eurogroup, the Germans - they want to take all our money from us, schoolgirl Evan Ieridou, 17 said at the student protest.

A bit unfair, maybe. They don't want to lose their money either, and don't want to mess around guaranteeing the debts of other countries.

The guarantee of deposits should be an absolute, irrevocable principle, he said.

It really should be, but it's not certain, as we can see.

0 ( +0 / -0 )

Big government, over spending, deficit, and kicking can down the road by ignoring the reality under the banner of European socialism finally facing the dead end. Many E.U. countries are in the same boat. Peoples and their future are in a very tight rope condition. If you harvest the bad seeds, their fruits will be bitter or even poison. Learn from it.

-2 ( +1 / -3 )

Where are the defenders of fractional reserve banking today? Oh, on a banking holiday perhaps?

-3 ( +0 / -3 )

" You say that like it's a bad thing...."

You say that like it's a GOOD thing to steal from others. Tsk, tsk, tsk.

-2 ( +1 / -3 )

Obamacare, tax everybody, distribute the wealth, that's what you get!

Republicare: Tax nobody except the poor and working class. Better yet, close the government, buy a gun and live with your dogs in a compound surrounded with mines and barbed wire. Shoot your neighbor before he or she shoots you. Hoard the things you need so others can't get them.

2 ( +4 / -2 )

" Republicare: Tax nobody except the poor and working class. Better yet, close the government, buy a gun and live with your dogs in a compound surrounded with mines and barbed wire. Shoot your neighbor before he or she shoots you. Hoard the things you need so others can't get them."

Leftist paranoia campaign.

-4 ( +0 / -4 )

Hoard the things you need so others can't get them.

I sure wouldn't recommend a Cypriot Bank to try and hoard any cash in as "others" have now found a way to punish people that save (hoard) enough of their own personal earnings and are going after it. Because being a frugal saver who managed to save enough to go over the so called limit is now considered "rich" and is fair game for the Nanny state Government to take it and redistribute it without their consent after all.

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Leftist paranoia campaign.

Giving it a name you dislike isn't an argument.

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The private sector has screwed up, and the crazy right is blaming it on - the government!

Because being a frugal saver who managed to save enough to go over the so called limit is now considered "rich" and is fair game for the Nanny state Government to take it and redistribute it without their consent after all.

Ha ha! I have seldom seen a comment betraying less understanding of the issue at hand than this. If hoarding be required, it is to protect it from the wolves of the private sector - this is what Cyprus has taught us.

-2 ( +0 / -2 )

Ha ha! I have seldom seen a comment betraying less understanding of the issue at hand than this.

Interesting, I suppose since the article refers to a 40 percent "haircut" on peoples private savings that I'm missing something and this is somehow George Bush fault.

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a 40 percent "haircut" on peoples private savings

Perhaps you'll go full into Rand Paul's plan to privatize Social Security and Medicare. In private hands, what could go wrong?

-1 ( +0 / -1 )

Yea, like the superhuman ability not to steal their citizens' money.

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A superhuman effort is being made for the banks to open on Thursday, he said. Each day the banking system is closed, peoples trust diminishes and they want to get their money out, so we are obliged to impose restrictions.

I believe there is no trust left at all actually.

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" In private hands, what could go wrong?"

Obfuscating "private" with "corporate" .

Anyone's money deposited in a bank remains personal or private property. Choosing to deposit in a banking institution is also a risk. Hoarding is a term Socialists love to toss about.

-1 ( +0 / -1 )

" Giving it a name you dislike isn't an argument."

Nope. Just calling a spade a spade.

-2 ( +0 / -2 )

maybe the cypriot banks should just close their doors right away after this. Who in his right mind would still deposit a sum of money in a bank there now? It's not like they even pretend to 'lend' the cash in order to pay it back, they just take it and call it tax if i understand correctly? Eye on the future it doesnt seem like anything but a desperate move imo. If i get a €100k together, Cyprus will be the last place where i store it now. I think anyone with money won't do that anymore either. It looks like slow suicide i.o. bankrupcy

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