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<p>[QUOTE="Rono, post: 1666751, member: 6492"]Howdy folks,</p><p><br /></p><p>Cyprus is a special situation, but how many other special situations are there?</p><p><br /></p><p>It set itself up as an int'l money and tax haven and a lot of russians had laundered ruples through and into Cyprus. The banks involved are all insolvent and have zero equity but enormous deposits making them so much larger than the entire GDP. They estimated that we would need 40 more JPM's to duplicate the ratio. Well, part of the ECB's rationale was to cause Cyprus to exit this type of banking and so they conditionalized a $17B bailout with $10B from the ECB and $7B from the Cypriot bad boy banks. They did not set the specific terms at the ECB - that was the Cypriot gov't. Now they're postponing the gov't vote on this until they can get it right. The confiscation below $100E was the rubicon as these accts are guaranteed up to $100E - just like ours. What they'll do? WTF knows. </p><p><br /></p><p>BTW, our gov't is confiscating from anyone that has a savings acct about 3% or so. That's because the FED is artificially keeping interest rates at zero. So let's not any of us get smug.</p><p><br /></p><p>peace,</p><p><br /></p><p>rono</p><p><br /></p><p><br /></p><p><a href="http://www.bloomberg.com/news/2013-03-17/europe-braces-for-renewed-turmoil-as-cyprus-deposit-levy-at-risk.html" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.bloomberg.com/news/2013-03-17/europe-braces-for-renewed-turmoil-as-cyprus-deposit-levy-at-risk.html" rel="nofollow">http://www.bloomberg.com/news/2013-03-17/europe-braces-for-renewed-turmoil-as-cyprus-deposit-levy-at-risk.html</a>[/QUOTE]</p><p><br /></p>
[QUOTE="Rono, post: 1666751, member: 6492"]Howdy folks, Cyprus is a special situation, but how many other special situations are there? It set itself up as an int'l money and tax haven and a lot of russians had laundered ruples through and into Cyprus. The banks involved are all insolvent and have zero equity but enormous deposits making them so much larger than the entire GDP. They estimated that we would need 40 more JPM's to duplicate the ratio. Well, part of the ECB's rationale was to cause Cyprus to exit this type of banking and so they conditionalized a $17B bailout with $10B from the ECB and $7B from the Cypriot bad boy banks. They did not set the specific terms at the ECB - that was the Cypriot gov't. Now they're postponing the gov't vote on this until they can get it right. The confiscation below $100E was the rubicon as these accts are guaranteed up to $100E - just like ours. What they'll do? WTF knows. BTW, our gov't is confiscating from anyone that has a savings acct about 3% or so. That's because the FED is artificially keeping interest rates at zero. So let's not any of us get smug. peace, rono [url]http://www.bloomberg.com/news/2013-03-17/europe-braces-for-renewed-turmoil-as-cyprus-deposit-levy-at-risk.html[/url][/QUOTE]
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