shocking: Did the russians already quietly drain their funds from cyprus?

[Large Sarge]

http://www.zerohedge.com/news/2013-03-25/have-russians-already-quietly-withdrawn-all-their-cash-cyprus

[Spectrism]

This is how it will be in Amerika. Over night the big banksters will drain every ounce of life from a selected sacrificial set of banks leaving zero money (not even fake monopoly money) for the depositors. When it happens in full crash numbers, there will be no FDIC coverage. It will be a short time after that when the new money is introduced. It will be just enough time for the stolen funds to secure assets and the open liabilities (except yours) become forgiven. Your liabilities will be passed on to the government, which might sell them off to "bankers" and "investors".

[osoab]

This is how it will be in Amerika. Over night the big banksters will drain every ounce of life from a selected sacrificial set of banks leaving zero money (not even fake monopoly money) for the depositors. When it happens in full crash numbers, there will be no FDIC coverage. It will be a short time after that when the new money is introduced. It will be just enough time for the stolen funds to secure assets and the open liabilities (except yours) become forgiven. Your liabilities will be passed on to the government, which might sell them off to "bankers" and "investors".


You mean like GD1?

[Cebu_4_2]

Have The Russians Already Quietly Withdrawn All Their Cash From Cyprus? Tyler Durden's picture Submitted by Tyler Durden on 03/25/2013 17:00 -0400 European Central Bank Latvia New Normal recovery Reuters Yesterday, we first reported on something very disturbing (at least to Cyprus' citizens): despite the closed banks (which will mostly reopen tomorrow, while the two biggest soon to be liquidated banks Laiki and BoC will be shuttered until Thursday) and the capital controls, the local financial system has been leaking cash. Lots and lots of cash. Alas, we did not have much granularity or details on who or where these illegal transfers were conducted with. Today, courtesy of a follow up by Reuters, we do. The result, at least for Europe, is quite scary because let's recall that the primary political purpose of destroying the Cyprus financial system was simply to punish and humiliate Russian billionaire oligarchs who held tens of billions in "unsecured" deposits with the island nation's two biggest banks. As it turns out, these same oligrachs may have used the one week hiatus period of total chaos in the banking system to transfer the bulk of the cash they had deposited with one of the two main Cypriot banks, in the process making the whole punitive point of collapsing the Cyprus financial system entirely moot. From Reuters: While ordinary Cypriots queued at ATM machines to withdraw a few hundred euros as credit card transactions stopped, other depositors used an array of techniques to access their money. No one knows exactly how much money has left Cyprus' banks, or where it has gone. The two banks at the centre of the crisis - Cyprus Popular Bank, also known as Laiki, and Bank of Cyprus - have units in London which remained open throughout the week and placed no limits on withdrawals. Bank of Cyprus also owns 80 percent of Russia's Uniastrum Bank, which put no restrictions on withdrawals in Russia. Russians were among Cypriot banks' largest depositors. So while one could not withdraw from Bank of Cyprus or Laiki, one could withdraw without limitations from subsidiary and OpCo banks, and other affiliates? Just brilliant. And if there was any doubt that the entire process of destroying one entire nation was simply to punish Cyprus, it can be completely cleared away now: ECB officials contacted Latvia, another EU country that has received large Russian deposits, to warn authorities against taking in Russian money fleeing Cyprus, two sources familiar with the contacts said. "It was made clear to our Latvian friends that if they want to join the euro, they should not provide a haven for Russian money exiting Cyprus," a euro zone central banker said. If one thinks there is any material Russian cash therefore left in Cyprus with this epic loophole in place, we urge them to make a deposit in the insolvent nation. One person who certainly will not be allocating any of his money into Bank of Cyprus is German FinMin Schaeuble: German Finance Minister Wolfgang Schaeuble said the bank closure had limited capital flight but that the ECB was looking closely at the issue. He declined to provide figures. Perhaps because if he did, it would become clear that the only entities truly punished by this weekend's actions are not evil Russian billionaires, but small and medium domestic companies, and other moderately wealthy individuals, hardly any of them from the former "Evil Empire." Companies that had to meet margin calls to avoid defaulting on deals were granted funds. Transfers for trade in humanitarian products, medicines and jet fuel were allowed. The stealth withdrawals by Russians of course means that the two megabanks are now utterly drained of capital, and that the haircuts on those who still have unsecured deposits with the two banks will be so big it will likely mean a complete wipeout of all deposits. As in 0% recovery on your deposits! In other words, by now any big Russian funds in Cyprus are long gone, and the only damage accrues to the locals: for one reason because their money over the critical EUR100K threshold has been "vaporized", and for another because the marginal driving force and loan demand creator in Cyprus, the Russians, are gone and are never coming back again. This is what passes for monetary real-politik in the New Normal - an entire nation becomes collateral when pursuing a wealthy group of people. And the "wealthy group" is victorious in the end despite everything... If we were Cypriots at this point we would be angry. Very, very angry

[mamboni]

Makes perfect sense. If you had a few $billions, would you deposit it at a bank that did not guarantee a backdoor emergency exit in case of emergency?

[Twisted Titan]

The Biggest Fish Already exited the pond because they wouldnt be able to take that action unless told to do so.


The men behind the curtain remain well insulated. .....while their lackeys "earn thier keep" and body that is fired will be nicely compensated

[Uncle Salty]

Who the heck know what really happened.

What we do know is that this is all about control of the next world reserve currency, gold.

Will the BRICS take control from the US dollar? Can the EURO survive in some form by cutting the southern fat and making a Nordic/German Euro backed by gold? These are all just little tests to see what happens before the big play gets put into action.

A huge financial crisis will eventually be deployed as a problem so the appropriate reaction/solution can be implemented.

[Cebu_4_2]

Cyprus banks to remain closed until Thursday - central bank Get short URL Published time: March 25, 2013 22:02 Cypriots and foreigners wait in line to withdraw money from an ATM of a Laiki (Popular) Bank branch in the old city of the capital, Nicosia (AFP Photo / Patrick Baz) Tweet Share on Tumblr The Cypriot finance minister has ordered all the country's banks to remain closed until Thursday, the country's central bank announced. Just hours before the announcement late Monday, the central bank said all but two country’s largest banks would open on Tuesday morning. The postponement could be a sign that the country's banks are even lower on cash than they believed at the end of last week. DETAILS TO FOLLOW