Euro scam unraveling in cyprus

[Large Sarge]

http://www.youtube.com/watch?v=rujqQUeZkqY&feature=player_embedded

[Cebu_4_2]

Published on Apr 1, 2013
The hunt is on for many Cypriots to find ways to circumnavigate the new Draconian capital controls and get their money off the island..
At least three people have attempted to flee the island in recent weeks with more than €200,000 in cash on their person, according to official sources. The money was in all cases confiscated and the people questioned by the authorities..
Sergei Tyulenev, a Russian businessman, says he received a call -- the day the capital controls were implemented -- from Cypriots he did not wish to identify offering to help him move what he implied was more than €1m out of a collapsing local bank..
The move would have seen his money transferred from the now-failed Laiki Bank, where deposits over €100,000 are likely to see substantial write-offs, to Hellenic Bank, a comparatively healthy Cypriot subsidiary of a Greek bank..
There was a catch though, on top of the illegality of the move. "They said I had to pay €200,000 up front. I refused," said Mr Tyulenev, speaking from Limassol, a town dubbed "Limassolgrad" for its high proportion of Russian residents..
The Financial Times has seen no official reports of illegal financial dealings at the banks. Those calling Mr Tyulenev may not have been able to follow through with their offer or may have been stopped in their attempts by the financial "regulators"..
"There are some dubious capital outflows out of Cyprus as we speak," one senior eurozone official directly involved with negotiations with Cypriot officials said before the banks had reopened. "I'm sure it's 'the friends', and the friends are not only Russians"..
Some 18 per cent of the deposits held in Cypriot banks by residents of other eurozone countries were pulled out in February, according to figures from the Central Bank of Cyprus. Such deposits in Cyprus had fallen 41 per cent since last June to €3.9bn..
Meanwhile a company owned by in-laws of Cypriot President Nicos Anastasiades withdrew €millions from Laiki Bank on March 12 and 13, according to an article published in Cypriot newspaper Haravgi..
The newspaper reports that three days before the Eurogroup meeting the company took five promissory notes worth €21m from Laiki Bank and transferred the money to London..
Responding to the allegations, Anastasiades said: "The attempt to defame companies or people linked to my family is nothing but an attempt to distract people from the liability of those who led the country to a state of bankruptcy"..
The president added that no one, including himself, will be exempt from the ongoing investigations looking into responsibilities over the near collapse of the economy..
Anastasiades added that when the investigative committee convenes, he will request that its members look into this particular case with the same attentiveness as all other cases. The company in question has firmly denied the reports..
A list of companies and politicians that had loans written off by banks at the heart of Cyprus' bailout crisis was published in Greece and was subsequently handed to the Cypriot parliament's ethics committee. The list includes the names of politicians from Cyprus' biggest parties...

[Hatha Sunahara]

Sinclair - Something Has Western Central Banks Terrified (http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2013/4/1_Sinclair_-_Something_Has_Western_Central_Banks_Terrified.htm l)


It's derivatives. Credit Default Swaps. These are insurance agreements that a bank or a debt issue won't default or go bankrupt. This is why the big banks are to big to fail. They have insured each other an just about all government debt against default. Plus they have insured those CDS's against default. There are multiple layers of insurance, and if the original debt defaults, they all become due at once and there isn't enough money to cover all the obligations. There's a quadrillion dollars worth of these outstanding, and they will all crash at once.


Hatha