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NY Times: Cyprus Delays Vote on Bailout Plan (March 18, 2013)
Cyprus's Parliament on Monday delayed an emergency vote on a bailout plan for the second time in as many days as President Nicos Anastasiades faced trouble rounding up support among lawmakers.

A vote was scheduled for Tuesday at 4 p.m. local time, the Parliament announced, although there was the possibility it could be delayed until Friday.

As European stock markets faltered and the euro fell against major currencies, the government said it would also keep Cypriot banks shuttered until at least Friday, well beyond a bank holiday that was supposed to end Monday. The move was aimed at staving off a possible bank run.



I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Mon Mar 18th, 2013 at 09:02:56 AM EST
Not to worry.  I'm sure the Russian mob can set up some payday lenders to get folks through.

Be nice to America. Or we'll bring democracy to your country.
by Drew J Jones (pedobear@pennstatefootball.com) on Mon Mar 18th, 2013 at 10:49:11 AM EST
[ Parent ]
Greece is an ongoing tragedy. Cyprus is looking to become the farce. Don't expect laughter from Merkel or the ECB as they will be the objects of the farce. Russia, via Gasprom, does a leveraged buyout of Cyprus with Europe providing the leverage. Putin will be the hero.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Mar 18th, 2013 at 12:31:18 PM EST
[ Parent ]
This shit is just turning weirder and weirder.

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 01:24:51 PM EST
[ Parent ]
... the government said it would also keep Cypriot banks shuttered until at least Friday,...

Are you for real?!! What about the people who were stupid enough to have their liquid cash (not I, said the Twankie) in a bank account that they use for unimportant things like food? What do they do ... dumpster dive?

They tried to assimilate me. They failed.

by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 12:06:27 PM EST
[ Parent ]
"Let them use credit cards"
by gk (gk (gk quattro due due sette @gmail.com)) on Mon Mar 18th, 2013 at 12:34:47 PM EST
[ Parent ]
If this doesn't inspire bank runs in other countries, nothing will. Hey people!! Your $$$s not safe!!

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 12:10:52 PM EST
[ Parent ]
This is actually strengthening the $. It is their €€€s that aren't safe.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Mon Mar 18th, 2013 at 12:34:37 PM EST
[ Parent ]
For me, $$$ means money in general

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 12:39:03 PM EST
[ Parent ]
At present a bankrun won't happen, why should it? But the next meeting scheduled for a Friday afternoon might trigger it off. Even if it doesn't happen, everyone will have to bear it in mind.
by Katrin on Mon Mar 18th, 2013 at 12:51:24 PM EST
[ Parent ]
Calling a "Bank Holiday" until Friday can be translated into "We would be in the middle of a bank run and all it entails if we let it happen". Bank runs involve psychology. Once you think your hard earned savings are in jeopardy and you perceive that the govts./banks are lying to you, it's hard to turn that perception and psychology around. Wait till the Bank Holiday is over ... and look out.

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 01:23:11 PM EST
[ Parent ]
You said "in other countries", and that is what I referred to.
by Katrin on Mon Mar 18th, 2013 at 02:05:47 PM EST
[ Parent ]
Let's suppose I'm living in in Greece or Italy and I see this crap happening in Cyprus. Question: What kind of warning were the Cypriots given that all this nonsense was in the works? My read is ... none. They tried this theft on a Friday hoping most people would miss what was happening until the Cyprus politicians blessed the theft. Now Cyprus is trying to fend off a bona fide bank run. So, what's to stop this same crap from happening in Greece or Italy? Should the average citizen take a chance with their life savings if they don't need to? It's obvious this crap happens without any warning and that's the killer of confidence.

They tried to assimilate me. They failed.
by THE Twank (yatta blah blah @ blah.com) on Mon Mar 18th, 2013 at 02:17:52 PM EST
[ Parent ]
The average citizen hasn't got much choice. Otherwise--as I said--anything, for instance finance ministers meeting, can trigger off a bank run. At present there isn't one, though, although we are quite agreed that confidence has been killed.
by Katrin on Mon Mar 18th, 2013 at 02:57:31 PM EST
[ Parent ]
Anyone can open up an account in a foreign country, no problem.

And bank-runs can't be triggered by some random political meetings, because people know that no matter what they will be protected by deposit insurance. Deposit insurance is a really good invention which has virtually eliminated bank-runs completely, so everyone is very careful to never ever jeopardize or question them in any way whatsoever.

Uhm...

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Mon Mar 18th, 2013 at 04:58:42 PM EST
[ Parent ]

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