 |
| Dees Illustration |
It was anticipated that the weekend could bring finalized plans for how
Cyprus would be dealt with by the Troika and parliament. The central
problem that had revealed itself in the wake of the original indefinite
bank holiday and subsequent ATM drain and protests, was how to stop
capital flight when banks reopen, as well as a more widespread bank run
across the Eurozone as trust in the banking system verges on collapse.
The two largest banks in Cyprus saw the imposition of ATM withdrawal limits, which declined from 260 Euros to 100 Euros ahead of projected bank openings tomorrow, Tuesday — Sorry, make that Wednesday. An urgent statement was issued by the Central Bank
that, "For the smooth functioning of the entire banking system, the
Finance Minister has decided upon the recommendation of the Governor of
the CBC, that all banks remain closed until Wednesday, 27 March 2013
included." The ongoing closure makes this the longest in history. See
other closures here.
One key indicator for just how orchestrated this has been, and how
dangerous the outcome, is that a final deal was supposedly reached at a
dinner with Mario Draghi, Christine Lagarde, Herman Van Rompuy, and José
Manuel Barroso — essentially the Four Horsemen of economic apocalypse.
The new decision has been made to honor those who were insured up to
100,000 Euros (as if it is some sort of gift), but to steal around 30% of the money of depositors at the Bank of Cyprus, and all of the money for the uninsured of Cyprus Popular bank…
