[martin14]

Brenda Brenda:

ShepherdsDog ShepherdsDog:

Guess the Greeks are going to have to learn to live within their means, work for what they want and pay their god damned taxes.

That would be such a big culture shock for them, they cannot handle that.

This what they have to deal with..

[martin14]

After a bank goes under, amounts under 100k should be released in
a few days / week.



Any idea how long unsecured deposits could take to be paid out,

even after discounting 30 - 40 - 50 %

Months ?

Years ?

[BartSimpson]

There's going to be one heck of a bank run when the banks reopen. It'll be 20 years before anyone with any kind of money trusts the banks again.

[martin14]

So, the new deal, in the aftermath of Popular Bank failing.


Any deposits >100k in the biggest bank, Bank of Cyprus.. 20% levy.

Any deposits >100k in any other bank.. 4%


Considering the deposits >100k in Popular Bank will be held and have to wait
for liquidation, which could take years, and return nothing..

people in BoC should consider themselves 'lucky'.



If you wonder why they want 25% from Bank of Cyprus accounts, the reason is that only 10% of the money there is Russian...let the European people take the hit!!!

Deposits: Just 10 percent of Bank of Cyprus's 27.8 billion euros of deposits come from outside the eurozone, in stark contrast to Cyprus's overall banking sector, where 30 percent of deposits are non euro zone. Russians and depositors from the UK hold a roughly equal amount, at 1.2 billion euros. Cypriot depositors account for 66 percent of the bank's deposits, and Greek for 23 percent. The figures are dated end-September 2012 and published in the bank's third quarter accounts. (Similar figures for Laiki are not available).




So, even now, the Cypriots are happy to throw their own under the bus, to
protect the Russians..



This has not been ratified by Parliament yet.

[martin14]

So, what seems to be the final deal.


No levy anywhere.

Laiki closes, good assets transferred to Bank of Cyprus. These are the two
biggest banks in Cyprus.


Any account >100k in either bank will be cut; no final numbers yet,
estimates are 30 - 50 - 60%.

Personally, once they open the accounting up for real, there won't be much
left for the big depositors. I get the feeling a lot of the damage these banks
have caused has been hidden.


Capital controls now in effect, limits to withdrawls, the atms now limited to
100 euro per day, term deposits will not be paid out, automatic roll over,.
Bunch of other stuff too, like not being able to transfer money off Cyprus.

Iceland, 5 years after still has controls like this.

I wouldn't go to Cyprus for vacation anytime soon.

[ShepherdsDog]

Did they at least make an attempt to 'promise'(lie) that investors may get their money back if things improve....or were they just told, 'suck it up princess?'

[Thanos]

Ten bucks says that all the big players were quietly allowed to wire all of their money out of Cyprus while the small businesses and the rest of the local saps are shit out of luck. As usual.

Translate this one into Greek and Turkish for the poor bastards left holding the bag again.

[martin14]

ShepherdsDog ShepherdsDog:

Did they at least make an attempt to 'promise'(lie) that investors may get their money back if things improve....or were they just told, 'suck it up princess?'

Popular customers know they are fucked.
Bank winding down, bond holders and shareholders will get zero.

"Full contribution" of deposits, around 4.3 bn Euros.

Considering just the ELA loans from Last year amount to
9 billion Euros, means any money >100k is lost.


Popular or Laiki as it's called, wasn't bankrupt, it was REALLY bankrupt.




Bank of Cyprus, all accounts >100k frozen.


That 9bn ELA money will go to BoC, meaning they will have to pay for it.


The bankers are talking haircuts of 30-40% from BoC, but I don't believe it
for a minute; I think now they are just trying to limit the bad news.

[BartSimpson]

I'm really not happy to see this kind of thing. Next up we'll see the USA seizing retirement accounts to fund social security...just like as happened in Hungary and the Czech Republic.

[andyt]

Thanos Thanos:

Ten bucks says that all the big players were quietly allowed to wire all of their money out of Cyprus while the small businesses and the rest of the local saps are shit out of luck. As usual.

I wouldn't take that bet. Some of those Russian large depositors have a way of being awfully persuasive, making inquiries about the well being of the bank officials' families, expressing concern about the lead deficiencies they are suffering, etc.

[martin14]

andyt andyt:

Thanos Thanos:

Ten bucks says that all the big players were quietly allowed to wire all of their money out of Cyprus while the small businesses and the rest of the local saps are shit out of luck. As usual.

I wouldn't take that bet. Some of those Russian large depositors have a way of being awfully persuasive, making inquiries about the well being of the bank officials' families, expressing concern about the lead deficiencies they are suffering, etc.

The real money went out before, in some cases long before.

Even I posted 3 days before the shit hit the fan to get out,
and I'm no expert.

There were warnings since 2012 this might happen, anyone who
got caught is a chump.



And andy, the Russians aren't that subtle.

Besides, most of the money in those accounts was Cypriot, not Russian.
The Russian banks in Cyprus don't get touched.