Cyprus accepts new package, will stay in Eurozone

The same theatre,the same actors the same scenes,the same results.What we’re witnessing in Cyprus is the continuation of the process of destruction of nation states by enslaving their economies as the route to creating a supranational state of the EU elites EUSSR.

But the latest EU gimmick resorting in confiscation of bank deposit accounts confirms the EU is not only morally but also financially bankrupt and hasn’t got the ability to find a paltry sum of 6 billion Euros to rescue Cyprus .The message they give is clear-don’t save,take off the state and embrace a statist world.If you have your own means when the chips are down we will shaft you.

I think this latest EU action could start a run on banks in Ireland,Spain,Italy,customers with large deposits in those countries would be looking to switch accounts at the earliest opportunity.It could also be a wake up call for all those who still believe the EU has been created for the benefit of the serfs and not the masters.

“It is estimated that there is about EUR 20 billion of Russian money in Cyprus,........”

This is straight out of Retuers. No it’s not Russia’s money, but the money belonging to wealthy Russians – its private money. I read in the New York Times yesterday an article stating that “this will reduce the Russian GDP by 2%”
What a load of horse manure
One more important item that seems to be overlooked in this story is that there are also a large number of British investors affected here. Yes British and not just Russians.

“Cypriot banks found themselves in trouble after investing a large portion of their funds in the purchase of Greek bonds, which proved to be worthless.”

True, but when part of the Greek debt was written off the EU was asked about the Cypriot banks that held Greek bonds and Brussels told everyone that it would be no problem as they will make sure they do not suffer – so much for Brussels’ word. Now you understand that when Asian banks lend they make sure that any agreement has savage penalties if the west tries to pull a stunt like that.

Interesting how the EU has legalised robbing banks. I suppose the mafia never had a problem with it in the first place.

"The same theatre,the same actors the same scenes,the same results.What we’re witnessing in Cyprus is the continuation of the process of destruction of nation states by enslaving their economies as the route to creating a supranational state of the EU elites EUSSR. "

No Leonidas, what we are witnessing is Cypriot banks bought worthless Greek bonds, and now they are getting money from EU to cover their a**es, didn't you read the article?

Interesting how the EU has legalised robbing banks. I suppose the mafia never had a problem with it in the first place.
(Zoran

Zoran, I thought Cyprus tried to get a loan and the EU was the only lender willing to loan. How come brother Russians didn't help?
I know. They only help Serbs.

They can't brag about their expertise in money laundering anymore.
(Joe, 25 March 2013 18:37)

I think everybody posting on B92 must've noticed how objective you're on articles concerning Serbs,Greeks or Russians.Now if you want to learn about money laundering follow the masters of the trade:

http://www.dw.de/germany-a-safe-haven-for-money-laundering/a-16343313

http://www.standard.co.uk/news/london/hsbc-pays-78-city-bankers-1m-after-fine-for-money-laundering-8519282.html

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9652491/Standard-Chartered-close-to-US-settlement-over-Iran-money-laundering-allegations.html

http://www.globalresearch.ca/aig-is-a-legal-money-laundering-ring/12839

Educate yourself.

No Leonidas, what we are witnessing is Cypriot banks bought worthless Greek bonds, and now they are getting money from EU to cover their a**es, didn't you read the article?
(Reader, 25 March 2013 12:57)

You seem not to understand the issues involved here.It was the Germans who demanded a 53% haircut on the Greek bonds which were mainly held by banks in Greece and Cyprus,Greek pension and mutual funds and private Greek bondholders.By demanding such a haircut the Germans also knew that such an action would've rendered the Banks in Cyprus insolvent.

Bottom line I can't see the Russians taking this lying down and watch for part 2 which will probably involve EU companies and German gas consumers.

(John, 25 March 2013 20:44)

I didn't expect a better comment from an Albanian masquerading as a German.Your Albanian ancestors have always been bootlickers and never made a distinction between Ottoman,Italian or German boots.

As to your threats of quitting the Euro i don't give a toss.But make no mistake.The parallels between what is happening in Europe today and whet happened in 1913 are strikingly the same.Then,as now, an overconfident Germany was bestriding the continent by dictating the terms to its weaker neighbours such as Belgium and France and no wonder Frau Merkel has this air of invisibility of Germany's then ruler Kaiser WilhelmII.We know what happened then and it is all about to happen again.

Between 5-8 billion euros in accounts held by Serbian citizens are held in Cyprus. Stolen during the regime of Slobo and the incompetent democrats after.

I hope these people lose the 40% and that spurs them to return the remaining 3-4.8 billion euros Serbia -- the sooner the better.

Quite amazing how people justify the legalisation of bank robbery. So now everyone with over 100k in Cypriot banks is a money launderer? LOL! Like the EU has no money laundering laws?

Banks were trusted to protect funds deposited in them, until today that is. The whole banking system is being destroyed. Who is going to trust it now?

That picture says everything you need to know. The public sector will kill you, if you do not give in to their threats/demands.

The politicians will call you illegal, the clergy immoral, your drunk friends unpatriotic, and your very own family a shame, if you do not give in. And they blame eu/germany/bursel/ect, instead of their parasitic family public members.

Like the mafia, they tell you bad things will happen if you do not give your time, money, and blood. But at least the mafia sells you protection, while the public sector parasites have the monopoly of violence.

Interesting how the EU has legalised robbing banks. I suppose the mafia never had a problem with it in the first place.
(Zoran, 25 March 2013 12:44)

Zoran, Cyrpus has only itself to blame for getting into this mess in the first place. Take responsibility for your business from the beginning! Don't sit there when you screw everything up then ask for bailouts and do not like the terms of the bailout. Whether the deal is wrong or not is irrelevant. Countries need to look inward to fix the problems that got them into these messes. Sort of like the hole that Serbia is in because of their fervent nationalism and quest for a "Greater Serbia". Serbia lost everything and now they complain.

This was the best of only bad options. At least the deposit guarantee of 100 000 Euro has been kept. IMHO the only mistake the EU made, when they contemplated to charge bank account below that level, but they corrected it. Everything else was acceptable. That "business model" of those money laundry banks of the this island is irreversibly destroyed. I doubt that many will keep that kind of "business" there.

Furthermore, even politically it was a success since it showed what happens when a country is at Russia's mercy. You are simply lost. 6bn Euro, and Russia does not want to help even a little bit, not even when offered compensation. "Friendship" ends where business starts. Nowhere else this counts more than in Russia. If Russia wants now to "avenge" this by confiscating property in Russia, then so be it. Nothing could prove more transparently that Russia is an unsafe harbour for business.

Overall a development which showed us several very interesting stances, politically and economically. It was a (dirty) poker game to play Russia and EU against each other and to brag about "huge" gas reserves which will go to Russia. Well, they clearly overestimated Russia's love for them. Now, it is crystal clear. Cyprus refused to leave the Euro and has rather accepted the austerity measures than going the way of economic and political uncertainness outside the EU and Euro. But it will not change that Cyprus will slide into deeper recession (or even depression) and turmoil.

(Leonidas, 25 March 2013 16:03)

Bottom line is that you totally failed to asses the situation properly, back in the past and now. Greece and Cyprus are economically broken countries which "threatened" frequently to turn to your Eastern allies just to crawl back with their tails between their legs. I remember your comment regarding the Finance Minister being in Moscow while I told you that I don't think that the Russians will get into these hot waters. What happened? He went back with empty hands. Now you tell us that Cyprus economic disaster comes from the demand Germany's that Greece defaults 53% of its debts. Oh what "bad, bad" Germans to allow Greece to remit that burden from Athens.

You should be thankful that the German people has no real saying in this. If it would be up to us, you would not receive even half a coin and Germany would return to DM or make a joint union with North European countries. THAT is what the German people really wants and with God's help we will get a party, in particular the AfD, for the next elections which will end that. Then you can do whatever you want. You can even keep your debts. I give a damn about them, just GTFO.

(Joe

Being an Albanian rapporteur on B92 doesn't give you any expertise to speak on financial matters let alone the bailout in Cyprus.Your comments are always of superficial nature and never deal with the heart of the matter.

With regard to Cyprus back in 2008(many years after the Russians started doing business with its banks) when joined the Euro she went through the EU banking tests which concluded the Cyprus banking sector was healthy and was allowed to join .Then in 2011 again Cyprus banks went through the EU health tests and were found to be healthy.So what changed since 2011?

Had there being something wrong why didn't Brussels act then before matters got really serious?Is it possible that this delay was planned? That they knew that the situation would become so serious that Brussels would be able to take unprecedented powers over the countries of the EU?

What we have seen is the carefully planned imposition of central power, hand-cuffing nations with debts that will take years to repay.With German instructions,Brussels forced countries how to run their affairs with an arrogance that not even the US would dare to impose on a state.The last vestige of sovereign independence and power - its money - was declared forfeit.

On the bright side Cyprus debacle could be a blessing in disguise.People across the EU finally realize Merkel's definite sadistic streak in her make up.The Germans will be left paying the price for her and her cohorts after she is long gone.

Yes Leonidas, and like in 1913, we have a British Empire determined to keep the Germans in check. Like in 1913, we have the Gemans expanding their navy. And like in 1913, we have problems between Serbia & Austria. Typical Balkan nonsense, when all goes tits up, blame the Germans.

Zoran, I thought Cyprus tried to get a loan and the EU was the only lender willing to loan. How come brother Russians didn't help?
I know. They only help Serbs.
(cry me a river, 25 March 2013 14:41)

Stick to filling out unemployment benefit forms. This is a subject well above your capacity to comprehend.
Where is your great US in helping g Albos in Kosovo reducing 80% unemployment? When is Ford opening a plant in Pristina????

Historical day for the EU and also for Cyprus. Money laundering as business model is dead, "finito". The final solution for Cyprus could have been much worse. So in many ways they should consider themselves lucky. Still life will be much harder on Cyprus especially for young people working in banks. Many of them will lose their jobs. They will have to find ways to enhance their resume in a smart way. They can't brag about their expertise in money laundering anymore.

(John, 26 March 2013 12:24)

You either don't read or you don't understand my comments.I have said in my posting below that Cyprus prior to joining the Euro in 2008 went through the EU tests on its fiscal and banking position as were required by the he Maastricht Treaty and both were found to be sound.Subsequently in 2011 Cyprus banks went through a health check as was required for all Eurozone banks which she passed.What has then changed since 20111? It's either the EU regulatory authorities incompetent or there were other sinister reasons into play which is the most likely.

I have said many times before the single currency-one size fits all-wasn't suitable for none of the periphery economies because their economies weren't reliant on exports.I have also said that Greece should have defaulted on its debts and start afresh and the same applies to Cyprus. Remember that Cyprus back in 1974 lost nearly 40% of its land and economic output to the Turkish Islamofascists and before joining the EU had one of the highest GDPs in the area.

As to your Euro dream I am afraid it will end in tears big time.I did say Gjon 4 years ago(you should remember)that the whole crisis will spread on most of the Eurozone and the whole house of cards is going to come down.IT WILL COME DOWN.

I think this latest EU action could start a run on banks in Ireland,Spain,Italy,customers with large deposits in those countries would be looking to switch accounts at the earliest opportunity.It could also be a wake up call for all those who still believe the EU has been created for the benefit of the serfs and not the masters.
(Leonidas, 25 March 2013 11:41)


Leonidas,

Is this a case of "sour grapes", on your part, or is that "misery loves company". The real truth is that both Greece and Cyprus did not and still do not qualify to be members of the EU, they simply are allowed to cling on, at the largesse of the EU.

The collapse will be sudden and will occur sooner than 10 years, and probably sooner than 5 years.

I am searching for a good "Home Safe" in which to keep the little cash I still have. If the British banks shut their doors (and they are all technically bankrupt) then people here will either starve or freeze to death.

Hopefully when British banks disappear, someone will still accept my pounds and sell me a one-way ticket to Cyprus, Greece or Serbia. In a world-wide economic slump where currencies have little or no value I really don't want to be stuck in a country whose main output are derivative contracts.
(Michael Thomas, 26 March 2013 19:59)

I'll buy you a one-way ticket for you to live in paradise.

Leonidas, it is almost touching how desperately you try to white wash your little brothers of Cyprus by pointing to others. The weak side of your strategy, resembling to polemics: 1. in Cyprus it was a way of life, meaning day in day out, in some other countries periodically. 2. In the West if they get caught they get punished, see Standard Chartered, in Cyprus no, because otherwise they would put themselves out of business (punishment would happen on a daily basis). Your strategy of polemist is to dig out few cases and generalize upon it. Until my retirement I had to complete on-line courses on money laundering practically on a monthly basis. My company - like most companies here - makes big emphasis to teach its employees to avoid it. Any non-compliance results in immediate dismissal.

Zoran, I thought Cyprus tried to get a loan and the EU was the only lender willing to loan. How come brother Russians didn't help?
I know. They only help Serbs.
(cry me a river, 25 March 2013 14:41)

Stick to filling out unemployment benefit forms. This is a subject well above your capacity to comprehend.
Where is your great US in helping g Albos in Kosovo reducing 80% unemployment? When is Ford opening a plant in Pristina????
sj

Sj, take it easy pal. Perhaps you should hit the unemployment line and let a willing and able body take your job...whatever that is...bank teller, clerk or whatever you do.

You have demonstrated on numerous occassions that your level of comprehension is low. Attacking others on a personal level doesn't make you any smarter than you are. On the contrary. But since I'm talking to you, sj, I doubt you have the ability to comprehend what I'm telling you.

"... Frau Merkel has this air of invisibility of Germany" - another invisible country! When I was in second grade I used to wonder what else "invisible" could mean every time we pledged allegiance to this "one country, invisible, with liberty and justice for all" - after all, I could see it perfectly well, everywhere I looked.

(Leonidas, 25 March 2013 21:38)

I see that you did not bring up even a single argument. Is this all? Well, then you should not be surprised if reality hits you that hard. Drawing parallels to 1913 will not help you either, since I don't see any significant military activities. What we have are violated treaties, most notably the Maastricht Treaty which guaranteed that there will not be any bail-out for failing economies within the EU and each country is responsible for a more or less balanced household. No need to tell that we already kissed this goodbye. But as if this is not enough, the fingerpointing of the Greek societies towards all and everyone but to themselves is the most gross activity one could imagine. There can't be greater dishonor than that.

You are still blind to see that this mess is completely homemade. This arrogance is beyond all what supposed to hold Europe together and it is only plausible that huge proportion of the North European population has vowed never ever to set foot on those Fakelaki-countries. So short: Epic fail.

Where is your great US in helping g Albos in Kosovo reducing 80% unemployment? When is Ford opening a plant in Pristina????
(sj, 26 March 2013 08:12)

C'mon, what an ignorant statement. We all know especially the Serberians what the USA has done for Kosova. Let me know what part of the assistance you would like to discuss in further. We can talk about the US Special Forces that were using laser to paint Serbian Terrorist positions for airstrikes, or we can talk about the US diplomacy that brought an end to the conflict, or we can talk about the weaponry that the US is supplying to the fledgling Kosovar Army and training that they are providing. Feel free to let me know what part of the unbreakable Kosovar/America bond you want to talk about. You can talk about a Fiat factory in Serbia and I will talk about an entire country that our ally the USA helped us to attain and keep!

(Joe, 26 March 2013 16:29)

Calling you an Albanian rapporteur doesn't mean calling you an Albanian,you see I am careful calling people names specially my elders.

I did set you a couple of questions to answer which you avoided answering for obvious reasons and instead you reduced your arguments into people taking bribes.As I've said before you look at the headlines but never at the heart of the matter .The Greeks taking bribes are not any different than the Germans(remember the 8 billion euros paid in bribes by Siemens)or the Wall Street crooks who have bankrupted the US with their bailouts.But we don't talk about them Joe,do we ?

I have tried to stay true to my beliefs on every comment that I post and I am not going to change now.I'll sum it up in a small paragraph.
Fractional reserve banking, money printing and derivative creation have flooded the world with debt. There has to be a collapse to remove the debt and at the same time get rid of the corrupt, decaying, financial organisations that caused the mess, this is crony capitalism.There is no way back, no recovery , no fix , no resolution, no cure, you cannot solve a debt crisis by creating more debt.

We are on a one way ticket to collapse,and all the EU bailouts to date were aimed to manufacture power grabs and centralise power on the world chess board for the new world order.

Time frame?I don't know ,it could be one,five or ten years.

We are on a one way ticket to collapse,and all the EU bailouts to date were aimed to manufacture power grabs and centralise power on the world chess board for the new world order.

Time frame?I don't know ,it could be one,five or ten years.
(Leonidas, 26 March 2013 17:46)


The collapse will be sudden and will occur sooner than 10 years, and probably sooner than 5 years.

I am searching for a good "Home Safe" in which to keep the little cash I still have. If the British banks shut their doors (and they are all technically bankrupt) then people here will either starve or freeze to death.

Hopefully when British banks disappear, someone will still accept my pounds and sell me a one-way ticket to Cyprus, Greece or Serbia. In a world-wide economic slump where currencies have little or no value I really don't want to be stuck in a country whose main output are derivative contracts.

(Michael Thomas, 26 March 2013 19:59

Michael

The UK is heading for a full blown Sterling crisis - and the recessionary impact of the fall in Sterling is serious for the whole economy, because real incomes are already falling, so price rises can only lead to a deepening recession.
At some point the economy becomes trapped between its falling currency and its rising deficit - as recession bites, tax receipts fall, benefits bills rise, then so does the deficit - and harder austerity simply makes the hole deeper, so sooner or later there is no way out, because there is a positive feedback loop of market sentiment in the UK, the falling value of its currency and the recessionary impact this has.

With regard to time frame for a full blown collapse you could be right but it all depends on how far the Fed and Bank of England are willing to go with money printing.You're right Banks in UK and US are bankrupt and all this money printing goes to them to continue their derivatives gambling.

Investing money? I've heard from few people in Greece they were buying land and moving to countryside.At least they won't starve when the crisis is full blown.

Leonidas, it is fun to watch how much your irrational irritation and desperate attempt to defend the Fakelaki-countries increases on a daily basis. I am just wondering the "quality" of comments you will write in few months when those Fakelaki-countries will be in even deeper soup. And by the bay thanks for calling me "an Albanian" reporter. That shows your helpless anger since you know very well that I am not an Albanian. Well I consider that title as an honor since I consider myself an honorary Albanian. As for your step by step justification attempt you don't have to go back so far. It is enough to go back to last year when one Fakelalki country (Greece) had hurt the other Kakelaki (Cyprus),all in the family.

You either don't read or you don't understand my comments.I have said in my posting below that Cyprus prior to joining the Euro in 2008 went through the EU tests on its fiscal and banking position as were required by the he Maastricht Treaty and both were found to be sound.
(Leonidas, 26 March 2013 15:50)

You wrote that later and not in reference to my post, but ok, it has some substance, but not far reaching, since Article 125 of the Lisbon Treaty says:

"1. The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project."

This fundamental corner stone of the primary EU treaty has been violated and you still have the gal to tell us that everything is "sound"?

Furthermore, you also claim that you would have supported Greece's default (btw. me too). What do you think that would have meant for Cyprus? When you whine about 53% loss in reference to Cyprus' problems, what exactly that what have meant when we would talk about 100%?

Furthermore, you also claim that you would have supported Greece's default (btw. me too). What do you think that would have meant for Cyprus? When you whine about 53% loss in reference to Cyprus' problems, what exactly that what have meant when we would talk about 100%?
(John, 26 March 2013 19:30)

I am not whining about the 53% loss on Greece's haircut,I was just explaining how Cyprus reached this financial crisis.If you look at my posting on Cyprus after parliament rejected the first bailout I made my preference clear by saying that Cyprus should default.

Cyprus banks had deposit in excess of 110 billion euros and 40% of these deposits belonged to its own citizens. They've could come to an agreement with the EU for an orderly transition to its old currency, after all the EU was bitterly opposed to a total bailout.The government of Cyprus could print its own money and kick start the economy.

(Captain America, 26 March 2013 15:11)


I’ll tell you something about US special forces; they are only that good in a movie otherwise they are incompetent that no one likes to be near them. Ask any of the NATO contingent now in Afghnaistan and I mean any; they all think the US are a bunch of circus clowns who are so badly trained and aggressive they are all hated by the locals.

Secondly, William Cohen was horrified when he saw what little damage was done to serb forces by NATO bombing in Kosovo – they dropped bombs everywhere and then said Milosevic made us do it and the dumb Albos accepted that.

Its now going onto 14 since the war and you would by now think of ways to improve the standard of living in Kosovo, but all I hear is US forces did this or that. When is the US going to help Pristina open some industry?????

When is Ford or Microsoft or GM coming to Kosova?????

"When is Ford or Microsoft or GM coming to Kosova?????"

what an exceptionally stupid comment. Ford, Microsoft, GM are all private companies, the US gov. does not tell them where to invest. you need to get ion touch with your Malaysian friend again or maybe reenroll back to elementary school. this is what the US gov. does, keep Serbia out. its enough to make your blood boil but that's not really my problem. now, when is Russia gonna send those troops to help Serbia reclaim its beloved srce back?

(sj, 26 March 2013 22:55)

How do you do it SJ? How is it that whenever I read one of your "compelling" and "riveting" posts, I hear circus music playing? It only happens when I read your posts. The part about America Special forces being inept in every way was classic. In my honest opinion I believe that all of Serbias military is a "Special Force". Their primary objective is/was to defend their land and not lose territory. The facts clearly show that they failed miserably on all fronts and acheived nothing. You are so proud, you wear the Serbian military pulling out of Kosova with all of their boots on like a badge of honor. Where is the honor in leaving the war zone and giving up your territory? Look, just please have your passport ready for customs at the Kosova border when you are ready to visit. Until then, share your fairy tails with people stupid enough to believe you.

Leonidas, I am waiting for that big collapse right now to buy a good stock 15 dollars cheaper. I am waiting in vain because the FED is printing/pumping about 65 billion dollars per months to keep the market afloat. Maybe something will happen in few months.

"The same theatre,the same actors the same scenes,the same results.What we’re witnessing in Cyprus is the continuation of the process of destruction of nation states by enslaving their economies as the route to creating a supranational state of the EU elites EUSSR. "

No Leonidas, what we are witnessing is Cypriot banks bought worthless Greek bonds, and now they are getting money from EU to cover their a**es, didn't you read the article?

The same theatre,the same actors the same scenes,the same results.What we’re witnessing in Cyprus is the continuation of the process of destruction of nation states by enslaving their economies as the route to creating a supranational state of the EU elites EUSSR.

But the latest EU gimmick resorting in confiscation of bank deposit accounts confirms the EU is not only morally but also financially bankrupt and hasn’t got the ability to find a paltry sum of 6 billion Euros to rescue Cyprus .The message they give is clear-don’t save,take off the state and embrace a statist world.If you have your own means when the chips are down we will shaft you.

I think this latest EU action could start a run on banks in Ireland,Spain,Italy,customers with large deposits in those countries would be looking to switch accounts at the earliest opportunity.It could also be a wake up call for all those who still believe the EU has been created for the benefit of the serfs and not the masters.

This was the best of only bad options. At least the deposit guarantee of 100 000 Euro has been kept. IMHO the only mistake the EU made, when they contemplated to charge bank account below that level, but they corrected it. Everything else was acceptable. That "business model" of those money laundry banks of the this island is irreversibly destroyed. I doubt that many will keep that kind of "business" there.

Furthermore, even politically it was a success since it showed what happens when a country is at Russia's mercy. You are simply lost. 6bn Euro, and Russia does not want to help even a little bit, not even when offered compensation. "Friendship" ends where business starts. Nowhere else this counts more than in Russia. If Russia wants now to "avenge" this by confiscating property in Russia, then so be it. Nothing could prove more transparently that Russia is an unsafe harbour for business.

Overall a development which showed us several very interesting stances, politically and economically. It was a (dirty) poker game to play Russia and EU against each other and to brag about "huge" gas reserves which will go to Russia. Well, they clearly overestimated Russia's love for them. Now, it is crystal clear. Cyprus refused to leave the Euro and has rather accepted the austerity measures than going the way of economic and political uncertainness outside the EU and Euro. But it will not change that Cyprus will slide into deeper recession (or even depression) and turmoil.

Interesting how the EU has legalised robbing banks. I suppose the mafia never had a problem with it in the first place.
(Zoran

Zoran, I thought Cyprus tried to get a loan and the EU was the only lender willing to loan. How come brother Russians didn't help?
I know. They only help Serbs.

Historical day for the EU and also for Cyprus. Money laundering as business model is dead, "finito". The final solution for Cyprus could have been much worse. So in many ways they should consider themselves lucky. Still life will be much harder on Cyprus especially for young people working in banks. Many of them will lose their jobs. They will have to find ways to enhance their resume in a smart way. They can't brag about their expertise in money laundering anymore.

That picture says everything you need to know. The public sector will kill you, if you do not give in to their threats/demands.

The politicians will call you illegal, the clergy immoral, your drunk friends unpatriotic, and your very own family a shame, if you do not give in. And they blame eu/germany/bursel/ect, instead of their parasitic family public members.

Like the mafia, they tell you bad things will happen if you do not give your time, money, and blood. But at least the mafia sells you protection, while the public sector parasites have the monopoly of violence.

(Leonidas, 25 March 2013 16:03)

Bottom line is that you totally failed to asses the situation properly, back in the past and now. Greece and Cyprus are economically broken countries which "threatened" frequently to turn to your Eastern allies just to crawl back with their tails between their legs. I remember your comment regarding the Finance Minister being in Moscow while I told you that I don't think that the Russians will get into these hot waters. What happened? He went back with empty hands. Now you tell us that Cyprus economic disaster comes from the demand Germany's that Greece defaults 53% of its debts. Oh what "bad, bad" Germans to allow Greece to remit that burden from Athens.

You should be thankful that the German people has no real saying in this. If it would be up to us, you would not receive even half a coin and Germany would return to DM or make a joint union with North European countries. THAT is what the German people really wants and with God's help we will get a party, in particular the AfD, for the next elections which will end that. Then you can do whatever you want. You can even keep your debts. I give a damn about them, just GTFO.

Interesting how the EU has legalised robbing banks. I suppose the mafia never had a problem with it in the first place.
(Zoran, 25 March 2013 12:44)

Zoran, Cyrpus has only itself to blame for getting into this mess in the first place. Take responsibility for your business from the beginning! Don't sit there when you screw everything up then ask for bailouts and do not like the terms of the bailout. Whether the deal is wrong or not is irrelevant. Countries need to look inward to fix the problems that got them into these messes. Sort of like the hole that Serbia is in because of their fervent nationalism and quest for a "Greater Serbia". Serbia lost everything and now they complain.

Interesting how the EU has legalised robbing banks. I suppose the mafia never had a problem with it in the first place.

“It is estimated that there is about EUR 20 billion of Russian money in Cyprus,........”

This is straight out of Retuers. No it’s not Russia’s money, but the money belonging to wealthy Russians – its private money. I read in the New York Times yesterday an article stating that “this will reduce the Russian GDP by 2%”
What a load of horse manure
One more important item that seems to be overlooked in this story is that there are also a large number of British investors affected here. Yes British and not just Russians.

“Cypriot banks found themselves in trouble after investing a large portion of their funds in the purchase of Greek bonds, which proved to be worthless.”

True, but when part of the Greek debt was written off the EU was asked about the Cypriot banks that held Greek bonds and Brussels told everyone that it would be no problem as they will make sure they do not suffer – so much for Brussels’ word. Now you understand that when Asian banks lend they make sure that any agreement has savage penalties if the west tries to pull a stunt like that.

No Leonidas, what we are witnessing is Cypriot banks bought worthless Greek bonds, and now they are getting money from EU to cover their a**es, didn't you read the article?
(Reader, 25 March 2013 12:57)

You seem not to understand the issues involved here.It was the Germans who demanded a 53% haircut on the Greek bonds which were mainly held by banks in Greece and Cyprus,Greek pension and mutual funds and private Greek bondholders.By demanding such a haircut the Germans also knew that such an action would've rendered the Banks in Cyprus insolvent.

Bottom line I can't see the Russians taking this lying down and watch for part 2 which will probably involve EU companies and German gas consumers.

(John, 25 March 2013 20:44)

I didn't expect a better comment from an Albanian masquerading as a German.Your Albanian ancestors have always been bootlickers and never made a distinction between Ottoman,Italian or German boots.

As to your threats of quitting the Euro i don't give a toss.But make no mistake.The parallels between what is happening in Europe today and whet happened in 1913 are strikingly the same.Then,as now, an overconfident Germany was bestriding the continent by dictating the terms to its weaker neighbours such as Belgium and France and no wonder Frau Merkel has this air of invisibility of Germany's then ruler Kaiser WilhelmII.We know what happened then and it is all about to happen again.

Zoran, I thought Cyprus tried to get a loan and the EU was the only lender willing to loan. How come brother Russians didn't help?
I know. They only help Serbs.
(cry me a river, 25 March 2013 14:41)

Stick to filling out unemployment benefit forms. This is a subject well above your capacity to comprehend.
Where is your great US in helping g Albos in Kosovo reducing 80% unemployment? When is Ford opening a plant in Pristina????
sj

Sj, take it easy pal. Perhaps you should hit the unemployment line and let a willing and able body take your job...whatever that is...bank teller, clerk or whatever you do.

You have demonstrated on numerous occassions that your level of comprehension is low. Attacking others on a personal level doesn't make you any smarter than you are. On the contrary. But since I'm talking to you, sj, I doubt you have the ability to comprehend what I'm telling you.

They can't brag about their expertise in money laundering anymore.
(Joe, 25 March 2013 18:37)

I think everybody posting on B92 must've noticed how objective you're on articles concerning Serbs,Greeks or Russians.Now if you want to learn about money laundering follow the masters of the trade:

http://www.dw.de/germany-a-safe-haven-for-money-laundering/a-16343313

http://www.standard.co.uk/news/london/hsbc-pays-78-city-bankers-1m-after-fine-for-money-laundering-8519282.html

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9652491/Standard-Chartered-close-to-US-settlement-over-Iran-money-laundering-allegations.html

http://www.globalresearch.ca/aig-is-a-legal-money-laundering-ring/12839

Educate yourself.

Zoran, I thought Cyprus tried to get a loan and the EU was the only lender willing to loan. How come brother Russians didn't help?
I know. They only help Serbs.
(cry me a river, 25 March 2013 14:41)

Stick to filling out unemployment benefit forms. This is a subject well above your capacity to comprehend.
Where is your great US in helping g Albos in Kosovo reducing 80% unemployment? When is Ford opening a plant in Pristina????

(Leonidas, 25 March 2013 21:38)

I see that you did not bring up even a single argument. Is this all? Well, then you should not be surprised if reality hits you that hard. Drawing parallels to 1913 will not help you either, since I don't see any significant military activities. What we have are violated treaties, most notably the Maastricht Treaty which guaranteed that there will not be any bail-out for failing economies within the EU and each country is responsible for a more or less balanced household. No need to tell that we already kissed this goodbye. But as if this is not enough, the fingerpointing of the Greek societies towards all and everyone but to themselves is the most gross activity one could imagine. There can't be greater dishonor than that.

You are still blind to see that this mess is completely homemade. This arrogance is beyond all what supposed to hold Europe together and it is only plausible that huge proportion of the North European population has vowed never ever to set foot on those Fakelaki-countries. So short: Epic fail.

Quite amazing how people justify the legalisation of bank robbery. So now everyone with over 100k in Cypriot banks is a money launderer? LOL! Like the EU has no money laundering laws?

Banks were trusted to protect funds deposited in them, until today that is. The whole banking system is being destroyed. Who is going to trust it now?

"... Frau Merkel has this air of invisibility of Germany" - another invisible country! When I was in second grade I used to wonder what else "invisible" could mean every time we pledged allegiance to this "one country, invisible, with liberty and justice for all" - after all, I could see it perfectly well, everywhere I looked.

Yes Leonidas, and like in 1913, we have a British Empire determined to keep the Germans in check. Like in 1913, we have the Gemans expanding their navy. And like in 1913, we have problems between Serbia & Austria. Typical Balkan nonsense, when all goes tits up, blame the Germans.

I think this latest EU action could start a run on banks in Ireland,Spain,Italy,customers with large deposits in those countries would be looking to switch accounts at the earliest opportunity.It could also be a wake up call for all those who still believe the EU has been created for the benefit of the serfs and not the masters.
(Leonidas, 25 March 2013 11:41)


Leonidas,

Is this a case of "sour grapes", on your part, or is that "misery loves company". The real truth is that both Greece and Cyprus did not and still do not qualify to be members of the EU, they simply are allowed to cling on, at the largesse of the EU.

Leonidas, it is almost touching how desperately you try to white wash your little brothers of Cyprus by pointing to others. The weak side of your strategy, resembling to polemics: 1. in Cyprus it was a way of life, meaning day in day out, in some other countries periodically. 2. In the West if they get caught they get punished, see Standard Chartered, in Cyprus no, because otherwise they would put themselves out of business (punishment would happen on a daily basis). Your strategy of polemist is to dig out few cases and generalize upon it. Until my retirement I had to complete on-line courses on money laundering practically on a monthly basis. My company - like most companies here - makes big emphasis to teach its employees to avoid it. Any non-compliance results in immediate dismissal.

Where is your great US in helping g Albos in Kosovo reducing 80% unemployment? When is Ford opening a plant in Pristina????
(sj, 26 March 2013 08:12)

C'mon, what an ignorant statement. We all know especially the Serberians what the USA has done for Kosova. Let me know what part of the assistance you would like to discuss in further. We can talk about the US Special Forces that were using laser to paint Serbian Terrorist positions for airstrikes, or we can talk about the US diplomacy that brought an end to the conflict, or we can talk about the weaponry that the US is supplying to the fledgling Kosovar Army and training that they are providing. Feel free to let me know what part of the unbreakable Kosovar/America bond you want to talk about. You can talk about a Fiat factory in Serbia and I will talk about an entire country that our ally the USA helped us to attain and keep!

(Joe

Being an Albanian rapporteur on B92 doesn't give you any expertise to speak on financial matters let alone the bailout in Cyprus.Your comments are always of superficial nature and never deal with the heart of the matter.

With regard to Cyprus back in 2008(many years after the Russians started doing business with its banks) when joined the Euro she went through the EU banking tests which concluded the Cyprus banking sector was healthy and was allowed to join .Then in 2011 again Cyprus banks went through the EU health tests and were found to be healthy.So what changed since 2011?

Had there being something wrong why didn't Brussels act then before matters got really serious?Is it possible that this delay was planned? That they knew that the situation would become so serious that Brussels would be able to take unprecedented powers over the countries of the EU?

What we have seen is the carefully planned imposition of central power, hand-cuffing nations with debts that will take years to repay.With German instructions,Brussels forced countries how to run their affairs with an arrogance that not even the US would dare to impose on a state.The last vestige of sovereign independence and power - its money - was declared forfeit.

On the bright side Cyprus debacle could be a blessing in disguise.People across the EU finally realize Merkel's definite sadistic streak in her make up.The Germans will be left paying the price for her and her cohorts after she is long gone.

(John, 26 March 2013 12:24)

You either don't read or you don't understand my comments.I have said in my posting below that Cyprus prior to joining the Euro in 2008 went through the EU tests on its fiscal and banking position as were required by the he Maastricht Treaty and both were found to be sound.Subsequently in 2011 Cyprus banks went through a health check as was required for all Eurozone banks which she passed.What has then changed since 20111? It's either the EU regulatory authorities incompetent or there were other sinister reasons into play which is the most likely.

I have said many times before the single currency-one size fits all-wasn't suitable for none of the periphery economies because their economies weren't reliant on exports.I have also said that Greece should have defaulted on its debts and start afresh and the same applies to Cyprus. Remember that Cyprus back in 1974 lost nearly 40% of its land and economic output to the Turkish Islamofascists and before joining the EU had one of the highest GDPs in the area.

As to your Euro dream I am afraid it will end in tears big time.I did say Gjon 4 years ago(you should remember)that the whole crisis will spread on most of the Eurozone and the whole house of cards is going to come down.IT WILL COME DOWN.

The collapse will be sudden and will occur sooner than 10 years, and probably sooner than 5 years.

I am searching for a good "Home Safe" in which to keep the little cash I still have. If the British banks shut their doors (and they are all technically bankrupt) then people here will either starve or freeze to death.

Hopefully when British banks disappear, someone will still accept my pounds and sell me a one-way ticket to Cyprus, Greece or Serbia. In a world-wide economic slump where currencies have little or no value I really don't want to be stuck in a country whose main output are derivative contracts.
(Michael Thomas, 26 March 2013 19:59)

I'll buy you a one-way ticket for you to live in paradise.

(Captain America, 26 March 2013 15:11)


I’ll tell you something about US special forces; they are only that good in a movie otherwise they are incompetent that no one likes to be near them. Ask any of the NATO contingent now in Afghnaistan and I mean any; they all think the US are a bunch of circus clowns who are so badly trained and aggressive they are all hated by the locals.

Secondly, William Cohen was horrified when he saw what little damage was done to serb forces by NATO bombing in Kosovo – they dropped bombs everywhere and then said Milosevic made us do it and the dumb Albos accepted that.

Its now going onto 14 since the war and you would by now think of ways to improve the standard of living in Kosovo, but all I hear is US forces did this or that. When is the US going to help Pristina open some industry?????

When is Ford or Microsoft or GM coming to Kosova?????

Between 5-8 billion euros in accounts held by Serbian citizens are held in Cyprus. Stolen during the regime of Slobo and the incompetent democrats after.

I hope these people lose the 40% and that spurs them to return the remaining 3-4.8 billion euros Serbia -- the sooner the better.

Leonidas, it is fun to watch how much your irrational irritation and desperate attempt to defend the Fakelaki-countries increases on a daily basis. I am just wondering the "quality" of comments you will write in few months when those Fakelaki-countries will be in even deeper soup. And by the bay thanks for calling me "an Albanian" reporter. That shows your helpless anger since you know very well that I am not an Albanian. Well I consider that title as an honor since I consider myself an honorary Albanian. As for your step by step justification attempt you don't have to go back so far. It is enough to go back to last year when one Fakelalki country (Greece) had hurt the other Kakelaki (Cyprus),all in the family.

We are on a one way ticket to collapse,and all the EU bailouts to date were aimed to manufacture power grabs and centralise power on the world chess board for the new world order.

Time frame?I don't know ,it could be one,five or ten years.
(Leonidas, 26 March 2013 17:46)


The collapse will be sudden and will occur sooner than 10 years, and probably sooner than 5 years.

I am searching for a good "Home Safe" in which to keep the little cash I still have. If the British banks shut their doors (and they are all technically bankrupt) then people here will either starve or freeze to death.

Hopefully when British banks disappear, someone will still accept my pounds and sell me a one-way ticket to Cyprus, Greece or Serbia. In a world-wide economic slump where currencies have little or no value I really don't want to be stuck in a country whose main output are derivative contracts.

Furthermore, you also claim that you would have supported Greece's default (btw. me too). What do you think that would have meant for Cyprus? When you whine about 53% loss in reference to Cyprus' problems, what exactly that what have meant when we would talk about 100%?
(John, 26 March 2013 19:30)

I am not whining about the 53% loss on Greece's haircut,I was just explaining how Cyprus reached this financial crisis.If you look at my posting on Cyprus after parliament rejected the first bailout I made my preference clear by saying that Cyprus should default.

Cyprus banks had deposit in excess of 110 billion euros and 40% of these deposits belonged to its own citizens. They've could come to an agreement with the EU for an orderly transition to its old currency, after all the EU was bitterly opposed to a total bailout.The government of Cyprus could print its own money and kick start the economy.

You either don't read or you don't understand my comments.I have said in my posting below that Cyprus prior to joining the Euro in 2008 went through the EU tests on its fiscal and banking position as were required by the he Maastricht Treaty and both were found to be sound.
(Leonidas, 26 March 2013 15:50)

You wrote that later and not in reference to my post, but ok, it has some substance, but not far reaching, since Article 125 of the Lisbon Treaty says:

"1. The Union shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of any Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project. A Member State shall not be liable for or assume the commitments of central governments, regional, local or other public authorities, other bodies governed by public law, or public undertakings of another Member State, without prejudice to mutual financial guarantees for the joint execution of a specific project."

This fundamental corner stone of the primary EU treaty has been violated and you still have the gal to tell us that everything is "sound"?

Furthermore, you also claim that you would have supported Greece's default (btw. me too). What do you think that would have meant for Cyprus? When you whine about 53% loss in reference to Cyprus' problems, what exactly that what have meant when we would talk about 100%?

Leonidas, I am waiting for that big collapse right now to buy a good stock 15 dollars cheaper. I am waiting in vain because the FED is printing/pumping about 65 billion dollars per months to keep the market afloat. Maybe something will happen in few months.

(Michael Thomas, 26 March 2013 19:59

Michael

The UK is heading for a full blown Sterling crisis - and the recessionary impact of the fall in Sterling is serious for the whole economy, because real incomes are already falling, so price rises can only lead to a deepening recession.
At some point the economy becomes trapped between its falling currency and its rising deficit - as recession bites, tax receipts fall, benefits bills rise, then so does the deficit - and harder austerity simply makes the hole deeper, so sooner or later there is no way out, because there is a positive feedback loop of market sentiment in the UK, the falling value of its currency and the recessionary impact this has.

With regard to time frame for a full blown collapse you could be right but it all depends on how far the Fed and Bank of England are willing to go with money printing.You're right Banks in UK and US are bankrupt and all this money printing goes to them to continue their derivatives gambling.

Investing money? I've heard from few people in Greece they were buying land and moving to countryside.At least they won't starve when the crisis is full blown.

"When is Ford or Microsoft or GM coming to Kosova?????"

what an exceptionally stupid comment. Ford, Microsoft, GM are all private companies, the US gov. does not tell them where to invest. you need to get ion touch with your Malaysian friend again or maybe reenroll back to elementary school. this is what the US gov. does, keep Serbia out. its enough to make your blood boil but that's not really my problem. now, when is Russia gonna send those troops to help Serbia reclaim its beloved srce back?

(sj, 26 March 2013 22:55)

How do you do it SJ? How is it that whenever I read one of your "compelling" and "riveting" posts, I hear circus music playing? It only happens when I read your posts. The part about America Special forces being inept in every way was classic. In my honest opinion I believe that all of Serbias military is a "Special Force". Their primary objective is/was to defend their land and not lose territory. The facts clearly show that they failed miserably on all fronts and acheived nothing. You are so proud, you wear the Serbian military pulling out of Kosova with all of their boots on like a badge of honor. Where is the honor in leaving the war zone and giving up your territory? Look, just please have your passport ready for customs at the Kosova border when you are ready to visit. Until then, share your fairy tails with people stupid enough to believe you.

(Joe, 26 March 2013 16:29)

Calling you an Albanian rapporteur doesn't mean calling you an Albanian,you see I am careful calling people names specially my elders.

I did set you a couple of questions to answer which you avoided answering for obvious reasons and instead you reduced your arguments into people taking bribes.As I've said before you look at the headlines but never at the heart of the matter .The Greeks taking bribes are not any different than the Germans(remember the 8 billion euros paid in bribes by Siemens)or the Wall Street crooks who have bankrupted the US with their bailouts.But we don't talk about them Joe,do we ?

I have tried to stay true to my beliefs on every comment that I post and I am not going to change now.I'll sum it up in a small paragraph.
Fractional reserve banking, money printing and derivative creation have flooded the world with debt. There has to be a collapse to remove the debt and at the same time get rid of the corrupt, decaying, financial organisations that caused the mess, this is crony capitalism.There is no way back, no recovery , no fix , no resolution, no cure, you cannot solve a debt crisis by creating more debt.

We are on a one way ticket to collapse,and all the EU bailouts to date were aimed to manufacture power grabs and centralise power on the world chess board for the new world order.

Time frame?I don't know ,it could be one,five or ten years.