Cyprus' savers bear brunt of unprecedented bailout
(Reuters) - The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.
The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region's debt crisis...Parliament was due to meet on Sunday to vote on the measure, and approval was far from assured...
President Nicos Anastasiades, elected three weeks ago with a pledge to negotiate a swift bailout, said refusal to agree to terms would have led to the collapse of the two largest banks"...On Tuesday ... We would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis," Anastasiades said in written statement.
The decision prompted a run on cashpoints, most of which were depleted by mid afternoon, and co-operative credit societies closed to prevent angry savers withdrawing deposits...The deposit levy - set at 9.9 percent on bank deposits exceeding 100,000 euros and 6.7 percent on anything below that - will take place on Tuesday after a bank holiday on Monday...To guard against capital flight, Cyprus took immediate steps to prevent electronic money transfers over the weekend.
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Compare: NWO Awards Nobel Peace Prize To The European Union For Ordo Ab Chao Agenda 21 Merge 12-10-12 "The European Union as the very first on planet earth fully functioning Agenda 21 regionally governed entity is oh-so-close to becoming realized. But, there are still some sticking points to be ironed out, as is evident from statements quoted in the...article. Like these for instance: "More needs to be done", "we need institutions", "further fraternity", "stand together", "collective responsibility, "deepening integration"...to point out a few. Nothing new there, just more of the same - merge merge merge, and give up sovereignty...But after all they have come this far already, and all it took to get this far was to destroy the economies of numerous European nations like Greece, Italy, Spain, Ireland, Portugal, etc., and then force economic and political integration as the only solution. So for that, they have awarded themself the Nobel Peace prize" [see post]
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Either the two largest banks go belly up and Cyprus goes bankrupt, or, we take your money Cyprians (up to 10%), says the NWO's three week in office new President. The parliament of Cyprus still has to approve - an 'emergency' meeting is set for tomorrow Sunday. As of now though, the people's money is 'restricted'. Another source reported that there has been talk that although this is the first time this is being seen, that it might not be the last...meaning other countries. fyi Rev. 18:4
3-17-13 Update: Vote Postponed Until Monday 3-18; Prison, Fines Proposed For Non-payers
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Matt. 6:19-21 'Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also'
(Reuters) - The euro zone agreed on Saturday to hand Cyprus a bailout worth 10 billion euros ($13 billion), but demanded depositors in its banks forfeit some money to stave off bankruptcy despite the risk of a wider run on savings.
The eastern Mediterranean island becomes the fifth country after Greece, Ireland, Portugal and Spain to turn to the euro zone for financial help during the region's debt crisis...Parliament was due to meet on Sunday to vote on the measure, and approval was far from assured...
President Nicos Anastasiades, elected three weeks ago with a pledge to negotiate a swift bailout, said refusal to agree to terms would have led to the collapse of the two largest banks"...On Tuesday ... We would either choose the catastrophic scenario of disorderly bankruptcy or the scenario of a painful but controlled management of the crisis," Anastasiades said in written statement.
The decision prompted a run on cashpoints, most of which were depleted by mid afternoon, and co-operative credit societies closed to prevent angry savers withdrawing deposits...The deposit levy - set at 9.9 percent on bank deposits exceeding 100,000 euros and 6.7 percent on anything below that - will take place on Tuesday after a bank holiday on Monday...To guard against capital flight, Cyprus took immediate steps to prevent electronic money transfers over the weekend.
------------------------------------------------------
Compare: NWO Awards Nobel Peace Prize To The European Union For Ordo Ab Chao Agenda 21 Merge 12-10-12 "The European Union as the very first on planet earth fully functioning Agenda 21 regionally governed entity is oh-so-close to becoming realized. But, there are still some sticking points to be ironed out, as is evident from statements quoted in the...article. Like these for instance: "More needs to be done", "we need institutions", "further fraternity", "stand together", "collective responsibility, "deepening integration"...to point out a few. Nothing new there, just more of the same - merge merge merge, and give up sovereignty...But after all they have come this far already, and all it took to get this far was to destroy the economies of numerous European nations like Greece, Italy, Spain, Ireland, Portugal, etc., and then force economic and political integration as the only solution. So for that, they have awarded themself the Nobel Peace prize" [see post]
***
Either the two largest banks go belly up and Cyprus goes bankrupt, or, we take your money Cyprians (up to 10%), says the NWO's three week in office new President. The parliament of Cyprus still has to approve - an 'emergency' meeting is set for tomorrow Sunday. As of now though, the people's money is 'restricted'. Another source reported that there has been talk that although this is the first time this is being seen, that it might not be the last...meaning other countries. fyi Rev. 18:4
3-17-13 Update: Vote Postponed Until Monday 3-18; Prison, Fines Proposed For Non-payers
------------------------------------------------------------
Matt. 6:19-21 'Lay not up for yourselves treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal: But lay up for yourselves treasures in heaven, where neither moth nor rust doth corrupt, and where thieves do not break through nor steal: For where your treasure is, there will your heart be also'
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