Record Bank Heist In Cyprus Spells An End Game For Your Wealth
By Jeff Berwick, The Dollar Vigilante
Tuesday, 19 March 2013
he emergency bank holiday in Cyprus has been extended through Tuesday and Wednesday in what as far as the team at Dollar Vigilante has researched, will be the longest emergency bank holiday in Europe or North America since the Second World War.
Marking the first time during the five-year-old global credit crunch, depositors may be forced to pay upfront for their nation’s bailout. European finance ministers are reaching into Cypriot savings accounts to backstop a 13 billion euro bailout for Cyprus. The decision was made public early Saturday morning, shortly after which Cyprus banks closed to slow down withdrawals.
And then, news hit Monday that the bank holiday has been extended till Thursday.
I had prepared comments on the Cyprus bailout-by-bank-account-robbery on Saturday evening and Sunday, but something told me that Monday would bring potentially even bigger news (what’s so surprising about governments and banks stealing from their serfs, anyway?), either market-wise or politically. Well that news came in the form of a nearly week-long bank holiday. To be fair, the papers have not exactly made it clear which Thursday we can expect the banks to re-open.
The banks always announce bad news on a Friday to paralyze the people. Then more bad news follows Monday, after a nation’s oligarchs have been able to position themselves to benefit most from the crisis. It happened when US debt got downgraded a couple years ago.