Cyprus would seek EU bailout money 'if necessary


do u think they are rubbing their hands with glee? :smiley: , who has that on their signature?


If true will they still need to recapitalize their banks?


As expected the Germans ramped up the pressure on the Cypriots. The pressure must be telling at this stage. I can’t see any deposits under 100k being touched in plan B. Its all a bit academic as the bailout will be insufficient and the economy will be a wasteland by the next bailout. This episode will knock at least 20% of GDP.


Interestingly I think some people are looking at Switzerland now … and the size of UBS and CS. Combined I think they’re about fifteen times the size of Swiss GDP… So that Swiss deposit account now looks a little bit less safe than it did two weeks ago!


Plan C for Cyprus - -> … or-cyprus/


Turkey may challenge Cypriot use of gas reserves in bailout - -> … AI20130321

Could gas save Cyprus? If only it were so simple - -> … le-hot-air



Since they only joined in 2008 they probably didn’t decommission all the printing gear. There was an article maybe linked to here from about two years ago the angle being the Bank of england was concerned at the rise in orders for Currency grade printing presses by other central banks.

If they do resort to their own currency next week I wish the people of Cyprus all the luck and providence in the world.


There really is no such thing as a ’ currency grade printing press ’ currency can be printed on any large format printing press . Cyprus could print up a new currency in a couple of days .


Shhhh… :frowning:

Currency Grade / Class / Large format… ya knew what I meant!

Industry standard machines that not too many people order… we’re not talking about your average desktop inkjet :smiley: . Commercial customers, industry … There would have bee a rise in the ordering of supplies.

There is a pin user who knew someone who worked in I think it was a London ro UK based supplier of currency printing materials and said there was a spike in supplies ordered form Ireland round the time they where panicked into making a contingency plan for exiting the euro down central bank way. So there is more than simple printing press required. Though I imagine you could fire out what you needed and then upgrade some time later the quality of the notes issued with said security features. Course most of this money is electronic. :astonished:


The Guardian’s Liveblog has details on some of the capital controls included in the bill to be voted on today: … ussia-vote


Tell me when the waters break! :frowning:


Cyprus doesnt even print its own euros. It gets the Dutch to do it.


Uh oh…


"The general principle about free movement of capital is defined in Art. 63 TFEU. This Article stipulates that “…all restrictions on the movement of capital between Member States and between Member States and third countries shall be prohibited.”

Surely all a person has to do is open a bank account in a country outside Cyprus and transfer their money out

IF not then the founding tenet of the EU - free movement of capital is now gone and EU legitimacy is gone too.


Well, yeah, but what I don’t understand was that it was obvious that capital controls would have to be introduced with haircutting all depositors in the banking system (instead of just those in the failing banks). Surely if it was obvious to a troll in a cave in Tullamore, it would be obvious to the ECB, the Commission, the FinMins and all their assorted highly paid lackeys?


In many ways similar to wind up of Anglo here governments and regulatory authorities and now the EU adopt a “needs must approach” to law - effectively there is no law where it is an inconvenience to the powers that be and they can suspend it or set it aside completely

consequences of that are quite frightening


No, a similar thing here would be that depositors in all banks and credit unions took a haircut when Anglo was wound up. It is not just the setting aside of law; it is the setting aside of, eh, natural law if you like and all common sense. That is what is scary.


Is it really member state capital controls, if a bank decides that it can’t meet the obligation of its withdrawals, and stops outgoing payments? Like I get that member states can’t impose capital controls, but is Cypress really imposing this? Surely its the banks themselves no? Admittedly with the help of Government, but they are stopping outgoing payments to anywhere, not just other member states. Edit - isn’t the problem that there isn’t anything to control?

Although there’s an interesting Der Spiegel article which mentions this … 90394.html

The same article also has a quote from Merkel, which is at odds to what we were allowed do with our pension reserve fund.


All those Civics lessons aren’t worth a flyin’ fiddlers now or maybe this is the new civics lesson of the Euro :nin

I was re-reading the Automatics Earth 40 ways to lose your future last night it’s all starting to look rather prescient. When I read it initially a few years ago I dismissed it as doomer porn but now …