Spectre of further Capital Controls in EU Eurozone?

Source via ZH is JP Morgan. So I can’t rate the level of bullshit myself as I am biased by how they treated Tesla via Westhinghouse. :imp:


Let it go, OW.
Let it go.

Has anyone come across a story that the EZ has instigated or is looking to instigate capital controls between all banks over the weekends so as to avoid the money flow during this period to allow EZ meetings get on top of “things”?


Cyprus is less than 0.5% of Eurozone economic activity…

Will most of Christendom banking institutions be closed this long weekend what with it being the big lads big festival? It’d be a de-facto capital control for four days for most plebs in that case would it not?

Nope, I’m trying to track down the info to see if it’s a garbled recollection or actual story from the person who related it to me. I said I’d search on the net. I haven’t found anything yet.

It’s clear all members are not equal. That’s fine. As long as everyone is clear. The nature of things couldn’t be clearer if you ask me these last few weeks and days for those who have up to this point not believed. Another bubble just popped, a black bubble if you ask me the kind maybe created by a black swan farting.

DIRECTIVE OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC, Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC and 2011/35/EC and Regulation (EU) No 1093/2010

eur-lex.europa.eu/LexUriServ/Lex … FIN:EN:PDF

(Search the above for bail-in)


See article 63 and 65 of the Lisbon treaty above.

I’ve heard from two directions (one from within Latvia and one not) that Latvia has been warned not to accept inflows from Cyprus.

Political pressure used to influence the flow of capital. Well I never! :smiley:

Good point!

It’s been officially denied :wink:

From ZH taken from a Credit Suisse report

Europe’s Disturbing Precedent in the Cyprus Bailout - George Friedman -> stratfor.com/weekly/europes- … us-bailout

MORGAN STANLEY: Cyprus Is No Longer A Full Member Of The Eurozone -> businessinsider.com/morgan-s … one-2013-3

Deposit Flight from Cyprus Continues – despite Capital Controls - -> navigator-consulting.com/art … ontrols/28

At the moment I am earning .4% on my deposits and my Sparkasse rep is trying to get me to move to another account which will pay the princely sum of .6%
Now I look at askaboutmoney.com/showthread.php?t=101813 and I see PTSB is offering 3.06%.
It’s mighty tempting if you ignore that the offer is coming from a broke bank in a broke country that could be cut loose from the E.U. at any moment.

If capital controls became commonplace, not just in exceptional circumstances then my money could be stuck in Ireland and I could only watch on helplessly as Noonan, Kenny and Gilmore manoevered to steal it from me.
Capital controls were a concept now they really exist.
The higher interest rates in Ireland are tempting but I’m going to keep my money in Germany especially as Noonan already stole 2.4% of my pension pot.
The Irish Government have a precedent set which allows them to steal bank deposits and because they stole from private pension pots already it is obvious they have no ethical problem with stealing peoples money.
I’ll keep my money here in Germany.

I’ve ordered an extra few Grannies from ebay to increase my short term capital flow handling capacity.

Statement by the European Commission on the capital controls imposed by the Republic of Cyprus - -> europa.eu/rapid/press-release_IP-13-298_en.htm

On another thread, I think it was BoyRacer posted a link saying that CFOs in Irish multinationals have been doing the Russian Granny for a while now every Friday.

OK, let me see if i got this straight. The Public wants their money back, and we need capital controls to protect the public from themselves.