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Cypriot ATM's beseiged by locals in withdrawal frenzy!!!
03-22-2013, 07:32 AM
Post: #1
Cypriot ATM's beseiged by locals in withdrawal frenzy!!!
[Image: 2203_cyprusqueue_big_F.jpg]

Anxious Cypriots queued outside Popular Bank ATM machines to withdraw their cash as fears rose that the country's banking meltdown will mean its second largest bank closes for ever.

"It's all about cash now. Only a gambler will take cheques in this situation," said retired government official Phaedon Vassiliades as he withdrew money from the bank's ATM at Ledra Street, a tourist hotspot in the capital.

Behind the wheelchair-bound Vassiliades, a queue of anxious men and women waited for their turn to claw back as much money as they can.

"There are rumours that Laiki Bank (the Greek name for the Popular Bank) will never open again. I want to take out as much as I can," Vassiliades, who lost both his legs in a car accident a few years ago, told AFP.

"I have nearly 60,000 euros as savings in this bank and some credit societies. I don't know if I will ever get it back now. This is what I had and now it seems it is all gone."

AFP reporters saw similar queues of worried Popular Bank depositors across central Nicosia amid reports that the government, struggling to halt a banking meltdown since an EU bailout package was first announced, was considering merging it with the Bank of Cyprus, the island's largest.

On Thursday, Nicosia was fine-tuning a "Plan B" aimed at securing a eurozone bailout that the European Central Bank warned should be adopted by the weekend to avoid a banking meltdown on the debt-hit island.

But Popular Bank savers expressed total distrust in the government efforts.

"Cyprus is sinking. They (the EU and the international community) are prepared to let Cyprus sink," said Gautam Kapoor, a Briton working for a Greek metals company, as he waited outside the Popular Bank ATM in central Nicosia.

"The markets have already factored in the Cyprus debacle. Nobody is going to have trust in Cyprus again. I just want to withdraw cash as much as possible as even fuel stations and departmental stores are now accepting only cash."

I'm just trying to figure this shit out like you are.
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03-22-2013, 07:39 AM
Post: #2
RE: Cypriot ATM's beseiged by locals in withdrawal frenzy!!!
since the global economic ponzi scheme is based on faith and confidence.. letting Cyprus sink will have huge negative effects.

Those who know, know! Big Grin
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03-22-2013, 07:42 AM
Post: #3
RE: Cypriot ATM's beseiged by locals in withdrawal frenzy!!!
(03-22-2013 07:39 AM)EVILYOSHIDA Wrote:  since the global economic ponzi scheme is based on faith and confidence.. letting Cyprus sink will have huge negative effects.

Yes it will, but I have to wonder if that was the plan anyway.

I'm just trying to figure this shit out like you are.
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03-22-2013, 07:45 AM
Post: #4
RE: Cypriot ATM's beseiged by locals in withdrawal frenzy!!!
modern banking literally is a ponzi scheme. Fractional Reserve banking!

the govt. claims they can back up the banks with deposit insurance, but that is BS.

it's funny how normal folks go to jail for many years for running a ponzi, yet when the authorities engage in it.. it's ok.

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03-22-2013, 07:48 AM
Post: #5
RE: Cypriot ATM's beseiged by locals in withdrawal frenzy!!!
Quote:“Fractional-reserve banking is the banking practice in which banks keep only a fraction of their deposits in reserve (as cash and other liquid assets) with the choice of lending out the remainder, while maintaining the simultaneous obligation to redeem all deposits immediately upon demand. This practice is universal in modern banking. . . .The nature of fractional-reserve banking is that there is only a fraction of cash reserves available at the bank needed to repay all of the demand deposits and banknotes issued. . . . When Fractional-reserve banking works, it works because:

“1. Over any typical period of time, redemption demands are largely or wholly offset by new deposits or issues of notes. The bank thus needs only to satisfy the excess amount of redemptions.
“2. Only a minority of people will actually choose to withdraw their demand deposits or present their notes for payment at any given time.
“3. People usually keep their funds in the bank for a prolonged period of time.
“4. There are usually enough cash reserves in the bank to handle net redemptions.

BERNIE MADOFF could have used similar excuses LOL.

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03-24-2013, 10:01 PM
Post: #6
RE: Cypriot ATM's beseiged by locals in withdrawal frenzy!!!



Those who know, know! Big Grin
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03-24-2013, 10:53 PM
Post: #7
RE: Cypriot ATM's beseiged by locals in withdrawal frenzy!!!
The easy decision is to end ponzi banking. How could fractional reserve banking end without societal chaos, or the least amount of societal chaos?

I guess it didn't matter whether we elected Clinton or Trump.
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