Cyprus now says 80% of "large" bank deposits can be confiscated

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From FoxNews (via Phoenix Capital Research) comes the latest alarming news from Cyprus that the government has changed its mind again. It is now saying that the levy confiscation or looting of “large” (over €100,000) bank deposits can be more than the 30%-40% that had been announced just five days ago on March 25, 2013.
In a television interview with state broadcaster RIC a day after the 30% “levy” announcement, Cyprus Finance Minister Michael Sarris said large deposit holders at Cyprus Popular Bank, the island country’s biggest lender that is slated to be shut down, could face losses of as much as 80% on their deposits.
Sarris also indicated it could take “years” before those depositors see any of their money returned. Even worse, the finance minister admitted that “Realistically, very little will be returned.”
First, the Eurozone said they wanted to “levy” 10% on “large” deposits. Then the Cyprus government negotiated a rate of 30%. Now, they changed their tune again — the rate of looting “can be” as much as 80%. In effect, this is not just a wealth tax, it’s outright robbery.

SarrisCyprus Finance Minister Michael Sarris, age 66

I looked up Cyprus Finance Minister Michael Sarris (Ph.D. in economics from Wayne State University) on Wikipedia, and found this fascinating piece of information on him:
“At 15th of October in 2011, he was accused by the North State of Cyprus for some type of sexual orgy including a minor. The North State of Cyprus has previously raised similar allegations.”
If you need a human face for the Cyprus bank robbery, here’s an account in the Sydney Morning Herald (via ZeroHedge) of an Australian expat in Cyprus, John Demetriou:

”Very bad, very, very bad,” says 65-year-old John Demetriou, rubbing tears from his lined face with thick fingers. ”I lost all my money.”

John now lives in the picturesque fishing village of Liopetri on Cyprus’ south coast. But for 35 years he lived at Bondi Junction and worked days, nights and weekends in Sydney markets selling jewellery and imitation jewellery.

He had left Cyprus in the early 1970s at the height of its war with Turkey, taking his wife and young children to safety in Australia. He built a life from nothing and, gradually, a substantial nest egg. He retired to Cyprus in 2007 with about $1 million, his life savings.

He planned to spend it on his grandchildren – some of whom live in Cyprus – putting them through university and setting them up. There would be medical bills; he has a heart condition. The interest was paying for a comfortable retirement, and trips back to Australia. He also toyed with the idea of buying a boat.

He wanted to leave any big purchases a few years, to be sure this was where he would spend his retirement. There was no hurry. But now it is all gone. ”If I made the decision to stay, I was going to build a house,” John says. ”Unfortunately I didn’t make the decision yet. I went to sleep Friday as a rich man. I woke up a poor man.”

His money was all in the Laiki ”Popular” Bank which was the main casualty of Cyprus’ bailout package set by the European Union. Laiki is to be dismantled. Savings of less than €100,000 are to move to the Bank of Cyprus. Anything more than that will almost certainly be wiped out as the bank is wound down, its remaining assets taken by the bank’s creditors.

Last week he heard a rumour that the bank was in trouble and went into Aiya Napa to ask his bank manager – a friend – if he should move his life savings. ”There’s no problem, nothing to worry about,” he was told.  Not so. ”I go to bed and I can’t sleep. I walk around, I have a coffee. I am thinking about my family.”

John’s tears flow. As he chokes up, his son George, who moved to Cyprus in 1990, explains. ”The whole family, we used to work at the markets. I would work at the markets on the weekend to help my parents while my mates were off having fun. Honest work in honest jobs. Now all that hard work is paying the debts of other people and the government. It’s disgusting, to be honest.”

George says he can start again – if things get worse he and his family might move back to Australia.

”But not my dad. He can’t go back to Australia. He is not allowed to fly because of his heart, and anyway where would he live? He has no house. He will have €100,000 left to live off. Soon he’s not going to have a cent to his name.”

If any American is so deluded as to think this could never happen in the US, Phoenix Capital Research (PCR) reminds us that John Corzine had stolen over $1 billion worth of client funds during MF Global’s collapse. (See “Why the Collapse of MF Global Should Frighten You,” Nov. 23, 2011.)
Corzine is not in jail and in fact remains one of the most connected financial elites in the US. Indeed, NO ONE went to jail for MF Global’s theft. (See “Jon Corzine’s Sergeant Shultz Defense,” Dec. 9, 2011.)
PCR maintains that European elites took note of the MF Global case and believed a similar idea could be foisted upon the European public during extreme times of crisis. The only difference between MF Global and Cyprus is that in the former case the funds that were stolen were invested in commodity futures and other securities, whereas in Cyprus they were personal bank savings.
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0 responses to “Cyprus now says 80% of "large" bank deposits can be confiscated

  1. So, in reality, it would be foolish to invest in any Eurozone banks, stocks, bonds, etc. Why would anyone take a chance at this point even traveling to Europe when they are on the verge of collapse? Cyprus is only a small indicator of what is going to happen.

    • Actually, the US$ is holding up surprisingly well against other currencies. The chances are in your favour that if you took a holiday now you’d get very good deals, as business wants those Yankee dollars more than they want the debt dumped on them by their feral gubbmints, now clearly out of control and sanity.

      • Tourism is one thing. Investment is quite another. If you invest, you are going to lose. The reason these banks are being raided is because of investment money being put in.
        A tourist will only spend so much in each country. That currency is used for employee pay, food, and lodging. That can be a good deal.
        However, investing in a European country is a loss just waiting to happen. Remember, some of these countries are already tipping toward insolvency. France will probably be feeling the bite next since they’ve put a huge punitive tax on millionaires. I’d venture many have already left and are taking their money with them. Watching Cyprus, the only course they’d have is doing the same thing. If you can’t get your money out of a bank, you can’t take it out of the country.

        • If you re-read my comment, you may see that you did not respond to what I clearly intended: now is a good time to spend US$ on a holiday, as they will buy more value. Nor did I state or even suggest that ‘investment’ was my subject.
          At any rate, if you are a contrarian, which you may be, then you’ll know that holding cash IS a position, and will be on hand to scoop up the fire sale bargains.
          When asked how he made his great fortune, the first Rothschild [who bought French firms at the height of the Revolution] simply declared that “I was buying when the others were all selling!”

      • Thierry Meysson wrote a great piece on this debacle, and suggested that it was to cause for people to buy US Treasury Bonds and the like. Apart from Cyprus, if you study what’s happened to depositors in Spain it’s already spreading or had started to happen when the Spanish Banks started to crumble. They suffered something like sixty percent levy on their savings and were given bonds that now owing to Spain being downgraded by the rating agencies, their holdings have gone down by another ninety percent or so, my figures may not be entirely accurate but this has caused for huge demonstrations in Spain. In Italy on account of there not being a government yet because they don’t seem to be able to agree on one, the proposal is to levy fifteen percent on all assets including peoples houses in the term “asset” and this is being directed from behind the scenes of the Merkel regime it appears, whoever is pulling the strings is most likely one of the thirty thousand or so covert “spies” that have just now been exposed by the mails that “Anonymous” released after hacking into the Mossad files It is truly astonishing how so many institutions have been infiltrated by Mossad agents and how many people have been assassinated by their operators even when it was operating under another Code name. Now anyone who is associated with “a
        Anonymous” is in danger, because threats are being made against anyone or their families who continues to expose more than just this tip of the iceberg.

        • Treasuries are good “if” you can take the risk. The good part is since the US has been downgraded, the government has to pay a higher interest rate. The bad part is, “we” are the government.

  2. Of course, as a Eurosocialist bureaucrat, Mr. Sarris has a nice fat pension and somehow no one’s raiding his bank account… Democrats can’t wait to do this here, count on it.

    • Very true. But then you do realize I hope that “bureaucracy” adds nothing to an economy, but only draws from it.

    • Hi Anonymous, I hope you’re not a distant relation of the hacker with the white mask face “Anonymous” so forgive me please if I was treading on your toes. Anonymous is a pretty broad term and from certain accounts which may or not be true, Anonymous has connections with our State Department. But then again so does the CIA and there again so does Anthony Weiner. None of us is perfect, no, not one.
      Meantime, Happy Easter and let’s believe in the atoning work of Jesus Christ on the Cross at Calvary as the anchor of our faith, our belief in redemption and eternal life with Jesus in heaven. I love the Stages of the Cross processions on Good Friday and found some wonderful videos of them yesterday on YouTube. Sorry to change the subject but let’s focus on the main thing. Jesus is the way, the truth and the life……………………………….

  3. I agree with you, End time, things look very bleak indeed. But the fact that we are living in these end times is a blessing and privilege. If you know Scripture, you know that those under the Blood of Jesus Christ are not citizens of this fallen world, but are citizens of heaven.
    So many people that thought I was crazy thirty years ago, (for incessantly warning about the NWO) are now having their eyes painfully opened, and their hearts tenderized from fear and strife. Every effort must be made to sow the Seed, while we still have time. After all – that’s what we’re here for.
    Philippians 3:20-21
    King James Version (KJV)
    20 For our conversation is in heaven; from whence also we look for the Saviour, the Lord Jesus Christ:
    21 Who shall change our vile body, that it may be fashioned like unto His glorious body, according to the working whereby He is able even to subdue all things unto Himself.

  4. Thank you Dr. Eowyn for this most revealing post. As has been communicated previously, this is nothing more than outright stealing. I don’t know if this is indicative of the end of times, since Jesus clearly told us that only His Father in heaven would know when this occurs. But certainly, it is another in your face evil to grapple with in our lifetime.

  5. this will serve as a horrible lesson to all, if you ever hear a romour that your bank is going under, don’t trust your manager if he tells you all is ok and transfer all the money immediatly.


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