Confusion and panic spreads in Cyprus: Bank holiday extends to Thursday to prevent bank run

Posted on March 18, 2013 by The Extinction Protocol

March 18, 2013 – CYPRUS – For those who read the previous article on the topic of last minute chaos and confusion in Cyprus, and Europe, it will come as no surprise that the previously scheduled Monday bank holiday (aka Green Monday) has been extended into Tuesday. So prepare to not be surprised: The Cypriot cabinet has declared Tuesday a bank holiday, for fear of capital flight, and this may even be stretched to Wednesday, as depositors are certain to withdraw huge sums from the Cypriot banks after the haircut imposed. Nicosia postponed from Sunday to Monday the tabling in Parliament of the bill including the measures for the Cypriot bailout – including a bank account haircut and a tax hike on interest and corporate earnings – but the European Central Bank insists on a rapid voting because there are already signs a domino effect will follow across European lenders and markets from Monday. There is genuine fear of market unrest on Monday morning when stocks may crumble in the eurozone and bank accounts in other southern European bank may suffer. Skai radio reported on Sunday that the Bank of Greece has sent between 4 and 5 billion euros to Cyprus in order to help Cypriot banks respond to cash requirements by their clients. So, if the official name of the March 18 holiday was “Green Monday,” will the March 19th ad hoc holiday be called “Red Tuesday”? Inquiring minds want to know. –Zero Hedge

Banks closed most of the week: Via Bloomberg, AP is reporting that Cypriot banks will now remain closed through Thursday. The bank bailout deal was completed over the weekend to take advantage of a bank holiday in the EU today, owing to the St. Patrick’s Day holiday. However, the holiday was extended through Tuesday to allow the Cypriot government more time to pass a vote on the bailout deal, which includes a controversial haircut on depositors. Now, depositors in Cyprus won’t be able to access their funds until Friday at the earliest. –BI

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12 Responses to Confusion and panic spreads in Cyprus: Bank holiday extends to Thursday to prevent bank run

mrsotto says:

March 18, 2013 at 5:31 pm

A prelude to Americas near future?

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S.J. says:

March 18, 2013 at 8:00 pm

This will have a very, very chilling effect on the global market, especially the EU, because if anyone thinks that the seizure of private funds will stop in Cyprus, you’re sadly mistaken. Even the slightest chance of it happening in other EU countries will result in a wide spread run on banks – people afraid that they will be next… It has probably already started… And if you believe this could never happen in America, take a good, hard look at our “leaders” and what has already been done to advance the “Socialist Eutopia”.

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PIITM says:

March 19, 2013 at 3:36 am

“The amount of debt worldwide is more than all of the bank accounts in the world, and the current financial situation in Cyprus is the inevitable next phase: Confiscation.”

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- The Extinction Protocol says:
  
  March 19, 2013 at 11:19 am
  
  And to make sure the confiscation sticks, expect them to switch currency, so when you do pull it out of the bank; it’s worthless. This may not be the case with Cyprus, but it will be the preamble of the future. Beware of extended bank holidays, while international financiers are scheming.
  
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Alex says:

March 19, 2013 at 5:12 am

Alvin, i am still interested in allowing you to answer questions on my college research paper. I sent several comments to allow you to answer my questions. Since you have no email address or mailing address or a proper telephone number to reach you on. I have no other resource to allow my favorite website and information to be used on my research paper. I will be documenting the phrases you say properly to give you credit for the information. I am doing research on the problems of climate change and that global warming is a hoax. I personally believe your information could be crucial to answering many of my questions, and allowing me to use an expert and author of several books. I hope you receive my message and at least give me an ultimatum on wether you would like to help.
~Alex

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- The Extinction Protocol says:
  
  March 20, 2013 at 3:01 pm
  
  I got the questions, Alex. Thanks. Working on them now and should have them ready very soon.
  
  Hope all is well,
  Alvin
  
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Emanni says:

March 19, 2013 at 7:25 am

Argentina Makes Grab for Pensions Amid Crisis
March 18, 2013

BUENOS AIRES — Hemmed in by the global financial squeeze and commodities slump, Argentina’s leftist government has seemingly found a novel way to find the money to stay afloat: cracking open the piggybank of the nation’s private pension system.

The government proposed to nationalize the private pensions, which would provide it with much of the cash it needs to meet debt payments and avoid a second default this decade.
http://online.wsj.com/article/SB122460155879054331.html

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Dennis E. says:

March 19, 2013 at 11:15 am

It could be said that this is so unfair or a preview of what could happen in the USA.
But a underlining point of view in this matter is “How are some of these people eating”?
If they can’t access their accounts, how can they pay their bills,buy food?

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- Jennifer says:
  
  March 19, 2013 at 11:45 am
  
  If they can’t access their accts then they CAN’T pay their bills, buy food, etc…. Next come the riots and then…. I think you know the rest. Personally, for us here in the states, I don’t think it would hurt to purchase a little bit of gold and/or silver. Going by what Alvin said “And to make sure the confiscation sticks, expect them to switch currency, so when you do pull it out of the bank; it’s worthless.” …. So THEN what?? I don’t know but gold is universal. A little stashed away wouldn’t hurt… (with a little food and water as well)
  
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El'sFriend says:

March 19, 2013 at 7:50 pm

NZ Herald today says that our NZ banks are readying their IT systems for open bank resolution (OBR) a Reserve Bank policy that in extreme cases like insolvency would see a banks loses shouldered in part by its shareholders and creditors – including everyday depositors. The Reserve Bank has the power to freeze bank deposits but up until now has lacked the technical infrastructure to implement it. Now any bank with retail deposits of more than one billion are required to change their systems to meet requirements by July 1st. Seems its coming soon to all the world….

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El'sFriend says:

March 19, 2013 at 8:06 pm

Oops, see you’ve already reported this. Keep up the good work Alvin!

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- The Extinction Protocol says:
  
  March 19, 2013 at 8:18 pm
  
  Thanks, friend.
  
  All the best,
  Alvin
  
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