Guess what Cyprus wants now? MORE of the people's money!

[dixiegrrrrl]

Originally the Cyprus gov't said it wanted 7 billion euros, and it closed the Laika bank, claimed ALL deposits over 100,000 Euros, and left many thousands of bank workers unemployed, took their pensions, plus they still have to pay loans to the bank for bank bonds they were coerced into buying.
NOW....

The cost of bailing out Cyprus has swollen to euro 23 billion ($30 billion), with the crisis-hit country having to take on the lion’s share of the measures needed to avoid bankruptcy, according to a draft document by the country’s international creditors.

The draft document, obtained by The Associated Press Thursday, says the country will have to find 13 billion euros ($17 billion) — an increase on the 7 billion euro contribution agreed during the country’s chaotic bailout talks last month. The money will be raised by imposing heavy losses on large bank deposits, levying additional taxes, privatizations and a part-sale of the central bank’s gold reserves.

http://business.time.com/2013/04/11/cyprus-bailout-swells-to-30-billion/

couple notes here:
First, 7 Billion and 13 billion only add up to 20 billion ( a minor point of addition)

MORE important...if the original Cyprus share was 7 billion, and the troika would then give Cyprus 10 billion,
why does Cyprus need to raise 23 billion?
Just raise 3 billion more to make the 10 billion, right?

Unless, of course, the plan was to grab as much wealth from the people as it could.

Anyone who has kept up with the bailouts in Europe has noticed the pattern of the troika demanding MORE money
in repeated from the countries.

[santamargarita]

1. They're already plotting the same thing for us.

[snappyturtle]

7. You betcha they are. I'm including a link to my OP of

a couple days ago. Throughout the thread are more links as
I continued reading & found them. All it is going to take is for
our congresscritters some late night to pass the FDIC and BOE
Resolution drawn up last December. I can see it happening.

If anyone thinks banks wouldn't do this, think about the news
this week of the paltry settlement for homeowners who were
illegally forclosed. All banks offer us is low interest rates on
our deposits while this morning, e.g., Wells Fargo posted a
$5.3 billion dollar profit for the first quarter.

Oddly, this morning on another thread someone objected to bankers
being referred to as "banksters". Well, if the shoe fits....just sayin'.
imho

http://www.democraticunderground.com/10022642769

[n2doc]

9. I was the recipient of that one

How someone can object to that term after everything that has happened, and still call themselves a democrat, is beyond me. Maybe we need a term for these folks- "Goldman Sachs Democrats"? Anyway the rah rah cult on DU has gotten pretty absurd since the release of Obama's budget.

[snappyturtle]

13. Amen. nt

[kentuck]

2. Bernanke?!

Where are you?

[formercia]

4. Bennie Boy is sneaking out the Back Door

His part of the job is done.

[Benton D Struckcheon]

3. Re that last sentence,

actually it's that the austerity they impose makes things worse, the deficit targets inevitably get missed as a result, so they demand even more of the same, and around and around it goes. Stupid is as stupid does.

[dixiegrrrrl]

5. Welcome to DU!

Yep....they are digging a hole that the citizens are not going to get out of.
All to keep up the pretense that the banksters have not bankrupted the EU.

[Benton D Struckcheon]

8. Thanks!

1. Specifically on Greece it was Goldman Sachs
2. Overall, the whole exercise is meant to make the German banks whole. They were the ones who bought all the CDO's during the bubble from the American banks that were churning them out. They've been using the crisis and the successive bailouts to gradually cover for this. I actually started a thread about how Cyprus was flat-out robbed to cover Greece and the losses the ECB took on it: http://www.democraticunderground.com/111633077

You absolutely cannot make this stuff up.

[dixiegrrrrl]

10. I am sorry I missed your thread. Reading it now.

Makes things a lot clearer.
These guys move debts around the playing field better than any 3 card Monty dealer.

[dipsydoodle]

6. The minor point of addition

is that the 13 billion euros is inclusive of the original 7 billion. 10 billion euros from the EU/ECB/IMF plus the now revised figure of 13 billion euros does equal 23 billion euros.

The origin of the 7 billion was that that was the figure Cyprus had said they needed to reach 17 billion if they got the maximum sustainable loan of 10 billion euros, They have yet to receive the 10 billion euros pending notification by Cyprus of how they will rustle up the amount on top of that which has now increased by a further 6 billion from 7 to 13 billion.

In terms of "MORE of the people's money!" most of the loan will be provided by use of German taxpayers money and the Bundesbank has already said "No way jose"

If what they are collecting from the haircut on depositors with a/cs over €100k accounts isn't sufficient then it means the amount of Russian money there must been have grossly overstated. At 40% tax even the lowest figure mentioned of €30 billion Russian money yields €12 billion.

[dkf]

11. People in the know took their money out.

A Furious Cyprus Begins Investigating Who Breached The Capital Controls

Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank.
--
Most of all, though, the central bank head has been harshly criticized due to suspicious capital flight from Laiki and the Bank of Cyprus, the two institutions that have been hit hardest by the Cypriot banking crisis. There are indications that large sums flowed out of the two banks just before the first bailout package was signed in the early morning hours of March 16. At the end of January, some 40 percent of all savings held in Cypriot accounts were on the books of those two banks. Since then, however, much of it has been transferred elsewhere, despite orders from the central bank that accounts at the two institutions be frozen.

The Cypriot central bank has defended itself by saying that it was impossible to completely prevent all transactions, despite the account freeze. Much of the money was withdrawn from overseas, where Cyprus had no authority. Branches of Cypriot banks in non-euro-zone countries such as Russia and Britain do not answer to the European Central Bank. Their liquidity is controlled by central banks in those countries.

Such a defense is nothing less than a voluntary admission of impotence. Holders of smaller savings accounts have been unable to access much of their money for almost two weeks, companies have been unable to pay their suppliers and across the country people are concerned that their salaries will not arrive on schedule on the first of the month. Meanwhile, rich businesspeople and those with connections overseas have been able to transfer their money into foreign accounts.

http://m.spiegel.de/international/europe/a-891168.html#spRedirectedFrom=www&referrrer=http://www.zerohedge.com/news/2013-03-27/furious-cyprus-begins-investigating-who-breached-capital-controls


Cyprus committee halts probe into bank transfers

A parliamentary committee looking into who transferred money out of Cyprus before the island’s banking system was locked down in March suspended its probe on Tuesday, complaining of not being given all the data it had demanded from the central bank.

The report it was given showed that 6,000 individuals and legal entities withdrew tens of millions of euros in cash from Cypriot banks and sent it abroad in the period from March 1-15.

The head of the Cypriot Parliament’s ethics committee, which was due to look into a list detailing transfers of more than 100,000 euros from the two major banks – Bank of Cyprus and Cyprus Popular Bank – said the list fell short of what he had requested.

“It was with great disappointment and anger that, when we opened the envelope, we realized it contained data for only 15 days even though we had asked for a year,” lawmaker Demetris Syllouris told reporters.

http://www.ekathimerini.com/4dcgi/_w_articles_wsite2_1_09/04/2013_492789

[dixiegrrrrl]

12. Boy, sure sounds familiar.

The press reported that relatives of the Cyprus PM took money out as early as Feb.
And reported that the investigators found computers had been wiped at the banks they were investigating.

how convenient the probe was suspended.
Just as investigations here about the bankster fraud never seem to go anywhere, as Elizabeth Warren found out in the recent hearing.

[dipsydoodle]

14. In the know.........

They needed do no more than read the press last October when the initial figure they needed was estimated to €15 billion. Sort of gave the game away.

[dkf]

15. The US wouldn't have done that to any of its states.

The suckers were people who believed the EU was any sort of real union.