Zoals verwacht; kapitaalcontroles.
Eigenlijk een klassiek patroon.
Toch vernieuwend en onverwacht nieuws.
Eurofiele hoogmoed in een nieuwe versnelling.
Binnenkort in het gehele Europese theater?
De vlucht naar goederen/goud/zilver kan men echter niet geheel tegenhouden. Dit zal de crack-up-boom inleiden/versterken waardoor de inflatie sterk zal toenemen. Zo sterk dat de rente omhoog zal moeten (om het laatste beetje vertrouwen in de fiatmunt te behouden) en het boeltje alsnog in elkaar dondert.
Submitted by Tyler Durden on 03/22/2013 – 00:59
As Europe wakes up to what could be a tumultuous day, Handelsblatt reports that the ECB has decided that, due to the “great danger” of a bank run once they reopen next week, it will enforce capital controls independently of Cypriot (elected) officials. With perhaps a nod towards negotiating some ELA funding for Cypriot banks next week (if the government accepts this ECB-enforced ‘program’), the rather stunning restrictions on people’s private property include:
- Freezing Savings – no time-frame (it’s not your money anymore)
- Make bank transfers dependent on Central Bank approval (a money tzar?)
- Lower ATM withdrawal limits (spend it how we say?)
The capital controls will be designed “so that citizens have access to sufficient cash to go about their lives.” So, there it is, a European Union imposed decision on just how much money each Cypriot can spend per day. Wasn’t it just last week, we were told Europe is fixed?
Cyprus “Capital Control / Solidarity Fund” Plan ‘C’ Vote Tomorrow After Rumor Russia Rejects All Proposals
Submitted by Tyler Durden on 03/21/2013 – 16:47
Rumors and news continue to play but some slight weakness after-hours (Treasuries at session highs) suggest fears might have legs. While the Cypriot government submits its bank restructuring (good-bank / bad-bank and capital controls) and Solidarity Fund (CCOs), there will be no vote until tomorrow morning Europe time.
- *CYPRUS SUBMITS LAWS ON CAPITAL CONTROLS, SOLIDARITY FUND
- *CYPRUS SUBMITS LAW ON BANKING REFORMS, SPEAKER SAYS
- *CYPRUS PARLIAMENT TO DISCUSS NEW LAWS TOMORROW, CYBC SAYS
All of this after rumors of a ‘rejection of all Cyprus government proposals’ by Russia was the talk on desks and that more than a few Cyprus MPs believe the bank bill is too strict and needs more discussion. The ECB/ELA deadline looms with the path/hurdles now “Cyprus discussion” – “Cyprus vote” – “Troika analysis” – “ECB / EU Agreement” – and theoretically find a (non-Russian) funder for the CCO – before Tuesday’s European open. Stay long Brussels and Nicosia caterers.