“Now the government must open the banks’ doors with no bailout from the EuroGroup, the officially unnamed group of eurozone finance ministers. Cypriots will be able to pull euro currency out of the banks. That will force the Cypriot banks to sell assets. Their value will fall. They will not be able to cover these losses for long — a few weeks. Maybe less. Would you keep your money in a banking system that needs a bailout? Wait a minute. You already do. So do I. Cyprus was the first system to get to the edge of the abyss.”
http://teapartyeconomist.com/2013/03/20/the-head-of-the-cyprus-central-bank-is-named-panicos/
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Tip Freedomwat.ch Staff with Bitcoin
Related posts:
A Change in the Current
Where’d All the Fear Go?
John Hussman: On Governance
Gerald Celente: The Financial System Is Collapsing Before Our Eyes
Does the U.S. Government Have A Right to Bomb Syria?
Jim Rogers: Need to abolish capital controls, cut public spending in India
“Everything we are told about deflation is a lie”
Bill Bonner: How Low Can Gold Go?
Iran: Another U.S. War of Aggression?
Trump's imaginary immigration problem
Secession Fever Sweeping Europe Meaningless Without Debt Repudiation
Ron Paul: What the FBI/FISA Memo Really Tells Us About Our Government
Oppose War with Syria
A Social Phenomenon: Protests Erupt in Brazil
This Could Shake Muni Bonds to the Core