“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/
Related posts:
Lightning Fast, Dirt Cheap: Bitcoin Shows What Banking Could Be
Jacob Hornberger: Permanently Lay Off the Parasitic Sector
Transparent Hoax Could Lead to War
Rep. Cantor Steals Condi Rice’s Iraq Lines for Syria
Bahrain, a Brutal U.S. Ally
Paul Craig Roberts: Stasi In The White House
Glenn Greenwald: Andrew Sullivan, terrorism, and the art of distortion
Atlantic Mag Shock: US No Longer Under 'Rule of Law'
The Pretense of Knowledge Is Alive & Well
Bernanke's Plan...If He Identifies Bubbles
Who Will Punish Americans for Their Manifest Violations, Joe?
One Man’s Trash is Another Man’s Big Data
6 Insidious Ways Surveillance Changes the Way We Think and Act
How a $1 Bag of Salt Water Becomes a $546 Bill at Hospitals
A Bad Argument for Bombing Syria