ECB Enacts Capital Controls, Cypriot Savings Accounts Will Remain Frozen When (if) Banks Reopen!

Cyprus bank freezeGermany’s Handelsblatt reports early Friday that the ECB has informed Cypriot authorities that due to a guaranteed epic bank run of their own making that will undoubtedly begin the moment Cyprus’ banks re-open, the ECB intends to enact capital controls when (if) the Cypriot banking system re-opens next week, and that the ECB intends to enforce the capital controls unilaterally!

Handelsblatt claims Cypriot Central Bank sources have stated that the ECB intends to freeze all Cypriot savings accounts indefinitely, greatly reduce the maximum amounts of ATM withdrawals, and will require Central Bank approval for all bank transfers!
 This is sure to re-instill confidence in the banking system among Greece, Portugal, Spain, Italy and the rest of the Eurozone!

If the Handelsblatt report proves true, forget 3%, 7%, 13%, or 40% haircuts…..ALL YOUR FIATS ARE BELONG TO US!!!!

It will be interesting to see how the Cypriot Parliament responds to this latest wealth confiscation attempt by the unelected ECB bureaucrats, particularly after the Cypriots failed to rubber-stamp the ECB/IMF’s initial plan for 3%/7% haircuts.
GOT PHYZZ??


h/t ZH

 

Comments

  1. SHTF anyone?

  2. IMF/ECB are idiots.

  3. Is this the Black Swan event to trigger the global collapse?  Do these ECB fools not believe that this will initiate bank runs across the board?       

    • You assume Europeans are smarter  than Americans. i have  given up hope that the average person can protect themselves from tyranical governments. For example, a person in Spain having much money in a bank is beyond comprehension.
       
       
       

  4. So the ECB & IMF will hold the accounts hostage untill account holders relent. Where do they get the authority for any of this?

  5. the entire Cyprus financial reality should be mandatory reading for anyone thinking about initiating or continuing a banking relationship. The fact that all banks in all countries have not been emptied by depositors is a testament to the monumental ignorance of the masses and we, those capable few, we who have the mental faculties to understand and act upon that understanding, are unable to wake the giant which is human curiosity of this or any other subject and TBTB know it.

    • I put in a request to cash out a good chunk at the bank.  They said “no problem, where would you like the funds wired?”  I said, “No, you don’t understand.  I want my cash please”.  They said “Sure, what denomination would you like your cashiers checks”.
      In both ways, paper never leaves their vault   But when I said I wanted actual paper cash (and say what you will, cash in hand is still better than cash in a bank, even if its still fiat), they tried everything to talk me out of it.  I’m finally able to get it today (in about 45 min) but I had to sign papers and meet at the bank before hours when they had security.
      Additionally, I’m F’d if I ever want to spend it on a purchase.  Want to buy a car?  Know how hard it is to pay in cash (over $10k).  Want to close on a property?  Try bringing a suitcase of cash to closing.  The system is so rigged that even physical fiat paper has value over our eFiat currency they want to stick us with.

    • @CodySilver said…”Want to close on a property? Try bringing a suitcase of cash to closing.
      -  -  -  -  -  -  -
      Isn’t it funny how that will not work, but if you bring a suitcase full of cash to a private meeting with the politician whose influence you want to buy – it will work every time.

    • And, THAT, Cody, is HOW you buy a HOUSE!!!!!!   LOL!

    • Yep, and a Senate too!

  6. They didn’t even use lube first, so you think they will even give em’ a kiss when it’s over, bet not!

  7. How can you have any pudding if you don’t eat your meat?!

  8. I’m surprised that with the real threat of loss of access to paper money, and deposits being seized  and even bank runs, that we’re not seeing MORE “fright” by the people in the EU (and elsewhere, but EU specifically).  
    Silver went up a few pennies.  Seems down today already in pre-trade.  I don’t get it.  I didn’t buy my silver to get rich over night.  I just wanted to store my value.  However, I would have thought we’d see a good bump in silver / SLV price after what happened in Cyprus.  But silver is flat.
    Odd.
    As a ‘stacker’, I’m fine with it going down as I can buy more at a lower rate (since I’m going to buy $x each month regardless).  However, that doesn’t change the fact that a flat silver price is confusing to me given this news.
    So any thoughts as to why this news isn’t causing silver to jump?  Gold has been boosted a bit, but silver just sits there.

    • The ‘spot’ price of Silver is determined by the trading of paper Silver in the futures markets.  The actual act of buying or selling physical Silver has no effect on the price of Silver at that moment in time.  It is the buying and selling of paper Silver (Silver futures) that sets the price.  It is only later, when the price reacts to the physical supply of Silver, that the effects of physical availability of Silver impact the price.  The reason is because paper Silver is a ‘derivative’ of physical Silver.  Paper Silver does not exist in and of itself, but is based on fractional reserve system where a little physical Silver can be sold many, many times, since few Silver investors make a claim for delivery of physical Silver.  However, physical Silver is still necessary for the ‘game’ to be played.

      The story is similar for Gold, but Silver is much more extreme.  In 2008, Silver dropped to the point of there being a physical shortage of Silver available for purchase.  Subsequently, Silver prices gained in response to the physical demand for Silver (but it took time).  Presently, the situation is not as dire as in 2008 (Silver prices have dropped only marginally), but rest assured that Silver prices will climb and trend higher given enough time, over the course of years.  Gold has had a steady increase in price each and every year for the past 12 or 13 years, but few realize that Silver has made a bigger overall gain over this same time period, even with the few down years that Silver has had.  Only a little patience is required for investors in Silver to appreciate the wealth preservation aspects of investing in Silver.  Eric Sprott has called Silver the best investment of this decade.

  9. This is a designed collapse.  We live in a sick world.

  10. ***Smackdown Alert!***
    An extreme precious metals smackdown is in progress.  Get your dry powder ready.  

  11. nice way to start themorning. watching silver fall off a fukkin cliff. please die banksters.

    • Waterfall time.  They are hitting it hard right now.  The are back to their stations after their smoke brake and it the sell button.  It’s amazing to see the movement live.  So manipulated and rigged.

    • They will push gold under 1600 today.  They can’t have gold over 1600 going into the weekend.  Something is obvious up about silver over 29.  They have capped silver at under 29 multiple times. 

  12. Gotta love the timing of this smack down, same time as yesterday’s rise

  13. Looks like $1600 Au is holding.
    I don’t think they’ve enough firepower given the mood certain nations are in to get it below $1600 today.
     
    Let’s see it go into Saturday at $1600… and then let’s see what happens next week…

  14. We now live in a time when the Banks are now holding up their depositors. No use for the bank robber to go in with a gun anymore since even the members of the bank can not get their own money out. Crazy!!!!!!!!!!

  15. I’m sitting here smiling and laughing a bit  A quick news flash on Fox–yes I listened to Fox  I like Varney and Judge Nap, there was an announcement that Italy is considering a deposit tax.  Spanish legislators are working on a meaure that imposes a deposit tax of 0% (yes, zero percent)   I like the number zero.  With a pen you can put a  dot in front, and extract .05% or .09%.  With the same pen you can put a 1, 2, 3 or even 4 four  in front of the zero.  Voile and you have a 40,05% haircut, just like what the IMF plans for uninsured deposits in the Cyprus banks.  Ain’t numbers wunnerful  When I was a banker we had lots of fun with them.  hahahahahaha. 
    The Russian like numbers too.  Like 7.56 mm, 9mm, 7.62×39.  I’d place my bet on the Russian numbers.  They are really good at Russian Roulette too.    They win nearly every time.

    • Actually, there are TWO versions of Russian Roulette.  There’s the standard version we all know about but there’s a 2nd version where they take *1* bullet out of the cylinder, spin it, and hold it to some poor schmuck’s head, cock the hammer, and ask him a question.  If they like the answer they get, the schmuck wins another spin.  If not, then they pull the trigger to see if the hammer is above an empty chamber or not.  If so, then the game continues.  If not, then the schmuck loses and the game is over.  Makes me wonder which of the IMF / EU / ECB schmucks will be playing this game this weekend.  ;-)
       
       

  16. PS  I’m going to make a little bitty guess that we may see a larger drop in gold and silver because if TSHTF people will liquidate their precious metals for cash.  That won’t last long though.
    Wasn’t it the Greeks who gave voice to the immortal phrase Molon Labe.

    I ordered 100 bumper stickers with this phrase to give to my customers at the gun show

  17. Great pic Doc, lQQks like the wheels are coming off!
    Buckle up!

  18. Avatar of IndenturedServant says:

    Will anyone be sad when former KGB, Russian Mafia, and other assorted Russian oligarchs start killing members of the ECB, IMF, BIS etc? Will anyone be surprised when special accommodations are made to let those same Russians access their funds?
    I_S

    • Nope.  The only thing that may surprise me on this is how long it takes to correct the recent FUBARs committed by these Euro-knucklehead-banksters.

  19. Again, “if you don’t hold it, you don’t own it”! You should never trust another person with your belongings as he could them. I personally think that people deserves it so that they could understand that everything around them in which they trust these things are bad and corrupted!

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