Depositor Haircuts to Be Cut from Cypriot Accounts by Tuesday Morning- Regardless of Parliament Vote?

Cyprus bank haircutsApparently approval of the bank bailout by the Cypriot Parliament is unnecessary in the eyes of the IMF and the Eurozone finance minsters, as it has just been announced that funds will be cut from accounts prior to banks reopening Tuesday (or Wednesday), and that the cuts will be retroactive to the moment the deal was agreed to by the IMF (meaning the bailout funds will still be confiscated from citizens who were able to withdraw their funds via ATM over the weekend).

Considering that the IMF deal is currently short 33% of the votes needed for passage in the Cypriot Parliament, forcing a delay in the bailout vote until 4pm Monday, it appears that the banksters are ready to go ahead with their daylight robbery regardless of any actual approval by the Parliament!

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As the Cyprus Mail reports, the depositor funds are already scheduled to be removed, ahead of the Parliament actually approving the measure!

Joerg Asmussen, a member of the executive board of the European Central Bank, said the Cypriot parliament would have to legislate on the measure over the weekend and the tax, which he said had already been frozen in deposits, would be removed before banks opened on Tuesday morning.


Online internet banking transactions have been frozen ahead of the haircuts:

Sources close to the Bank of Cyprus said they had received verbal instructions to suspend internal internet banking.


Reportedly up to 1/2 of Cyprus accounts are owned by non-resident Russians.  If the IMF deal goes through, look for Putin to retaliate via the West’s weakness- the physical gold market.

“As we understand it, anything with credit will be subject to the levy, be it a deposit or current account,” bank sources said.

The Cyprus deal means the country’s savers, almost half of whom are believed to be non-resident Russians, are asked to pay up to 10 per cent of their deposits to raise some €5.8 billion for the government.


Not to worry, though, savers will be compensated for the theft via bank shares of equal value to the amount confiscated:

Savers will be ‘compensated’ in the form of bank shares of an equal value to the amount contributed, finance minister Michalis Sarris told the state broadcaster.


The deal also will reportedly increase corporate taxes by 10%, and will initiate a 25% tax on depositor interest gains!

In addition to the levy, Sarris said, a 20 to 25 per cent tax will be imposed on the interest on deposits.

And in return for emergency loans, Cyprus additionally agreed to increase its corporate tax rate by 2.5 per cent to 12.5 per cent.



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