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Old 03-22-2013, 06:58 PM   #66
baja
Pat Bowlen
 
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Quote:
Originally Posted by gyldenlove View Post
This is some pretty strong bull**** as bull**** goes, it is not quite young earth creationism but certainly up there with birthers and the vaccine causes autism crowd.

The banks in Cyprus won't open for withdrawals until they have a liquidity lifeline in place, if they must they will limit withdrawals and only allow transfers to other Cypriot banks. As for bankageddon that is not only a horrible pun but also pure fiction. The Cypriot banks are largely involved with retired expats from other EU countries, Russians who are involved especially with international shipping and trade and Greek interests - it is the large investment in Greek bonds that knocked the wind out of the sails.

None of the groups who are heavily involved with Cypriot banking are major players in any European banking sector, so losses from banks going belly up in Cyprus would not domino to other countries - this is also why the ECB and IMF required Cyprus to self-fund part of the emergency liquidity fund unlike any other European economy. If Ireland or Spain or Greece had failed, it would have had a potential domino effect, but Cyprus is so small and isolated financially that a failure would not cause more than small ripples throughout European banking.
No offense but I value this guy's opinion infinitely more than yours when it comes to financial matters.

https://en.wikipedia.org/wiki/Paul_Craig_Roberts
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