Cypriot Citizens Protest as Nation Faces Financial Ruin Under Technocratic Control

The Truth Behind The News

Susanne Posel
Occupy Corporatism
March 23, 2013

The Cypriot government has been trying to find a donor to help them with €5.8 billion so they can avoid accepting the International Monetary Fund (IMF) and European Central Bank (ECB) scheme to rob their citizens of deposited cash in their banks.

Christos Stylianides, spokesman for the Cypriot government stated that the “future of Cyprus” is being decided in the final hours before the technocratic ultimatum timeframe comes to a close.

The ECB threatened to cut off financial ties to Cypriot banks should the nation refuse their bailout. The state-run Cyprus Popular Bank (CPB) has been an area of focus. Central bankers in Cyprus are vying for the technocratic offer as a safeguard against financial ruin.

ATM transactions have been limited to €260 per day to avoid a run-on-the-bank and the continued drainage of the ATMs by citizens.

Cypriot President Nicos Anastasiades says that there has been an agreement reached with Greek subsidiaries of Cypriot banks “with significant benefit for the Cyprus side.”

Michael Hartnett, chief global strategist for Bank of America (BoA) Merril Lynch asserts that Cyprus will have no other choice but to tax depositors. Hartnett said: “Our European macro team’s central case is that the Troika can take a hard line because Cyprus is small enough to be contained and will likely eventually accept some form of deposit tax.”

Cypriot citizens came out in droves to protest the pending acquiescence to the technocratic ultimatum. Residents gathered outside the parliament in Nicosia. When they tried to enter the building, the local police state was there to push back.

Michalis Sarris, finance minister of Cyprus has travelled to Russia to speak with Igor Shuvalov, Russian finance minister have been in talks of Russian financial intervention in exchange for Cypriot resources.

One possibility would be a loan from Russia’s Gazprom bank, the conglomerate of Russian energy. Cyprus is fife with natural gas deposits offshore in the Mediterranean Sea.

Another option was a private financial agreement between Cyprus and Gazprom could be given access to exploitation for monetary compensation.

Russian depositors stood to be most affected by the deposit tax and it is suspected this was part of the plan all along. In fact, the Russian Commerce Bank, which operates in Cyprus, has become a member of the deposit insurance system. This new situation has force the RCB to alter their long-tern development strategies as well as re-evaluate their current business partners.

Cypriot depositors are an estimated 40% Russian which would have meant that those banking customers would have been most affected by the deposit tax suggested by the ECB and IMF.

However, the Russian government has refused to help Cyprus.

According to the Governing Council of the European Central Bank (ECB), the Cypriot government is under an Emergency Liquidity Assistance (ELA) and has rejected the “bailout” by the ECB and the International Monetary Fund (IMF) which places their banking institutions under insolvency. The ECB is very upset that the Cypriot government has chosen not to participate in the technocrat’s economic terrorism.

The ELA is an emergency loan devised by the ECB which entraps nations who accept it; ensuring that the technocrats gain power over foreign commercial banks and their assets.

The ECB has offered to liquidate Cypriot banks in order to syphon their cash.

In response the Cypriot government has created a “national solidarity fund” to raise €6 billion; which may include government assets, property owned by the Church of Cyprus and other means of monetary liquidation. Yet this plan has not solved their problem.

The Cypriot parliament is in emergency talks to devise legislation to salvage their €17 billion economy, and lay losses on big depositors. One hard reality being faced in Cyprus is the end of the CPB, according to Panicos Demetriades, governor of the CPB. Demetriades said: “Otherwise, [Cyprus Popular} Bank will be led to immediate bankruptcy and termination of its operations, with catastrophic consequences for the workers, the depositors in their entirety, our banking system and the country’s economy.’’

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