Biggest Story Right Now. Domino Effect Imminent: Cyprus Is Going To Reject The EU Bailout Deal; Cyprus Finance Minister Offers to Resign; Sinclair – Cyprus Disaster Is Much Bigger Than Being Reported; Gerald Celente: Cyprus Looting is Only The Beginning for Global Elite; JPMorgan: If Cyprus Doesn’t Pass Bailout, Tail Risk Will Rise, And Bonds Will Plummet; Jim Rogers: Major Crash Ahead, Protect Yourselves!
InvestmentWatch |
A quarter of Cyprus bank deposits are Russian, so taxing them is unpopular in Moscow.
Today legendary trader Jim Sinclair told King World News that the Cyprus disaster is much bigger than what is being reported and the implications are stunning. Sinclair, who was once called on by former Fed Chairman Paul Volcker to assist during a Wall Street crisis, had this to say in this extraordinary and exclusive KWN interview:
Sinclair: “If people believe that $13 billion is the total of this bailout, they are out of their minds. $130 billion is not the true total of even the Russian deposits in Cyprus banks. One important Russian businessman, in his various business enterprises, would have $100 billion on deposit himself. 10% of all deposits in Cypress could be $500 billion or more because Cyprus is the banking entity for Russia, not Switzerland or Grand Cayman.
The Central Bank of Cyprus doesn’t even know how big the Russian deposits are because it is held as secret at the behest of the Russians. It is a secret banking system set up for the Russians, by the Russians, and the IMF has just taken a large bite out of that elephant.
German Economist: ’Europe’s Citizens Now Have to Fear for Their Money’
BREAKING: Cyprus Finance Minister Offers to Resign, Resignation Not Yet Accepted; Ruling Party Abstains from Bank Levy Vote
Cyprus Vote Delayed Once More As Latest Haircut Proposal Proves Insufficient For Parliament Support
As we suggested, the ongoing wranglings in Cypriot political quarters has resulted in more changes. The President just proposed the ‘levy’ on deposits begin at EUR 20,000 just hours ahead of today’s planned vote.
- CYPRUS REVISED BILL SEES NO LEVY ON DEPOSITS UP TO EU20,000
However, it is still theft of private property which appears to be the philosophical stumbling block for the parties involved and therefore today’s vote appears to be delayed:
- ANASTASIADES TO MEET PARTY LEADERS 9 AM TOMORROW: SPOKESPERSON
- CYPRUS PARLIAMENT BANK-LEVY VOTE MAY HAPPEN TOMORROW, CYBC SAYS
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