The Euro Bezzle: why Cyprus banks won't open yet
J K Galbraith one of the few economists worth reading categorised bankers loss progression thus:
This is what is going on in Cyprus right now. As I wrote yesterday because of this fraud no one has any idea how much money is left in Cyprus banks. The Cyprus government’s cronies were tipped off weeks ago and got their money out then with the help of the bezzle. At the same time a huge inflow of funds into Jersey banks and othe tax havens. There have even been reports of UK depositors moving their funds off shore. This is now going to accelerate.
It also explains why an independent audit of Spanish banks has been resisted by the Spanish government. They know if you go into a Spanish bank traders office you are likely to find a drawer stuffed full of duff deals that are not shown on the bank’s books.
Things are going to get a whole lot worse. My advice is get your funds out of Euroland and its wholly owned subsiduary UK plc. Keep your deposits less than 100000€, split it between a number of banks. The Farage educational trust is domiciled in the IOM. I recommend this prudent move to all UKIP members.
I will not be surprised if Cyprus bank openings are further delayed. Pity the poor soul who has just transferred his funds to a Cyprus bank to fund the purchase of his retirement home. They will end up with half their money at best plus no house. That is the benefit the EU brings to the ordinary citizen.
2013-03-27 06:37:40
Source: http://ukiptruth.blogspot.com/2013/03/the-euro-bezzle-why-cyprus-banks-wont.html
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