[ExI] cyprus banks

[Adrian Tymes]

On Tue, Mar 19, 2013 at 12:57 PM, spike <spike at rainier66.com> wrote:
> Sounds to me like it was stopped?  Europeans, our
> news agencies are puzzled on how to report this story with the usual
> political spin, so they end up writing confusing and apparently
> self-contradictory stories.  Did the Cypriot banks take the money or not?

Not a European, but I'm seeing a clear view from the media:

* It was proposed to take the money.  The money couldn't actually be
taken until Parliament approved.

* Parliament said "HELL NO".

* Their President suggested exempting deposits under 20K euros, but
noted that might not be agreed to by the bailout negotiators.  Parliament
rejected the idea even with that exemption.

* The banks over there are closed until Thursday anyway.

* It is possible that a bank run may happen once the banks reopen
despite the rejection, since the mere suggestion of this quickly lead to
mass protests.  (The currency is confidence based, after all.)

* It has been suspected that their banks might be close to collapse.
Ironically, a bank run makes it more likely that they will collapse.