Apr 02

Cyprus Finance Minister Resigns (ZeroHedge, April 2, 2013):

As per rumors first reported in the overnight summary article, the Cypriot finance minister has joined the other rats dumping the sinking island:

  • CYPRUS FINANCE MINISTER SARRIS SAYS HE RESIGNS
  • SARRIS SAYS RESIGNS DUE TO ONGOING INVESTIGATION IN CYPRUS
  • SARRIS SAYS CYPRUS PRESIDENT ACCEPTED RESIGNATION

Investigation? Did he also funnel cash into London ahead of Confiscation Day? But fear not, all shall be well, the now ex-finmin promises:

  • SARRIS SAYS CAPITAL CONTROLS WILL BE EASED GRADUALLY

Surely, if this great news doesn’t send the S&P to new all time highs, nothing will.

From Sigma Live:

His resignation, submitted by the Minister of Finance Michalis Sarris and agreed the President, confirmed by the Government Spokesman Christos Stylianides.

“I took over the Ministry of Finance to help the Cyprus agreement with the Troika on the memorandum, which was achieved,” said Mr. Sarris in his statements.

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Mar 17

From the article:

“The cornerstone of confidence in the banking system is the integrity of deposits.”
– Finance minister Michael Sarris

Trust us!

Aaaaand it’s gone …

BREAKING NEWS: Cyprus Haircut ‘Bailout’ Is Directly STEALING Money From Depositors, Turns Into Saver ‘Panic’, Frozen Assets, Bank Runs, Broken ATMs

Cyprus ‘Haircut’: Germany And IMF Initially Demanded Stunning 40% Of Total Deposits!!!

You can’t make this stuff up!!!


UPDATE 2-Cyprus Finance Minister says bank deposits will be protected (Reuters, March 6, 2013):

* Cyprus says bank deposits sacrosanct

* Lenders start new contacts to craft bailout deal

* Government wary on central banker’s deposit levy idea

NICOSIA, March 6 (Reuters) – Cyprus insisted on Wednesday that people holding money in its banks – many of them Russian and British – must not take a hit in efforts to repair the island’s shattered finances.

Attempts by Cyprus to secure aid have been complicated by concerns about how the island could afford to pay back a debt burden which could potentially reach 17 billion euros ($22 billion) – almost the size of its economy, one of the euro zone’s smallest.

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