Cyprus banks finally opened,
But on a limited basis
And the pain to the savers continues!
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Cyprus Banks Finally Reopen But Anger Lingers
Cypriots express anger at the country’s bailout as they descend on bank branches, open for the first time in almost two weeks.
3:46pm UK, Thursday 28 March 2013
Video: Cypriot: They Have Stolen Our Money
Sky’s Tom Parmenter reports from Nicosia, Cyprus’ capital.
Video: ‘Heartbreaking Scenes’ In Cyprus
By Tom Parmenter, Sky News Correspondent in Cyprus
Cyprus’ banks have opened their doors after the longest enforced bank holiday in Europe’s history.
Queues grew outside branches across the country, with no signs of panic as employees limited the number of customers allowed in at any one time.
But many residents expressed anger at the country’s controversial bailout – which requires Cyprus to raise 5.8bn euros (£4.9bn).
After a rush when the doors first opened, customers queued calmly
“They have stolen our money,” Milton Loucas told Sky News.
“I have been working for 60 years. I am 80 years old. I cannot work again for my living – they have cut the lot.
“Our money, our social insurance – they have cut them. How are we going to live?”
Another Cypriot, Stelios, came out of the bank empty handed.
“I tried to get my February wages and they gave me a piece of paper only,” he said.
“I have two children in the army and they asked for money – I don’t have money to give them.
“The Government didn’t pay anybody. My old parents didn’t get their pension.”
Banks are giving customers information about the capital restrictions
The country’s President – who has cut his own salary by 25% – tweeted his thanks to Cypriots for showing “maturity” as the banks reopened.
“I would like to thank the Cypriot people for their maturity and collectedness shown in their interactions with the Cypriot Banks,” Nicos Anastasiades said on his official Twitter account.
Cash withdrawals and other transactions are subject to tough restrictions, introduced by the country’s Finance Ministry in an effort to avoid a run on the banks.
The country’s crippled banking system was effectively closed down on March 16 while the terms of the 10bn euro (£8.5bn) bailout were agreed and implemented.
Large depositors face losses of as much as 40% of their savings as part of the deal, leading to fears that customers would attempt to withdraw large amounts of money when the banks reopened.
Demonstrations against austerity measures continued in Cyprus on Wednesday
As a result, strict capital controls include a withdrawal limit of 300 euros (£253) a day and a ban on cashing cheques.
Travellers leaving the country can only take up to 1,000 euros (£845), or the equivalent in foreign currency, with them in cash – significantly less than expected.
Police and security staff were deployed to maintain order at branches, and G4S guards called in to work alongside police officers and other security firms across the country.
The giant global firm was the contractor that failed to meet their promises over security at the London Olympics prompting the British military to step in.
G4S’s managing director in Cyprus, John Arghyrou, told Sky News: “I feel we have the resources, I feel extremely confident as a security company that we can undertake and meet the requirements of our customers.”
With just 860,000 people, Cyprus has around 68bn euros (£57bn) in its banks.
This outsized financial system attracted deposits from foreigners but has struggled since investments in neighbouring Greece went sour.
We have our problems also –
And they continue to worsen!
The above numbers are real and they are downright scary! No country can keep going with those kind of figures!
Due to the ridiculous policies of the fed, (such as printing $40 Billion Dollars each and every month, based on nothing) our dollar has been steadily going down in value and unless we, as a people (because Congress refuses to do its duty), demand to get rid of the Federal Reserve, America will slide down that same slippery slope and it will be sooner rather than later! The fiscal armageddon has not been averted and we will crash, this year. This administration refuses to make any real cuts to spending or to accept a true budget that would balance the books within ten years so our down hill ride has already begun!
In the words of Winston Churchill “A nation trying to tax itself into prosperity is like a man in a bucket, trying to lift himself up by the handle.”