Comments on: Cyprus bank “resolution” a bad joke Mon, 18 Apr 2016 14:55:08 +0000 hourly 1 By: ajfilipiuk Fri, 05 Apr 2013 03:27:20 +0000 Where is a joke? Thanks Cypriots, they promised to pay about 40% instead of nothing.

By: Nemesis4all Thu, 04 Apr 2013 07:58:45 +0000 Ok Hugo, thanks for the warning.
Anyone with any sense is making for the doors!
Or the hills…

By: SanPa Wed, 03 Apr 2013 12:44:25 +0000 The success of the Cypriot solution is currently playing out at Italian banks. And the outflows of large deposits suggest that confidence has been shaken.

By: yPapa Wed, 03 Apr 2013 12:02:55 +0000 It should be noted that approximately half of the 9-bn ELA debt dumped on BoC was used to finance Laiki’s greek operations.

Also note that the fire-sale of greek assets by the Cypriot banks was a requirement of the Troika. In other words, the ECB, European Commission and the IMF INSISTED that in order to grant the 10bn Euro loan to Cyprus, Cyprus would have to burden itself with approximately 4.5bn in ELA that was used for liquidity for the greek branches AND lose another 2bn in assets.

So the troika dumped ANOTHER 6.5bn on the backs of the Cypriots to ring-fence Greece and protect its investment there.

At one of my previous jobs we used to play ‘bulls**t bingo’. The game went like this: at management-staff meetings we used to keep track of generic and meaningless buzzwords that management used when talking to staff. Words ‘the team’, or ‘synergy’ for example (or even worse, synergies). The person with the highest tally at the end of the meeting, won.

Mr. Dixon has just nominated a brand-new word for those interested in playing the game: ‘resolution’. Here’s a few more suggestions: ‘European Solidarity’, ‘European Union’, ‘common currency’.