On civil society a friend of mine told me yesterday that a relative of her's has a modest holiday home in Cyrpus and has just be informed that it has been broken into. Although unlike a standard robbery not only did they take the TV, hi-fi, etc they also took all the fairly basic furniture, an old fridge, and every pot, pan, spoon, knife and fork in the house! - This is what society becomes without a functioning banking system, every physical item, regardless of what it is, can become a substitute currency, and remember this is country with still close and strong ties to the land and a large cash economy. Imagine what would occur in Sydney or London if the banks shut for a week!
From abc.net.au
Original source
Cyprus has approved nine measures hammered out in a desperate bid to raise the more than $7 billion required to unlock a bailout from the European Union.
Cyprus needs to come up with $7.74 billion by Monday or face cash flows to its banks being cut off.
Members of the Cypriot parliament gathered in the capital Nicosia, as hundreds of demonstrators faced off with riot police outside.
MPs voted to nationalise public and private sector pension funds, and peel good assets from bad in stricken banks.
It is thought two key banks could be restructured under the move, while there will also be an emergency issue of bonds on state assets.
In a move bound to be met with anger by depositors, MPs also imposed controls to prevent a run on the island's troubled banks, which are due to open on Tuesday after a more than week-long break.
That measure restricts the movement of capital by, for example, setting withdrawal and transfer limits.
But with the clock ticking down to a crunch meeting with Eurozone finance ministers on Sunday, more contentious issues remain to be debated.
Among them is a one-off levy of up to 15 per cent on bank deposits of $125,000 and more.
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