Wednesday, March 20, 2013

Cyprus today, New Zealand tomorrow?


Original source

New Zealand depositors could face a Cyprus-style tax on their bank accounts, as the government is planning to impose a similar strategy on its banks warns the country's Green Party.

New Zealand is facing a similar bank failure to Cyprus, is likely to adopt open bank resolution (OBR), which will see small depositors lose part their savings in favour of a big bank bailout, Green Party co-leader Russel Norman said. The country’s Finance Minister Bill English supports the open bank resolution.

"Bill English is proposing a Cyprus-style solution for managing bank failure here in New Zealand," said Norman, adding that the Reserve Bank is in the "final stages" of implementing an OBR system.

New Zealand banks’ depositors will have their savings cut by a certain percentage needed to keep their bank afloat.

The Green Party however has major doubts, that OBR tactics is appropriate here. Norman underlined, that few depositors can reasonably evaluate the reliability of their bank. “Not even sophisticated investors like Merrill Lynch saw the global financial crisis coming,” he added.

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Harley Schlanger - The Rape of Cyprus and the EU Zone

* Highly Recommended* one of Sean's best interviews.

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Ten Years on and still no WMDs

Ten years on and still no WMDs have been found. But then people on the ground knew that before the first bomb dropped. As my close friend who had fought in Gulf War I, flown his FA-18 to enforce the "no fly zone" and spent several months attached to the UN searching for WMDs on the ground said "the only WMD I ever found in Iraq lived in my guts for most of the time I was there".

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Nigel Farage - On the Cypriot Banking Crisis

* Update* Nigel Farage was interviewed overnight Sydney time on the Cyprus crisis by King World News. Nigel was speaking to Eric King whilst the news came thru on the Cyprus banking theft vote. Brilliant interview. Listen here

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This story is a little stale as the vote in Cyprus has already occurred with the result being:

36 MPs voted No, 19 Abstained - and zero wanting to be blown up, shot or kidnapped for voting Yes.

From RussiaToday

Cyprus Vote - No!

BREAKING: The Cyprus parliament has rejected the bailout deal.

36 MPs voted no, and 19 abstained.
Amazing how persuasive Russians can be.

Cyprus Finance Minister Submits Resignation

Just in: Cyprus's finance minister Michalis Sarris has denied resigning (following rumours that swept Cyprus and the markets this afternoon).

According to Reuters, Sarris texted them to say there was "no truth" in the reports.

Cyprus update

March 19 (Bloomberg) -- Luxembourg Minister of Finance Luc Frieden discusses the Cyprus deposit-tax vote and protests. He speaks on Bloomberg Television's "Market Makers."

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Better late than never....the world's greatest news show is back.

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Could tiny Cyprus take down the world?

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