Welcome to Cyprus where the beaches are FULL and the ATMs are EMPTY – What happened in Cyprus ?

Welcome to Cyprus where the beaches are FULL and the ATMs are EMPTY

What happened in Cyprus ? 

 

Cyprus Full Beaches and Empty ATMs

Cyprus Full Beaches and Empty ATMs

 

In case you were wondering what happened in Cyprus:

The members of the Eurozone were trying to do a bailout deal for Cyprus.

Why are people panicking and taking money out of Cyprus ATM Machines and Banks?

The problem that happened with the empty ATM machines was that the European Central Bank, the IMF ( International Monetary Fund) and Cyprus announced a suprise tax of 6.75% -9.95% on savings accounts that will be taken out of accounts this coming Tuesday.

This emergency measure was to raise up to 7.5Billion Euros and then Cyprus can qualify for a Euro bailout. 

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Now imagine if you knew that was going to happen to your savings account.. and that’s why everyone rushed out to take out what they could get out of ATM machines.

This could affect the other weak Euro countries in that people there may worry that this happens to their country so they may take out money and stuff it in their mattresses. You can see how panic can set it and cause a much bigger problem from here if we have a much wider spread on other Eurozone banks. Hopefully we don’t see a widespread bank run but those in other EU countries must be on edge.

There have been holds placed on wire transfers and some banks just closed down since they would not be able to pay everyone all at once. There will be a bank holiday on Monday March 18th.

For those of you that have seen the movie “Its a Wonderful Life” its like that. Panic set in and everyone running to the bank to take their share of what they could take out.

Cyprus was working on a last minute deal to help the smaller savers.

Should be an interesting start to the trading week tomorrow in the US stock markets.

 

Live Screen shot I took prior to 7:30pmEST  of Emini (ES_F / ESM3) & Russell  Futures  (TF_F/ TFM3) , Gold , Oil & EURUSD  (click chart to see clearer and larger)

live Futures charts , ESM3 , TFM3, Gold, Oil and EURUSD charts

 

A few other charts that you can check later on the 5minute settings to see if we continue up/down  #oil Down http://sg22.ly/ZBLnB5  Gold /Silver up Copper Down http://sg22.ly/ZBLnB6  &Currencies http://sg22.ly/ZBLnB7 

 

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 Welcome to Cyprus where the beaches are FULL and the ATMs are EMPTY

More info on the Cyprus Bailout Crisis:

http://www.cnbc.com/id/100560852

http://www.bloomberg.com/news/2013-03-17/europe-braces-for-renewed-turmoil-as-cyprus-deposit-levy-at-risk.html

http://www.guardian.co.uk/world/2013/mar/16/cyprus-savings-levy-imposed-eurozone

http://in.reuters.com/article/2013/03/17/us-cyprus-parliament-idINBRE92G03I20130317

 http://au.pfinance.yahoo.com/education/investing/article/-/16387221/cyprus-bailout-welcome-to-the-next-great-depression

 http://pawelmorski.wordpress.com/2013/03/17/cyprus-what-were-they-thinking-and-some-other-notes/#comments

 http://pawelmorski.wordpress.com/2013/03/16/cyprus-a-brutal-lesson-in-realpolitik-2/

 http://www.edmundconway.com/2013/03/the-tragedy-of-cyprus/

 

 

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