The Cyprus deal was structured in a deliberately slimy way so the Cyprus parliament did not have to approve it. Shut up, slaves, is the message from the Eurothugs to Cyprus. Now we will loot your banks. And we don’t need your permission and don’t care about the devastation this will cause. Make no mistake, this is a class war, The Eurozone is defending and enriching the 1% at the expense of everyone  and everything else. Emphasis added.
If your uninsured deposits are at the Bank of Cyprus, you’re probably going to lose about 40% And if they’re at Laiki, you’re going to lose everything.
Let’s be clear. Lots of Cyprus businesses have more than 100,000 euros in the bank to meet current obligations and make payrolls. Many of these businesses will now be destroyed since either 40% or all the money they had in the bank is gone. They did not create the crisis. But are being forced, with no say in the matter, to pay for it by the banker gangsters.
The chairman of the Cypriot parliament’s finance committee, Nicholas Papadopolous, said the agreement made “no economic sense”.
“We are heading for a deep recession, high unemployment. They wanted to send a message that the Cypriot economy ought to be destroyed, and they’ve succeeded in a large part – they’ve destroyed our banking sector,” he told the BBC.
Russia is furious, as much of the foreign money in Cyprus banks comes from them. It really does appear that Merkel has declared economic war on Russia. Good luck with that.
In other news, we are closing our Belgian Caterer 3x long ETF, and opening a new 3x levered ETF in Belgian Bodyguards and Polonium 210 “tasters.” We expect it to hit our price target of “more” shortly.