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SPDR S&P 500 ETF Message Board

  • xtgeminiman Mar 16, 2013 10:54 PM Flag

    Muppet Longs Laugh At This Midget Country Cyprus But Will One Day Look Back In Regret For Not Cashing Out

    Cyprus sets a dangerous new precedent. If you live in Europe, your money is no longer safe in the bank as the government can just simply take it away. Bailouts won't matter if there's a run on the bank as banks will be insolvent due to the lack of capital reserves. This is the beginning of the end of Euroland.

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    • Gemini,
      I think you've perhaps overlooked the happy solution, ECB moneyprinting !
      No problems, really.

      • 1 Reply to darwins_assistant
      • You overlook the fact that this does not change the decision to confiscate at least 6.75% of all savers deposit account totals. The ECB money in this case is merely providing funds to return the other 93.25% that will be left.

        Depositors will still lose the money, money that was promised to be insured 100% to a max of 100,000 Euros per account.

        The loss that started the run on the shadow banking system in 2008 was at a money market fund called The Reserve Fund and loses to depositors were less than 3%, and this was only on UNinsured accounts, and not at real banks.

        The situation in Cyprus is much more threatening to savers. This looks like the real Pandora's Box run on the bank scenario unless these administrators have something completely bizarre up their sleeve.

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