"Ben Bernanke does not say bank or wealth confiscation, like we’re seeing in Cyprus, would be impossible here in the U.S. But rather he says it would be extremely unlikely. My question is; Would it have been extremely unlikely for such a thing to happen in Cyprus a few years ago?" Continue reading →
"Scotland’s First Minister Alex Salmond said on Thursday that Scots will vote in a referendum on whether the country should become independent on September 18, 2014. Announcing the long-awaited date for the ballot, Salmond said it would be the 'historic day when the people will decide Scotland’s future'." Continue reading →
"The European Union gave Cyprus till Monday to raise the billions of euros it needs to secure an international bailout or face a collapse of its financial system that could push it out of the euro currency zone. Trying to placate its lenders, the government proposed to parliament a 'solidarity fund' that would bundle state assets, including future gas revenues, as the basis for an emergency bond issue, likened by JP Morgan to 'a national fire sale'. It also sought the power to impose capital controls on banks, a type of measure unseen since before the country joined the single currency bloc five years ago." Continue reading →
"Police are investigating claims that Lagarde, when French Finance Minister under Nicolas Sarkozy, acted illegally in approving the €285m arbitration payout to Bernard Tapie. Lagarde denies any wrongdoing. It was conducted a day after France's budget minister resigned after being targeted in a tax fraud inquiry. Socialist President Francois Hollande came to power last May vowing to crack down on the cozy relationships between politicians and businessmen he said were rife under Sarkozy. Lagarde was in Frankfurt and not in her Paris flat at the time of the search, a spokesman for the IMF chief said." Continue reading →
"Holders of Soviet bonds first sold in Communist leader Leonid Brezhnev’s final year are getting in France what they can’t get from President Vladimir Putin: money. The European Court of Human Rights in Strasbourg ordered Russia last month to pay on part of the 25 trillion rubles ($785 billion), equal to almost half of Russian economic output, the government says it still owes the public from lost Soviet savings. Putin is stalling, most recently signing an order in April to halt payments on the notes until at least 2015. Now, armed with court rulings, veteran speculators are joining pensioners in seeking to cash in." Continue reading →
"Russia has made no decision yet on whether to extend the duration or ease the terms of a sovereign loan to Cyprus, a government source told Reuters on Monday. European Union officials, who over the weekend agreed a 10 billion euro bailout for the Mediterranean island, have said they expect Russia to extend its 2.5 billion euro ($3.27 billion) loan by five years, until 2021, and refinance terms. The involvement of any Russian investors - private or state - in recapitalization of the island's struggling banks is still a matter of talks, the government source said." Continue reading →
"This is a major setback for the New World Order in Europe. They are barely holding the Eurozone together with promises and fiat money. The voters in tiny Cyprus have called their bluff. Let’s see what they come up with now. Let’s see how they prevent the bank run that their policies triggered. They all seem so clever. But this time, a national parliament has called their bluff. Where is their power now? What rabbit will they pull out of a hat this time?" Continue reading →
"Now the government must open the banks’ doors with no bailout from the EuroGroup, the officially unnamed group of eurozone finance ministers. Cypriots will be able to pull euro currency out of the banks. That will force the Cypriot banks to sell assets. Their value will fall. They will not be able to cover these losses for long — a few weeks. Maybe less. Would you keep your money in a banking system that needs a bailout? Wait a minute. You already do. So do I. Cyprus was the first system to get to the edge of the abyss." Continue reading →
"The government sent a Royal Air Force plane to crisis-hit Cyprus on Tuesday carrying one million euros in emergency loans for British military personnel, the defence ministry said. The cash cargo flight was a 'contingency' plan in case banks in Cyprus stopped giving out money as the island deals with the fallout from a controversial eurozone bailout deal, a spokesman said. 'An RAF flight left for Cyprus this afternoon with one million euros on board as a contingency measure to provide military personnel and their families with emergency loans,' the spokesman said in a statement to AFP." Continue reading →
"Jérôme Cahuzac, French budget minister, resigned on Tuesday night following the opening of a judicial inquiry into a secret Swiss bank account allegedly held in his name but which he has repeatedly denied having. His resignation was announced by the Elysée Palace following weeks of mounting pressure on the Socialist politician. The move by prosecutors to open a full investigation into the Swiss UBS bank account he allegedly used to hide assets from the tax authorities, made Cahuzac's position untenable and deeply embarrassing for the Socialist government as he was the minister in charge of combating tax avoidance." Continue reading →