Cyprus surprise - Cypriot depositors to take a 'haircut'

vivatifosi

socrates wrote: »

This was the largest single explosion since WW2


In terms of knowledge it would be very limited as the Cypriots are prevented from holding missiles and the like by Turkey and the international influence they have


Cyprus is running around trying to blame certain Cypriot individuals but they never ordered the confiscation of the cargo - that was the Americans and Israelis - who both walked away when they go what they wanted

I am really surprised by the lack of coverage of this. Given the wall to wall coverage of the Texas explosion a few weeks back, you would have thought that something much closer and far more strategic would have at least warranted a few minutes of TV news programming.

socrates

vivatifosi wrote: »

I am really surprised by the lack of coverage of this. Given the wall to wall coverage of the Texas explosion a few weeks back, you would have thought that something much closer and far more strategic would have at least warranted a few minutes of TV news programming.

Cyprus has been swept under the carpet since the Turkish Invasion in 1974

I always said that had there been oil there it would have been a different story

Wind forward to now - massive Natural Gas Reserves have been discovered and all of a sudden.....

wotsthat

My view was that there would be a run on the banks and that the capital controls would just convert this to a slow run.

Has there been any recent data to show if cash is leaving Cyprus?

socrates

wotsthat wrote: »

My view was that there would be a run on the banks and that the capital controls would just convert this to a slow run.

Has there been any recent data to show if cash is leaving Cyprus?

You were correct

There was specific data on Cyprus Mail BUT they decided to overhaul their website and it has not been a success to say the least

antrobus

wotsthat wrote: »

...Has there been any recent data to show if cash is leaving Cyprus?

Yes, see the Central Bank of Cyprus
http://www.centralbank.gov.cy/nqcontent.cfm?a_id=9837

Looks like 6 billion euros left in April.

buglawton

socrates wrote: »

http://www.telegraph.co.uk/news/worldnews/europe/cyprus/8630190/Iran-explosives-at-centre-of-Cypriot-intrigue.html

the interesting part is this bit

The vessel had been tagged as of interest by the United States navy not long after leaving the Iranian port of Bandar Abbas heading to Latakia in Syria. It was stopped by the US navy and searched twice in the Red Sea, with the agreement of the captain, under the terms of a 2007 UN sanctions resolution banning the export of weapons from Iran.

The vessel put into dock in Egypt, where it was searched again but allowed to continue on its way.

But the United States and Israel believed the end user was most likely Hamas in the West Bank, which has strong ties to both Syria and Iran.

Wikileaks cables have shown how the United States put pressure on the Cypriot authorities to use the ship's Cypriot flag to "recall" the vessel to port.

The ship was escorted into Limassol, where the contents were unloaded and taken into custody. The Cypriot government later announced that the 98 barrels contained 3,300 cases of high explosives - one estimate was 2,000 tonnes - to fuel artillery. Subsequent documents revealed by Wikileaks said they also contained shell casings and primers.
The Iranians denied that the weapons were intended for use in Gaza, as was alleged, but gave no other explanation for the cargo.


As a nation we were told to confiscate the cargo - fair play BUT why were the Cypriots not told by the Americans and Israelis what to do with the dangerous explosives and how to store them?


This was the largest single explosion since WW2


In terms of knowledge it would be very limited as the Cypriots are prevented from holding missiles and the like by Turkey and the international influence they have


Cyprus is running around trying to blame certain Cypriot individuals but they never ordered the confiscation of the cargo - that was the Americans and Israelis - who both walked away when they go what they wanted

What explosion? I could not find a ref in the news item to one.

Gloomendoom

vivatifosi wrote: »

I am really surprised by the lack of coverage of this. Given the wall to wall coverage of the Texas explosion a few weeks back, you would have thought that something much closer and far more strategic would have at least warranted a few minutes of TV news programming.

It was widely covered. I remember it well.

http://www.bbc.co.uk/news/world-europe-14102253

You must have missed it.

buglawton

Yup, I HAD missed that news item, so the comment in post 812 about why didn't it get wider coverage is dead on.

Gloomendoom

buglawton wrote: »

Yup, I HAD missed that news item, so the comment in post 812 about why didn't it get wider coverage is dead on.

It was all over the news worldwide at the time. The difference is that now peoples' minds are focussed on Cyprus. Back then, they weren't.

Just a few news reports..

http://www.telegraph.co.uk/news/worldnews/europe/cyprus/8629594/Cyprus-explosion-knocks-out-islands-electricity-plant.html

http://news.sky.com/story/868032/deadly-explosion-at-naval-base-in-cyprus

http://www.independent.co.uk/news/world/europe/massive-explosion-at-cyprus-naval-base-2311827.html

http://seattletimes.com/html/businesstechnology/2015692613_apeucyprusfinancialcrisis.html

http://www.guardian.co.uk/world/2011/jul/11/cyprus-navy-base-explosion-several-dead

http://www.euronews.com/2011/07/11/many-killed-in-explosion-at-cyprus-military-base/

http://www.dailymail.co.uk/news/article-2013417/Cyprus-blast-Naval-chief-6-firefighters-12-dead.html

http://www.washingtontimes.com/multimedia/image/cyprus-explosion-nava_leajpg/

http://www.cbc.ca/news/world/story/2011/07/11/cyprus-naval-explosion.html

http://www.aljazeera.com/news/europe/2011/07/201171152713324991.html

http://www.indianexpress.com/news/massive-explosions-rock-cyprus-navy-base--at-least-11-killed/815828/

socrates

It may have been reported but the fact that the Cypriots were told to confiscate the load by the Americans who then walked away from it is the real story that was never reported