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A wholly owned subsidiary of the European Central Bank: Part 4, what it means for the Eurozone

4 April, 2013 (12:50) | Bankruptcy, Banks, Capital markets, Cyprus, Euro, Global news, Law, Recapitalization, Speculation, Workouts |

[Continued from yesterday’s Part 3 and the preceding Part 1 and Part 2.]   By:David A. Smith   By now it’s clear that Cyprus has lost its sovereignty, accepted the certainty of a severe depression, and destroyed its economic prospects for a decade.    The official lenders may see the second deal as a good […]

A wholly owned subsidiary of the European Central Bank: Part 3, what it means for Cyprus

3 April, 2013 (10:56) | Bankruptcy, Banks, Capital markets, Cyprus, Euro, Global news, Law, Recapitalization, Speculation, Workouts |

[Continued from yesterday’s Part 2 and the preceding Part 1.]   By:David A. Smith   In the past two days, we’ve seen what happened with the troika’s takeover of Cyprus’s two largest banks and how that happened.  As the Cypriot economy is dominated by the banking sector, that completes a takeover of Cyprus in everything […]

A wholly owned subsidiary of the European Central Bank: Part 2, how it happened

2 April, 2013 (14:02) | Bankruptcy, Banks, Capital markets, Cyprus, Euro, Global news, Law, Recapitalization, Speculation, Workouts |

[Continued from yesterday’s Part 1.]   By:David A. Smith   Yesterday’s post described what happened to Cyprus, as seen through the lenses of bank financiers and bank regulators, whom as we saw yesterday were the rulers dictating terms.   Just sign here, Your Excellency   Sources used for this post   For this post, I […]

A wholly owned subsidiary of the European Central Bank: Part 1, what happened

1 April, 2013 (11:39) | Bankruptcy, Banks, Capital markets, Cyprus, Euro, Global news, Law, Recapitalization, Speculation, Workouts |

By: David A. Smith   A bank is not a country.  A country is not a bank.    Yet the troika – EU, ECB, and IMF – that decided how to extend new capital to Greek Cyprus treated the nation as if it were interchangeable with a bank.  While to financiers this logic may have been […]

Are you TRYING to create a bank panic? Part 4, “two weeks later the bank collapses anyway”

29 March, 2013 (09:00) | Banks, Capital markets, Cyprus, Euro, Global news, Innovations, Merkel, Recapitalization, Regulation, Russia, Theft, Workouts |

[Continued from yesterday’s Part 3 and the preceding Part 1 and Part 2.]   By:David A. Smith   As we’ve seen up to now, by last weekend the first Cypriot deposit-theft bank recapitalization plan had blown up in the public markets, and so Europe’s fiscal leaders were aggressively pursuing a second Cypriot deposit theft bank recapitalization […]