Cyprus has shut down all Financial transactions and seized 6.75-10% of all savings accounts on orders from the EU and the IMF as a condition of getting more Bail outs.
Europe Does It Again: Cyprus Depositor Haircut “Bailout” Turns Into Saver “Panic”, Frozen Assets, Bank Runs, Broken ATMs
Keep a close watch on Europe this week as this could spark a huge bank run in the PIIGS that are taking bail out money from the EU Central bank and International Monetary Fund (IMF).
Added Greek news site in English http://www.keeptalkinggreece.com/
My plan of action is to stay calm and hold onto my cash on hand. I hope most people have basic preps on hand and feel somewhat confident for a short term disaster as well as be flexible enough to adapt to any changes. I have posted quite a bit about paying ahead on bills, exchanging FRNs for real tangible items you need in the future and few ideas for barter/trade along with PMs as a store of long term wealth. If you have cash sitting in a bank doing nothing, I would get some out now as well as empty out any safe deposit boxes ASAP. Sad to say if you can’t touch it or defend it it’s not yours and will be easily confiscated.
Update 17 March: The House of Representatives was initially due to vote on the eurogroup decision on Sunday afternoon, but the vote was postponed for 24 hours amid reports the government may not command enough votes to ensure its passage.
According to media reports banks will remain closed at least until Wednesday. There has been no official confirmation. Monday is a bank holiday in Cyprus.
Update #2 It’s late Sunday evening in Europe and I have not seen any stories about ATMs being cleaned out in the other PIIGS countries. PMs have jumped higher in the Asia markets along with the Dollar, but S&P futures dropped so it’s a mixed bag of the reactions. Short term this looks to strengthen the dollar so keep physical cash in hand and if you haven’t done it yet get out of TBTF banks as they have huge exposure in the EU.
Update #3 Russia is sending 5-6 Cruisers and or Frigates to the Med around Cyprus and perhaps backing up Assad in Syria via RT