Irish Savers Have Just Been "Cyprus'd"

GET YOUR VALUABLES OUT OF SAFETY DEPOSIT BOXES-
GET YOUR SAVINGS AND PAY OFF BILLS OR BUY TANGABLE ITEMS, GARDEN STUFF ETC.

It's coming quicker than you think and will catch you in a snare.

http://www.zerohedge.com/contributed/2013-04-23/forewarned-irish-savers-have-just-been-cyprusd-and-theres-much-more-cyprusing


As Forewarned, The Irish Savers Have Just Been "Cyprus'd", And There's MUCH MORE "Cyprusing" To Come
Reggie Middleton's picture
Submitted by Reggie Middleton on 04/23/2013 07:57 -0400

This is likely to be the biggest financial story of the month, a story that's bigger than Cyprus, and a story that you're not going to see in American mainstream media - not by a long shot. Let's take this from the top, for BoomBustBloggers were warned weeks in advanced. On Wednesday, 27 March 2013 I published EU Bank Depositors: Your Mattress Is Starting To Look Awfully Attractive - Bank Risk, Reward & Compensation wherein I explained that the situation of extreme loss faced by Cyprus bank depositors, savers and bondholders will not be a unique story - as excerpted:

The deposit accounts that you were getting just a few hundred basis points for have developed:

Liquidity risks: The capital controls that weren't supposed to happen (see No Capital Controls In The EMU? Liar Liar Pants On Fire), happened! See Cyprus Banks Set To Reopen, To Serve As Glorified ATMs With A €300 Cash Withdrawal Limit
Credit risks: Your so-called safe investments will suffer up to a 40% haircut! Mainstream Media Says Cyprus Salvaged By EU Deal, I Say Cyprus Is Sacrificed By Said Deal - Thrown Into Depression
and Market risks: Demand depositors have forcibly purchased highly speculative synthetic call options with their haircuts that are unlikely to compensate anyone for anything!

The little app below calculates what return you should expect to receive to take on the risk of a potential 40% haircut. The second tab offers what recent Cyprus bank rates were. Do you see a disparity???

MORE-TABLES AND CHARTS@LINK

And unlike cypriots the irish have no qualms against acting a bit rowdy, as history (and the ira) tell us.