A grandmother, resident of Paphos in Cyrpus, had recently developed a habit: every Friday, she would go to a bank branch and withdraw all her savings. On Monday, she would bring it back.
After this happened on several weekends, the bank employees could not resist and asked the granny why she was doing that.
The granny told employees “My son is an economist in Russia and he has been telling me, if something happens with the Cypriot banks, it will happened on the weekend. He told me to withdraw the money every Friday.”
Granny’s answer caused a laughter among the bank employees.
Last Monday, it was the granny laughing with her 10,000 euro secured at home, having escaped a possible 6.75% bank deposit levy and all the stress as to if she would lose her money.
The bank employees are still in distress not knowing whether the banks will ever open again…
source: cuprusnews.eu via new.gr
Three cheers for granny!!!
A great story, KTG.
Good for Yiayia!!!
Anyone who can read English would know that what the granny said was common knowledge , as I remember reading about the same scenario in NYT that could happen in Greece.
The key is to only keep your money in a secure bank like , US, UK, Germ, or Swiss where deposit insurance and protection is transparent unlike opaque Greek and Cypriot banking institutions.
but that’s the final deal: to have these banks collect all the money!
@ Brazilianos Anybody who knows a little about EU law knows that ALL deposits, anywhere in the EU are guaranteed by the EU up to 100K, for the full amount. This has nothing to do with the country in which these banks are located.
With this proposed Great Bank Robbery, now accompanied by blackmail, the EU in fact demands it very own laws to be broken. Which safe banks are you talking about? There is no such thing, anywhere in the world…
And as I click the Submit button, the EU changes the goal posts, yet again. Under the new interpretation, bank deposits are now only guaranteed if the bank goes bust. Levies are not covered under the legistation. Be warned, this opens the flood gates for levies right left and centre. The Spanish government has already changed their national laws to facilitate levies, as reported by El Pais.
Time to bust the banks, once and for all, and start again. Economics as if people matter….
lol – mentioned that below. it was always against banks going bankrupt. nothing more nothing less.
the EU guarantee refers to banks going bankrupt.
Safe banks? Hehe… that’s good humor right there folks…