They took the credit money. Now the EU is going after the real money as well:
First they purloin the savings and bank deposits in Laiki and the Bank of Cyprus, including the working funds of the University of Cyprus, and thousands of small firms hanging on by their fingertips.
Then they seize three quarters of the country’s gold reserves, making it ever harder for Cyprus to extricate itself from EMU at a later date.
The people of Cyprus first learned about this from a Reuters leak of the working documents for the Eurogroup meeting on Friday.
It is tucked away in clause 29. “Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of €400m via an extraordinary payout of central bank profits.”
This seemed to catch the central bank by surprise. Officials said they knew nothing about it. So who in fact made this decision?
Pay no mind to the crashing gold prices, down more than $200 in less than a week. Look at what the elite financial institutions are doing, which is to say, getting their hands on as much of the so-called “barbarous relic” as they can manage. At this point, Portugal, Italy, and any other EU member state has to be thinking about exiting the Euro before the Eurofascists can attempt to seize their gold.
UPDATE: At Goldman Sachs, a vice-president calls his clients: “Panic! Sell! Sell! Run to the safety of cash! Sell now! Sell it all!” (hangs up, calls gold desk) “Yeah, pick up another 10,000 ounces.”