This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Cramer: Cyprus Is Outrageous

Stocks in this article: FXEDIASPY

NEW YORK ( TheStreet -- The situation unfolding in Cyprus is outrageous, according to TheStreet's Jim Cramer.

Debra Borchardt:

Over the weekend we had a raid on depositors funds in Cyprus and as a result that has sent our markets into turmoil. I'm here with Jim Cramer, so let's talk about this. It's really not so much that Cyprus is this little island off the coast of Greece and that it's not that big of a country. The issue is, if they can do it at Cyprus then they can do it to any other country in the EU, and that's a very frightening thing.

Jim Cramer:

Right. I think this is the other way to get at the money rather than crunch the bank debt. They always seem to want to protect the bank debt. I think the bank debt is what should suffer. I have to take...where are the regulators? How did these banks ever get so big? How did they get all this hot money? Why were they paying five percent interest? Why weren't these shut down? Like where is the regulation there? We have very tough regulations. And you read the papers, you always think that we're just not regulating our banks, we are so tough. I just think my friend, Matt Horween was saying to me Jim, you really should just jump up and down and say this was outrageous that it ever got there and now they have to do it this way. And that's outrageous. How could you take it, the guys who have a thousand euros. How could they pay?

Debra Borchardt:

There was ten times the amount of money in these banks than the entire country. We know it's Russia money. There's of course talk that it's Russia mob money, which is why the Russians kind of can't really come in and save these banks.

Jim Cramer:

It's outrageous and I've got to tell you. The idea that they should charge the same thing from a hundred thousand euros down. I mean, come on. And the fact that this came up - so stupid, it's just like dumber than the sequester, and I really feel they have to say if you have ten thousand euros in a bank, they got to just say listen you're getting a pass because, by the way, who has a hundred thousand euros in the bank account? That's gigantic. That's Russian mob money.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,614.81 +215.14 1.31%
S&P 500 1,941.28 +37.27 1.96%
NASDAQ 4,419.4780 +103.4040 2.40%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs