There are a few articles around claiming Russia will go to war (economically, contractually, gas supply wise) with the EU over this....JR8 wrote:And watch how only now the EU will furiously attempt to dissociate itself from Cyprus; over which it has had total financial regulatory oversight, for 15 yearsoffshoreoildude wrote:Well the news isn't getting better/ Maybe 40% losses min for those with > Euro100k.
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The Cyprus Bailout crisis
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Now I'm called PNGMK
I've heard this both and the opposite. Basically Russia doesn't care too much because a lot of those people who are putting their money in Cypress don't want it in Russia for various reasons, and aren't on friendly terms with Putin.offshoreoildude wrote:There are a few articles around claiming Russia will go to war (economically, contractually, gas supply wise) with the EU over this....JR8 wrote:And watch how only now the EU will furiously attempt to dissociate itself from Cyprus; over which it has had total financial regulatory oversight, for 15 yearsoffshoreoildude wrote:Well the news isn't getting better/ Maybe 40% losses min for those with > Euro100k.
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Maybe... however Putin himself expressed horror at the plan which indicates to me some his cronies look to lose a lot.zzm9980 wrote:I've heard this both and the opposite. Basically Russia doesn't care too much because a lot of those people who are putting their money in Cypress don't want it in Russia for various reasons, and aren't on friendly terms with Putin.offshoreoildude wrote:There are a few articles around claiming Russia will go to war (economically, contractually, gas supply wise) with the EU over this....JR8 wrote: And watch how only now the EU will furiously attempt to dissociate itself from Cyprus; over which it has had total financial regulatory oversight, for 15 years
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'Eurozone’s bully boys will come to regret penalising tiny Cyprus
Europe’s monetary union was meant to be about solidarity among the many and prosperity for all.
By Jeremy Warner
In practice, it’s turning out to be a doomsday machine for the fringe economies that once so enthusiastically lined up to join.
If even Wolfgang Schaeuble, the German finance minister, is prepared to admit that Monday’s bail-out is a bitter pill for Cypriots to swallow, then it must indeed have been merciless. Nicholas Papadopolous, chairman of the Cypriot parliament’s finance committee, had a rather blunter way of putting it: “We are heading for a deep recession, high unemployment. They wanted to send a message that the Cypriot economy ought to be destroyed, and they’ve succeeded. They’ve destroyed our banking sector."
The terms of this latest bail-out are scarcely any better than the ones so comprehensively rejected by MPs only last week. The offshore banking model on which so much of the island’s recent prosperity has been built is being broken beyond repair. Small wonder the latest package is structured in a way that doesn’t require another parliamentary vote. Democracy is once again being suspended for the supposed sake of the single currency.'
[continues]
http://www.telegraph.co.uk/finance/comm ... yprus.html
Europe’s monetary union was meant to be about solidarity among the many and prosperity for all.
By Jeremy Warner
In practice, it’s turning out to be a doomsday machine for the fringe economies that once so enthusiastically lined up to join.
If even Wolfgang Schaeuble, the German finance minister, is prepared to admit that Monday’s bail-out is a bitter pill for Cypriots to swallow, then it must indeed have been merciless. Nicholas Papadopolous, chairman of the Cypriot parliament’s finance committee, had a rather blunter way of putting it: “We are heading for a deep recession, high unemployment. They wanted to send a message that the Cypriot economy ought to be destroyed, and they’ve succeeded. They’ve destroyed our banking sector."
The terms of this latest bail-out are scarcely any better than the ones so comprehensively rejected by MPs only last week. The offshore banking model on which so much of the island’s recent prosperity has been built is being broken beyond repair. Small wonder the latest package is structured in a way that doesn’t require another parliamentary vote. Democracy is once again being suspended for the supposed sake of the single currency.'
[continues]
http://www.telegraph.co.uk/finance/comm ... yprus.html
I'm waiting for Aster to pop-up any minute and defend the Euro. (Although I've heard he's currently queuing at a cash machine in Cyprus.......)JR8 wrote:'Eurozone’s bully boys will come to regret penalising tiny Cyprus
Europe’s monetary union was meant to be about solidarity among the many and prosperity for all.
By Jeremy Warner
In practice, it’s turning out to be a doomsday machine for the fringe economies that once so enthusiastically lined up to join.
If even Wolfgang Schaeuble, the German finance minister, is prepared to admit that Monday’s bail-out is a bitter pill for Cypriots to swallow, then it must indeed have been merciless. Nicholas Papadopolous, chairman of the Cypriot parliament’s finance committee, had a rather blunter way of putting it: “We are heading for a deep recession, high unemployment. They wanted to send a message that the Cypriot economy ought to be destroyed, and they’ve succeeded. They’ve destroyed our banking sector."
The terms of this latest bail-out are scarcely any better than the ones so comprehensively rejected by MPs only last week. The offshore banking model on which so much of the island’s recent prosperity has been built is being broken beyond repair. Small wonder the latest package is structured in a way that doesn’t require another parliamentary vote. Democracy is once again being suspended for the supposed sake of the single currency.'
[continues]
http://www.telegraph.co.uk/finance/comm ... yprus.html
Sorry for probably a naive question but I am not much into the topic .... may someone please explain to me why nothing was done to Cyprus and earlier Greece when it was obvious that the things were going on in a very wrong direction? Something must have been visible already months if not years earlier.
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Probably, in simplistic terms, because the governance model of the EU is basically broken IMO. It's very good a policing the size of a pint in Britain but very poor at managing the huge issues of currency laundering, market manipulation, corruption at a national scale etc.x9200 wrote:Sorry for probably a naive question but I am not much into the topic .... may someone please explain to me why nothing was done to Cyprus and earlier Greece when it was obvious that the things were going on in a very wrong direction? Something must have been visible already months if not years earlier.
Now I'm called PNGMK
Germany expects everyone to be and behave like the Germans. I think they are literally stunned that the southern Europeans are very much not like this. Such ingratitude! Invited to become 'honorary Germans, and yet they still behave like peasants!?'. They have history in thinking people want to be like them (consider WW1 and WW2).offshoreoildude wrote:Probably, in simplistic terms, because the governance model of the EU is basically broken IMO. It's very good a policing the size of a pint in Britain but very poor at managing the huge issues of currency laundering, market manipulation, corruption at a national scale etc.x9200 wrote:Sorry for probably a naive question but I am not much into the topic .... may someone please explain to me why nothing was done to Cyprus and earlier Greece when it was obvious that the things were going on in a very wrong direction? Something must have been visible already months if not years earlier.
Their focus and priority was empire-building. And this blinkered course led them to where we are today. It is entirely down to Franco-German vanity.
As I said before, the EU is and was a dick-comparison contest vs the USA. Size was and is everything for these insane politicians. They'd have invited in even Albania, if it meant adding on another 1mm 'of length' to win against the US.
'The brinkmanship that has been on display over the Cypriot financial crisis makes obvious to all but the wilfully blind the level of political determination in Brussels to save the euro at all costs. No amount of empirical economic evidence – or misery for ordinary people – matters when the dreams of the continent’s elite are threatened.'
This is all about saving the euro, not Cyprus
http://www.telegraph.co.uk/news/politic ... yprus.html
This is all about saving the euro, not Cyprus
http://www.telegraph.co.uk/news/politic ... yprus.html
'Cyprus has finally killed myth that EMU is benign
The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived.
By Ambrose Evans-Pritchard
It is not a bail-out. There is no debt relief for the state of Cyprus. The Diktat will push the island’s debt ratio to 120pc in short order, with a high risk of an economic death spiral, a la Grecque.
Capital controls have shattered the monetary unity of EMU. A Cypriot euro is no longer a core euro. We wait to hear the first stories of shops across Europe refusing to accept euro notes issued by Cyprus, with a G in the serial number.
The curbs are draconian. There will be a forced rollover of debt. Cheques may not be cashed. Basic cross-border trade is severely curtailed. Credit card use abroad will be limited to €5,000 (£4,200) a month. “We wonder how such capital controls could eventually be lifted with no obvious cure of the underlying problem,â€Â
The punishment regime imposed on Cyprus is a trick against everybody involved in this squalid saga, against the Cypriot people and the German people, against savers and creditors. All are being deceived.
By Ambrose Evans-Pritchard
It is not a bail-out. There is no debt relief for the state of Cyprus. The Diktat will push the island’s debt ratio to 120pc in short order, with a high risk of an economic death spiral, a la Grecque.
Capital controls have shattered the monetary unity of EMU. A Cypriot euro is no longer a core euro. We wait to hear the first stories of shops across Europe refusing to accept euro notes issued by Cyprus, with a G in the serial number.
The curbs are draconian. There will be a forced rollover of debt. Cheques may not be cashed. Basic cross-border trade is severely curtailed. Credit card use abroad will be limited to €5,000 (£4,200) a month. “We wonder how such capital controls could eventually be lifted with no obvious cure of the underlying problem,â€Â
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Putin just ordered 7000 troops into a surprise Naval exercise in the black sea....zzm9980 wrote:I've heard this both and the opposite. Basically Russia doesn't care too much because a lot of those people who are putting their money in Cypress don't want it in Russia for various reasons, and aren't on friendly terms with Putin.offshoreoildude wrote:There are a few articles around claiming Russia will go to war (economically, contractually, gas supply wise) with the EU over this....JR8 wrote: And watch how only now the EU will furiously attempt to dissociate itself from Cyprus; over which it has had total financial regulatory oversight, for 15 years
Now I'm called PNGMK
It's not like he's going to invade Cyprus. Just a bunch of posturing.offshoreoildude wrote:Putin just ordered 7000 troops into a surprise Naval exercise in the black sea....zzm9980 wrote:I've heard this both and the opposite. Basically Russia doesn't care too much because a lot of those people who are putting their money in Cypress don't want it in Russia for various reasons, and aren't on friendly terms with Putin.offshoreoildude wrote: There are a few articles around claiming Russia will go to war (economically, contractually, gas supply wise) with the EU over this....
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