tag:blogger.com,1999:blog-36227136.post4460781672351782011..comments2024-01-16T08:40:53.682+00:00Comments on <a href="http://www.openeurope.org.uk">Open Europe</a>: Why is the ECB threatening to pull the plug on Cyprus? And how would it work?OEhttp://www.blogger.com/profile/00556463374230498875noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-36227136.post-8227958958710445192013-03-21T22:23:21.718+00:002013-03-21T22:23:21.718+00:00Cyprus is making money exporting financial service...Cyprus is making money exporting financial services to non EU countries. <br /><br />Lagarde Schauble dissjebloem, have destroyed this business, because of their socialist ideology. No one should get wealthy...Best to have all countries dependent on handouts. Then socialism works best.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-51709666681962169962013-03-21T18:55:26.481+00:002013-03-21T18:55:26.481+00:00You ask why the EU is playing tough with Cyprus, a...You ask why the EU is playing tough with Cyprus, and I think the answer is obvious.<br /><br />Cyprus has a big finance sector on a small economy, and the finance sector has little value to the EU, since it's mostly foreign money - in other words, the liabilities owed to foreign holders cancel out the assets.<br /><br />The only thing about Cyprus that has value to the EU is its real economy, which is tiny.<br /><br />So the EU is unwilling to commit funds to rescue deposits that don't even belong to EU citizens.jon liveseynoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-336266052970420622013-03-21T17:47:49.874+00:002013-03-21T17:47:49.874+00:00The milk is spilled and now it must be cleaned. Da...The milk is spilled and now it must be cleaned. Damage is to Cyprus and to EU. Unfortunately EU has done to itself on their own wish. EU ECB lost credibility and their financial system has been undermined. If they can do this to CY , they can do this to other countries in EU also. Anonymoushttps://www.blogger.com/profile/12039960851254444274noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-1584136357586926822013-03-21T16:17:56.398+00:002013-03-21T16:17:56.398+00:00Doesn't take you lot long to resort to casual ...Doesn't take you lot long to resort to casual racism does it???Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-87913226862128619472013-03-21T14:12:19.849+00:002013-03-21T14:12:19.849+00:00What frightens me is the speed with which Western ...What frightens me is the speed with which Western [and other] countries are putting themselves in debt to the "Enemy". Who despite the dominance of the USA since WW2 are now sitting pretty. Crazy considering the EU is using the Socialist ideology both have eschewed.Rayhttps://www.blogger.com/profile/07132057803097163797noreply@blogger.comtag:blogger.com,1999:blog-36227136.post-67911908978524097162013-03-21T14:10:57.333+00:002013-03-21T14:10:57.333+00:00The EU runs according to the principle enunciated ...The EU runs according to the principle enunciated by the Italian politician Giolitti:<br /> <br />"Per i nemici le leggi si applicano, per gli amici si interpretano." <br /><br />“Laws are applied to enemies, but only interpreted as regards friends.”<br /><br />So the reason the ECB has delivered this ultimatum is not that it must respect its rules, but because by threatening that it will apply its rules it hopes to terrify the Cypriots into surrender.<br /><br />German politicians have a history of bullying smaller countries, delivering ultimatums for the signature of documents which amount to a submission to German power, and they have a history of inflicting reprisals on populations which don't fall into line with their demands.<br /><br />Unfortunately British politicians also have a history, a history of standing by and allowing the German politicians to take control of smaller countries and enlisting their resources to support the German march to hegemony.<br /><br />OK, so this time round there's no question of the Luftwaffe reducing Nicosia to rubble or the Wehrmacht occupying Cyprus, and the reprisals would not involve extermination of whole villages and mass deportations to camps, but it does seem that old habits die hard.Denis Coopernoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-91003592053459024552013-03-21T13:45:23.351+00:002013-03-21T13:45:23.351+00:00The Cypriot Rubel?The Cypriot Rubel?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-43522087764965363542013-03-21T13:02:20.766+00:002013-03-21T13:02:20.766+00:00Thanks, Open Europe, for that exposition - very h...Thanks, Open Europe, for that exposition - very helpful;<br /><br />Rollo is right up to examining how Cyprus got like this. If there is an illegal money-laundering operation there large sums would be held there temporarily. Being Mafia money though (drugs for the whole EU?) they will have considerable political influence and this woulkd account for the Cypriot state not weeding out the money-launderers because they were making too much money from it! <br /><br />Then there';s Russian funds. How much of this is known to and approved by Russia? Some may be clandestine and therefore also dodgy.<br /><br />Remember this bit of CYPRUS is essentially Greek (way back there was ENOSIS for Union with Greece. which our troops had to fight the associated terrorists). Greece itself got into trouble because its accounts were dodgy too. So if one is looking for causes these stones are where the bodies are buried. No wonder The Turks were not keen on being a minority in a corrupt Greek island and had a mini-war to divide the island.christina speightnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-5535024864999149012013-03-21T12:22:53.262+00:002013-03-21T12:22:53.262+00:00@Rollo
It is:
- their lack of proper riskmanagemen...@Rollo<br />It is:<br />- their lack of proper riskmanagement with their banks; <br />- being completely unable as a country to regulate internationally operating banks; plus <br />- large deficit spending,<br />that brought Cyprus down.<br /><br />Printing would not have saved them their banks have losses in Euro and would have had those if they still had the pound. The morons that run their banks have more Greek gov bonds than their whole capital. <br />About what we are seeing in particularly Spain at the moment as well. If the state goes, half the banks go as well, likely taking with them the other half and the chaos is complete.<br /><br />Like Iceland a bunch of clowns that thought they were giant squids, while in reality they were mainly shrimps.<br /><br />The ECB has to send a sign to the PIIGS that these have to move forward with structural reforms. The ECB bought time and again it was waisted. It is also making clear it is not EZ politicial elites garbage collector. If the EZ wants it to be that it should change the treaty (which of course will not happen). If their own government/people donot want to pay for it why should a CB backed basically by Northern European countries. The rest is there for the form. <br />Riknoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-19805669917643625882013-03-21T12:11:49.681+00:002013-03-21T12:11:49.681+00:00The People of Island took a harder hit than 10% of...The People of Island took a harder hit than 10% of their savings (they lost 50% in real Terms).Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-36227136.post-78523402170738308392013-03-21T11:22:16.530+00:002013-03-21T11:22:16.530+00:00It is their membership of the eurozone which has d...It is their membership of the eurozone which has destroyed Cyprus, and they must get out of it. Print their own money and do an Iceland. Then they can start to recover.<br />Why are BP and Shell and BG not taking an interest in the Cypriot oil fields? This is the way out.Rollohttps://www.blogger.com/profile/18255460090580758354noreply@blogger.com