Economy EuroGroup vs Cyprus vs GAZPROM (ΓΑ3ΠΡΟΜ)

Cyprus is the canary in the coal mine. If the banksters see they can pull off capital theft from the middle class on this island, then these "haircuts" will be coming to your economy soon. Even Canada (who is currently enjoying relative stability because of it's plentiful natural resources) has passed a law making this practice legal. Cyprus has huge oil and gas reserves and in no way should be putting up with this nonsense.

Iceland had these robber barons figured out from the beginning.
 
This isn't a problem limited to the EU either. Here in the U.S. we have our own problems with the global money managers. Is it a coincidence that we are battling attempted gun restrictions while this economic tailspin is happening?

Yet our own government is purchasing 1.6 hollow point bullets for agencies like Social Security Enforcement and also weather monitoring stations. Makes you think abit.
 
Here in Cyprus incompetence, irresponsibility and stupidity of state officials, party leaders, Central Bank governors and presidents have destroyed a big part of the country's economy. And now the people of the country have to pay the bill. A haircut is imposed on pension schemes, charities, Cyprus companies, pensioners etc. Yes, the responsibilities in Cyprus are unforgivable. But the whole story was a well organised plan years ago from Germany, Holland etc. After the greek bail-in they have succeeded to impose billions of losses to Cyprus Banks due to the Cyprus politicians stupidity. They have found the way to destroy the country by inserting a time bomb in Cyprus economy. And the politicians instead of trying to solve the problem were fighting for the elections. Cyprus feels betrayed from the European union as other countries with economic crisis problems had very favourable handling. Eurogroup is also unforgivable as the have used Cyprus as a guinea pig. With the decision of haircut on deposits they have destroyed the Cyprus Banks which were seeking for help. Its like a wounded man seeking for medical assistance. The doctor shoots him with a shotgun for his own reasons and then is trying to recover him.
 
It's not the end of the world. Greeks went bankrupt 3 or 4 times in last century. They have survived every time. Cyprus will too. Life goes on. Try picking better politicians next time to run your country. If not successful, come to Alberta, Canada. Economy is great and we need more people of all skills.

That's not a bad idea actually, Canada can take everybody in Greece without much difficulty. They just need to know some english or french and be capable to work.
 
That's not a bad idea actually, Canada can take everybody in Greece without much difficulty. They just need to know some english or french and be capable to work.

Or Mandarin.
 
There's a great exchange captured on video between Irish journalist Vincent Browne and Klaus Masuch of the European Central Bank and their conversation very much applies to what's going on in Cyprus right now. This short interview has over 500,000 views on youtube so it's fairly well known.

Most people don't see what I see in this exchange though. Sure, I see an angry Irishman dominate a debate while utterly shaming his opponent-- but let's go deeper. I see all of Ireland getting royally screwed by a handful of greedy bondholders that really have no right getting bailed out multiple times.

What good does having an impressive squawk (and Mr. Browne is indeed impressive here) do when your getting reamed? It doesn't change the fact that you're getting reamed. This is so simple to me. Iceland has led the way. Follow the path.
 
This is so simple to me. Iceland has led the way. Follow the path.
It is simple because you don't know all the facts. Icelanders still pay for their debt either way. They took a big hit on their salaries up to 50% or have to work 70 hours a week to compensate! Sure they are resourceful people, good for them, they have healthy economy too, that helps a lot. Unfortunately neither Greece nor Cyprus have good economies to pull it off.

http://www.bbc.co.uk/news/world-europe-20936685
 
the case of Cyprus is important cause is the First in EU that such solution has been given,
after Cyprus will follow many others,
I was reading that Bankers now focus in Slovenia and then Latvia,
seems like that either the the whole Europe has either failed,
either the heart of economic EU has dept,
either someone is gathering all the money of EU.
if the 'system' goes to Slovenia, and then pass to North in Latvia then the old 'Lazy south' is a myth,
and crisis had another face than we were informed,
no need to use global conspiracy theories,
But concerning Cyprus which economy (according population) was stronger than England before Euro, and now is boom,
I think something else is running than the lazy/corrupt theories.
 
It is simple because you don't know all the facts. Icelanders still pay for their debt either way. They took a big hit on their salaries up to 50% or have to work 70 hours a week to compensate! Sure they are resourceful people, good for them, they have healthy economy too, that helps a lot. Unfortunately neither Greece nor Cyprus have good economies to pull it off.

http://www.bbc.co.uk/news/world-europe-20936685

I'm not sure why you assume that I don't know all the facts-- I've studied this global downturn in depth.

Of course Iceland struggled when they told the international bankers to pound sand. This is an ugly process. The only thing I would have done differently if I was running Iceland is avoid taking the IMF loans. I'm sure they dangled an impressive carrot in front of the Icelanders-- with seemingly lenient terms, but there is no free lunch with the IMF'ers. That you can be certain of...

Cyprus has the energy reserves to be self-sufficient like Iceland. Either we can all make rather painful financial adjustments now, or we will be forced to deal with spasms of strife when the wheels come off (starvation, riots, class warfare, etc.). Painful adjustments now = allowing zombie banks to die among other societal changes.

These global unification movements-- the Euro, North American Union/NAFTA, etc. are based on a footing of popcorn farts. It might look good on paper, but not so great in actual application. I think if you're in the top 1% these schemes play out exceedingly well (for the short and mid terms anyway), but for the bottom 99%-- you had better get used to life as a serf.
 
Over-rosy example of Iceland from your posts perhaps?

Hmm, you actually seem to be in full defense of the banks in your posts Lebrok. I'm waiting for you to start defending carbon tax credits which is the next leg of this mess...

It's good that Icelanders are working their way out, they get to keep the sweat of their collective brow rather than some corrupt fat cat bondholder that enjoys the financial rewards of investing, but partakes in none of the risk because of insider government bailouts.
 
Hmm, you actually seem to be in full defense of the banks in your posts Lebrok.
I'm just refusing to throw baby with dirty bath water. Banking system exist for good 500 years, it is part of our economy and our today's high standard of living is in big way due to modern banking and credit industry.

I'm waiting for you to start defending carbon tax credits which is the next leg of this mess...
That's purely leftist/environmental doing. Not sure what classical banking has to do with it?

It's good that Icelanders are working their way out,
I like that a lot.


they get to keep the sweat of their collective brow rather than some corrupt fat cat bondholder that enjoys the financial rewards of investing, but partakes in none of the risk because of insider government bailouts
What about Islanding shareholders and bondholders of Icelandic banks that went under, or other businesses? They are not worthy citizens for you? You can't separate anyone in this mess. Everybody is paying for this recession.
Also keep in mind how many Icelanders had to emigrate for work or to escape their mess.
 
...Everybody is paying for this recession...

I wish that were the case. I can think of only one "fat cat" that has paid his debt to society and that's Bernie Madoff of all people. The integrity of the entire financial system is now on the chopping block. Guys like me aren't jumping back in the pool because the system is so obviously rigged.

The elites are now looking for war under every corner (North Korea, Iran) in hopes that will take the focus off the real problem-- entrenched generational corruption. The common folk aren't buying it again. I'm not putting up with another Iraq or Afghanistan.

By the way, I'm glad you're not a fan of carbon credits. That we can agree on.
 
The other societal changes that I mentioned-- self reliance.

Grow a garden
Plant some fruit and nut trees
Foster relationships with your neighbors
Store a year supply of dry grains (or at least a few month's worth) (avoid wild and brown rice though, it's high oil content makes it spoil more rapidly)
Install sisterns for rain run-off (a simple plastic garbage can works in a pinch)
Physical silver is nice to have for barter situations
Stock up on sugar, salt, honey, and dry spices-- all store exceptionally well

And for the Amercian readers-- lock and load or join a church because you are going to have to make that decision if things get tribal.

If nothing happens, no biggie at least you've got some peace of mind and the knowledge that you are less grid dependent.

And please don't label me a survivalist nut... all of our great grandparents did these things before modern society coddled us to the state we are in now.
 
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I wish that were the case. I can think of only one "fat cat" that has paid his debt to society and that's Bernie Madoff of all people.
Certainly should be many more in jail, but this situation is far from being one sided either. Bankers go to jail too.
A total of 463 banks in the U.S. have failed since 2008, typically the victims of the bad economy, soured loans, poor management or a combination of all three. The number of executives now in prison for crimes at those banks is far smaller: about 17, data from the Federal Deposit Insurance Corp. show.
http://online.wsj.com/article/SB10001424127887324073504578109262775186452.html

Surely, most of these 463 bank failures are not from criminal offences. Most of them, like other businesses go under from incompetence of leaders, bad investments or too much risk. It would be naive to conclude that if bank fails it is always because CEO stole all the money. And honestly, what management would bankrupt their bank with premeditation (planned way in advance), to forfeit income of easy millions of dollars to the end of their lives, if bank is run properly.

The elites are now looking for war under every corner (North Korea, Iran) in hopes that will take the focus off the real problem-- entrenched generational corruption. The common folk aren't buying it again. I'm not putting up with another Iraq or Afghanistan.
Do you think that if elites were normal people there wouldn't be wars?
I think elites are now praying for end of recession, so they can go back to making easy billions, and working class would be busy working again and buying their toys and not protesting, manifesting, occupying, and making them jittery all the time. Who needs this?




By the way, I'm glad you're not a fan of carbon credits. That we can agree on.
I think plants in my garden are hungry for more CO2, and after this winter I really hope that anthropogenic global warming is true. :)
 
The other societal changes that I mentioned-- self reliance.

Store a year supply of dry grains (or at least a few month's worth) (avoid wild rice though, it's high oil content makes it spoil more rapidly)
.
Come on, with reserves of fat Americans stored in last generation, they should survive for couple of years without rice :)

Many of your points should be implemented in all times.
 
Come on, with reserves of fat Americans stored in last generation, they should survive for couple of years without rice :)

Sadly that's not fat anymore, it's stomach bloat from all the GMO now in our diets.

No worries though, a case of abdominal cancer isn't THAT serious. Plus it's covered by Obamacare. Thanks Obama!

P.S. When Jon Corzine (of M.F. Global fame) gets hauled in front of a grand jury, then we will know the regulators have gotten serious about cleaning up the banking cabal.

P.S.S. Ouch... the fat American joke was payback for my Mandarin/Canada comment I'm guessing. Oh well, we're even. :)
 
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What will be if Cypriots receive bailout and nothing is done? New Greece??
 
I am reading now about a discussion,

seems like Cypriots are about to a referendum,

to vote yes or no to Euro,
if yes then the way is known,
if no? it will be the first no and exit out of Euro.

we will see,
 

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