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Eurogroup Meeting On Cyprus Begins In Brussels

Tyler Durden's picture


A few moments ago, no bailout proposal in hand, no parliamentary discussion having taken place, and certainly no votes having been cast, the Eurogroup sat down with Cyprus' president Anastasiades, in order to preserve the "democratic" theatrical facade of European decisionmaking. Here, to keep up appearances that  Cyprus' opinion is even remotely relevant, Europea's unelected leaders will do what they does best - make a closed door decision affecting the lives of millions of people, which ultimately have one purpose: to preserve the crumbling edifice of the Eurozone project (so carefully preserved in the past few months with superglue, scotch tape and empty promises) and of course the jobs and livelihoods of a few unelected EUrocrats.

A preview of this elaborate song and dance ritual is below from Kathimerini. It will be next followed by an even more elaborate song and dance from the Eurozone finance ministers, which will then finally go back to Cyprus, where a decision will likely have to be reached ahead of the Asian FX market open, or all that late Friday "Cyprus is saved" enthusiasm will evaporate in a GETCO millisecond.

From Kathimerini:

A high-level meeting on Cyprus is about to start in Brussels, chaired by European Council President Herman Van Rompuy, with the participation of the Cypriot government and of the European Commission president, Jose Manuel Barroso, Nicosia confirmed on Sunday afternoon.


A spokesman for the Cypriot government said the meeting would examine the possibility of a deal ahead of the Eurogroup meeting of eurozone finance ministers in the evening, Associated Press reported. Van Rompuy’s chairing of the meeting was also confirmed by a European Council spokesman.


Cyprus President Nicos Anastasiades and Finance Minister Michalis Sarris lead a Cypriot delegation that left Larnaca in the morning on a special flight that also went through Athens.


Following that session, Anastasiades will meet with Christine Lagarde, the managing director of the International Monetary Fund, and Mario Draghi, president of the European Central Bank, Nicosia announced.


Throughout the day's negotiations in Brussels the council of Cypriot party leaders will be in constant session at the President's office in Nicosia and in communication with the President.


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Sun, 03/24/2013 - 08:50 | 3367950 Dr.
Dr.'s picture

Good luck!

Sun, 03/24/2013 - 08:58 | 3367963 Croesus
Croesus's picture

Ah, who needs Luck when you're Banksters with Politicians in your pocket?


Sun, 03/24/2013 - 09:00 | 3367978 GetZeeGold
GetZeeGold's picture



No wonder Banksters with Politicians don't show up till noon on's due to all the work they put in on Sundays.

Sun, 03/24/2013 - 09:54 | 3368165 CharlieSDT
CharlieSDT's picture

 I kept hearing these Euretards saying something like,

The Euro will be ok, they just need to contain the crisis and everything will be fine. French people will continue to be able to work 35 hours weekly and take the summer off for their country house and there will be permanent peace and prosperity in Europe despite the continent’s 2000+ year history of war, genocide, and financial Great Devaluations. But now, we have finally changed human nature and solved all those pesky problems, and of course the world center of that historic accomplishment is of course…

Brussels! The home of the Euretards. Just don’t bother, dudes.

Sun, 03/24/2013 - 11:35 | 3368449 Cdad
Cdad's picture

Just don't forget your Orwellian pocket translator, 3rd edition, as any of these stories become "breaking newspeak."  

Most people fail to properly translate "Troika", which means "daffodils."  Furthermore, "Troika parliamentary discusion" = "picking daffodils" when used as a verb.  


"spokesman" = "cheese"

"Monday" = "we're all dead"

"constant session" = "Never been to Spain"

"endorsement" = "careful, man, there's a beverage here."




Sun, 03/24/2013 - 14:43 | 3369050 mjcOH1
mjcOH1's picture



Two terms often confused, at least in the minds of beggers.

Sun, 03/24/2013 - 09:14 | 3368016 eigenvalue
eigenvalue's picture

Since in Cyprus, the banking industry is the mainstay of the economy with tourism. To some extent, Cypriot bankers are equal to Cypriot people. 

Sun, 03/24/2013 - 09:16 | 3368025 Croesus
Croesus's picture

Bankers will never be equal to people. Or dogs, or even cockroaches for that matter.

Sun, 03/24/2013 - 09:37 | 3368090 sumo
sumo's picture

I'd be prepared to grant them parity with tapeworms. Bankers vs tapeworms is a close call.

Sun, 03/24/2013 - 09:44 | 3368113 Colombian Gringo
Colombian Gringo's picture

I disagree. A tapeworm has a legitimate evolutionary niche whereas banksters are cancers targeting the body politic, a disease that eventually kills the host.

Sun, 03/24/2013 - 09:46 | 3368118 Croesus
Croesus's picture

+1 Sir. You raise a very valid point. Kudos to you! (to both of you).


Sun, 03/24/2013 - 11:12 | 3368385 hyperbole2000
hyperbole2000's picture

I vote for the mites that live in a dung beetles asshole.

Sun, 03/24/2013 - 11:57 | 3368510 Jake88
Jake88's picture

They're the crud that lives under pond scum.

Sun, 03/24/2013 - 09:17 | 3368027 toys for tits
toys for tits's picture

I hope they don't forget to bring the hot coals to drag president Anastasiades across.

Sun, 03/24/2013 - 10:06 | 3368213 Ghordius
Ghordius's picture

And many Cypriots are also Russians - born this way

Sun, 03/24/2013 - 09:21 | 3368044 Salah
Salah's picture

The EU experiment is pretty much done, it's just a matter of how they defuse this bomb.  It's too big to put in the trailerable bomb canister; it has to be disassembled into parts after the detonator gets defused. 

The biggest clues once again are cosmic: they signed their Rome Treaty (3/25/57..6:30 pm) with absolute astrological symmetry...clear as a bell they were guided.  And it took effect (1/1/58 midnight) with nearly the same design ideals aforethought. 

Too bad they created an elegant & delicate Maserati; really needed a Humvee for the off-road experience.

Sun, 03/24/2013 - 10:19 | 3368247 Ghordius
Ghordius's picture

actually the design is modular - more like a kitchen than a maserati

Sun, 03/24/2013 - 12:31 | 3368616 smacker
smacker's picture

Too bad the pieces of this modular EU don't fit together.

Somebody forgot the glue...

Mon, 03/25/2013 - 04:12 | 3371352 Ghordius
Ghordius's picture

ah, some things are glued together, other stay together because of external pressure - do Cypriots really want to leave the EU and/or the eurozone? how will they vote next time they choose their parliament members?

Mon, 03/25/2013 - 06:59 | 3371423 smacker
smacker's picture



In every EU/EZ member state, whenever 'somebody' stands up and says "we'd be better off leaving the EU/EZ (or not joining)", the propaganda big guns are wheeled out (including MSM and so-called economists, all sucking on the State's teet) to warn the electorate of how this would isolate the country and destroy the economy etc etc. Even the unelected filth in Brussels chimes in and in the recent example of the debate in Britain, even Obama spouted his view that it would not be right for Britain. The old protocol that one country or external organisation doesn't meddle in the affairs of another has long been abandoned.

The consequence of this barrage of propaganda is that the electorates are very poorly informed and mislead into the actual effects of leaving this fascist EU organisation.

Sun, 03/24/2013 - 14:28 | 3369016 Buck Johnson
Buck Johnson's picture

This isn't going to end well.

Sun, 03/24/2013 - 08:50 | 3367951 Dr.
Dr.'s picture

<unintended double-post>

Sun, 03/24/2013 - 09:16 | 3367981 GetZeeGold
GetZeeGold's picture



It's OK....a lot uf unintended things will probably happen today.

Sun, 03/24/2013 - 09:30 | 3368059 e-recep
e-recep's picture


Sun, 03/24/2013 - 09:03 | 3367983 HD
HD's picture

Or is it?

This is clearly the work of an evil mastermind.

What's your angle? Some kind of plan for world domination?



Sun, 03/24/2013 - 08:50 | 3367952 TeamDepends
TeamDepends's picture

Is it still a haircut if your brain is showing?

Sun, 03/24/2013 - 09:55 | 3368171 Going Loco
Going Loco's picture

Unlikely that it is a brain which is showing because nobody with a brain would have been keeping money in Cyprus banks since about two years ago.

Sun, 03/24/2013 - 10:14 | 3368236 spine001
spine001's picture

In microeconomics they call the phenomenon that made people keep money in Cyprus (PIIGS) asymnetry of information. Driven by the MSM, that belongs mostly to the banksters

Until next time, 


Sun, 03/24/2013 - 10:32 | 3368287 Eally Ucked
Eally Ucked's picture

Really? And where is your money now? Cyprus banks are as good as the rest of them, all over the world.

Sun, 03/24/2013 - 12:03 | 3368528 Jake88
Jake88's picture

Yeah sort of like Lucy Liu in Kill Bill.

Sun, 03/24/2013 - 08:52 | 3367953 Gmacks
Gmacks's picture

Why am I here on a Sunday.

Sun, 03/24/2013 - 08:53 | 3367955 ziggy59
ziggy59's picture

Only place to get real news, and before it becomes history

Sun, 03/24/2013 - 08:55 | 3367961 fonzannoon
fonzannoon's picture

The same reason we are all here. To celebrate wonderfullness.

Sun, 03/24/2013 - 08:53 | 3367954 jonjon831983
jonjon831983's picture

To President: here is envelope of cash and guarantee of your continued wealth.  Just do this one little thing for us... or else.

Sun, 03/24/2013 - 09:01 | 3367980 FiatFapper
FiatFapper's picture

long brown envelopes

Sun, 03/24/2013 - 08:56 | 3367962 ziggy59
ziggy59's picture

Euro Drama Brunch
Almost as entertaining as the Honey Boob

Sun, 03/24/2013 - 08:57 | 3367967 Confundido
Confundido's picture

Today I am worse off than yesterday...but it doesn't matter, because I am better off than tomorrow!

Sun, 03/24/2013 - 09:05 | 3367987 HD
HD's picture

That may be the best description of the "new normal" I've ever read.

Sun, 03/24/2013 - 09:39 | 3368098 TeamDepends
TeamDepends's picture

Raise your hand if your liver has taken a beating since oh, early November or so.

Sun, 03/24/2013 - 09:53 | 3368160 HD
HD's picture

Since "whatever it takes" for me...

Sun, 03/24/2013 - 10:40 | 3368306 Eally Ucked
Eally Ucked's picture

My liver was a piece of bad meat in November (after few years of economic recovery) now is just undiscribable piece of something, can I raise my hand?

Sun, 03/24/2013 - 10:43 | 3368310 TeamDepends
TeamDepends's picture

Absolutely, Brother!  All are welcome here.

Sun, 03/24/2013 - 09:57 | 3368177 mick_richfield
mick_richfield's picture

Excellent!  Let's write a book!

Time-Reversed Investing: How to Profit in the Coming Collapse.

Sun, 03/24/2013 - 11:30 | 3368434 disabledvet
disabledvet's picture

I was kind of hoping you would say "how to profit from the collapse of Rome over 2000 years ago...and other past collapses as well" actually.

Sun, 03/24/2013 - 08:57 | 3367968 kushmere
kushmere's picture

5th Post of my new blog on Bitcoins.

Sun, 03/24/2013 - 09:36 | 3368078 RSBriggs
RSBriggs's picture

Dude, nobody gives a rats ass if you made your fifth post, or your eight-thousandth post about bitcoins.

Sun, 03/24/2013 - 10:22 | 3368260 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Bitcoins are really pissing me off. The posters who hijack threads about bitcoins are the worst. Bitcoins may have a purpose but they are meaningless when the power goes down.

Sun, 03/24/2013 - 10:25 | 3368267 toys for tits
toys for tits's picture

I don't know. I think his 3,000th would read,

"BTC's now worthless because of governments' required self-reporting. Last post."

Sun, 03/24/2013 - 09:04 | 3367972 Ghordius
Ghordius's picture

"in order to preserve the "democratic" theatrical facade of European decisionmaking. Here, to keep up appearances that  Cyprus' opinion is even remotely relevant, Europea's unelected leaders will do what they does best - make a closed door decision affecting the lives of millions of people, which ultimately have one purpose: to preserve the crumbling edifice of the Eurozone project (so carefully preserved in the past few months with superglue, scotch tape and empty promises) and of course the jobs and livelihoods of a few unelected EUrocrats."

in light of the fact that whatever comes out of this room has to be voted on in the elected Cypriot parliament and probably afterwards also in the Dutch, German, Finn et al parliaments,

I find this "oh, this is all not democratic there - unelected - closed door" facade quite thin

I repeat, it will be trashed on the floors of several parliaments, starting with the Cypriot one - this is democracy

Sun, 03/24/2013 - 09:03 | 3367985 swissaustrian
swissaustrian's picture

Let us (troika) hold some guns to your heads (Cypriots), so you can vote democratically on stealing money from depositors and destroying your economy.

Sun, 03/24/2013 - 09:10 | 3367999 Ghordius
Ghordius's picture

can democracies do wrong? yes. can democracies hurt each other? yes.

don't you see the difference between saying that what you are doing is wrong and what you are doing is not democratic?

taken to it's extremes it means bombing scumbags by accusing them of not being democratic

Sun, 03/24/2013 - 09:15 | 3368018 toys for tits
toys for tits's picture

I think I understand your point, but when the Troika shits on the parliments' idea before it is even brought to a vote, that would undermine the democratic process, no?

Sun, 03/24/2013 - 09:33 | 3368066 falak pema
falak pema's picture

This Cyprus government and its banksta oligarchs, corrupt and bankrupt, are the very opposite of a democratic government as exemplified  by their repeated and ongoing shenanigans; absolute example of a pierced conduit for Russian hot money laundering into Eurozone.

Its time somebody brought this scam to an end; and the Greek situation was also a good example of Squid manipulated greek governments feeding on the Euro teat by government balance sheet manipulation. 

The world does not work on pretence for long, ultimately it works on facts and when scam becomes shit hole of Augean stables we need Herculean reset. Simple. A cancer is a cancer...

Of course this is unacceptable to those whose Pax Americana model is BASED on repeated pretence. Troika is half US half EU trying desperately to obtain a reset; and... totally oligarchy matrix.

Toxic head up ass mixture and it needs a good dose of Nemesis...Too late to save the day in fine heroic play.

Perseus and Theseus, like the Argonauts, are all dead and buried in first world.

We are now in the age of assassins of religious cum oligarchy wars. Renaissance chimes and counter reform rumblings.

It looks like it will be a bloody century like the 1500-1600 s with herd slimming in Amerindia conquered world...maybe worse, from our perspective,  like the 1300s of herd slimming in first world.


Sun, 03/24/2013 - 11:10 | 3368374 Eally Ucked
Eally Ucked's picture

I think that lately you got on high wave, with that drunken feeling of beeing the most refined erudite in the whole world or at least at ZH.

What the hell is this bullshit about "This Cyprus government and its banksta oligarchs, corrupt and bankrupt, are the very opposite of a democratic government as exemplified  by their repeated and ongoing shenanigans; absolute example of a pierced conduit for Russian hot money laundering into Eurozone." ? I don't see any facts supporting your high flying ideas except something about Russians with all the info coming from MSM.

"Troika is half US half EU trying desperately to obtain a reset; and... totally oligarchy matrix." what that means? Troika is oligarchy matrix and wants reset? Reset of what?

"Toxic head up ass mixture and it needs a good dose of Nemesis...Too late to save the day in fine heroic play." Sounds good but meaning?

Ok, that's enough, I got headache. Just last question, what the fuck is "1500-1600 Amerindia conquered world"?


Sun, 03/24/2013 - 12:04 | 3368529 falak pema
falak pema's picture

lol, american idol is fine.

Sun, 03/24/2013 - 09:38 | 3368091 Dugald
Dugald's picture

Depends on how you spell Parliament

Sun, 03/24/2013 - 10:25 | 3368265 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

If you say it with funk then it sounds different then the way is is spelled.


Sun, 03/24/2013 - 10:39 | 3368297 Ghordius
Ghordius's picture

TfT, this crisis started in June 2012 - you don't mean it has never been discussed, don't you?

Just look on how they voted on Friday, and on what

Sun, 03/24/2013 - 09:21 | 3368026 swissaustrian
swissaustrian's picture

A forced vote is not democratic, because it turns the principle of reprensentation on it's head. They're not representing the electorate if they're not free to decide on how to vote. That has been the EU tactic everytime a vote/referendum didn't turn out the way the Eurocrats wanted it. Just let the suckers vote again, until they come with the desired outcome.


"taken to it's extremes it means bombing scumbags by accusing them of not being democratic"

I don't see what this has to do with the current farce. It's false logic. According to that statement, there would be a moral justification to bomb the European comission.

Sun, 03/24/2013 - 09:38 | 3368093 ThirdWorldDude
ThirdWorldDude's picture


I've been unsuccessfully explaining to Mr. Ghordius Eurotardian that democracy has been hijacked from the people since the enthronement of our new Pax Americana Empire after WWII ended, but it seems he never got the message.

You don't get a better proof than recent happennings in Greece, Spain, Portugal etc. where "democratic elected parliaments" voted against the will of their enraged electorate that protested out in the streets.

Have you heard of anyone resigning? Anyone held accountable? Where's Corzine and Venizelos?

Oh, have you heard that Barsani was given mandate to try and form a new government? So much for Italian democracy too...

Sun, 03/24/2013 - 10:05 | 3368211 mick_richfield
mick_richfield's picture

Democracy and fiat money are mutually exclusive.

The world fiat-money system, backed by American military power after WWII, was first used to create a finance-based empire.  The US Empire conquered the American Republic in 1964. 

After that, democracy in the US quickly became a children's fable.  Opium for morons, and a fig leaf for those who are not morons, but who choose not to see.

Sun, 03/24/2013 - 10:12 | 3368232 Ghordius
Ghordius's picture

yours is a blanket criticism of 27 constitutions? you mention for example the way the Italian President is exercising his constitutional duties

Sun, 03/24/2013 - 10:58 | 3368339 ThirdWorldDude
ThirdWorldDude's picture

Riddle me this, Mr. Legality - did your Belgian MP's ask for electoral opinion before voting to bail out Dexia?

Whom did the Greek parliament consult upon changing electoral rules and granting the winning party nearly 20% of the seats?

Did Frenchemen go out to the polls and cast a ballot to approve tax hikes?

What about Spain, did protesters on the street impose austerity measures on themselves while letting government's spending rise in same tact as previously?

Sun, 03/24/2013 - 13:08 | 3368691 Nobody For President
Nobody For President's picture

And please to remember the Greek President who had the termity to *suggest* that the people actually vote on whether or not they wanted to stay in the Eurozone - he was replaced by a Eurocrat in like two weeks? The Greeks, the sorrowing Greeks who have a claim on inventing democracy, watched it die before their very eyes. The only Democratic country to pop its head up the last few years has been Iceland.

But Ghordius must get his nome de plume from the Gordian Knot:

The Gordian Knot is a legend of Phrygian Gordium associated with Alexander the Great. It is often used as a metaphor for an intractable problem (disentangling an "impossible" knot) solved easily by cheating or "thinking outside the box" ("cutting the Gordian knot").

To call the Eurozone Eurocrats a 'democracy' is cheating AND thinking outside the box (of logic).  To call the 'discussions' they are having with the Cypriot leadership 'democracy' is, to be polite, a very confused view. If I put a gun to your head Ghordius, and say 'Vote the way I demand or I shoot', do you think the fact you get to vote makes it democratic?

Sun, 03/24/2013 - 14:35 | 3369032 Ghordius
Ghordius's picture

legality and legitimacy are indeed Gordian knots - and there lies the rub

look at the properly constituted sovereign republics of Finnland, Cyprus, et al in this spat. they are using diplomacy for a deal involving all authorizing tax-payer money to be used for a bank bailout, and this deal might be made legal by the parliaments of those nations, who are legitimized by the fact that they were elected to tasks of this magnitude by their peoples

laws of nations, democratic processes, according to various constitutions

either you respect the above or you are on the path of asking for constitutional amendments to those nations while still respecting the above or

you can't moan about "unelected" and "undemocratic" in your diatribes about how little you like those deals without being false and disingenuos, as the author of this article is doing

of course, laws of nations don't count if you are a "globalist"/imperialist, but then don't moan if drones don't respect your national borders, then they follow only your mindset

Sun, 03/24/2013 - 15:51 | 3369256 ThirdWorldDude
ThirdWorldDude's picture

Sorry to cut your beautifully tied knot again, but you already know it's in my genes and I can't help it... besides, there's a lot of crap coming out of you today.


None of EU's member-states are sovereign. They have one Soviet-style Commission consisted of corporate-owned bureaucrats to rule them all. Lest you're sclerotic, you surely know those rules stretch from a banal directive of a cucumber's dimensions to more systemic issues like what is this year's extortion fee that peasants have to pay to their Brussels masters.

Let me ask you again - if Cyprus, Greece, Portugal or Ireland were sovereign countries, what was it that prevented them from simply defecting, a.k.a. pulling an Iceland?

Mon, 03/25/2013 - 04:08 | 3371345 Ghordius
Ghordius's picture

to your question, my answer: the political will to do so - indeed, I just read that the president of the Cypriot parliament and leader of the opposition to the president approves the deal - now let's watch on this Monday if the Cypriot people on the street will protest or not

Mon, 03/25/2013 - 04:20 | 3371357 Ghordius
Ghordius's picture

btw, interesting commentary on the Cyprus Mail

Sun, 03/24/2013 - 10:21 | 3368256 Ghordius
Ghordius's picture

where were "forced" votes? In the Cypriot parliament?

Sun, 03/24/2013 - 09:20 | 3368036 eigenvalue
eigenvalue's picture

Democracy literally means the rule of people. However, how many times have we witnessed that politicans promise something in the election campaign and break the promises after getting elected. The rule of parliament and democracy (the rule of people) are not the same thing.

Sun, 03/24/2013 - 10:02 | 3368202 Going Loco
Going Loco's picture

Politicians' broken promises:

(1 minute - closing slide: "And they wonder why nobody trusts politicians")

Sun, 03/24/2013 - 09:06 | 3367990 BurningFuld
BurningFuld's picture

Just to clarify...They are unelected blood sucking parasites in case the article was not clear.

Sun, 03/24/2013 - 09:57 | 3368181 ThirdWorldDude
Sun, 03/24/2013 - 09:07 | 3367993 fonzannoon
fonzannoon's picture

This is a quite thin facade as well (from the reuters article I linked above).

"The worry "is the psychological knock-on effect of the credible possibility of some (country) saying ‘Cyprus got out, now they are on their own, they devalued their currency, they don't have to go through austerity'," said Art Hogan, managing director at Lazard Capital Markets in New York."

it goes on..

"Assuming Cyprus's troubles are solved, investors will turn their attention to economic data due during the holiday-shortened week, with equity markets closed on Friday for the Good Friday holiday".

What a mess of ass backwards propoganda. Cyprus must be forced into staying in a union even if they decide they want out....and as long as they are forced to stay in, we can all just assume their troubles are solved, and move on to the all important seasonally adjusted gorilla farts numbers expected out on Tuesday,......

Sun, 03/24/2013 - 09:11 | 3367997 dick cheneys ghost
dick cheneys ghost's picture

Ghordius............Do you think OPEC would like to sell oil with EURO's vs Dollars?

Sun, 03/24/2013 - 09:32 | 3368064 dick cheneys ghost
dick cheneys ghost's picture

Would OPEC have more 'puchasing power' using a 'petro euro' vs 'petro dollar'?

Sun, 03/24/2013 - 09:55 | 3368164 Ghordius
Ghordius's picture

Saddam Hussein did

Sun, 03/24/2013 - 10:02 | 3368201 dick cheneys ghost
dick cheneys ghost's picture

OPEC (Saudi's) is/are btw a rock and a hard place.........secretly or behind closed doors, they prefer the EURO to the Dollar..........but the EURO as a currency has no standing army

Sun, 03/24/2013 - 10:09 | 3368224 mick_richfield
mick_richfield's picture

I think that was a while ago.  It never went anywhere because even the Saudi Royal Family is smart enough to know that they need a military sponsor, which Eurpoeans will never be.

The people talking to the Saudis behind those closed door lately come from a lot farther east.

Sun, 03/24/2013 - 10:27 | 3368276 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

Euro supporter supporting Sadam? How many nuclear reactors does he have now? Darn French!

The Euro is going out the same way Sadam did, slowing dying by choking to death.

Sun, 03/24/2013 - 10:41 | 3368307 Ghordius
Ghordius's picture

eh? I was stating a fact

Sun, 03/24/2013 - 10:45 | 3368312 dick cheneys ghost
dick cheneys ghost's picture

So is the Dollar....just sayin

Sun, 03/24/2013 - 09:25 | 3368052 mendigo
mendigo's picture

But is it truely democracy when they agree in secret to cut-off peoples access to thier money while they debate how much of it they need to take or is that more like blackmail?

Democracy would be what would happen if the people were allowed to vote on it, right?

Beyond democracy there is the issue of rights - can people vote to take other peoples property?

Potentially you have elected an unelected officials voting to take peoples money to propup an insolvent system to preserve thier own wealth and power - is that really democracy?

Sun, 03/24/2013 - 10:43 | 3368184 Ghordius
Ghordius's picture

+1 an action done on the authority of the gov of the Cypriot CB and endorsed by the elected president of Cyprus

and note it was not criticized neither in parliament nor on the streets in this detail alone

Sun, 03/24/2013 - 11:15 | 3368392 e-recep
e-recep's picture

you think that the mob rule is democracy. no, it is not. mob rule is mob rule. the majority cannot fleece anyone even if the popular vote turns out to be in favor of it.

Sun, 03/24/2013 - 12:20 | 3368574 mendigo
mendigo's picture

These bureaucrats a very dangerous - they have such a sense of entitlement and empowerment. They believe that anything they do is justfied because they went to all the right schools and know all the right pepeople and after all they are doing it for the good of the people and of Europe history will prove them right.

The situation is a few orders of magnitude worse in the us. At least you have some insight into what is going on because of the diverse parties involved. In the us thier is a complete information blackout (the mass media chooses to play along and not even a Tyler can see through the secrecy leaving us to guess at what is going on) and there is essentially open disregard for the people and the laws.

Sun, 03/24/2013 - 10:20 | 3368250 mick_richfield
mick_richfield's picture


can people vote to take other peoples property?

Are you serious?  Do you pay taxes?

Sun, 03/24/2013 - 10:44 | 3368311 Ghordius
Ghordius's picture

Acts of Appropriations

Sun, 03/24/2013 - 11:51 | 3368493 mendigo
mendigo's picture

That is an important issue in itself, but I think obsconding with peoples funds is different from passing a law which takes a cut of future income or even property.

Not everything is the same bad or good.

Sun, 03/24/2013 - 12:14 | 3368558 mick_richfield
mick_richfield's picture

Well, that's a good point.

I regard all taxation as theft, so I missed the distiction between more-formalized-and-legalized theft, and totally-arbitrary-oh-fuck-let's-grab-any-damn-thing theft.


Sun, 03/24/2013 - 12:28 | 3368605 mendigo
mendigo's picture

Yes there is a line to be drawn.
The problem is there is apparently precedent for this.
The upside is that they have exposed thier true nature - bad as it is.

Sun, 03/24/2013 - 10:59 | 3368349 smacker
smacker's picture


I think the ZH description of how the EU operates is good.

These meetings are called by unelected EU-crats, to discuss an agenda drawn up by unelected EU-crats (which is based upon a set of options which suit their agendas). Decisions taken at these meetings are handed to member state reps who are expected to go home and implement them.

The people of the member states rarely get a look-in. And if they do get a vote (or referendum), if they vote wrongly, they are ordered to vote again. Rinse and repeat until the right outcome is achieved to suit the EU-crat elites.

This is rule by an unelected autocracy and it is exactly why so many Brits are up in arms about it.

I have often described what's happened in the EU as a coup d'état by a mish-mash of old commies, 21st century fascists and other assorted heads of the giant socialist snake. Because that is what it is.

People like yourself would be better convinced of how it operates if there existed a hierarchical organisation chart which showed the reporting lines (and therefore the power groupings) of the EU.

Sun, 03/24/2013 - 11:44 | 3368480 disabledvet
disabledvet's picture

"and they call it the euro." seems a rather odd to way to "conquer" actually. seems an awful lot like a taking...

Sun, 03/24/2013 - 08:58 | 3367973 rodocostarica
rodocostarica's picture

NCAA is much more interesting and exciting than this BS.  

why wasn't Farage invited?


Sun, 03/24/2013 - 08:59 | 3367975 eigenvalue
eigenvalue's picture

Jim Sinclair the narcissistic shill believes that gold is ready to go to $3000.

Izabella Kaminska the intelligent expert believes that the gold bubble has burst.

Since Izzy is not an old coot and has bigger boobs, I think she is correct. Gold to ZERO by the end of month!

Sun, 03/24/2013 - 09:04 | 3367986 tuttisaluti
tuttisaluti's picture

Fine, then I can finally afford all the jewelry my wife want's.

Sun, 03/24/2013 - 09:05 | 3367988 dick cheneys ghost
dick cheneys ghost's picture



You are correct..........the PAPER price will go to ZERO

Sun, 03/24/2013 - 10:58 | 3368345 Hulk
Hulk's picture

because there ain't no paper no mo...


Sun, 03/24/2013 - 09:09 | 3368001 swissaustrian
swissaustrian's picture

Izabella Kaminska doesn't even understand how the forward market works. She seems to have zero experience in actual gold trading.

Sun, 03/24/2013 - 09:18 | 3368033 Mordenkainen
Mordenkainen's picture

Can you contribute to a thread without badmouthing gold? Especially one attached to an article that says nothing whatsoever about gold?

Sun, 03/24/2013 - 10:23 | 3368257 mick_richfield
mick_richfield's picture

Hey, take it easy on the little animal.

He's just trying to make a living.

By helping to direct his fellow men into the slaughter-chute.

Sun, 03/24/2013 - 09:20 | 3368039 sumo
sumo's picture

Kaminska lays it out here:

(registration required)

According to the boobed one:

* without central bank demand, gold would slump in price

* the US economy is improving, strengthening the dollar, therefore "it’s ever harder to justify a role for gold."

Keen insights there, jolly good. As to *why* central banks are buying gold and won't be stopping soon, well, that doesn't get a mention (can't be important then, can it).

Sun, 03/24/2013 - 09:36 | 3368081 trader1
trader1's picture

to repair the West's balance sheets, all is needed is a revaluation of that one asset (gold) to match liabilities (entitlements).

Sun, 03/24/2013 - 09:35 | 3368075 trader1
trader1's picture

we are all narcissistic shills, otherwise you wouldn't be posting drivel and i wouldn't be responding to it.  

therefore, Izzy is also a narcissistic shill, even if she's ignorant about it or refuses to be honest about it.  

she represents a point of view opposed to seeing the price of gold go parabolic.  

that's all fine though.

allows us all to buy more at cheaper prices.

Sun, 03/24/2013 - 10:07 | 3368216 Going Loco
Going Loco's picture

"we are all narcissistic shills, otherwise you wouldn't be posting drivel and i wouldn't be responding to it.  "

So funny. So true.

Sun, 03/24/2013 - 11:08 | 3368367 bigkahuna
bigkahuna's picture

Well, when the MSM's drivel becomes a total bullshit fest, one must find other sources of drivel.

Sun, 03/24/2013 - 11:40 | 3368466 hoos bin pharteen
hoos bin pharteen's picture

Place your bets.

Sun, 03/24/2013 - 15:00 | 3369087 treshold
treshold's picture

Shit, I can't wait for the markets to open so that I can divest!

Sun, 03/24/2013 - 09:00 | 3367976 Fix-ItSilly
Fix-ItSilly's picture

Why is the Troika not discussing the derivative and off balance sheet counterparty exposure of Cyprus that is subordinate to most all banker obligations?  Because banker property is being protected by raiding private property. says that the ECB declared bankrupt banks cannot be funded.  Nonsense.  The Federal Reserve and FDIC do so all the time in the US.

Put the banks in bankruptcy, erase subordinated debt and derivative exposure. Stop the nonsense of secrecy for what should be out in the open.  Otherwise, democracy and human rights are at risk.

Sun, 03/24/2013 - 09:20 | 3368037 gatorengineer
gatorengineer's picture

There are few bondholders in cyprus so hence why they are going after deposits.  few bondholders equals few bond insurance policiies (derivatives).  Minimal derivatives (whatever minimal means these days)

Sun, 03/24/2013 - 10:06 | 3368212 Sean7k
Sean7k's picture

Much of those deposits were invested in Greek bonds, that do have derivative exposure. Derivative exposure is driving every funding decision in Europe and the US.

Sun, 03/24/2013 - 09:02 | 3367979 BurningFuld
BurningFuld's picture

They are going to take Money from people with more than 100K in deposits which means they are finally moving up the food chain. Things must be incredibly bad...incredibly fact most likely worse than anyone can imagine.

Wait..let me imagine...the Greeks own you a shit ton of are never getting it back.....not even close...and wait now not even the interest can be paid. Think about that...things are really fucking bad.

Hundreds of Billions of dollars bad...and all that Spanish real estate that was backing all those's ALL gone...fuck me...To quote George Bush: "This sucker might go down." At least he was honest about something.

Sun, 03/24/2013 - 09:04 | 3367984 icanhasbailout
icanhasbailout's picture

Put on this background music and the Eurogroup meetings start to make more sense:

Sun, 03/24/2013 - 09:40 | 3368105 gould's fisker
gould&#039;s fisker's picture

Why not go with the whole show--it's certainly appropriate, Monty Hall and his costume party:

Sun, 03/24/2013 - 09:16 | 3368023 msamour
msamour's picture

+1 because as I am listening to this music, I am picturing the whole eu-parliament in the little outfit with the toutous running around like morons under the big tent.

Sun, 03/24/2013 - 09:42 | 3368109 gould's fisker
gould&#039;s fisker's picture

Since this is a EU production don't forget the volkswagon beetle and its inhabitants.

Sun, 03/24/2013 - 09:08 | 3367996 optionsman
optionsman's picture

tragicomedy or farce? the system is beyond repair  IMHO and yet Marios, Bens, Angelas etc. have found ways to further destroy the system while convincing most that the system is patched up and good to go. will this be another round of same? i am sure it will be. so sad. closed door decision is not same as the impact of that invisible hand - now never to be seen...ever ;)

has anyone seriously thought through pros and cons of both socialism and capitalism and why capitalistic invisible hand had an upper hand late last century and why that same invisible hand is way too outdated or too costly?

Sun, 03/24/2013 - 10:32 | 3368288 Going Loco
Going Loco's picture

"has anyone seriously thought through pros and cons of both socialism and capitalism and why capitalistic invisible hand had an upper hand late last century and why that same invisible hand is way too outdated or too costly?"

Conventional capitalism evolved to exploit a debt=money fractional reserve banking system which depends upon perpetual exponentional growth in output which in turn depends on the cost of energy falling in real terms. When the cost of energy was falling in real terms the capitalist system easily had the upper hand over communism which is a system designed to allocate existing resources, not grow new ones. If the invisible hand were to be allowed to do its job then capitalism would continue to have the upper hand, by evolving to something which is better adapted to a world where the real cost of energy is rising. Unfortunately governments are controlling the invisible hand to the extent that it is unable to work, for example by preserving the world's bankrupt banks, which was the root cause of the Japanese lost generation. I believe we are moving into a period when conventional capitalism will be derided and we will all be governed by a form of communism, albeit with a new name. For a much more detailed consideration of this problem see and

Sun, 03/24/2013 - 09:23 | 3368015 Sean7k
Sean7k's picture

How do you define crisis?

To me, it would be an unforseen situation of extraordinay circumstances that would require a novel solution that results in a new status quo, one protected from a future crisis of the same type.

Yet, the solution to the financial crisis is always the same: more debt issued and capital seized. Worse, it always results in greater austerity, crippling the ability of an economy to function, therefore guaranteeing a continuing crisis.

As it is always the same leaders, providing the same solutions, perhaps the People might want to question, nay demand a different solution- guaranteeing a different result? If your leaders are dead set on enslaving you, why are they your leaders? Do you want to be enslaved?

As long as the People continue to play the banker's game, with the banker's equipment, on the banker's field, by the banker's rules: how can you expect to win the game? 

If we allow currency to be the only means to conduct trade, we must either have a neutral currency or the freedom to chose a currency of our liking AT ANY TIME! Since we can control the language of the contract, we should be able to value it as we see fit. For if modern life is to have any value whatsoever, it must be based on personal liberty. Demand the freedom to choose, end legal tender laws. End CB control of the banking sector. End barriers to entry. 

The People may choose to remain in the current system, they may treasure slavery over freedom, the safety of being guaranteed a standard of living that promises something, rather than nothing. Until we have the ability to make these choices as individuals, we should be at war with our would be owners. 

Cyprus, America, China, it matters not. Your real votes are made with currency. We need to make them count.

Sun, 03/24/2013 - 09:29 | 3368056 Ricky Bobby
Ricky Bobby's picture

Bravo! Well written Sir!

Sun, 03/24/2013 - 09:44 | 3368096 new game
new game's picture

whoo, hold everything

austerity slows the economy

ah, but what isn't addressed in your comment is the freeloaders and government layers of b.s.

this is the result overttaxation and a lack of checks and balances, crony politics and payolla scams.

budgets based on tax RECEIPTS(5 year rolling average) only, and approved by majority elected leaders with 2 term limits and campain donation limits of $100/per entity.

an entity being an individual or corporation only.

until the funding of governmet is limited by law /constitution this will NEVER be corrected...

Sun, 03/24/2013 - 09:56 | 3368175 Sean7k
Sean7k's picture

Are you so naive, you think that politicians and government function independently of the bankers? Do you really think that YOU have some effect on the type of legislation being passed? Worse, if your government is captive of special interests, how do you expect to control or influence it? 

The government exists to be a front for the Elites. They give us the vote, because they know it has zero effect on how the State will function. Thus, we blame the government and the politicians, rather than the ones operating it for their profit.

The organizing function of all governments is control and by definition, control can NEVER be limited. This is why we have the governments we have. 

It is requisite upon us all to QUESTION our environment and compare what we are TOLD with what is REALITY. There are plenty of paid EXPERTS in every field that will attempt to convince us of the Elite's perogatives- they are captive intellectuals. WE must challenge their assertions through observation and testing. Theory and result must match to be valid. 


Sun, 03/24/2013 - 10:28 | 3368277 mick_richfield
mick_richfield's picture

OK, here's a thought-experiment for you.

Let's say we have the power to create any amount of fiat money and spend it how we please, with no oversight.

I give you the task of, within 30 years, bringing the US political establishment completely under our control -- without spending a fiat dime on campaign contributions.

Can you do it?

Sun, 03/24/2013 - 09:53 | 3368162 Antifaschistische
Antifaschistische's picture

Re: Currency Choice...Sure, we should be able to do that.  But TPTB are smart, and they know exactly what you are referring to, and they know it strips them of their monopoly, which is why there are laws to prevent you from doing just that.

and the fact that we do so much business with a card (of any flavor) even gives them more control.

Sun, 03/24/2013 - 10:02 | 3368199 Sean7k
Sean7k's picture

So, we should just give up? Are we so asset poor that we cannot conclude a trade in another value instrument? 

In order for law to be effective, it requires the acceptance of the people. When the people refuse to obey the law, in significant numbers, the law ceases to have any effect. For example, prohibitions on alcohol or homosexuality. 

We are the great masses, we are the consumers and the producers. This gives us great power, if we are only slightly organized and determined.

Sun, 03/24/2013 - 10:38 | 3368302 spine001
spine001's picture

Hey Guys/Gals you are describing Argentina, where people despote beibg given 30% discounts if they pay wuth credit cards they still prefer to pay more and remain anonymous. The government has been forcing stores to write down peoples data if they buy more thab 125 dollars of merchandize. But guess what, they dont check ids so people lie. Civil disobedience is normak course of business in Argentina...


Until next time,


Sun, 03/24/2013 - 10:54 | 3368327 Going Loco
Going Loco's picture

"If we are only slightly organized and determined"

For three years I have been looking for a person who might have the capacity to organize and inspire determination. I think I may have found him. But in case I am wrong you should be looking too.

Sun, 03/24/2013 - 10:54 | 3368328 hooligan2009
hooligan2009's picture

it is not "austerity" to stop spending money that you don't have on things that produce no value, hence the constant analogy to "spending like drunken sailors".

the correct term is "prevention of pathological kleptomania".

to carry on spending money that you don't have, and can't possibly pay back, is "stealing".

Sun, 03/24/2013 - 09:18 | 3368030 max2205
max2205's picture

20% x 5 years = 100%

Sun, 03/24/2013 - 10:26 | 3368269 ziggy59
ziggy59's picture

With Rule of 72...Actually less.. 72/20 = 3.6

Sun, 03/24/2013 - 09:18 | 3368032 jmcadg
jmcadg's picture

This is all irrelevent. The cat is out of the bag, bank runs to follow whatever the outcome.

If you hold any savings in a bank from here on out, you are mad, and (almost) deserve what is coming.

Cyprus is history, anyone in any other country, not just in the Euro, should be 'getting the hell out of dodge'.

Sun, 03/24/2013 - 09:34 | 3368074 sumo
sumo's picture

Cyprus is the test run for Italy, Spain, and the next global meltdown.

Instead of stealing your savings by inflating the prices of energy and food, which - surprise, surprise - don't get included in consumer price indices, the fuckers are going to steal your savings directly. That's much more efficient.

Sun, 03/24/2013 - 09:19 | 3368035 Ban KKiller
Ban KKiller's picture

Does big money destroy common sense? Or is it too much sunshine and sand? Is everyone in Europe in a meeting to divvy up Cyprus? For once I would like to see a bank fail and have their off balance book of derivatives exposed....nope...have to keep those hidden..from EVERYONE.

Sun, 03/24/2013 - 09:20 | 3368038 sangell
sangell's picture

Jose and Herman were supposed to be winging their way to Japan today to meet with the new Japanese government tomorrow. How embarrassing for them that they had to cancel. Imagine if the US Potus had to cancel an important meeting with a foreign leader because Detroit went bankrupt! My guess is by next year Jose and Herman will only be able to meet with some low level functionaries from the Dutch or Portugese embassies in Japan after the EU blows up.

Sun, 03/24/2013 - 09:24 | 3368050 gatorengineer
gatorengineer's picture

Simple solution, pay your Visa card with your zero interest Mastercard (ECB), and zero interest American Express (Bernanke bucks via the IMF).  It works for a period of time as long as the rate is zero, once it becomes not zero, well......  it also assumes you dont run your Visa up again....

Sun, 03/24/2013 - 09:37 | 3368085 Treason Season
Treason Season's picture

Not scotch tape! Duct tape!

Sun, 03/24/2013 - 09:43 | 3368112 Everybodys All ...
Everybodys All American's picture

I have every belief that the Europera will once again play out like every other act in a we saved the EU once again ramp job come Monday morning. Count on it...

Sun, 03/24/2013 - 09:44 | 3368117 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

Ok, that'll be a case of champagne, a couple of tins of caviar, several hookers and a shower.

We'll just slip the tab into the haircut.

Let the negotiations begin!

Sun, 03/24/2013 - 09:57 | 3368186 freedogger
freedogger's picture

Scotch tape??? If they haven't pulled out the duct tape by now all hope is lost.

Sun, 03/24/2013 - 10:24 | 3368263 smacker
smacker's picture


"A high-level meeting on Cyprus is about to start in Brussels, chaired by European Council President Herman Van Rompuy ... ..."

Hells's teeth!

Getting The Garden Gnome to chair a meeting has to be a joke. The guy's a fully paid up member of the 'buffoon brigade'.

Sun, 03/24/2013 - 10:33 | 3368291 short screwed
short screwed's picture

If a deal isn't done soon, there will be blood on "the Street" tomorrow.  I'm talking DOW -50!  Followed by a 2:45 rumor of a Cyprus bailout from Mongolia, a 3:15 algo ramp up, a DOW +80 close and a Bob Pisani orgasm.

Sun, 03/24/2013 - 10:45 | 3368313 Bugsquasher
Bugsquasher's picture

Someone should start a rumor that the Cypriot PM is bringing the Finance Minister of Iceland to the meeting with him.  Just his presence will send them into apoplexy!

Sun, 03/24/2013 - 10:51 | 3368323 short screwed
short screwed's picture

Better get him to Brussels before they announce it.  I'm sure he wouldn't want his plane to accidently explode over the North Atlantic.

Sun, 03/24/2013 - 12:09 | 3368542 disabledvet
disabledvet's picture

thanks for link. if this crap is sitting in Italy too...well, let's just say it really does make one wonder what Trichet was thinking when he was raising rates only to lower them soon thereafter.

Sun, 03/24/2013 - 10:48 | 3368319 spine001
spine001's picture

You are forgeting the as needed POMO interventions to keep the market up. Until some revolt in the House or the Senate sets an upper limit to the size of the Fed balane sheet, there is no hope. And that will take a major crisis.

What nobody is taking about is what will happen to all the projects that get started at the lowest ever discount rate for capital that will stop making economic sense as soon as interest rates go up... Armaggedon ... Thus FOMC knows they con not stop POMO in our lifetime...

Until next time,


Sun, 03/24/2013 - 11:00 | 3368350 Son of Loki
Son of Loki's picture

Champagne flowing like water...moar 7 course dinners...keep it coming!

Sun, 03/24/2013 - 11:20 | 3368406 Billy Shears
Billy Shears's picture

Iceland should send, or Cyprus invite, a special delegation of Icelandic politicians to discuss and explain the "Icelandic" option to the people of Cyprus.

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