Cypriot Youth Rise Up In Pictures: "They Just Got Rid Of All Our Dreams"

Tyler Durden's picture

There is a reason we think of youth unemployment as the 'scariest' thing in Europe as we have discussed here and here. After a few months of relative calm, it appears the youth are once again finding their hopes dashed and are protesting. As Reuters reports, thousands of students and bank workers protested in the Cypriot capital Nicosia today. "They've just gotten rid of all our dreams, everything we've worked for, everything we've achieved up until now, what our parents have achieved," is how one young protester exclaimed his feelings, as a bank worker added, "we are scared." It appears President Anastasiades comment that, "the agreement we reached is difficult but, under the circumstances, the best that we could achieve," is not reassuring an increasingly volatile people.








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kaiserhoff's picture

If this is someone's idea of a plan, I would hate to see these idiots just winging it.

Ruffcut's picture

As dreams go, Carlin was right "you have to be asleep to believe in them".

hapless's picture

If she points her fingers to the ground her palms will say "ON".

idea_hamster's picture

Arguably, the Cypriot youth have their entire lives to learn a different language, move out of Cyprus, work elsewhere in the EU and recover. 

The Cypriot retirees who chose to avoid risk, accept 0% deposit rates, and keep their savings in an account, but now are 65+ and have to make €100k (at best) stretch out for the rest of their poor lives are the ones who should be throwing stones.

Sudden Debt's picture

They can't move out....
they want their parents inheritance...

Last week I heard a few young guys who are in their 25's talking about how they see there future...

Main topic:
"when my parents die, I'll get.... and than I'll buy..."

talk about financial planning...

Bicycle Repairman's picture

"They can't move out....
they want their parents inheritance..."

Was it kept in a bank?

Sudden Debt's picture

the rocks under their feet.

also, don't forget that this young generation is raised with the belief:
"the government will take care of us, they own it to us because.... because!"

Hippocratic Oaf's picture

It's a lotto and litigation society that we live in. On the streets of NY you actually here convo's of 'when I hit the lottery' or ' I'll sue their pants off if........'.

No one wants to "work". Fuck that

Don't know when things got so fucked up

Totentänzerlied's picture

Work doesn't pay as well. Never has. Plebs just didn't have any alternative, back then.

Ray1968's picture

The new Debt Slaves. Love the New World Order!!!

MillionDollarBogus_'s picture

James Karen character's Quote from Wall Street; "Well, someone has to pay and it isn't going to be me"....

So, where are the photos of the wealthy Russians, who stand to lose the most money in this financial mess..?? 

nmewn's picture

It won't do any good for "wealthy Russians" to run into the church and ask forgiveness...Vito Troika has been told to put the arm on them as well...

"One entity that expects to take a huge scalping is the Orthodox Church of Cyprus. Archbishop Chrysostomos II said Monday that he expected the church would lose more than $130 million in confiscated deposits."

Read more here:
democratickindeling's picture

They stole from God? Mmmm... everyone's going exceptions!

macholatte's picture


This too shall pass. A couple of days of complaiing and then they will get used to it.

Let them eat cake.


Question:  Will the Cypriot youth seize the arms on the ships going from Cyprus to Gaza?

Where's Bill Ayers now?


Dr Paul Krugman's picture

Cyprus should leave the Euro. 


The youth are right - their dreams have been shuttered.  And if they don't leave the Euro they will not be able to export their way out of the depression they find themselves in.

NotApplicable's picture

Well, that's not a very Krugmany comment.

Dr Paul Krugman's picture

And therein lies the rub:  those of you here who think you disagree with me, do not; yet you foul mouth me at every turn, not understanding how closely we view the economy.

For example:  sure, it is great that stocks are up, but because rates are still low no one should allow themselves to think we have found a recovery.  Tyler and I agree on this.

We are in a depression - Tyler and I agree on this.

Yet still, there are articles that paint me a clown, running a fool's errand.  But this is because you choose to either ignore my work or you read between the lines where there is nothing to discern.

There are things we do disagree with, and you disagree with the whole community of economists I might add; you disagree that monetary policy should be easy, you think investing in gold will save you from some coming apocalypse, and you all have bunkers and guns and ammo saved up for said apocalypse.

I have none of those stated items.

MillionDollarBogus_'s picture

I approve Dr. Paul Krugman's message......because he is me...

nmewn's picture

"There are things we do disagree with, and you disagree with the whole community of economists I might add..."

Because THAT whole community of "economists" has been dead ass wrong since the 70's?

Wasn't there a graph presented to the public by some of YOUR economists saying that chunking close to a trillion ink stained/nominal digits into a black hole would result in "social & economic nirvana" and a solar panel on every roof?...but lets refresh your memory:

Why aren't we at 5% U3...Paulie?

fockewulf190's picture

One day you'll end up in a pawn shop, trying to hock your Nobel Prize, hoping to Yahwah that the damn thing passes the acid test.

Camlon's picture

I don't think everyone here is gold bugs, although sometimes investing in gold is good. What we share is an discontent towards the modern economic fields and the corrupt politicans. 

You have repeatably said that Europe's problems is a lack of liquidity, and thats it.  What the real problem is a credibility problem and politicans who keep making mistakes because they don't understand the economy. Cyprus show that, They are actually inserting new liquidity into Cyprus, but in fact they are damaging the economy more than if they did absolutly nothing and Cyprus just defaulted and left the euro. Part of the reason why the Great Depression was so bad was due to Hoovers response to the crisis. 

You could have told the community that the predictions of the EU and the US are totally bogus, Greece will ask for more bailout, Spain finances are much worse than presented, Cyprus banks are not healthy, but you never really did. You may have posted something, but it was never the focus.

Hence, you are part of the problem.

nmewn's picture

I thought you had "super-smart guys with ties" with plaques of accreditation splattered all over their walls working on this?

Why the change of heart Paulie? ;-)

Dr Paul Krugman's picture

No change of heart. 

Do you read my blog?  Probably not.  You probably do not read the NYT, either.  Come to think of it, you proably don't read at all.

But since you like to be entertained, one of my blog followers sent me this link about Doomers like you.

The Doom in the Gloom:

nmewn's picture

Doom & Gloom?, you & your little toadies have given me countless hours of entertainment. Your vacillation over the fractionalization of a single platinum coin was worth the price of admission alone ;-)

Dr Paul Krugman's picture

William K. Black agreed with me on that, as many did.  You people only see what you want, don't you.



BLACK: The Mint mints the coin.



JAY: The Mint mints the coin. Under whose direction? Treasury Department.



BLACK: Under the Treasury, and which is to say the president's direction. And they could—and the law expressly says you can make it in whatever denomination you want. So if people are trying to extort you using the debt limit, make it a $1 trillion coin, or $2 trillion, $4 trillion. It doesn't matter. And then you deposit it at the Federal reserve, and, poof!, all of the leverage goes away by the House Republicans and the Tea Party in particular that's trying to use this nuclear weapon of extortion where they hold hostage the U.S. economy.



So it was actually a very good idea. And, you know, it would have required all of about $0.80 worth of platinum—that's literally how much platinum would have been required, because you just make it a clad, you know, coin.

But then Stewart added: and obviously it's a stupid idea. Well, no, obviously it isn't a stupid idea. And if Stewart knew more about economics, he wouldn't think it was a silly idea. But, you know, he is a humorist.

nmewn's picture

Answer the questions Paulie...


So when I told you they could do the same thing with a broken down Yugo with a blown engine and no doors parked at the Fed and just spray paint the zero's on the side...I wasn't far off...was I?

Same value, theoretically. Aside from the scrap metal value of the Yugo itself?

Say What Again's picture

The Krud-man said; "You probably do not read the NYT, either."

That could be one of the funniest things you've said in a while!

MrNude's picture

Pride comes before the fall Paulie.

''Anyone who bought stocks in mid-1929 and held onto them saw most of his or her adult life pass by before getting back to even.

Richard M. Salsman''
Dr Paul Krugman's picture

I've never said to buy stocks.

MarsInScorpio's picture

I've always believed you are a satirist writer impersonating Dr. Krugman.


But today something else hit me - you seemed to actually respond emotionally, instead of satirically. There was a natural human element in your posts I've never seen before - sort of a "push-back" based upon being "fed up" with the attacks on what is written. A satirist wouldn't do that - it defeats the satire he or she creates.


So for the first time I actually have to admit not being sure you are a satirist.


If you a satirist, then you are melding into your character in a fascinating way; it appears you are actually being absorbed by your "in character" to the point of becoming emotionally involved at the anger level.


But even more fascinating is that if you are portraying your character that realistically, you are to be congratulated as one of the most brilliant satirists ever.


But as I said, today for the first time I thought to myself - this is not a satirist - it might actually be Krugman letting his emotions flow. He's telling his detractors to take a hike. He's "mad as Hell, and I'm not going to take it any more!"


 Is he. or isn't he?  Only the Tylers - being able to track the writer's IP address - know for sure.


ebagel's picture

I do respect that you make these comments on zerohedge PK

Chuck Walla's picture


"By 2020, the US Government will be spending more annually on debt interest than the total combined military budgets of China, Britain, France, Russia, Japan, Germany, Saudi Arabia, India, Italy, South Korea, Brazil, Canada, Australia, Spain, Turkey, and Israel."

"Through government spending the indulgence of one is the burden of another; through government borrowing, the excess of one generation becomes the yoke of the next; through international bailouts, one nation's extravagance becomes another nation's debt"

"Everyone takes, nobody makes, work doesn't pay, indulgence doesn't cost, money is free, and money is worthless."


~ Canadian MP Pierre Poilievre





FlyingDutchman's picture

Unfortunately for Cyprus, the ones that do leave are the ones the country needs, as is happening in Spain, Italy etc.

One of these days the're going to put up an iron curtain again, this time between the north and the south of Europe.


nmewn's picture

And no one is talking about the obvious...a hundred thousand euros in the bank is the threshold to be called wealthy?

Two years of "middle class" savings?

Relentless's picture

I don't know anyone who would call themselves middle class who is saving 50k a year! Try 10 - 20 years of savings.

Five8Charlie's picture

I think the point was that you can live a middle class life for two years on that amount, not that you save that amount in two years...

nmewn's picture

That was exactly the point...+1.

What they are monetarilly implying is that, its all fun & games when they are jacking around with inflation rates (devaluing currency, thus savings in their currency) but when they need REAL money, no amount is too small.

They have no problem picking Granny's purse.

Joe A's picture

Pfff, they will just impose a death tax on top of taxing inheritance. "You didn't think you would get off easily by dying now, did you?"

SafelyGraze's picture

the plan?

the plan is to get rid of the youth

don't tell

Sudden Debt's picture

young kids make great soldiers. never forget that.

they don't yet have the morals and ethics we have learned through our lives.
I you learn a young kid to fly a drone, kill a hundred people and tell him it's like a game, he'll have no problems to get to sleep at night.

Hippocratic Oaf's picture

Heard armed forces is now handing out medals for drone kills.

That's right......sit in a room and play a video game. kill people. get a medal.

css1971's picture

Cheaper than giving them a bonus.

Totentänzerlied's picture

Like the morals and ethics of the 50 and 60 year old generals who command the armed forces?

akarc's picture

young kids make great soldiers. never forget that.

Obviously lousy generals. Would not the time to hit the streets been last week?  Before the deed was done.

But then no one is in the streets over here so WTF do I know. Guess I better buy some stock before the market closes. PUKE


NoClueSneaker's picture

.... nah, too complicated . Plan B obsolet . Anthrax and N-Bombs long .....

A dead kid could be much more worth as organ replacement depot for the 120yrs old psychopaths ...

10 % of the kids r enuf to shelf the other 90 % ...

bidaskspread's picture

You mean MW3? It's a great game.

jekyll island's picture

The young unemployed male is the most dangerous animal on earth

JR's picture

"If you steal something from a man you'd better have some idea of the value he sets on it." -- Riding for the Brand