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Cypriot Foreign Minister Blasts Germany's "Ruthless Decision To Wreck The Country's Economic System"
And now, the blame game begins. From an interview given by the Cypriot Foreign Minister Ioannis Kasoulides to Skai TV’s New Folders program:
“We were alone... That’s not to say Greece did not stand by us, as it always does, but we recognize its difficult position, as we recognize the difficult position of our Mediterranean partners. They told us behind the scenes they supported us but only Luxembourg spoke up in our favor during the Eurogroup and in general,” he added.
“France maintained silence. France’s problems might appear in the future and then it will need the help of its partners.”
“It’s clear that Germany wants to impose its views on the peoples of southern Europe, which need her at the moment. The toughest decision was that for Cyprus: it was a ruthless decision to wreck the country’s economic system, which will have huge and unpleasant consequences.”
Kasoulides added that the German opposition Social Democrats (SPD) had played a part by adopting a tough line on Cyprus in the country’s Parliament.
“They wanted to show the Germany taxpayers’ money would not be used to bailout Russian deposits, some of which they claimed was of dubious origin. This is where the game began.”
Remember: it is always someone else's fault. Always.
Source: Kathimerini
h/t Clav
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PORTUGAL IS IN DEFAULT-
Debt Haircuts in Sovereign Portuguese Debt to be applied between 35-50%
Banco Totta Bankruns coming
Wait for the Italian election re-run after Europe destroys Cyprus.
Next up.. Slovenia. Bad debt ~ $7B about 20% GDP.
cyprus to the rest of the world: In short, it's germany's and everybody else's fault that our , err, 'business model' collapsed and nobody rescued us for free. Yes we were helping everybody else's citizens and corporation to hide and save taxes - but so what? let#s forget about these minor issues of the past and let's focus on our bright common future.
Cant imagine why Luxembourg stood up for them!
If it was such a bad German idea, then why did the dumbshits in Cypress go ahead with the bank holiday.
It reminds me of my kids. "Tommy, why did you do such and idiotic thing?" Tommy: "Johnny told me to do it".
http://en.wikipedia.org/wiki/Milgram_experiment
http://en.wikipedia.org/wiki/Compliance_(film)
http://ansionnachfionn.com/2013/03/07/ireland-poster-child-of-the-stockh...
Seriously, there is growing evidence that the Stockholm syndrome explains a great deal of what has been going on for the last few years.
FM Kasoulides besser aufpassen seine Haltung, oder wir werden in den Panzer zu schicken!
Google translated: FM Kasoulides better watch his attitude, or we will send in the tanks!
(I only speak pidgen spanglish)
.
And the German Inquisition will be visiting the Luxembourg banks next. This is what bullies do they pick on the smallest and weakest kids in the sandbox. You notice they don't pull the same tactics on Spain and Italy. Spain's banks have probably been in worse shape the whole time than the Cypriot's banks they went after.
Don't think so. There's a lot of German money in Luxembourg. And they even speak German. So it's all perfectly legit.
And Luxemburg will be part of the DM zone after the Euro implodes.
Also a lot of foreign money. Low lying fruit usually gets picked first. Only this time German capital flight after being tipped off ahead of confiscation. The fact it is a German speaking country even better they will go along with it and keep their mouths shut without any arm twisting.
It fits right in the dieselgoboom comments about being the new euro template.
Luxembourg will not be messed with, unless they want to bring down the clearing system for Duetsche Boerse / Eurex.
Me neither. I can't see any similarities at all - Luxembourg has a totally transparent banking system, without a single penny of dubious deposits.
Yo dude(tte), give me a hit of what yer smokin'! :>D
Nice little gold woody today.
Happy Birthday, Jim Sinclair.
[edit] Now silver joining in. Why yes there is a slice of cake for you too, Mr. Sprott.
I didn't think Grillo could ever get 50%. After Cyprus and the words coming out of Bersani's mouth now, I am confident Grillo will get 50% in the next election.
.
"We are alone"
That you ever thought otherwise was your first mistake.
Welcome to ruthless big boy world.
Plus 1. How did the concept that making bad loans in every corner of the earth become normal.? Lending is not charity. The pricing of risk in this ZIRP world has trained a generation to lose all sense of who pays at the interface between shit and fan.
That line struck me as odd also. How can a corrupt whore politician try to give the impression that they are like babes lost in the wilderness? The whole thing from top to bottom is farce. Jungle rules Cypriot, and you are a lowly little macaque trying to ride the German tiger while fingering the Russian bear.
We all live in Cyprus, just don't know it yet
The planet is in default. Why does anyone wait for an announcement?
They are waiting for the CDS trigger.
... and waiting ... and
... waiting ... ... ...
Cry me a river.
So the real question then, is what the fuck are you going to do about it?
http://www.presseurop.eu/en/content/article/3593961-latin-empire-should-...
The Cypriot parachute regiment will jump into Berlin.
Thats the plan.
Its not a good plan....but at least those guys will be out of Cyprus.
There is a nice grassy spot between the parliament and the chancellery.
Although, ... it's a no-fly zone ...
but it's not like zee Germans can defend a no-fly zone.
Next time don't build an 'economic system' based on money laundering and the results might turn out a bit better.
Like Lux, the City & Switzerland?
:)
The Cypriot government said they had a Plan B but didn't have the balls to do it. Now they will be forced to go to a Plan C because the Eurozone is going to rape and pillage them and then kick them out.
They should have corzined all the deposits and bought gold and gold mines while enforcing strict capital controls, enough that their people don't starve while waiting to get their gold back currency off the ground after which hot money would pour back in but instead they got sucked into the giant vacuum cleaner in the sky. bye bye... who's next ?
'Keeping the Euro' is a synonym for 'banging up heroin', it seems. I can think of no other reason why the Cypriots wouldn't tell the EU to go fuck themselves.
They can't kick them out but they can sure as hell make their life so miserable that they "DOR" (Drop on Request).
I think the definition of "rape and pillage" is more like "refuse to finance their profligacy". The needle on my sympathy meter hasn't budged. The only injustice is that other crooks have gotten away with worse, but that doesn't hold much water IMO.
Looking forward for cheap and young hookers from Cyprus coming to Frankfurt working off their debt!
If they see it that way, why not just default and leave The Euro? In that scenario the joint loser would be The ECB (Read, Germany) which holds Cyprus Sovereign and other Senior debt as collateral. Had they made that decision 2 weeks ago, their Business Model would have remained in place and the only haircuts would have been from the likely devaluation of the New Cyprus Pound against The Euro.
Perhaps they don't want to cause more misery in Greece. The links between these two are deep.
Yes, perhaps the Greeks and the Turks will be able to sit down and calmly discuss a solution.
I'm pretty sure the Turks are content on sitting on their arses and smoking hookahs while watching this Greek play.
"With smokin Hookers"??
Only vey to fly! (spread'em!) :>D
EU = Greater Germany
You wanted the Euro at all cost, Kasoulides... you've got the Euro. Choke on it.
Who was it that decided to take on the debt in the first place? If you dance with the devil you're going to be ass raped.
Cut and paste that quote. It will save you time retyping it for the many many times you will want to repost it in the coming months, for a variety of countries and circumstances.
It's you OWN PRESIDENT that shook hands on the deal, you fool... You can still back out if you want to save your own country. If all you want to do is complain about the other guy, move to America and get elected to Congress...
“it's no use going back to yesterday, because I was a different person then.”
Lets all prepare ourselves for this afternoon's daily declaration by Maria B, shall we?
"AS STOCKS ONCE AGAIN ARE COMFORTABLY OFF THEIR LOWS" (Will someone for once ask her WHY???).
"as Stawks..."
fixed
The Cypriots do have to accept a degree of responsibility here. At least the ones in goverment and the banking industry that allowed the banks to be propped up by toxic derivative positions and dubious Greek debt bonds. At the same time the ECB needs to acknowledge they are forcing debt slavery on a good deal of odious debt that was sold as good assets. There really needs to be a certain degree of debt forgiveness on the ECB's side along with the Cypriots taking some personal responsibility also. It does take 2 to tango even if one dance partner is deceived.
No matter what happens the end result is the people aka kids wouldn't didn't vote or have any say in this mess get left footing the bill after the smoke clears. That is just plain fucking wrong.
Absolutely! No one's holding a gun to their head(yet).
If you don't like it, don't blame the Germans. Tell them to eff off, leave the European Union and take the pain now instead of later.
Anything else and the Cypriots only have themselves to blame. At least people would say that they tried. But to lay down and take it like this...
Disgusting.
Howe - You should be voted thumbs down for comments that are too damned reasonable!
...and yet they want to stay in the Euro club. What a hypocrit!
They have to blame someone else because the next shock is that the banks will either not open tomorrow or will only be open for a couple of hours before they have to close them down again.
Then what will the Troika do?
I got an idea, next time say "F*ck your bailout money. I offer you nothing. Cypruss will default." I know it is simplistic, but these bureaucrats are complaing about a free lunch.
Well, someone peed in the clam chowder (looking at you, Tyler!) :>D
He's still in the euro, so the eurozone must be doing something right.
Cyprus should have followed Iceland's example. Since they didn't, they will now reap the painful consequences.
They have now lost their economic soul to their new Euro masters -- but it's not like they were lily white before then with their vibrant money laundering business.
here is one cypriot oligarch now being righteous and outraged in populist rage, who already has his money safely stashed away and has taken out an insurance to not get whacked by the ruskis; he can now bad mouth EU imposed destiny on his fellow countrymen.
Pure populist oilgarchy play singing "thief, thief thief" pointing the other way!
They should be doing OK if they can tap into the 80B gas, and focus on tourism.
That is about a good 5 years away though if the estimates are correct for getting the infrastructure set up and gas pumping out of those wells.
Yeah well how exactly did you think you were going to compete with Germany using the same currency, and why didn't you think about that before you signed up FFS??
Damnit, if it just wasn't for Germany everything would have been OK. What a joke. Also, was the bit about France implying that butthurt Cyprus isn't going to help bail France when the time comes? lol "Cyprus's finance minister threatens not to bail out France when it will hypothecally need it."
Then why don't you help Cyprus leave the EU...
i dont wanna here nothing from the Cypriot cocksucker banker owned bitches...
i dont wanna see no fucking crocodile tears from their citizens who chose serfdom over resistance in all forms to the rule of the bankers....
they could have showed some balls and told the EU and the bankers to "KISS OUR CYPRIOT ASSESS YOU MOTHER FUCKERS" and left the EMU...
but they didnt and chose bitchdom instead....
NO SYMPATHY FOR THOSE WHO REFUSE TO RESIST THE OPPRESSION OF THE BANKERS.....
RESIST OR SHUT THE FUCK UP AND BEND OVER................................
We are living in a post-democratic world, where the system of government is debt.. There is no escape. What was he supposed to do, tell that it was Cyprus itself that fucked up things so badly it got to this point and that he has now seen the light? Yeah right.
"What was he supposed to do..."
in the words of Don Corleone -
"you can act like a man (slap)!!"
I don't think it is that easy
As a french citizen I would like to believe that when it will be our turn to be helped by the troika, people will resist the oppression of the bankers and the politics
However, people are misinformed by the press. According to them everything done by the troika is always the only way to save a country. They never tell the whole story...
The French have only LeMonde to get their news? Didn't they invent the precursor to the Internet with Minitel?
We have le monde, Le figaro, etele, lci, euronews, bfm, tf,1 france 2...
And they all more or less talk about the same things like the snow or the gay marriage
Most of the alternative point of views are in english...and as you know french people don't speak english that well
But to all french speaking people on here, I would say to look for Olivier Delamarche on you tube...
"french people don't speak english that well"
That makes it much easier to keep the (very large) flock of sheep in the pen, eh? Americans aren't very good with foreign languages or points of view either.
alas, the inhabitants of both nationstates know which flag to wave, and what their sports kit looks like. . .
Italy, Greece, Portgual, Spain and any other better damn well be paying attention. They're up soon. BUY PHYSICAL GOLD. MINERS WITHHOLD DELIVERY TO EXCHANGES,
I thought that the Greeks were known for their honor, perhaps not today
Hence we will not say that Greeks fight like heroes, but that heroes fight like Greeks! -Winston Churchill.
It is far better to be poor than become a slave of foreign masters!
Knowing that you are going to destroy your financial industry either way, and knowing that your banks are going to fail either way, the choice is between wiping out all your debt and starting fresh like Iceland, or holding on to all your debt plus adding another 10 billion Euro IOU to it.... You chose the blue pill...
Summed up very well.
However, note the difference in process and who is deciding. The EU/EZ gets the "leader" of Cyprus off, alone, in a distant country, surrounded by supposed "peers" who are all there to force Cyprus to do something they want. That Cypriot "leader" is isolated from his own people and threatened and cajoled until he agrees to act against the interests of their own people, who are left out of the decision making.
In Iceland, which was not a member of either the EU or EZ, the politicians also first attempted to put responsibility for the bank losses onto the taxpayers. However, due to the constitutional structure in Iceland the public got very involved and forced the repudiation of that position.
Incidentally, Iceland's financial dispute was largely with the UK, from which its banks had taken large deposits which were then lost, rather than with the EU and its many apparatchiks.
Another day, another overspent blowhard government windbag whining about someone else.
Go fuck yourself Kasoulides.
Oh wait, you already have.
There is one thing all zerohedgers miss: Germany is the biggest receiver of EU grants! It's the most subsidized economy in Europe! If you add agriculture and development funds with the negative ECB controlled interest rates, you will see that Germany is probably the only contry in the EU that has a possitive money balance, all the other pay for Germany! It's easy to have success when everybody else pays for your success.
Yeah, thats probably why we are the biggest net payer (meaning we pay more than our farmers mooch off) ever since this clusterfuck began.
Nice try. And no, it didn´t help our exports either...
Nonsense! The economy of scale is the reason Germany's auto manufacturing, and its suppliers, is stronger than that of any other country. Were it not for auto production per person that is much larger than that of any other country, the German productivity advantage would not exist. This productivity advantage has bee subsidized by the EC periphery for years and Germany gets stronger and more competitive every year. VW and BMW are examples. Much of those periphery sales are due to very attractive finance schemes that are only possible for the Germans to make.
Soon Germany will only have one serious competitor for expensive, high quality manufactured goods, South Korea.
I agree - End the euro! Germany receives a lot more money from the EU than it pays! It's probably the only country that has a positive balance with the EU! Check the numbers. Don't forget to add the negative interest rates!
Sovereign Debt Crisis bitchez
http://armstrongeconomics.com/2013/03/25/sovereign-debt-crisis-conferenc...
IMO they had (actually still have) a choice in this matter....and it would really piss off the troika if they changed their decision now.
Wah wah wah. Grow a pair and tell the Troika, "No deal, we're leaving the EU ! "
Let's face it, there are those out there who are not to be pitied. They're the ones who can defend themselves, but choose not to.
i sympathize with the foreign minister in a limited way, yet on the other hand, he fucked up his own country by permitting criminal banksters to destroy it....where was the financial oversight? where were the indictments and convictions? oh i know - he didn't see it coming - yeah that's it....
I understand that Cyprus used "Low Corporate Tax Rates" and "Banking without oversight" as the two pillars of their new economy.
Well, the banking sector attracted tax shelter billions. Banks employed a lot of Cypriots. The people who put their billions into Cypriot banks came to Cyprus to enjoy their money and boosted local tourist economy and housing markets.
Iceland stopped fishing and started banking. They imploded. Cyprus tried the same thing and presto They imploded.
While I do not like the open theft of depositors money to bailout the banks, I do not support Cyprus' idea of their "New Financial Economy". In short, they tried to undercut the rest of Europe with low corporate taxes and non-regulated banking. Ireland tried some of this, Iceland tried some of this. We see how this race to the bottom is working out.
Trying to build an economy soley on "Lower Corporate Tax Rates" and "criminal banking practices" simply does NOT make Cyprus a vicitm of Germany who built an economy on Industry, manufacturing and well regulated banks and housing markets.
I have seen Germany first hand and up close. Hard responsible work and Industry make for a far different economy than a fly by night Cypriot attempt to draw in "easy money" via money laundering for crooks and corporations. They get NO sympathy from me!
I agree that it is stupid for other countries to blame Germany. They democratically elected their leaders, and those leaders say "yes" to everything Germany asks. Whose fault is that? But I don't agree with generalizations about which population is more hard working than others. I believe German banks are high on the lists of money laundering banks. Also, part of their hard work is done by immigrant laborers who work for little pay. Also, didn't Germany get great help rebuilding their country after WWII?
some designated land-scapes are favoured with economies of differing scale, some get to be hidey-holes for the overlord pillaged loots, the Cay-mans of this world, etc.
some get to be the "bad bank" like Ireland, Cyprus, etc. - some provide the global strong-arm, like amrka, some provide the cheap labour like China & the East.
nationstate lines, drawn & re-drawn as they will, different "rules/laws/constitutions" in each, played off against each other'd.
the trick is not to identify self with the fictional.
I agree with a lot of the comments here. What good is it to blame Germany? The rest of the world looks the other way when countries militarily invade other countries, killing hundreds of thousands of people, for oil. Are they really going to be shocked when one country acts in its own economic interests even though those interests harm another country? Countries are expected to advance their own economic interets first. Maybe in Greece (I don't know about Cyrpus) it's enough to get re-elected when politicians are able to keep the country in that oh-so-elite euro club. But I imagine Germans want to see results in their own country; otherwise, Merkel is toast.
Europe better pray for a warm winter.
I fully expect the Russians to demand payment in gold for any gas.
Payback is a bitch.