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Cypriot Foreign Minister Blasts Germany's "Ruthless Decision To Wreck The Country's Economic System"

Tyler Durden's picture




 

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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Wed, 03/27/2013 - 10:12 | 3381060 hugovanderbubble
hugovanderbubble's picture

PORTUGAL IS IN DEFAULT-

Debt Haircuts in Sovereign Portuguese Debt to be applied between 35-50%

Banco Totta Bankruns coming

Wed, 03/27/2013 - 10:15 | 3381082 Ethics Gradient
Ethics Gradient's picture

Wait for the Italian election re-run after Europe destroys Cyprus.

Wed, 03/27/2013 - 10:17 | 3381099 Ness.
Ness.'s picture

Next up.. Slovenia.  Bad debt ~ $7B about 20% GDP.  

Wed, 03/27/2013 - 10:18 | 3381111 fx
fx's picture

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.

Wed, 03/27/2013 - 10:26 | 3381183 Rubicon
Rubicon's picture

Cant imagine why Luxembourg stood up for them!

Wed, 03/27/2013 - 10:30 | 3381206 N. B. Forrest
N. B. Forrest's picture

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".

Wed, 03/27/2013 - 11:05 | 3381342 Going Loco
Going Loco's picture

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.

Wed, 03/27/2013 - 12:36 | 3381689 Muppet Pimp
Muppet Pimp's picture

FM Kasoulides besser aufpassen seine Haltung, oder wir werden in den Panzer zu schicken!

Wed, 03/27/2013 - 12:42 | 3381721 OldPhart
OldPhart's picture

Google translated:  FM Kasoulides better watch his attitude, or we will send in the tanks!

(I only speak pidgen spanglish)

Wed, 03/27/2013 - 10:34 | 3381208 N. B. Forrest
N. B. Forrest's picture

.

Wed, 03/27/2013 - 10:40 | 3381237 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

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.

Wed, 03/27/2013 - 11:40 | 3381470 zenmeister
zenmeister's picture

Don't think so. There's a lot of German money in Luxembourg. And they even speak German. So it's all perfectly legit.

Wed, 03/27/2013 - 11:45 | 3381494 Nussi34
Nussi34's picture

And Luxemburg will be part of the DM zone after the Euro implodes.

Wed, 03/27/2013 - 12:27 | 3381653 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

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.

Wed, 03/27/2013 - 13:20 | 3381861 trader1
trader1's picture

Luxembourg will not be messed with, unless they want to bring down the clearing system for Duetsche Boerse / Eurex.

Wed, 03/27/2013 - 14:29 | 3382267 bagehot99
bagehot99's picture

Me neither. I can't see any similarities at all - Luxembourg has a totally transparent banking system, without a single penny of dubious deposits.

Wed, 03/27/2013 - 23:34 | 3384225 StychoKiller
StychoKiller's picture

Yo dude(tte), give me a hit of what yer smokin'! :>D

Wed, 03/27/2013 - 10:23 | 3381100 ParkAveFlasher
ParkAveFlasher's picture

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.

Wed, 03/27/2013 - 10:17 | 3381105 NoWayJose
NoWayJose's picture

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.

Wed, 03/27/2013 - 10:18 | 3381107 fx
fx's picture

.

Wed, 03/27/2013 - 10:16 | 3381094 redpill
redpill's picture

"We are alone"

That you ever thought otherwise was your first mistake.

Welcome to ruthless big boy world.

Wed, 03/27/2013 - 10:27 | 3381184 BobPaulson
BobPaulson's picture

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.

Wed, 03/27/2013 - 11:55 | 3381534 Mad Mohel
Mad Mohel's picture

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.

Wed, 03/27/2013 - 11:18 | 3381380 Longtermnotreally
Longtermnotreally's picture

We all live in Cyprus, just don't know it yet

Wed, 03/27/2013 - 11:37 | 3381461 deKevelioc
deKevelioc's picture

The planet is in default.  Why does anyone wait for an announcement?  

Wed, 03/27/2013 - 12:04 | 3381573 TPTB_r_TBTF
TPTB_r_TBTF's picture

They are waiting for the CDS trigger.

 

... and waiting ... and

... waiting ... ... ...

Wed, 03/27/2013 - 10:13 | 3381069 TrumpXVI
TrumpXVI's picture

Cry me a river.

Wed, 03/27/2013 - 10:13 | 3381070 HelluvaEngineer
HelluvaEngineer's picture

So the real question then, is what the fuck are you going to do about it?

Wed, 03/27/2013 - 10:17 | 3381093 Oldballplayer
Oldballplayer's picture

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.

 

Wed, 03/27/2013 - 12:08 | 3381595 TPTB_r_TBTF
TPTB_r_TBTF's picture

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.

Wed, 03/27/2013 - 10:13 | 3381071 BlueStreet
BlueStreet's picture

Next time don't build an 'economic system' based on money laundering and the results might turn out a bit better. 

Wed, 03/27/2013 - 10:38 | 3381231 Edward Fiatski
Edward Fiatski's picture

Like Lux, the City & Switzerland?

:)

Wed, 03/27/2013 - 10:13 | 3381072 insanelysane
insanelysane's picture

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.

Wed, 03/27/2013 - 10:26 | 3381115 scatterbrains
scatterbrains's picture

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 ?

Wed, 03/27/2013 - 14:44 | 3382360 bagehot99
bagehot99's picture

'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.

Wed, 03/27/2013 - 10:21 | 3381135 Yikes
Yikes's picture

They can't kick them out but they can sure as hell make their life so miserable that they "DOR" (Drop on Request).

Wed, 03/27/2013 - 10:35 | 3381219 BobPaulson
BobPaulson's picture

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.

Wed, 03/27/2013 - 11:47 | 3381500 Nussi34
Nussi34's picture

Looking forward for cheap and young hookers from Cyprus coming to Frankfurt working off their debt!

Wed, 03/27/2013 - 10:16 | 3381073 philipat
philipat's picture

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.

Wed, 03/27/2013 - 10:16 | 3381092 DeliciousSteak
DeliciousSteak's picture

Perhaps they don't want to cause more misery in Greece. The links between these two are deep.

Wed, 03/27/2013 - 10:18 | 3381104 Oldballplayer
Oldballplayer's picture

Yes, perhaps the Greeks and the Turks will be able to sit down and calmly discuss a solution.

Wed, 03/27/2013 - 10:23 | 3381153 DeliciousSteak
DeliciousSteak's picture

I'm pretty sure the Turks are content on sitting on their arses and smoking hookahs while watching this Greek play.

Wed, 03/27/2013 - 10:27 | 3381192 philipat
philipat's picture

"With smokin Hookers"??

Wed, 03/27/2013 - 23:38 | 3384230 StychoKiller
StychoKiller's picture

Only vey to fly! (spread'em!) :>D

Wed, 03/27/2013 - 10:17 | 3381075 Cultural Capital
Cultural Capital's picture

EU = Greater Germany

Wed, 03/27/2013 - 10:14 | 3381080 Elijah Craig 18
Elijah Craig 18's picture

You wanted the Euro at all cost, Kasoulides... you've got the Euro. Choke on it.

Wed, 03/27/2013 - 10:15 | 3381083 Dr. Engali
Dr. Engali's picture

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.

Wed, 03/27/2013 - 10:40 | 3381242 BobPaulson
BobPaulson's picture

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.

Wed, 03/27/2013 - 10:15 | 3381086 NoWayJose
NoWayJose's picture

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...

Wed, 03/27/2013 - 10:15 | 3381088 Apostate2
Apostate2's picture

“it's no use going back to yesterday, because I was a different person then.” 

Wed, 03/27/2013 - 10:16 | 3381089 Lewshine
Lewshine's picture

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???).

Wed, 03/27/2013 - 10:19 | 3381114 zdk45
zdk45's picture

"as Stawks..."

fixed

Wed, 03/27/2013 - 10:19 | 3381098 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

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.

Wed, 03/27/2013 - 10:27 | 3381187 Van Halen
Van Halen's picture

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.

Wed, 03/27/2013 - 11:24 | 3381412 imapopulistnow
imapopulistnow's picture

Howe - You should be voted thumbs down for comments that are too damned reasonable!

Wed, 03/27/2013 - 10:18 | 3381103 timbo_em
timbo_em's picture

...and yet they want to stay in the Euro club. What a hypocrit!

Wed, 03/27/2013 - 10:17 | 3381106 Yikes
Yikes's picture

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? 

Wed, 03/27/2013 - 10:17 | 3381110 Dr. No
Dr. No's picture

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.

Wed, 03/27/2013 - 23:42 | 3384233 StychoKiller
StychoKiller's picture

Well, someone peed in the clam chowder (looking at you, Tyler!) :>D

Wed, 03/27/2013 - 10:19 | 3381112 zilverexmachina
zilverexmachina's picture

He's still in the euro, so the eurozone must be doing something right.

Wed, 03/27/2013 - 10:20 | 3381119 zapdude
zapdude's picture

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.

Wed, 03/27/2013 - 10:22 | 3381138 falak pema
falak pema's picture

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! 

Wed, 03/27/2013 - 10:22 | 3381141 zilverexmachina
zilverexmachina's picture

They should be doing OK if they can tap into the 80B gas, and focus on tourism.

Wed, 03/27/2013 - 10:27 | 3381193 Dewey Cheatum Howe
Dewey Cheatum Howe's picture

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.

Wed, 03/27/2013 - 10:22 | 3381144 morning_glory
morning_glory's picture

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??

Wed, 03/27/2013 - 10:23 | 3381152 TumblingDice
TumblingDice's picture

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."

Wed, 03/27/2013 - 10:24 | 3381162 Stonedog
Stonedog's picture

Then why don't you help Cyprus leave the EU...

Wed, 03/27/2013 - 10:24 | 3381163 Kaiser Sousa
Kaiser Sousa's picture

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................................

Wed, 03/27/2013 - 10:27 | 3381191 DeliciousSteak
DeliciousSteak's picture

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.

Wed, 03/27/2013 - 10:46 | 3381272 Kaiser Sousa
Kaiser Sousa's picture

"What was he supposed to do..."

in the words of Don Corleone - 

"you can act like a man (slap)!!"

Wed, 03/27/2013 - 10:58 | 3381310 bichat
bichat's picture

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...

 

Wed, 03/27/2013 - 11:09 | 3381352 markar
markar's picture

The French have only LeMonde to get their news? Didn't they invent the precursor to the Internet with Minitel?

Wed, 03/27/2013 - 11:31 | 3381423 bichat
bichat's picture

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...

Wed, 03/27/2013 - 12:13 | 3381613 FeralSerf
FeralSerf's picture

"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.

Wed, 03/27/2013 - 15:37 | 3382644 Cathartes Aura
Cathartes Aura's picture

alas, the inhabitants of both nationstates know which flag to wave, and what their sports kit looks like. . .

Wed, 03/27/2013 - 10:29 | 3381196 Stuart
Stuart's picture

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, 

Wed, 03/27/2013 - 10:28 | 3381197 Oldrepublic
Oldrepublic's picture

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!

 

 

Wed, 03/27/2013 - 10:36 | 3381227 NoWayJose
NoWayJose's picture

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...

Wed, 03/27/2013 - 10:42 | 3381247 IridiumRebel
IridiumRebel's picture

Summed up very well.

Wed, 03/27/2013 - 18:49 | 3383446 Bazza McKenzie
Bazza McKenzie's picture

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.

Wed, 03/27/2013 - 10:41 | 3381245 orangegeek
orangegeek's picture

Another day, another overspent blowhard government windbag whining about someone else.

 

Go fuck yourself Kasoulides. 

 

Oh wait, you already have.

Wed, 03/27/2013 - 10:49 | 3381282 microp
microp's picture

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.

Wed, 03/27/2013 - 11:48 | 3381506 Terp
Terp's picture

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...

Wed, 03/27/2013 - 12:26 | 3381673 FeralSerf
FeralSerf's picture

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.

Wed, 03/27/2013 - 12:29 | 3381681 microp
microp's picture

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!

Wed, 03/27/2013 - 10:52 | 3381288 Jason T
Wed, 03/27/2013 - 11:12 | 3381357 glenlloyd
glenlloyd's picture

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.

Wed, 03/27/2013 - 11:31 | 3381434 Legolas
Legolas's picture

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.

 

Wed, 03/27/2013 - 12:29 | 3381679 tony bonn
tony bonn's picture

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....

Wed, 03/27/2013 - 12:43 | 3381727 Jack Burton
Jack Burton's picture

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!

Wed, 03/27/2013 - 13:08 | 3381803 MS7
MS7's picture

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?

Wed, 03/27/2013 - 15:43 | 3382675 Cathartes Aura
Cathartes Aura's picture

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.

Wed, 03/27/2013 - 12:55 | 3381762 MS7
MS7's picture

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.

Wed, 03/27/2013 - 14:54 | 3382411 Joebloinvestor
Joebloinvestor's picture

Europe better pray for a warm winter.

I fully expect the Russians to demand payment in gold for any gas.

Payback is a bitch.

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