Cyprus Parliament President Says "No Future" Under Troika, Calls For "Iceland" Solution

Tyler Durden's picture


Just last week Yiannakis Omirou, Cypriot House of Representatives President, was calling for the nation to accept it is "time for responsibility" as they progressed towards a final solution; and yet today, as Cyprus' Famagusta reports, he believes the 'Troika-imposed' responsibility will, "turn Cyprus into a colony of the worst possible type." His 'Icelandic' solution is to "leave the Troika and EMS behind," to ensure "national independence, national sovereignty, moral integrity, and economic independence." He may have a point; judging from the chart below of the Troika's poster-child Greece, relative to Iceland, things are not going so well. As Omirou ominously concludes, "if we remain bound by the Troika and the memorandum Cyprus’ destiny is already foretold and there will be no future."



Via Famagusta Gazette,

There is no other alternative but to free Cyprus from the bonds of the troika and the memorandum, House of Representatives President Yiannakis Omirou has said.


Omirou also expressed his conviction that no Attorney General would dream of not following through with the results of an investigation led by an independent committee to apportion blame on those responsible for bringing the country’s economy and banking sector near collapse.


Omirou talked about the troika demands, which according to him will multiply and will turn Cyprus to a colony of the worst possible type and warned “I would like to send a message to the Cyprus people that there is no other way, there is no alternative apart from freeing (the country) from the troika’s and the memorandum’s bonds”.


He noted that certainly, “this road will demand sacrifices”, adding that “by leaving the troika and the EMS behind us, we will ensure our national independence, our national sovereignty, our moral integrity and our economic independence”.


If we remain bound by the Troika and the memorandum Cyprus’ destiny is already foretold and there will be no future”, he pointed out.

h/t Mark Grant

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Sun, 03/31/2013 - 13:22 | 3393530 imaginalis
imaginalis's picture

Do it

Sun, 03/31/2013 - 13:24 | 3393536 johngaltfla
johngaltfla's picture

Amen. At least I now know who it is from the Cypriot government that reads my blog :)


Perhaps Cyprus should call 1-800-ICE-LAND
Sun, 03/31/2013 - 13:28 | 3393553 GetZeeGold
GetZeeGold's picture



It's about walk like an Icelander.

Sun, 03/31/2013 - 14:06 | 3393682 Wolferl
Wolferl's picture

Leaving? Don´t we own them now?

Sun, 03/31/2013 - 14:15 | 3393716 schatzi
schatzi's picture

Well that's the way things work. First claim there's no alternative and declare your loyalty to the €, then get the 10 bill € bailout, then tell everyone to go fuck themselves and fuck off into the sunset.

Sun, 03/31/2013 - 15:28 | 3393893 Abraxas
Abraxas's picture

Can't stop now, don't you know, I'd never let you go. Don't go!!!!


Sun, 03/31/2013 - 16:13 | 3394020 Wile-E-Coyote
Wile-E-Coyote's picture

The EU you can leave we have your money now.

Sun, 03/31/2013 - 21:28 | 3394697 economics9698
economics9698's picture

The beginning of the end. 

Sun, 03/31/2013 - 21:42 | 3394734 Raynja
Raynja's picture

just another year of the snake

Sun, 03/31/2013 - 22:17 | 3394808 redpill
redpill's picture

Fuck Tha Troik

Sun, 03/31/2013 - 23:06 | 3394945 Real Estate Geek
Real Estate Geek's picture

Omirou was a very brave man . . .

(Just getting a head start on his obit.)

Mon, 04/01/2013 - 00:52 | 3395138 fourchan
fourchan's picture

those island sheep dont have the balls to resist the the state.

Mon, 04/01/2013 - 07:24 | 3395360 Panafrican Funk...
Panafrican Funktron Robot's picture

You know, I was trying to think through how this "solution" would ever work correctly, and I can't come to any other conclusion than "these people don't understand anything".  Here's my understanding:

1.  Take a fuckload of customer deposits (which are liabilities on the balance sheet), remove those liabilities and get better loan terms in exchange for this.  

2.  However, in taking away the deposits, you're also removing an equal amount of capital base in the form of cash on hand.

3.  Deposits and related capital base continue to shrink as customers remove deposited money.

4.  Profit?  

Am I crazy in thinking they're basically trying to turn these into banks that don't actually have any customer deposits, but still exist due to a net spread between their borrowed ECB money and whatever the fuck they do with that money?  Certainly they aren't going to be lending it to anyone?  Is this basically Euro-pomo, paid for by theft of customer deposits?

Mon, 04/01/2013 - 00:41 | 3395120 HulkHogan
HulkHogan's picture

No, gold and silver are still down.

Sun, 03/31/2013 - 20:31 | 3394552 smlbizman
smlbizman's picture

1 questions....does anyone know what .....the tree to rope to banker ratio is on the island?....

Sun, 03/31/2013 - 22:51 | 3394904 jeff montanye
jeff montanye's picture

the bankers that most deserve to be hung are not on that island.

Sun, 03/31/2013 - 23:53 | 3395055 Kirk2NCC1701
Kirk2NCC1701's picture

Actually, the REAL question is:  What are YOU gonna when Capital Controls, Haircuts and Decapitations come to America?  Trapped is trapped, and trapped is sheared -- if unprepared.

I'm preparing NOW, with plan implementation complete in matter of... [beeeep]. 

Sun, 03/31/2013 - 14:07 | 3393687 knukles
knukles's picture

Leave the EU and Euro
Sue the EU for taking the depositors money as a Crime Against Humanity... Note the letter of the other day ... Demanding full reparations
Sue them in their own international court of whatever human rights, etc., etc., etched
Sue the ECB and Greece for selling the horseshit bonds
Demand full compensation
Put bases up for bid between Russia nod NATO for big fucking dollars
Whoever wins, part of the deal is to make whole all national and resident depositors, etc.
Create own gold backed currency
Have no allegiances like Switzerland
Go Frehengi

Sun, 03/31/2013 - 14:40 | 3393774 Debeachesand Je...
Debeachesand Jerseyshores's picture

Sounds like a good plan to me.

Sun, 03/31/2013 - 15:05 | 3393837 Rogue Trooper
Rogue Trooper's picture

For god sake... do it. Take the pain, face the threats, the sheep will be angry but tell them the fuckng truth they have seen over the last week what happens when you make a pact with these statist scum.

They have only one chance and a small window to actually make this decision.

Fine, euroland, all your banking debt and soverign debt belongs to YOU.

Now leave us the fuck alone.


Signed the people of Cyprus.

Sun, 03/31/2013 - 17:05 | 3394118 in4mayshun
in4mayshun's picture

Oh please! Stop being so pragmatic and come back to reality. We live in a world where the elites control the money, the terrorism, the media, the food and even th freakin weather. If TPTB don't want a country to leave the EU then it ain't gonna happen.

Sun, 03/31/2013 - 23:54 | 3395007 Marco
Marco's picture

The EU hasn't taken a fucking dime out of Cyprus ... it demanded it helped pay for it's own bailout, the bank deposits were simply the only available source.

Cyprus and Greece are not Iceland, they don't have a competetive economy ... they are leeches grown fat on the subsidy of the implicit ECB guarantuee on state debt. If Cyprus's government hadn't piled on the state debt THEN they could have pulled an Iceland (which would still have hosed the >100k depositors BTW).

They did though and now they are between a rock and a hard place, the only way they can have a soft landing is with EU bailouts ... without the EU they have to go from huge trade deficit to trade balance almost overnight.

PS. the (lack of) wisdom of having a single currency area which allows this kind of gaming of the system and whether that kind of gaming is of benefit to the elites is entirely irrelevant to what I said above ... their economies are in shambles now and they need the EU to finance their transition and for that they will continue to need the Euro for the time being.

Mon, 04/01/2013 - 04:09 | 3395253 Panafrican Funk...
Panafrican Funktron Robot's picture

Where to start:

People/entities have been extracting "fucking dimes" from Cyprus for a long ass time now.  This is just the latest chapter in the story of yet another high resource/strategic value piece of land being fought over by the bigger fish.


The UK, Russia, Turkey, and Greece all have substantial stakes in how this is going down.  If the Cyprus government actually decided to tell the EU to instead just fuck off, we don't want/need the money, we'll take our chances unwinding these banks the old fashioned way instead of bailing them out, that would probably be the one move that might actually finally unify the country.


I mean, shit man, you're advocating for customer deposits to be used to recapitalize banks.  THEY ARE TAKING BANK LIABILITIES, AND TURNING THEM INTO BANK ASSETS.  THIS IS THEFT.

Mon, 04/01/2013 - 06:02 | 3395313 Sandmann
Sandmann's picture

When you negotiate with politicians and bankers you show them the list of their secret bank accounts and trades. You offer them a suitcase of cash. You trade citizens for money. How many Americans ever looked at Hillary Clinton's trading account

I wonder how many other politricians are lucky traders ?

Mon, 04/01/2013 - 13:27 | 3396450 Marco
Marco's picture

It would almost certainly hose the >100k depositors even more than now.

Sun, 03/31/2013 - 14:25 | 3393745 a growing concern
a growing concern's picture

Them talking about leaving should be good for 5 points on the S&P. then, when this talk is refuted, add 15. Rinse and repeat.

Sun, 03/31/2013 - 15:57 | 3393979 max2205
max2205's picture

Sure, wait till they froze and robbed everyone of 70%


Should have done this 2 weeks a.  Dumbasses.  This just a face saving attempt with no chance of happening now  

Sun, 03/31/2013 - 22:19 | 3394812 TheFourthStooge-ing
TheFourthStooge-ing's picture


It's about walk like an Icelander.

"That'll cool you off a little. Wild! Hahahaha!"

</Mr. Freeze>

Sun, 03/31/2013 - 13:24 | 3393540 highandwired
highandwired's picture

And do it NOW!

Sun, 03/31/2013 - 13:52 | 3393630 asteroids
asteroids's picture

Better late than never. And ditch every ECB bond in the country to pay the depositors that were fucked.

Sun, 03/31/2013 - 14:01 | 3393666 Rusty Shorts
Rusty Shorts's picture

Sorry, off topic, but what was the video that Tyler posted a few days ago of the two guys talking about the absurdity of the sitiuation in the financial world, bit of a comedy skit similar to the "Bremner, Bird and Fortune" videos...thanks.

Sun, 03/31/2013 - 14:15 | 3393715 Rusty Shorts
Rusty Shorts's picture

ahh yes, thank you!!!

Sun, 03/31/2013 - 14:24 | 3393742 Philippines
Philippines's picture

Agreed. At the edge of a sharp media blade of "death", do it.

They portray it as the end, but with the same script of the dark reaches of the Iceland, and other unique nations that stood up to the despot banksters, this will hopefully end.

But.. Will it take the spotlight in future EU decisions, or is this a ploy to be undone?

Hopefully Cyprus is a beacon of a tax free haven in teh Euro zone, and more EU countries will appreciate the freedom without taxes and enslavement to banks and their parasitic properties.

Anyways, hope (fully) comes! 

Sun, 03/31/2013 - 21:39 | 3394727 Tabarnaque
Tabarnaque's picture

The Troika is the executive branch of the European Fascist Financial Aristocracy. There is no possible economic future under the terms of the Cyprus “bail in”. Cyprus is condemned to perpetual poverty without even the smallest glimmer of hope. Greece is the best example; its GDP shanked by 20% since the bailouts started and there is still no recovery to be seen. They are sucked into a deflationary death spiral from which there is no exit. The only hope for Cyprus (and Greece) is to get out from the Euro Zone. 

Sun, 03/31/2013 - 22:33 | 3394850 TWSceptic
TWSceptic's picture

Yes.. do it phaggot(s)!

Sun, 03/31/2013 - 23:41 | 3395030 yogibear
yogibear's picture

Finally, some other country shows a sign of intelligence.

Sun, 03/31/2013 - 23:44 | 3395038 yogibear
yogibear's picture

Invite the Troika bankster in for a meeting and then jail all of them. That would be icing on the Euro-turd.

Sun, 03/31/2013 - 23:53 | 3395054 prains
prains's picture


a blast from Icelands Prime Minister, but the only question I have is;

where did he get the money to keep the lights while they restructured? seriously would like to know Tyler

Mon, 04/01/2013 - 00:08 | 3395068 Things that go bump
Things that go bump's picture

Geothermal. Its nearly free and apparently inexhaustable.  All of Iceland runs on it.

Mon, 04/01/2013 - 00:37 | 3395113 prains
prains's picture

except it takes huge amounts of electricity to convert 55 degree water into either heat or cooling which takes moolah, if you had of said enchilada gas then i'd have believed you

Mon, 04/01/2013 - 01:52 | 3395186 Things that go bump
Things that go bump's picture

It is different in Iceland. Who would have thought all those volcanos have practical uses besides annoying air travelers. 54% of their energy needs comes from geothermal. They have 5 power plants that produce electricity with it, and 87% of all buildings use it exclusively for their hot water and heating. Another 17% of their energy requirements comes from hydropower. Only 26% of their power is from petroleum. They have ambitions to become totally energy independent and plans are in the works. Wyoming could probably benefit from doing something similar in Yellowstone.

Sun, 03/31/2013 - 13:26 | 3393531 JustObserving
JustObserving's picture

You can talk the talk.  Can you walk the walk, and walk away from the Euro?  You have 13.9 tons of gold.  How about a gold-backed currency?

Sun, 03/31/2013 - 13:28 | 3393552 highandwired
highandwired's picture

Exchange the gold for silver and have a silver-backed currency instead.  Silver stake through the bankers' hearts. 

Sun, 03/31/2013 - 14:09 | 3393678 francis_sawyer
francis_sawyer's picture

I'll back a whole military with my silver...


But I'm going to have to start with Navy divers to go get it from the bottom of the lake...


That's why I LMFAO about bitcoin... If 'bitcoiners' had any fucking idea what they were doing, they'd use the currency to fund an army... Think that will ever happen?... Good ~ neither do I... Which why it's a fucking joke to begin with...

Sun, 03/31/2013 - 17:12 | 3394127 TraderTimm
TraderTimm's picture

Francis "off the rails" sawyer back at it again, lol.

Every time he uses those "~~~" its like a semaphore for the crazy to take over. Poor guy probably ran out of his meds.

Sun, 03/31/2013 - 23:15 | 3394676 francis_sawyer
francis_sawyer's picture

Every dipshit has an opinion...


My use of the '~~~' is my [formerly surreptitious] way of indenting text on ZH... I don't like the look of text which wraps around in the opposite direction [as with the avatars & arrow buttons]... If I make a reply to something, I prefer to start with a single short sentence... Indent... Then either support the sentence, or separate it from other thoughts...

So basically, fuck off...

Sun, 03/31/2013 - 23:27 | 3394998 Iwanttoknow
Iwanttoknow's picture

FS has every right to post what he wishes to.

Mon, 04/01/2013 - 00:58 | 3395147 Professorlocknload
Professorlocknload's picture

Oh, my!

Tilda Police!


Mon, 04/01/2013 - 10:16 | 3395676 JimBowie1958
JimBowie1958's picture

Mr Sawyer, bitcoin doesnt work in a way that would allow the financing of a large military. It has strict controls on how the bitcoinis are generated, sold, tracked, validated and logged. There is a total cap on all bitcoins in existance.

If a bitcoin became valued at more than$2000 each, it might have enough total in circulation to do what you suggest they should do.

Bit it is far from that right now and I doubt it will ever get there.

Do NOT follow this link or you will be banned from the site!