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"Tragic" Cyprus Contagion To Cripple 1600 Greek Businesses
The head of Greece's National Confederation of Greek Commerce has slammed the Troika and the European leaders for their treatment of Cyprus as the first wave of contagion begins. "The tragic situation.. will have immediate effects on the Greek market," he noted as at least 1600 Greek businesses will suffer from the Cyprus deal - with the haircuts and capital controls expected to dramatically impact the EUR1bn of Greek exports to Cyprus. The so-called "German Plan" will "cripple" Cyprus, he added, and "sentences" Cyprus to a long period of recession and debt.
At least 1,600 Greek businesses - from shipping, retail to tourism - will suffer from the Cyprus bailout deal announced on Sunday after a showdown between Brussels and Nicosia, according to Vasilis Korkidis, head of the National Confederation of Greek Commerce (ESEE).
“The tragic situation in Cyprus will certainly have immediate effects on the Greek market, since a large part of the domestic businesses maintain close ties with Cypriot companies,” Korkidis said in a statement on Tuesday. He was particularly critical of the capital controls and the impending haircut on large deposits (over 100,000 euros) expected to be more than 40%.
Greece's exports to Cyprus exceed 1bn euros annually and the country is Cyprus’ biggest trade partner, followed by the United Kingdom and Germany.
According to Korkidis, the Eurogroup’s Cyprus deal establishes new, severely punitive rules for countries needing emergency aid in the future.
He also slammed the Eurogroup deal (which he called the "German plan" to stress the key role played by German Chancellor Angela Merkel in the negotiations) for “crippling” Cyprus. He said the deal is “tragic” because it “sentences” Cyprus - the country’s markets and economy - to a long period of recession and debt.
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Slavery bitchez! Get used to those chains brothers.
That statement works equally well with a Joe Biden or Hillary Clinton fake black accent.
It's best with an Obama talking like he's been running 20 miles accent.....you know the one.
Don't get me started on the Republicans....
'He also slammed the Eurogroup deal (which he called the "German plan" to stress the key role played by German Chancellor Angela Merkel in the negotiations) for “crippling” Cyprus. He said the deal is “tragic” because it “sentences” Cyprus - the country’s markets and economy - to a long period of recession and debt.'
If only someone else had stumped up the money, Cyprus would have got by ok wouldn't it.
Damn everyone else for not paying.
My hearts' bleeding purple fucking piss at the moment... Oopps, was forgetting myself there for a moment but then I remembered, I've got gold and I couldn't give a toss. Life's like that...
steps; admit you are addicted..., two, you are powerless and 3, came to believe...
Hey it's not so bad! Have you all seen the new iShackle covers yet? Fabulously stylish!
Why blame the Germans? The Cypriots themselves are the ones to blame. If the Cypriot bankers had invested wisely instead of buying the Greek "nuclear waste", the Cypriots would never have suffered the painful restructuring. By the by, since in Cyprus, the banking industry is the mainstay, Cypiot bankers=Cypiot citizens.
It's 'Ze Germans', Tommy.
Ache zo, just another fiendish British plot to baffle us poor Germans
"Before Ze Germans get there."
http://www.youtube.com/watch?v=mqvqW2tjG4I&feature=related
do you honestly think the cypriot bankers were willing buyers of the greek garbage?.....or do you think it was more like buy this shit or else?
Hahahahaha.
April Fool's.
Everyone knows the Troika Template is a wonderful growth mechanism for the southern economies. This is either propoganda or an April Fool's joke.
and why do people like you and others assume the people have any power to change.....the people all over the world are powerless with only one real option...that option will take place after one can no longer endure being force fed like a goose...when one has had enough they will put their existence on the line...i personally have my own line in the sand and if the day ever comes and that line is crossed, i hope to acheive at least an eye for an eye outcome, if you get my drift....
A true leader with a backbone; or else what?- we leave the euro and you are fucked!
put that in the dialog...
Don't worry. Charlie Sheen has volunteered to mediate between groups. He told the Cyrpiots and/or the Greeks to call him anytime on his cell phone.
He'd be glad to help.
Someone else is always at fault.
Ja Ja its those swinehund British, alway the verdammten British pissing in our river....
If zee Germans had not loaned out so much money to Southern European countries to subsidize Germany's export, they would have not collected Greek "nuclear waste" bad loans. You thought that the Cypriots made bad investments? So did zee Germans. But Cyprus goes bust while Germans banks don't and Merkel forces the PIIGS austerity down the throats, accept haircuts on their bonds while obliging them to pay off the bad loans. The first bailout to Greece did not go to Greece at all but was to bail out German and French banks. It is an ordinary powerstruggle in Europe and the weapons this time aren't tanks but banks.
Better than expected brothers.
Thank you troika for ruining millions of lives a year.
Fucking cunts.
Ripples.
Who do those Greek companies owe money to ?
The shit is going uphill from here.
Yep! What it always comes down to, 'ShitWaves'.
shit waves - YouTube
The Comex is like a big gas chamber. Everyday, thousands of silverbugs, duped by snakeoil charlatans like Ted Butler, are annihilated. The painful moans are the nicest music to my ears.
Go to hell, silver!
Die, die, die, silverbugs!
.....and your little dog too!
Never seen anybody actually hate an element. Damn you to hell Helium!
Personally, I hate ag's transuranic cousin, sg, Seaborgium. And I'm none too fond of Californium, either...
You know you might be right. You might be right for maybe 4 - 6 weeks, maybe even a few months, and then you'd best shut the fuck up.
For a long time...
because you'll be wrong forever, and like many before you we won't hear from you again till you open another account.
It isn't the first time we've heard people spout this shit.
The hope of the Cypriots, snapped like Kevin Ware's leg.
There's no 'C' in 'PIGS'.
PIIGS+C soon to be PIIGS+C+S+L+M+H, +,+,+.... until you finally arrive at +USA
LOL, So make up a new name keeping the near future in mind. :-D
Oh boy here we go with bankrupting everyone and calling it a "recession" when it's really a complete fucking collapse.
I love all the talk "we're gona withdraw from the EU and go the Iceland route". LOL. A little late for that. That must be shit spewing from politicians mouths trying to make themselves look pretty amongst a huge pile of steaming shit.
Didn't know Greece still had 1600 businesses.
Dude....Avon.
Herbalife.
Each prostitute is an LLC.
Won't be long now till the North has to occupy the South to keep the Union in tact. Sound Familiar?
The "North" were irresponsible lenders who want to be paid in full. There's no justice in making the "North" whole at the expense of the common man. That would be the kind of injustice that spawned the United States of America (which up to recently treated the lender as an equal to the borrower).
Via Martin Armstrong..
Ten Deadly Sins that Kill Society Posted on April 1, 2013The Seven Deadly Sins of Mahatma Gandhi we have accomplished
Wealth without work
Pleasure without conscience
Science without humanity
Knowledge without character
Politics without principle
Commerce without morality
Worship without sacrifice.
to this I add
Debt without Intent of Paying
Arrogance of Officialdom
Thirst for Power without integrity
To those I would add Goggle highlighting Hugo Chavez yesterday.
Only ticked off 80% of their users....not even the Dixie Chicks or Jim Carrey managed to do that. Those cats have this marketing stuff down pat.
That's Cesar Chavez DUFUS....
Hugo might be a HERO for pulling his gold back to Venezuela and starting the unraveling of fractional gold lending...
.
Irony, save the banks at the expense of the "real" economy! Pathetic!
From the Banksta point of view, the banks are the economy; from everyone else's point of view, not so much.
Yes, that is a huge part of the problem. That taxpayers and the real economy are paying for the sins of the banks, and the politicians are bought and paid for!
If you were designing a plan, how would you overthrow the West ... or for that matter, the world? IMO, given the assumption that the West's prosperity, waste and corruption is based on a capitalistic system that is dependent on banks, capital flow and international trade; those are the areas that would be the most effective to undermine.
- Infiltrate the banking and government sectors (done)
- create multiple dialectics and a polarization of people and classes ... especially creating one very gullible class that believes it is privileged beyond the rest ... and falsely so, because that privilege based solely on access to capital ... which you create and distribute. (done)
- Create a dependency on fiat capital that is mathematically impossible to pay back (done)
- Infiltrate and control the media, including the use of Krugman-like shills, with the purpose of enflaming all sides of the multiple dialectics. Create dissatisfaction with the situation that you have engineered; but directed in such a way as to prevent any form of unity amongst the people. (done)
- Create multiple incidents that put people into a fearful and defensive posture, so that they are more easy to control (in process)
- Systematically remove access to your fiat capital (in process)
- Let the various sides of the multiple dialectic forces destroy each other (next)
- Once the vestiges of prior powers are war weary and have been destroyed or incapacitated, provide a new-old solution by providing new access to capital under your control, but with a few extra catches and a few less people (the coup de gras). Most likely this will replace the old troika of Rome, Washington and London with a new non-secular communist joining of the U.N. and BIS, still under the overt control of oligarchs ... and who knows who's covert control, probably the owners of this experiment we call earth.
Obviously the key points are first infiltrating the money creation and distribution power, providing yourself with a monopoly and then creating absolute dependence on your creation of money. DONE, DONE (except for those pesky countries that did not have a BIS tied central bank.. Iraq, Afghanistan, Libya, Syria, Iran ... oops), DONE (at least in the west and East-Asia)
Frances Piven BITCHEZ....
One of these companies was a retailer which operates only in Greece and Cyprus and informed the greek stock exchange that it held deposits of €60m (~$77m) with the two main Cypriot banks.
You can understand what is going to happen...
The Cypriots - like the Greecs - have changed their donkeys too fast for a Porsche. With our money ! I feel no remorse..they have no understanding for what is theirs and ours. Giving high interest rates to Russian crooks by investing in worthless Greec bonds looks like the donkeys entered the banks there, instead of the other way around. Game over boys. Go back to olive picking, which on the long run is more rewarding,
Do you even understand what happened and how it is going to roll around to you in the same way?
Perhaps the British could offer Cyprus 10 million euros for the two military bases; that might go some way to improving the position.
Then Cyprus could get out of the Euro and start again from a few rungs up the ladder.
I am sure the City of London could be encouraged to come up with that loose change.
uk DOESn't have 10 million....
They have no right to be surprised?
Put on your big boy pants
Well, at least the Cypriot parliment got to vote on it.
Oh, wait...
The only thing I know is that Germany has lost two wars and is too timid to ask for its gold back now. Sure it has broken the back of a tiny nation instead of straightening it but sooner or later Germany will come face to face with a Russian winter in some shape or form.
The flippant and mean spirited commentators in this blog would do well to remember that we are all circling the drain and that it will claim all of us in good time if Germany is allowed to continue to trample its way through this crisis.
If Cyprus was termite infested then the US is putrid to the core. Its government hasn't managed to jail even one banker of note and its people are only capable of shooting their presidents but not its bankers.
Its best that the people try to ressurect the spirit of its founding fathers and restore some greatness to a nation that once was a beacon to so many nations.
Just remember that the Troika mafia had been giving the Cypriot banks green ticks while behind the scenes it had been encouraging its own banks to sell Greek govt debt. It also bailed out the rest by giving loans to Greece.
Yep, Germany sure showed the world how tough she can be. When the Euro blows up it will be obvious how stupid she is as well.
Now that Germany has dealt with tiny Cyprus she can go back to erecting another monument and apologising to the Jewish people for the umpteenth time.
Germans have a conscience?
every race has good and bad people. and idiots
Greece has businesses?