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"Tragic" Cyprus Contagion To Cripple 1600 Greek Businesses

Tyler Durden's picture


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.


Via EnetEnglish,

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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Mon, 04/01/2013 - 08:53 | 3395468 Ancona
Ancona's picture

Slavery bitchez! Get used to those chains brothers.

Mon, 04/01/2013 - 09:14 | 3395484 GetZeeGold
GetZeeGold's picture



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....

Mon, 04/01/2013 - 09:42 | 3395590 Harlequin001
Harlequin001's picture

'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...

Mon, 04/01/2013 - 09:39 | 3395596 new game
new game's picture

steps; admit you are addicted..., two, you are powerless and 3, came to believe...

Mon, 04/01/2013 - 09:02 | 3395490 SheepDog-One
SheepDog-One's picture

Hey it's not so bad! Have you all seen the new iShackle covers yet? Fabulously stylish!

Mon, 04/01/2013 - 09:02 | 3395491 eigenvalue
eigenvalue's picture

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. 

Mon, 04/01/2013 - 09:09 | 3395507 SheepDog-One
SheepDog-One's picture

It's 'Ze Germans', Tommy.

Mon, 04/01/2013 - 09:58 | 3395646 Dugald
Dugald's picture

Ache zo, just another fiendish British plot to baffle us poor Germans

Mon, 04/01/2013 - 10:29 | 3395717 WhyDoesItHurtWh...
Mon, 04/01/2013 - 09:13 | 3395513 smlbizman
smlbizman's picture

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?

Mon, 04/01/2013 - 09:29 | 3395577 toys for tits
toys for tits's picture


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.

Mon, 04/01/2013 - 09:39 | 3395595 smlbizman
smlbizman's picture

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....

Mon, 04/01/2013 - 09:44 | 3395614 new game
new game's picture

A true leader with a backbone; or else what?- we leave the euro and you are fucked!

put that in the dialog...

Mon, 04/01/2013 - 09:13 | 3395516 CheapBastard
CheapBastard's picture

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.

Mon, 04/01/2013 - 09:35 | 3395588 insanelysane
insanelysane's picture

Someone else is always at fault.

Mon, 04/01/2013 - 10:05 | 3395663 Dugald
Dugald's picture

Ja Ja its those swinehund British, alway the verdammten British pissing in our river....

Mon, 04/01/2013 - 14:38 | 3396673 Joe A
Joe A's picture

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.

Mon, 04/01/2013 - 09:15 | 3395525 Banksters
Banksters's picture

Better than expected brothers.

Thank you troika for ruining millions of lives a year.

Fucking cunts.

Mon, 04/01/2013 - 08:56 | 3395473 Winston Churchill
Winston Churchill's picture


Who do those Greek companies owe money to ?

The shit is going uphill from here.

Mon, 04/01/2013 - 09:07 | 3395501 SheepDog-One
SheepDog-One's picture

Yep! What it always comes down to, 'ShitWaves'.

shit waves - YouTube

Mon, 04/01/2013 - 08:56 | 3395476 eigenvalue
eigenvalue's picture

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!

Mon, 04/01/2013 - 09:01 | 3395488 GetZeeGold
GetZeeGold's picture



.....and your little dog too!

Mon, 04/01/2013 - 09:34 | 3395584 BurningFuld
BurningFuld's picture

Never seen anybody actually hate an element.   Damn you to hell Helium!

Mon, 04/01/2013 - 10:11 | 3395662 RSBriggs
RSBriggs's picture

Personally, I hate ag's transuranic cousin, sg, Seaborgium.  And I'm none too fond of Californium, either...

Mon, 04/01/2013 - 09:48 | 3395619 Harlequin001
Harlequin001's picture

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.

Mon, 04/01/2013 - 08:57 | 3395477 Zgangsta
Zgangsta's picture

The hope of the Cypriots, snapped like Kevin Ware's leg.

Mon, 04/01/2013 - 08:58 | 3395480 GMadScientist
GMadScientist's picture

There's no 'C' in 'PIGS'.


Mon, 04/01/2013 - 09:05 | 3395499 Urban Redneck
Urban Redneck's picture

PIIGS+C  soon to be PIIGS+C+S+L+M+H, +,+,+.... until you finally arrive at +USA


Mon, 04/01/2013 - 09:07 | 3395503 Getting Old Sucks
Getting Old Sucks's picture

LOL, So make up a new name keeping the near future in mind.  :-D

Mon, 04/01/2013 - 09:00 | 3395486 rsnoble
rsnoble's picture

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.

Mon, 04/01/2013 - 09:02 | 3395489 q99x2
q99x2's picture

Didn't know Greece still had 1600 businesses.

Mon, 04/01/2013 - 09:04 | 3395494 GetZeeGold
GetZeeGold's picture




Mon, 04/01/2013 - 09:08 | 3395506 NoDebt
NoDebt's picture


Mon, 04/01/2013 - 09:38 | 3395592 insanelysane
insanelysane's picture

Each prostitute is an LLC.

Mon, 04/01/2013 - 09:04 | 3395495 Getting Old Sucks
Getting Old Sucks's picture

Won't be long now till the North has to occupy the South to keep the Union in tact.  Sound Familiar?

Mon, 04/01/2013 - 09:40 | 3395598 Fix-ItSilly
Fix-ItSilly's picture

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).

Mon, 04/01/2013 - 09:07 | 3395504 Jason T
Jason T's picture

Via Martin Armstrong.. 


Ten Deadly Sins that Kill Society Posted on April 1, 2013

The 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


Mon, 04/01/2013 - 09:41 | 3395601 GetZeeGold
GetZeeGold's picture



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.

Mon, 04/01/2013 - 15:19 | 3396849 ronaldawg
ronaldawg's picture

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...

Mon, 04/01/2013 - 09:17 | 3395522 Melin
Melin's picture


Mon, 04/01/2013 - 09:28 | 3395568 Jim B
Jim B's picture

Irony, save the banks at the expense of the "real" economy!  Pathetic!

Mon, 04/01/2013 - 09:39 | 3395597 insanelysane
insanelysane's picture

From the Banksta point of view, the banks are the economy; from everyone else's point of view, not so much.

Mon, 04/01/2013 - 09:48 | 3395624 Jim B
Jim B's picture

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!

Mon, 04/01/2013 - 10:01 | 3395639 IamtheREALmario
IamtheREALmario's picture

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)

Mon, 04/01/2013 - 15:20 | 3396856 ronaldawg
ronaldawg's picture

Frances Piven BITCHEZ....

Mon, 04/01/2013 - 10:05 | 3395664 wEiRdO
wEiRdO's picture

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...

Mon, 04/01/2013 - 10:15 | 3395678 DutchMadness
DutchMadness's picture

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,


Mon, 04/01/2013 - 10:32 | 3395727 Quinvarius
Quinvarius's picture

Do you even understand what happened and how it is going to roll around to you in the same way?

Mon, 04/01/2013 - 10:39 | 3395749 theprofromdover
theprofromdover's picture

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.

Mon, 04/01/2013 - 15:20 | 3396860 ronaldawg
ronaldawg's picture

uk DOESn't have 10 million....

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