You are probably thinking of this Trojka:
Germans have another Trojka in mind:
Posted on 03/19/2013 9:13:58 PM PDT by cunning_fish
German Chancellor Angela Merkel stressed in a phone call with the president of Cyprus that his country hold talks only with international creditors on its bailout deal and not third parties like Russia, a government spokeswoman said on Tuesday.
"A telephone call between Mrs Merkel and the Cypriot president took place yesterday evening," the spokeswoman told news agency AFP. " The chancellor once again emphasised that the negotiations are to be conducted only with the Troika," she added, referring to the term used for the European Union, the European Central Bank and the International Monetary Fund.
The comment was made as the Cypriot finance minister headed to Moscow after an explosion of anger in Russia at the EU bailout deal for the island that could see Russian investors lose billions of euros. In exchange for a €10 billion ($13 billion) bailout for debt-laden Cyprus agreed by EU leaders on Saturday, a controversial levy will be slapped on bank savings. The move has raised widespread anger in Cyprus, but also in Russia, where investors have placed vast amounts of cash in the island's banks.
The German spokeswoman also declined to say whether the phone conversation took place before or after Merkel met French President Francois Hollande and European Commission president Jose Manuel Barroso in Berlin late Monday.
(Excerpt) Read more at thelocal.de ...
But German Finance Minister Wolfgang Schäuble said on Tuesday that investors who placed their money in Cyprus in order to pay less tax should shoulder the risks when it comes to a bailout.
"Whoever invests their money in a country where they pay less tax, and perhaps where there is less supervision, shoulders the risk when that country's banks are no longer solvent. That's a fact," Schäuble said in an interview on German public radio Deutschlandfunk.
If investors from Russia and elsewhere were not to foot the bill for the bailout, then it would fall to European taxpayers to pay for the billions of foreign investment in Cyprus, Schäuble said. "That would be irresponsible," he said.
The minister also said that the Cyprus economic model, which used low tax rates to attract foreign money, was "bankrupt".
The eurozone has told debt-hit Cyprus to revise the controversial levy on bank deposits to allow small savers to escape the tax amid a public outcry and fears of a bank run.
The statement from eurozone finance ministers came Monday after Cyprus baulked at putting the bailout plans to a parliamentary vote, as the growing uncertainty forced a prolonged closure of the island's banks.
Cyprus shut its banks until at least Thursday and delayed a parliamentary vote on the package until Tuesday after large queues formed at ATMs on the island.
AFP/The Local/mb
Germany once tried to take over Europe with tanks and guns.
Now they have a better idea: Take Europe over by getting a strangle hold on Europe’s financial system.
I think that this time they have let their ego get the best of them and have overstepped just as they did when they thought they could defeat Russia.
This very likely will lead to the collapse of the EU and in the turmoil, Russia will emerge as the winner.
Interesting times, indeed.
Ironic, the Troika carriage is the historic symbol of old Russia. Leave it to a German to miss the interpersonal skill aspect of something.
Why all the hate on Germany? Let’s not forget, it’s the bankrupt Cyprus government that is asking for a bailout. The rest of the EU is just setting the terms, harsh as they may be.
It might be true, but it was EU officials who granted Cyprus membership.
If they are a monetary union it is pretty fair if Cypriot failure is getting paid by EU, not investors who has their money in Cypriot=EU banks.
Sure, Russia will solve your problems, but once in, will they ever go home? Maybe hitching your star to Russia isn’t a bad idea BUT—think twice before you sign on the dotted line—you might be making a deal with the Devil.
You make a very good point. On the other hand, how much of Cyprus’s hair-brained economic policies were predicated on the belief that, being part of the EMU, they would not be allowed to fail?
Are they any worse than the EU?
At least Russia doesn’t try to for acceptance of Sodomy down peoples’ throats, like the EU does.
I think Cypriots were pretty ok under EU until just recently.
I don’t understand Merkel’s anger as well. If you allow a bum in your home it is plain dumb to whine about trashed kitchen and missing appliances.
That’s an unfortunate turn of phrase there.
You are probably thinking of this Trojka:
Germans have another Trojka in mind:
Storage Wars Cyprus !
Yeah, you try bidding on a storage unit owned by the Russian Mob. Might be some nice valuables there, but they will cost you much more then you think.
It is not hate.
Just look at what Germany is doing.
Germany is working the financial system.
Russia is working the energy system.
My bet is on Russia. Putin, as repulsive a person as he is, is probably the smartest person in that part of the world.
Why do Russian investors have so much money in the banks in Cyprus?
The EU, of which the Germans are most influential, is working the financial arm of the EU about the same way that the feds are working the regulation of our banks.
Think about it. They are requiring sovereign countries that they must write their budget on terms that the EU approves and submit them to the EU for approval.
They are setting other conditions. That is very similar to the way the feds force US banks to conform.
At has long been recognized that he who writes the checks writes the rules.
EU member countries voluntarily surrendered their sovereignty -- their financial sovereignty at least -- when they became members of the common market and adopted the Euro as their currency.
Germany didn't force Cyprus -- or any of the PIIGS for that matter -- to spend themselves into bankruptcy. In the same way that the other 49 states aren't forcing California to spend itself into oblivion.
This whole, "Oops, we goofed. Now bail us out" stuff is getting out of hand.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.