Posted on 03/26/2013 12:14:48 PM PDT by Kartographer
Cypriots vented anger in the streets on Tuesday and were desperate to learn what would happen to their savings, with the government yet to reveal details of controls it will impose to prevent a run when banks reopen after a painful bailout.
A special administrator was appointed to run the country's biggest bank, which will take over accounts from the second biggest bank as part of the restructuring package designed to bail out and rein in the oversized financial sector.
Cyprus's banks were ordered to remain closed until Thursday, and even then will operate under as-yet-undisclosed capital controls imposed to prevent depositors from emptying the vaults.
(Excerpt) Read more at reuters.com ...
Talk about asymmetrical warfare. The European Empire conquers by wrecking economies of its member states and making them dependent on central economic government.
Empty vaults are the foundation of fractional reserve banking.
The people of Cyprus deserve exactly what they are getting. They’ve been voting for these big spending, bloated governments and the banks have acted as their enablers. Now the shareholders in at least one of these banks will be completely wiped out and uninsured deposits (over 100K Euro) will take a massive haircut across the board. This type of bailout actually avoids going directly after the tax payer as others have done. A lot of money streaming into Cyprus banks have been dirty anyway - and everyone knows it.
BS. The people in these nations are electing their own governments. It is their own fault their governments are going broke and their banks are failing. The bankers are just a symptom of the problem, the seedy enablers of massive, unaffordable social welfare states.
These countries could leave the Eurozone if they wanted, but they don't. Greece, for example, could simply default and go it's own way - but it won't because the majority of the people STILL want to hang on to their massive public sector and welfare state.
We are headed in the same direction right here in the US, and it won't be the fault of some "European Empire" conspiracy.
To be somewhat fair, I’m sure there are many decent people there who didn’t vote for Socialists.
Same as here. Do we all deserve shit because 53% of our citizens are stupid or lazy?
In the end, people are collectively responsible for their own government.
to be somewhat fair, I’m sure there are many decent people there who didn’t vote for Socialists.
Certainly we can feel sorry for the good ones individually. But the population as a whole deserves exactly what they are getting. And yeah, as a nation, we're going to deserve it too when our economy implodes due to out of control spending and debt.
Wait until it comes out for sure that the banks vaults have been emptied!
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Yes, all the poor schlubs who didn’t have jet handy (cause unless you had cash, you couldn’t use credit cards to buy airfare) didn’t make it to London to suck it dry.
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Yup. Obummer and his goons are surely watching this Cyprus situation with very sharp interest. As are we all, for varying reasons.
Anybody know how many armored personnel carriers the Cypriot police own?
Will we deserve it when it happens here?
There’s very little cash to pass out unless the branch orders it in advance.
I know, I was confused by his statement. Didn’t he watch It’s a wonderful life?
Yes, unfortunately.
The European Commission’s top economists warned the politicians in the 1990s that the euro might not survive a crisis, at least in its current form. There is no EU treasury or debt union to back it up. The one-size-fits-all regime of interest rates caters badly to the different needs of Club Med and the German bloc.There are too many countries affected by this to claim they “did it to themselves” at this point.
The euro fathers did not dispute this. But they saw EMU as an instrument to force the pace of political union. They welcomed the idea of a “beneficial crisis”. As ex-Commission chief Romano Prodi remarked, it would allow Brussels to break taboos and accelerate the move to a full-fledged EU economic government. …
PING!
I understand your point, but I must disagree with you.
I laugh at those who have been mocking all the entities screaming for bailouts, yet now berate the EU for finally demanding some real conditions.
The EU knows what it's doing here IMO...in future the number of people asking for bailouts is going to be seriously curtailed...finally!
Oh I hate the EU, make no mistake about it. I believe its primary objective has always been to further the goal of socialism. European leftists have always known the great danger to their social welfare states would be other European countries that adopted much freer markets and less regulation. The socialists have always known they couldn’t compete. There is no doubt the EU acts as a big bully too.
Still, I’m sorry, but Europeans are not forced to vote irresponsibly. In fact, even the EU busy bodies of all people, have been chiding some of these countries again and again to spend less and get their debt under control. But the people won’t do it. Good grief man, look at Greece right now. The people there STILL don’t really want to cut anything. Slashing some public service jobs is like pulling teeth with the deepest roots ever. The Greeks want to blame everyone but themselves - and the same thing is playing out in the rest of the debt crushed European countries. No one has to take a bailout. They can default and leave the Eurozone, but they won’t do it because it would require too much cutting that they don’t want to do.
We are doing the same thing here in the US. We are not that far behind Europe - maybe a generation or less. People are voting for big, bloated government because they believe politicians that tell them we can live far beyond our means. People have bought the drug of socialism and, just like Europe, it won’t end well - and it will be our own fault.
I detest the EU, but you are correct. For once they mostly went after the bank shareholders and uninsured accounts rather than the taxpayer.
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