Cyprus

[caballero]

The economic crisis starts to freak me, the argentine "corralito" begins to make sense within Europe. Cyprus is an exponent that nothing has been solved but the opposite. It appears that the EU is concerned that anti-European parties gain weight if the Cypriot crisis extends and might be willing to give money for nothing. Many analysts believe that Cyprus, knowing this, expect out of this crisis without loss (put money). Meanwhile, in Spain for example, the government is happy to have met themselves, seem not to realize that we have a given time through the purchase of bonds by the ECB, and continues unabated and the huge public spending, but has risen a lot tax burdens on citizens. This may be the eve of the breakup of the European Union, a real shame, I think it is a beautiful example of the best human condition, when many countries of great history and rivalry have been able to join forces.

What does the crisis in other countries?

Thank you.

[dedndave]

i heard that, in Cyprus, the gov't is going to "tax" (steal) 10% of all current bank accounts
sounds like a death wish - lol
my understanding is that Cyprus is the home of many "mafioso" types
so - the gov't leaders are asking to be put on a hit-list

[caballero]

The problem is that if the EU provides all the money needed to rescue Cypriot banks, the country's debt would rise above 200% of GDP, which is understood to be unaffordable. Therefore it is necessary that Cyprus "find" about 5,000 million euros from anywhere, in such way that the EU put the rest, and thus not trigger the country's debt. The problem is that it seems that the only creditors of banks are the depositors themselves... The EU urges applying removes from the 100,000 euros in accounts, but the Cypriot government also wants to remove those who have less than that. The reason seems to be under pressure from Russia, where the largest depositors are from , who want to spread the load ...

The key is that it has been shown that bank accounts  lower than 100,000 euros may suffer remove, which was safeguarded so far by the states of  EU ... What will happen in other countries that are yet to be rescued?... Will money flow between countries for fear of losing it?

[DarkWolf]

I called it ...

Check the Archives.

I said if they continue to let in the low-income high-debt nations that have no economy to speak of the whole thing would come crumbling down.

First Greece, now Spain, Portugal, Ireland, Italy and Cyprus.

Germany, France and England the biggest economies have to foot the bill for the monetary practices of these losers. England wants to leave the Euro zone; and they want laws to force Germany to ante up the money to pay off their debts (the EU i mean not England).

Don't worry everyone we can participate in this nightmare in what 2040 when they force the American Union and Amerio down our throats.

[jj2007]

England wants to leave the Euro zone

Technically speaking a bit difficult ;-)

[DarkWolf]

England wants to leave the Euro zone

Technically speaking a bit difficult ;-)

You'll have to ask what the PM meant in his speech like a week or so ago then.
Cause that's what he said.

[jj2007]

He would be the laughing stock of the nation if he had said that. And, by the way, the guy whose speech you may have read a bit too superficially is certainly not the PM of England.

[dedndave]

my understanding is that England chose not to join the European Union
not the same as the Eurozone
the only part of the UK that joined the Eurozone is Ireland

and it's not the "Amerio" you'll be using in 2040 - lol
it'll be the Chinese Yuan

[Magnum]

My mother lived in Germany and she told me that they had to bring wheelbarrows of money to the grocery store because of the inflation.