posted on Mar, 16 2013 @ 06:40 PM
Had the EU decided not to approve the loan, then the whole Cypriot economy would have folded without much drama in the rest of the EU
given it's tiny size, it's not like this was critical in the same way Spain and Greece were.
Some beg to differ on your nonchalance...
Cyprus may be one of the eurozone's tiniest economies - its third smallest - but for the next 48 hours
or so, it may be the single currency area's most important.
The point is that there could be serious repercussions for other financially over-stretched economies, such as Spain's and Italy's, from the nature of
Cyprus's 10bn-euro (£8.7bn) bailout - which includes, for the first time in any eurozone rescue, losses imposed directly on depositors in
Robert Peston. Business Editor
Ordinary people are 'savers', not investors, unless they actually place money in banking investment accounts like ISAs. This 'theft' is taking from
ordinary savers placing money in ordinary deposit accounts. Your rationale that it is simply a Cypriot issue and not a Euro-wide one is quite
disingenuous. That it is better to lose an arm rather than a leg carries no comfort whatsoever. That Cypriots should count their blessings for the
theft is downright obnoxious!
The ordinary people of Cyprus are not the ones allegedly laundering money, they just want to go about their ordinary lives, like the rest of us, but
nobody can because of state interference. These bailouts and austerity measures are not cures, but merely aid the cancer that is endemic right through
the finacial world. We shouldn't be aiding it, but changing it to a better system. We are rewarding those that caused the mess in the first place. The
financial elite are the ones that created and ran the system, and governments colluded with it through deregulation. They should be in prison, with
banks temporarily nationalised. Failures should have been allowed to happen, and the top people facing prosecution for their business greed and
Why should ordinary people pay a single penny to these bastards? A fear that society will breakdown, or perhaps it is more to do with nefarious
machinations with ultimate agenda goals? World economies are not natural processes, but man-made systems, created and run by man, and if they fail,
they do not do so accidently, recessions are built into the system and act like pressure release valves, but it also allows for the hiding away of
indiscretions and frauds through write-offs.
The Cypriot people can't do anything about this theft because it has been timed to coincide with the bank holiday weekend. People are going to be
fretting for the next couple of days, unable to get into the bank to try and safeguard their money. Come Tuesday morning the Cypriot people will be
going to their banks, and will want to withdraw their money, they will be refused, and then the anger will be expressed. meanwhile this theft in a
small country sets a precedent for future thefts elsewhere. With the right spin and rationale, you can legitimise the most unpalatable
edit on 16/3/13 by elysiumfire because: (no reason given)