6: Setting Europe Ablaze.....


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Sirius B
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Message 1349160 - Posted: 21 Mar 2013, 18:18:17 UTC

1: The End is Near
2: The End of the Beginning
3: What Next
4: "is missing in cyberspace"
5: Big Bang Looming

The torch has been lit.... Well done Cyprus!

ECB may cut emergency funding

"Germany's opposition Social Democrats, who have long begrudgingly backed Merkel's euro-crisis course, have blasted the chancellor for bungling the Cyprus bailout."

"SPD head Sigmar Gabriel told SPIEGEL ONLINE on Tuesday evening. "Angela Merkel has made it possible that a country with fewer inhabitants than (the small German state of) Saarland has plunged the entire euro zone into chaos.""

"Gabriel said. "Restoring trust in Europe will be difficult.""

"SPD parliamentarian floor leader Frank-Walter Steinmeier joined in on Wednesday morning, although he shied away from frontal attacks on Merkel. "Yesterday evening, the euro crisis returned," he said on public television station ARD. "The chaos is complete.""
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Sirius B
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Message 1349246 - Posted: 21 Mar 2013, 22:03:08 UTC

A banker who gets it.....

..are you listening EU?

EU begins its soul searching on Cyprus

euronews: “What role will Moscow play from now on?”

Athanasios Orphanides: “Russia has a near monopoly, to a large extent, of gas supply to continental Europe and there are significant gas finds in the territorial waters off Cyprus. From an economic perspective the blackmail that European governments have forced on Cyprus is essentially pushing Cyprus to work with Russia and this is going to lead to higher gas prices and tremendous economic cost for Europe. I hope that European leaders can actually meet their responsibilities and find a European solution to this problem before it gets worse.”

euronews: “Is this the beginning of the end of eurozone?”

Athanasios Orphanides: “I believe that unless European governments reverse the course that was outlined over the weekend, yes it is.”

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Message 1349377 - Posted: 22 Mar 2013, 8:55:23 UTC
Last modified: 22 Mar 2013, 9:15:52 UTC

It's all becoming very interesting in deed. With a rescue package coming from
Russia then Cyprus can pack up it's bags and leave the Euro if it wishes too.
This currency is most probably too over priced for Cyprus to be competative....
Cyprus, take Russia's money and run; you may not get a second chance. So just
you listen to Sirius and me...we have our fingers on the pulse and this pulse is
slowly fading away for the ECM with it's misfit Euro.
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Profile Chris SProject donor
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Message 1349386 - Posted: 22 Mar 2013, 11:08:29 UTC

I'm seeing conflicting news about this. From the BBC Overseas News BBC Europe

MPs in Cyprus are due to begin voting on a series of bills that aim to raise the funds the country needs to secure an international bailout. The country is in a race against time after the European Central Bank gave Cyprus until Monday to find the money. If it does not, liquidity to the country's banks could be cut off and they could collapse.

Cypriot President Nicos Anastasiades has been holding talks on the crisis with the EU-IMF "troika". Meanwhile, talks on new Russian financial aid for Cyprus have failed, Russia's finance minister confirmed. Anton Siluanov, speaking after talks with his Cypriot counterpart Michael Sarris, said Russian investors were not interested in Cyprus' offshore gas reserves. Mr Sarris, who has now left Moscow, had reportedly been seeking some 5bn euros (£4.3bn; $6.5bn) in return for bonds in energy and other assets, according to a report by Bloomberg news agency.


Sirius B
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Message 1350333 - Posted: 25 Mar 2013, 0:32:50 UTC

Merkel angry with Cyprus

"We want Cyprus to remain in the euro zone," Merkel emphasized during her meeting with FDP parliamentarians. WHY?

"The German government has since admitted that communication was suboptimal at the European level. Had it been better, it is possible that the entire Cypriot drama could have been avoided altogether." So, not Brussels then?

End of an Era?

Draft deal reached

"A source close to the negotiations earlier told the BBC's Mark Lowen in Cyprus that the rescue plans - as they stand - involve splitting Laiki Bank into "good" and "bad" banks.

Good assets would be merged with Bank of Cyprus and the toxic assets will stay in Laiki. Administrators will then be appointed to liquidate those assets. The bank will not be closed but will be hugely reduced in size. "

So this is being forced on the Cypriot Banks? Tell me Merkel, WHY wasn't this done to the banks that caused this financial mess in the first place? Too big a nation were they for you to dictate to?

Germany Exposed

"What shocked everyone, not just Cypriots, was the sudden, tactical and coercive manner in which both the IMF and the ECB attacked the incoming Cyprus government. It was the equivalent of the cops breaking down your door at 6am: perfectly legitimate if you have the legal right to do so, but it can seem excessive."

"In the end the crisis has exposed two weaknesses of modern German politics: first on economics, they don't seem able to move away from principle-driven action to outcome-driven action.

On the bigger geo-diplomacy - driving an EU member state into the arms of the Russians and sending a big sub-textual signal to other states close to Russia - it just begins to look like the Germans cannot do geo-politics."

Welcome to the Fourth Reich!
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Message 1350344 - Posted: 25 Mar 2013, 1:40:22 UTC
Last modified: 25 Mar 2013, 1:54:06 UTC

Over many years Britain has been promoting a stronger unified Europe namely
because it feels this will keep the peace there. Germany being the stronger
and possessing the stronger economy too feels it should therefore be the
figure head of this stronger union, so lays down the rules and standards that
all member countries should abide by. Unfortunately most if not all other member
countries can not function under these rules or even attain the standards that
Germany can and the ECM system is not flexible enough to accommodate these
mismatches. To survive then the ECM will need to operate under a two tier
system of fiscal policy, one for the richer countries and one for the poorer.
This naturally would lead to a split ECM and not a unified one, a situation
Germany could not accept as this would mean an end to the European super state
dream. Where does Europe go from here now that Cyprus is ruined? An ideal
hot-bed for antagonist's to flourish within...will Cyprus now become our WWI
Serbia? Both Germany and Brussels owe a duty of care to all ECM member countries
who were allowed to join even though both knew some of these countries were not
fit to be members. The joining just appealed to their super state dream. But
rather that shoulder the full responsibility of their actions on taking these
lesser countries on board they have cracked a whip across these misfit countries
backs. They have said, "I knew you were a naughty boy before I let you in to
my sweet shop but now that you have done what I knew you would do and steal
some sweets....I'm going to cut off some of your fingers as punishment"!!

If the ECM dream is ever going to work then unfortunately for Germany she is
going to have to dramatically change her mind-set. Can she do it? dread to
think of the outcome if she does not. Will Britain end up regretting ever having
promoted this unified Europe in the first place?? Will Britain finally
recognise that a unified Europe under the banner of a super state is both
foolish and unworkable. To this end will she start the unwinding of this
super state by doing the one thing that would start this ball rolling...namely
leave the ECM and hope all others shortly follow.
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Sirius B
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Message 1350351 - Posted: 25 Mar 2013, 1:49:27 UTC - in response to Message 1350344.

Well we'll find out in September. If the Mekon gets re-elected, she won't give in, which is why I tagged her "The German Maggie".

Unfortunately, even though I meant it as a compliment, she just does not have the acumen to achieve what Maggie did. She's too set in her ways & unless she softens up, the EU superstate is dead!
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Message 1350484 - Posted: 25 Mar 2013, 12:47:46 UTC

Deal reached in eurogroup talks

hmmmnnnnn....Yamamoto springs to mind here with his supposed quote: "I fear all we have done is to awaken a sleeping giant and fill him with a terrible resolve."......

...Well the Eurogroup & the rest of the "troika" have upset the Russian Bear.....& for wakening him, its going to cost you plenty!

"IMF head Christine Lagarde said the bailout deal agreed was "a comprehensive and credible plan" to help restore trust in the banking system."

You think Christine? Are you quite sure? The big investors might trust you, but you've trodden on all the citizens of Europe, you think they'll let this slide?
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Message 1350684 - Posted: 25 Mar 2013, 20:51:50 UTC

Well they were looking for an excuse & amid all the hulabaloo, they've got it! Well done all the Sir Humphries thoroughout the Eurozone.......

Cyprus Bailout: Dijsselbloem remarks alarms markets

"The falls came after the head of the Eurogroup of eurozone finance ministers suggested that the Cyprus model, which involves a tax on bank deposits, could form a template in any future bailout."

That's number 1

"The new deal for Cyprus, unlike previous agreements, does not require the approval of the Cypriot parliament."

That's number 2


Say good bye to your savings & sovereignty......

What next? A one size fits all tax bill for everyone? A future raid on pension funds when all other avenues exhausted?

Any objections if all these do come into force, expect a 2am knock on your door!


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Message 1350713 - Posted: 25 Mar 2013, 21:53:10 UTC
Last modified: 25 Mar 2013, 22:09:11 UTC

Lessons from Cyprus Part 1
Lessons from Cyprus Part 2

Interesting comment at the end.....

"German Chancellor Merkel has likewise not emerged unscathed. In much of Europe, her image is that of an overbearing, heartless know-it-all who cares little for the suffering of average people. And at home, voters were likewise less than impressed. In the most recent public opinion polls, her Christian Democrats have lost two percentage points of support."

Over the next 6 months, watch the banks deposits to'ing & fro'ing......

...which at the end of that period Germany will have a new chancellor!

Edit: - I should've done what I usually do when reading Der Spiegel - read it all then note what articles to use.... forgot to do it this time...

Europe is right to doubt German Euro leadership

I know all about "Godwin's Law", however, I'm not the one invoking it - that privledge is down to a German citizen employed as a journalist on a German news magazine - a magazine famed for its expose's of political scandals & corruption....

"But this means nothing for the present. Just like twice before in our recent history, the Germans are falling deeper and deeper into conflict with their neighbors -- regardless of the cost. It's a path that could easily lead to fear of German political hegemony on the Continent. Indeed, Merkel's idea of European integration is simply that Europe should bend to Germany's political will."

Note The color ink is as printed in the article, but had it not been highlighted, I would have done so!
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Message 1350876 - Posted: 26 Mar 2013, 14:48:55 UTC

We've taken your money & grown fat off the proceeds.....

...we messed up & you're going to save us....

.....you got richer than us, so we're going to hit you with a 40% tax - a one-off atm, but we'll bear it in mind for the future.....

...we don't wanna run out of dosh so....

.....Cyprus to bring in weekly withdrawal curbs

What next? Telling us how to spend it?
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Message 1350880 - Posted: 26 Mar 2013, 14:56:30 UTC

I would say the next country wanting a bailout will think twice. Seems the condition of terms is raising rather abruptly.

@Chris thanks for the Euro lesson. And nice post at Last Gasp.
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Message 1350948 - Posted: 26 Mar 2013, 20:44:53 UTC

Thanks James, blush blush ;-)

Sirius B
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Message 1351291 - Posted: 27 Mar 2013, 22:16:27 UTC

Something for the Eurozone to think about?

China & Brazil sign currency swap agreement

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Message 1351315 - Posted: 27 Mar 2013, 23:50:12 UTC - in response to Message 1351291.

On the surface of it, this makes economic sense.
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Message 1351331 - Posted: 28 Mar 2013, 1:45:36 UTC

The rot isn't stopping yet

Could Slovenia be the next domino to fall?

T.A.

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Message 1351349 - Posted: 28 Mar 2013, 3:46:20 UTC - in response to Message 1351331.
Last modified: 28 Mar 2013, 3:46:34 UTC

The rot isn't stopping yet

Could Slovenia be the next domino to fall?

T.A.

Why would you expect it to stop? Is there an effective government in Brussels that regulates banks?
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Message 1351370 - Posted: 28 Mar 2013, 5:45:46 UTC - in response to Message 1351291.

Something for the Eurozone to think about?

China & Brazil sign currency swap agreement

Brussels and the ECB won't like the UK's currency swaps deal with China nor us
also becoming the major western hub for the Renminbi. I bet Brussels is going to
break it's back in getting full control of the City of London....Cameron is
most probably dumb enough to let them take control, he still fails to show any
recognition yet that the game for the ECM is coming to and end. He should be
taking protective measure for this eventuality.....but he's not. I feel that if
the Euro M.P. elections go bad for the three main parties next year then we will
surely see some desperate actions coming from the Cons. I have an idea as to what
they will be mustering come the elections in 2015 for I suspect they will be
forced into it come what may.



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The Kite Fliers

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Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

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Message 1351371 - Posted: 28 Mar 2013, 5:51:14 UTC - in response to Message 1351331.

The rot isn't stopping yet

Could Slovenia be the next domino to fall?

T.A.

This is all because we are in a depression and have been since 2008. Governments
have managed to cover this up with QE but they can't keep covering it for ever.
The cracks are beginning to show, first the minnows fall then too be followed by
the majors.




____________
The Kite Fliers

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Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

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Message 1351372 - Posted: 28 Mar 2013, 5:53:22 UTC - in response to Message 1351349.

The rot isn't stopping yet

Could Slovenia be the next domino to fall?

T.A.

Why would you expect it to stop? Is there an effective government in Brussels that regulates banks?

No there is no effective government in Brussels for if there was they would have
cancelled the Euro and put everyone back onto their old currencies again.



____________
The Kite Fliers

--------------------
Kite fliers: An imaginary club of solo members, those who don't yet
belong to a formal team so "fly their own kites" - as the saying goes.

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Message boards : Politics : 6: Setting Europe Ablaze.....

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