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5: Big Bang Looming.......
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Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
Some interesting reports........ Rescue in trouble They can't just penalise us Eurpoe's citizens now have to fear for their money Danger for Europe lurks in bank levy Widespread anger erupts Tapping bank customers is right move From the last link...... "In the beginning, during phase one, the belief that the crisis could be overcome solely with credit guarantees and austerity programs prevailed. In other words, taxpayers within the euro zone were to carry all the burdens. It's a position governments had been pressured to take by financial industry lobbyists. But it's also a path that led to lasting recession in the south and sewed strife between Northern and Southern Europe." How nice of them. Would they care to give up their bonuses to allievate the situation? |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
QE used in the right circumstances can help in making an economy more competitive as it devalues a currency. Unfortunately, what we have seen here is that the funds went to the banks themselves who continue to refuse lending to restart growth. No matter what has happened, may happen in the future, it all comes back to the bankers. Should Cyprus depositors have to pay that levy, then Europol had better start serious investigations & show Europe's citizens bankers being convicted & imprisoned - as well as any government official that had/has involvement. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
With both the IMF & ECB requesting the Cyprus Bank levy, are there dark secrets within these organisations? IMF Head's Paris flat searched "Critics said the case should not have been settled by private arbitration, since public money was at stake in the bank, which was part-owned by the state. The settlement Mr Tapie received is believed to be a far greater sum than he would likely have received from the courts." "In an interview in January, Ms Lagarde stood by her decision, saying it was "the best solution at the time"." - For Mr Tapie & who else? |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
In the 5 days since this crisis erupted, one voice is conspicuously absent........ Cyprus & the Eurozone's survival "And what many will fear, with some justification, is that Germany has set those limits in a way that sustains a serious existential threat to the eurozone." Shouldn't that read "Ms Merkel"? |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
Breaking news in the last 3 minutes.... Cypriot Banks remain closed until next Tuesday So, scared of a run on the banks, they prevent people from being able to purchase daily needs? How very intelligent of them! Well done Germany! Bail out the PIIGS but trample all over the "small" nations! Germany says banks in Cyprus may never reopen if a bailout is not agreed. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
There's a serious danger lurking ahead for all Europeans including us! Cyprus Finance Minister in Moscow discussing financial aid with Moscow seemingly holding out for interests in the potential gas fields which, Bloomberg estimates to be worth 475 billion Euros. P*** off the Russians & either the gas taps get turned off or prices bumped up (it would give them what they wanted in 1945 without firing a shot). I hope the Eurozone has enough spare cash to start buying "extra thick" jumpers...... Russian Press suspicious of rescue plan |
Nick Send message Joined: 11 Oct 11 Posts: 4344 Credit: 3,313,107 RAC: 0 |
A loan of 10 Billion against collateral of 400+ billion in energy reserves seems like a safe and well backed loan to me. Strange how the Russians recognise this but not either Brussels nor Germany. To think these last two want to tell the City of London how to run their banking affairs...no chance. Take a tip from me Brussels and stick to growing sprouts and Germany stick to making and exporting your good quality products but leave the banking to us. 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. |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
Well, the article does state "This is not a fight against dirty money, it is a fight for dirty money," the commentator believes." Not very surprised at that statement as Germany loves "dirty money".... ...there are still many "shall we say object's d'art" in German hands which were "borrowed" in 1933-45 & yet to be returned! |
Sirius B Send message Joined: 26 Dec 00 Posts: 24877 Credit: 3,081,182 RAC: 7 |
A massive wake-up call worldwide for all politicians & Government officials...... Damage Limitation "But they and the IMF all hoped that Cyprus would be considered a special enough case that people would not look too closely at the precedents that were being set." Unfortunately for the muppets, it was noticed & PDQ as well! So the question & which is already being asked is: - "For that to happen, it would help if the European authorities could explain more clearly why this will not set a precedent for the future. It would be especially reassuring if the Germans explained, convincingly, why this does not reflect any toughening in the country's approach to bailouts. But for either of those explanations to be convincing, they probably need to be true. I think Germany, at least, will want to tough it out." Yep & at the expense of the rest of the Eurozone! |
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