In a moment of sheer insanity, brutality or just economic incompetence, the European Union has destroyed the Cypriot economy and left untold destruction. The off shore banking system is in ruins and the domestic credit supply has been broken into pieces; capital controls effectively suspend Cyprus from the internal market and only the German Parliament will get a vote on the bail out terms. Not the Cypriot politicians who are forced to agree with unfair and draconian terms.
Between now and 2017, the Cypriot economy will lose 20% of its GDP in a designed depression to rescue the banking system and prevent bankruptcy of the country. Anyone with deposits over €100,000 in Cypriot banks will help pay for the bailout - regardless if you're actually a millionaire or a pensioner, who saved up for retirement. In the eyes of the Bundesbank and the German Finance Ministry, you're paying for it. Not them.
Brussels have decided the unravelling of the Euro and the wider European Project is unthinkable; in order to save the post-World War II consensus, principles and agreements are now void. The euro must be saved at all costs. Merkel has resigned to accepting the end will justify the means; a banking and political union must occur, regardless of the path of misery that awaits the periphery. A promise of co-operation, mutual respect and European democracy is currently suspended. We are discovering a disturbing reality of the European Union not being this equal playing field. Transforming smaller members into slave states, dependent on ECB funding, is a dangerous experiment which could create generational hatred towards Brussels and most notably Germany. Full story...
Related posts:
Between now and 2017, the Cypriot economy will lose 20% of its GDP in a designed depression to rescue the banking system and prevent bankruptcy of the country. Anyone with deposits over €100,000 in Cypriot banks will help pay for the bailout - regardless if you're actually a millionaire or a pensioner, who saved up for retirement. In the eyes of the Bundesbank and the German Finance Ministry, you're paying for it. Not them.
Brussels have decided the unravelling of the Euro and the wider European Project is unthinkable; in order to save the post-World War II consensus, principles and agreements are now void. The euro must be saved at all costs. Merkel has resigned to accepting the end will justify the means; a banking and political union must occur, regardless of the path of misery that awaits the periphery. A promise of co-operation, mutual respect and European democracy is currently suspended. We are discovering a disturbing reality of the European Union not being this equal playing field. Transforming smaller members into slave states, dependent on ECB funding, is a dangerous experiment which could create generational hatred towards Brussels and most notably Germany. Full story...
Related posts:
- Get all your money out of Europe now...
- Cyprus 'Eurogeddon': deserted streets of a country closed for business...
- Farage: Leaders utterly unplugged from thoughts & hopes of ordinary people...
- Nigel Farage: the Eurozone is a ponzi scheme run by communists...
- Farage: Break up the Euro, restore democracy and human dignity...
- "That idiot in Brussels" storms out of live TV debate...
- Europe moves closer to banktatorship...
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