Cypriot bank savers forced to pay towards Euro/IMF bailout
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J Ed
Follow Back Pro Expropriation
http://www.guardian.co.uk/business/2013/mar/24/eurozone-crisis-cyprus-bailout-eurogroup-meeting
Small bomb at Bank of Cyprus
Small bomb at Bank of Cyprus
J Ed
Follow Back Pro Expropriation
http://coppolacomment.blogspot.co.uk/2013/03/the-broken-euro.html this is interesting, says that capital controls effectively institute de facto two tier Euro
butchersapron
Bring back hanging
So THEY accept it.
The deal the IMF and germay tried to force through friday week is what happened. The cuts, the austerity still happens. Wooh, what a relief.
The deal the IMF and germay tried to force through friday week is what happened. The cuts, the austerity still happens. Wooh, what a relief.
This chap on the telly, Olli something, keeps adding "-uh" onto the end of every sentence. on BBC now.
Weird-uh
Srs, check it out on iPlayer-uh, very strange-uh.
Weird-uh
Srs, check it out on iPlayer-uh, very strange-uh.
No.
Repeat after me: there is no such thing as money. Money does not exist. There is no money somehow "in" any bank, or that might be taken "out" of any bank, there is no "dirty" money, there is no "clean" money, there is no money that might find its way into "too few hands." There's none of that. Il n'ya pas d'argent.
Therefore, there is and always has been only one logical or ethical reply to usurers:
"So I owe you 10 billion dollars, do I? OK Shylock, come and get it if you think you're hard enough. No? Don't fancy none of that? Then bugger off, and think yourself lucky we don't throw you into the Tiber in a sack full of vipers like what they used to."
I propose that the Cypriots say exactly those words to Merkel tomorrow morning.
ymu
Niall Ferguson's deep-cover sock-puppet
They could but it wouldn't do them much good when the government is free to dip into their bank accounts.
I guess they won't care though because the contents of said bank accounts are imaginary. Fuck knows what all this media fuss is about, have they not been told?
I guess they won't care though because the contents of said bank accounts are imaginary. Fuck knows what all this media fuss is about, have they not been told?
goldenecitrone
post tenebras lux
Laiki bank. Maybe not. At least people with less than 100,000 Euros will be ok. Another nail in the coffin of the Euro.
Phil you might well be missing my point somewhat.The point i was making is that by making Russian investors a scapegoat the press in general are ignoring the root of the problem.
The disparity between rich and poor is growing, too much wealth is accumulating in too few hands and the process has been accelerating since the mid nineties, the IMF is an institution that promotes that process. Speculative Bubbles aren't the consequence of markets Auto correcting themselves,they are a seismic fault-line built into the system.The only way to correct the system is to promote policies that distribute wealth more evenly through government spending.The IMF is opposed to that,and has been demonstrably since its creation.
Sticking your fingers in your ears and shouting "I don't believe in Money" solves nothing.
The disparity between rich and poor is growing, too much wealth is accumulating in too few hands and the process has been accelerating since the mid nineties, the IMF is an institution that promotes that process. Speculative Bubbles aren't the consequence of markets Auto correcting themselves,they are a seismic fault-line built into the system.The only way to correct the system is to promote policies that distribute wealth more evenly through government spending.The IMF is opposed to that,and has been demonstrably since its creation.
Sticking your fingers in your ears and shouting "I don't believe in Money" solves nothing.
frogwoman
No amount of cajolery...
junglevip
Marijuana leads to heron
magneze
🎧
Democracy, they've heard of it ... strictly optional ...
camouflage
gaslit at scale.
Democracy, they've heard of it ... strictly optional ...
It's just not fiscally responsible to allow things like democracy to become entangled with these important matters.
J Ed
Follow Back Pro Expropriation
http://uk.reuters.com/article/2013/03/25/uk-eurogroup-cyprus-dijsselbloem-idUKBRE92O0IL20130325
Astonishingly frank interview, Dijsselbloem says that what has happened in Cyprus is going to be a template for other Eurozone countries. Markets freaking out apparently.
Astonishingly frank interview, Dijsselbloem says that what has happened in Cyprus is going to be a template for other Eurozone countries. Markets freaking out apparently.
bi0boy
Power User
Sounds reasonable to me, they should have started doing this a long time ago:
"If there is a risk in a bank, our first question should be 'Okay, what are you in the bank going to do about that? What can you do to recapitalise yourself?'. If the bank can't do it, then we'll talk to the shareholders and the bondholders, we'll ask them to contribute in recapitalising the bank, and if necessary the uninsured deposit holders," he said.
"If we want to have a healthy, sound financial sector, the only way is to say, 'Look, there where you take on the risks, you must deal with them, and if you can't deal with them, then you shouldn't have taken them on,'" he said.
J Ed
Follow Back Pro Expropriation
Are they deliberately trying to cause bank runs in the mediterranean countries?
That's what I was wondering!
gosub
~#
As reasonable as that sounds and it does, worth remembering the these two not insignificant banks got into trouble because they did something stupid like buying bonds in a EUrozone country, which the IMF and EU then decreed they had to take a haircut on (whilst the EU and IMF didn't).
Good luck trying to sell bonds now if you are Cyprus, Greece, Ireland, Italy, Portugal,or Spain
gosub
~#
a deposit tax would require a parliamentary vote, this was a "haircut" -internal to the bank. The World Service explained it last night as all the reporting they had done in the last week was irrelevant.
In reality more pin head dancing, but sensible dancing
redsquirrel
This Machine Kills Progressives
Sorry how is not even willing to accept parliaments should have a say in the measures that will affect thier citizens sensible?
I mean I have little but contempt for liberal parliaments but the refusal of the EU/IMF to even pay attention to the fig leaf of democracy that they are is disgusting. It illustrates perfectly how little they believe in democracy.
I mean I have little but contempt for liberal parliaments but the refusal of the EU/IMF to even pay attention to the fig leaf of democracy that they are is disgusting. It illustrates perfectly how little they believe in democracy.
Anudder Oik
heinous pointless bellend/fucking gobshite muppet
Yes, it seems like a pilot episode for a new nasty series. Let's try it out on the hapless inhabitants of an island first, where we can contain it and see what happens, then later, if we get away with it, we can export it to the mainland.
It's one thing to fuck society over with cuts and closing down hospital wards, but it's quite another ball game dipping your greedy hands straight into people's bank accounts.
I can hear the sound of the guillotine blade swooshing down.
bi0boy
Power User
He was arguing that funds should come from the shareholders, bondholders and deposits above the protection limit of badly managed banks rather than from the taxpayer. You disagree with that?
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