So you'd think Cyprus is the 'bad boy' in grossly-overweight-financial-services club? Oh... right:
Source
Now, wait, I am sure the Department of Spin is going to come after me pointing that 'Ireland's figures include IFSC'... my reply... so what? Cypriot figures include Sberbank & VTB... and, unlike the-best-in-the-class Ireland, Cyprus is just starting to deleverage its financial services sector.
Source
Now, wait, I am sure the Department of Spin is going to come after me pointing that 'Ireland's figures include IFSC'... my reply... so what? Cypriot figures include Sberbank & VTB... and, unlike the-best-in-the-class Ireland, Cyprus is just starting to deleverage its financial services sector.
jeroen Dijsselbloem, the head of the Eurogroup said earlier on, that the Cyprus restructuring deal should be considered “a template” for the rest of the single currency bloc. paving the way for future bailout arrangements. The European Union “…will never need to even consider direct recapitalisation” of failing banks. This constitutes the death knell of both the direct recapitalisation agreement reached last June at the EU’s summit and, any meaningful banking union. The message is clear. All plans to use the ESM in order to de-couple the banking from the public debt crisis are off the table as indeed we have been informed earlier today by Germany, just in case we were in any doubt.
ReplyDeleteDo you have a solution to the problem?
ReplyDeleteShould we just give the money to Cyprus instead, e.g. 5 blln debt/ 5blln subsidy?
From your stats that would probably work....
Dear Constantin,
ReplyDeleteWhat would you propose Constantin?
How could you sell it to the German taxpayer. You should give the Cypriots free money because.....
Would it have been better for the Cypriot's to default on their loans and let their banks go bankrupt?
Georg R. Baumann Says:
ReplyDeleteMarch 28th, 2013 at 1:32 am
Who gives a f*() about economists to begin with?
That’s right, the gambler does.
Who gives a f*() about the gamblers?
That’s right, the bankster does.
Who gives a f*() about the bankster?
That’s right, the government does.
Who gives a f*() about the government?
That’s right, I give a f*()!
State of mind, education, poisoned, poisoned by greed.
Greed? (Not that again!)
Who gives a f*() about this horse that is starving in the cold, the gambler just opened the gate, chased it out into the cold, no shelter, no water, no food, no comfort, yeah well, I know, it’s just a horse.
Who gives a f*() about this child… this horse… this dog… this woman… this man?
Who gives a f*() anyways?
DO YOU?
Well yeah, then wipe that smirk of your face to begin with or f*() you!
…