Nice visual from Pictet gang, sizing up two banking systems:
That was pre-'rescue' of Cypriot economy from itself by the 'benevolent' Troika Partners...
Recall, the package deal includes scaling back Cypriot banks to ca x3 GDP, or cutting the sector back to just about where it was in mid-2012 for Iceland, given the magnitude of GDP contraction from 2012 levels that this would require. It will be the case of roughly 'Look to your left, look to your right - either both of the bank clerks next to you are gone, or you are gone with one of them in tow'.
Updated:
And another visual from Pictet folks:
That was pre-'rescue' of Cypriot economy from itself by the 'benevolent' Troika Partners...
Recall, the package deal includes scaling back Cypriot banks to ca x3 GDP, or cutting the sector back to just about where it was in mid-2012 for Iceland, given the magnitude of GDP contraction from 2012 levels that this would require. It will be the case of roughly 'Look to your left, look to your right - either both of the bank clerks next to you are gone, or you are gone with one of them in tow'.
Updated:
And another visual from Pictet folks:
Cypriot economy unlike Iceland has no primary or secondary industry to speak of.
ReplyDeleteAlso no tourist in his right mind would visit the island now unless they are interested in adventure tourism of the urban variety.
Much human suffering to transfer Cypriot raw material consumption to the cold dead heart of the core.