Cyprus asks for more bailout money from EU and EU (or should I say Germany?) puts a "haircut" condition on the "promissory notes"...
In other words, European Union wants to charge a 10% upfront FEE for this LOAN, which will be paid by the depositors in a withholding manner!
Greek Cypriots -having a well established "Barber" tradition along with their Turkish neighbors-, knowing the difference between a haircut and amputation, run to the banks to save their money (whatever is left there) and as a measure against an instant drainage, the Government declares a bank holiday to be extended if necessary...which means; you as a depositor, cannot go and withdraw the money which belongs to YOU, before the government who lost its money and asked for a bailout without YOU involved, lets you do so! Apparently, the government hopes the depositors to have a memory span of 3 days...
and YES, this is all happening in the 21st century in the middle (all right all right, slightly to the south of the center!) of the Europe...
I will not go into my favourite subject of "How North Europeans poisoned South Europeans with their lifestyle of consuming more than one needs" on this already boring and depressive Monday morning...but let me say a couple of words on how 360 degrees ugly and stupid this is!
Endless meetings, summits, BASEL's, Draghi Talks...and the best you can come up with is a criminal style unlawful interest paid upfront???
Even good old pawnbrokers had more ethics than Brussels!!!
Once again we see how reckless POWER can be when it comes to money...
Ok, I can see some of you murmuring "what the heck, most of it is grey or black money flowing from Russia, CIS or Slavic oligarchs...let them live with it..."
Here is what I have to say...
ONE: Didn't the Greek Cypriot government have enough time (about 20 years or more) to realize the unsustainable nature of this banking business and/or the source of this money?
TWO: Didn't the European Union know the systemic problems of the Southern Cyprus Economy and Banking system when they welcame them with an unresolved issue with the Northern Neighbors who had almost everything it takes to diversify the Southern economy which exclusively lived on the deposits and sex money from the Slavic speaking BIG BRO's?
THREE: Really? So now the working class (white/blue collar workers) and the farmers should pay for somebody else's fault?
Another bit of topic to laugh on the subject was on the Turkish Newpapers published this weekend...
The Finance Minister of Turkish Republic of Northern Cyprus (believe it or not, there is such a country!) declared that the border and customs controls will be intensified to block the flow of money from Southern Cyprus in suitcases...He said they were receiving many calls from especially English depositors who wanted to learn if it was possible to bring money to Northern Cyprus Banks from South...AWFULLLL, isn't it?!
God, I love groundless pride based on rough nationalism...
Mr. Minister, get a life, will you?! Your passport is not recognized anywhere on the world, every year you're dumping tonnes of oranges (leftover after selling everything to Turkey, who is the only legal trade partner) to the mediterranean sea and you live almsot exclusively on the Turkish government grants and gambler money.....and you do not want money in suitcases??? How do you think people will be interested to bring in money when it takes at least two money transfer stops (and commissions thereof) before the money can come from 10 kms away?
This is ugly, this is stupid and yes, this is black funny!
You are naive, if you believe the aftermath of this will only be felt on this island....
I am almost 100% sure that we will see queues in fron of ATM's and Bank branches today at least in Athens, Madrid, Lisbon...
Now, anybody who reads newspapers or watch tv in Europe with deposits in European banks know that one morning they can simply wake up 10% poorer and they know, this is just the beginning...and at the end of the day, this is a UNION, right?
This will be a long long week....
No comments:
Post a Comment