Cyprus-Forum.com

[IMPOSTALIEDUS]

as we all know greece is an embarrassing mess. rife with corruption, nepotism, tax evasion and inefficency, and with bankruptcy looming large, its credibility as a functioning state is now in question. there's a growing ridicule and resentment towards greece from tax payers in northern europe, and, in particular, from powerful allies to cyprus such as germany and france.

with this in mind, isn't it in the cypriot national interest to distance cyprus entirely from this sick man of europe so as not risk losing credibility and influence by association. discuss...

thats like the pot calling the kettle black, who today has asked for a bailout, it cant you lot in the south can it,your all in this together, dont you understand,the eu is in the shit, you will all go down together ,if i were in the eu i would be dumping my euro savings and buying stirling or gold, what germany did not do in the last war its doing now without fireing a bullet

[GreekIslandGirl]

as we all know greece is an embarrassing mess. rife with corruption, nepotism, tax evasion and inefficency, and with bankruptcy looming large, its credibility as a functioning state is now in question. there's a growing ridicule and resentment towards greece from tax payers in northern europe, and, in particular, from powerful allies to cyprus such as germany and france.

with this in mind, isn't it in the cypriot national interest to distance cyprus entirely from this sick man of europe so as not risk losing credibility and influence by association. discuss...

thats like the pot calling the kettle black, who today has asked for a bailout, it cant you lot in the south can it,your all in this together, dont you understand,the eu is in the shit, you will all go down together ,if i were in the eu i would be dumping my euro savings and buying stirling or gold, what germany did not do in the last war its doing now without fireing a bullet

Hey - it's our EU. We are continuing to build it up from non-existent to now SECOND most powerful currency in the world. So why don't you leave us to it to redistribute the wealth WITHIN the EU, as necessary!

From each according to his ability, to each according to his needs.

[supporttheunderdog]

as we all know greece is an embarrassing mess. rife with corruption, nepotism, tax evasion and inefficency, and with bankruptcy looming large, its credibility as a functioning state is now in question. there's a growing ridicule and resentment towards greece from tax payers in northern europe, and, in particular, from powerful allies to cyprus such as germany and france.

with this in mind, isn't it in the cypriot national interest to distance cyprus entirely from this sick man of europe so as not risk losing credibility and influence by association. discuss...

thats like the pot calling the kettle black, who today has asked for a bailout, it cant you lot in the south can it,your all in this together, dont you understand,the eu is in the shit, you will all go down together ,if i were in the eu i would be dumping my euro savings and buying stirling or gold, what germany did not do in the last war its doing now without fireing a bullet

Hey - it's our EU. We are continuing to build it up from non-existent to now SECOND most powerful currency in the world. So why don't you leave us to it to redistribute the wealth WITHIN the EU, as necessary!

From each according to his ability, to each according to his needs.

yes and that could be apart of the problem:

see http://www.caseyresearch.com/cdd/marx-madness

the communists have allgedy taken over the EU - well they made a mess in the former Soviet Union and Comecon contries and now they have infiltrated BRussels, trying to both macro manage and micro manage the economy in new variations of ways tried before eg quotas etc, but which do damage, and people like GIG want to hand even more pwere to the loonies running the EU in Brussels.

Otherwise as the Government of Cyprus has said Cyprus has appealed to the bail out fund because of exposure of banks to the Greek debt 9as wellas its own profligacy (communists agin!).

Thank you Greece for dropping Cyprus in in AGAIN!

The Euro must be dismantled and with it a lot of the centralised controls run from Brussels by unelected Eurocrats - the EU is not essentialy a democratic institution.

[Hermes]

Otherwise as the Government of Cyprus has said Cyprus has appealed to the bail out fund because of exposure of banks to the Greek debt 9as wellas its own profligacy (communists agin!).

The reality is that most of the countries currently facing debt troubles were not profligate prior to the crisis. Greek deficits prior to 2007 were relatively sustainable. The other euro zone crisis countries had hugely better finances in the years leading up to the crisis. Spain actually ran budget surpluses in the years from 2005-2007.

Blaming government profligacy may be useful to those who want to see cuts in social spending, but it is not a story that is based in reality. It conceals the incompetence/greed of the private sector bankers who fueled the bubble.

[supporttheunderdog]

another observation that is correct as far as the main problems in spain are concerned (and to some extent Cyprus and the popular bank) - and I think elsewhere.

Germany itself has problems as its core European Markets/home marklet may be shrinking .

However the debt could be managed pre Euro days by QE - ie inflation backed printed money - risky but do-able.

[Hermes]

And so the GreeK mess become the Cyprus mess as the government applies for a bailout, stating:

“The purpose of the required assistance is to contain the risks to the Cypriot economy, notably those arising from the negative spill over effects through its financial sector, due to its large exposure in the Greek economy,” .

While it's true that Cypriot banks faced heavy exposure to Greek debt, the reason they faced such heavy writedowns is exclusively down to Cypriot policy during the negotiations for the amount of the debt that would be written off.

Cyprus’ finance minister Vassos Shiarly, has admitted that, given its consequences for the Cypriot economy, Cyprus should not have agreed to the terms of the Greek haircut. Instead, Shiarly said, the haircut should have been made according to the size of each euro zone economy, with German paying most – about 27 percent of the total – and Cyprus just 0.2 percent.

‘If our share had been fairly evaluated,’ Shiarly said, ‘our total loss might have been in the order of 200 million euros – petty cash these days.’

And who was responsible for agreeing on the terms that effectively bankrupt the Cypriot banks? Who refused to stand up for the Cypriot economy during the negotiations? Yes, you guessed it - President Catastrofias.

[supporttheunderdog]

we should also remmber the local banks may be sitting on several billion euro's worth of unrecoverable debt owed by local property developers, which was the Spanish problem.........

[GreekIslandGirl]

The banks are just trying to squeeze as much out of the EU coffers as they can before the system changes, that's all. Every other bank is doing it so why shouldn't the Cyprus Banks?

UK printing more ....

[barouti]

The "Greek mess" in a nutshell:

"Why hasn’t Greece done more to stop tax evasion? The economists were also able to identify the top tax-evading occupations — doctors and engineers ranked highest — and found they were heavily represented in Parliament."

http://blogs.wsj.com/overheard/2012/07/ ... en-greece/

[supporttheunderdog]

the latest news is that according to some reports Greece is likely to run out of money in about a month (20th August according to UK estimates) and a Euro exit is increasingly on the cards.

http://www.telegraph.co.uk/finance/fina ... st-20.html
http://www.guardian.co.uk/business/2012 ... s-heighten