Here is a euphemism doing the rounds in Brussels today: all that has happened is ‘the Cypriot authorities have decided to mobilise internal resources.’
The most questionable part of that is ‘have decided.’ The Cypriot authorities who ‘have decided’ were in fact just one man, Anastasiades. The report is that he was kept in a room near the top of the European Council building on Friday night. Two floors down the eurozone finance ministers met and decided what he would decide.
Either he agreed to gouge the bank deposits of everyone on Cyprus, or Mario Draghi would cut off the emergency liquidity from the European Central Bank. Cypriot banks would fail. Cyprus would be forced to leave the eurozone.
Anastasiades caved in.
Which does make you wonder if any eurozone president or prime minister has any manhood left at all. The correct response to such a threat from eurozone finance ministers is to open your jacket and display the explosives you have strapped to your waistcoat: eurozone bank failures, eurozone collapse, Merkel dead at the polls. ‘Tell Mario to make my day.’
http://blogs.spectator.co.uk/mesynon/20 ... bank-raid/