One of the EU bankers said he thought Cyprus would be the model they use going forward for countries that need a bailout. Whenever I see older people lined up outside of banks scared they are going to lose their life savings I have a hard time believing their austerity measures make sense.
Actually, conservative or “socialistic” depends quite a bit. The austerity being imposed by conservative governments in England and Germany is failing miserably. Iceland and Sweden, and even the United States (where the GOP talks about austerity but does little in reality) are doing pretty well.
Apparently, the nation of Cyprus has a similar problem to the Caribbean tax shelters…It has no arable land to suffice even its own needs, the only mineral resources they have are recent discoveries of natural gas deposits in their waters, but no independent way to exploit those resources, and banking and tourism has been their major source of income for decades. One wonders what the Cayman’s would do if suddenly caught up in some financial hardship.In a world where money is the only thing that is important, a nation that suddenly finds itself needing food and water suffers greatly.Maybe they need the EU to put a “city manager” in charge the way the Gov of Michigan has done with Detroit and a number of other Michigan cities. Your votes don’t count, but they might be able to fix your money problem. Especially if it doesn’t matter what’s left when they’re done.Respectfully,C.
At least half the Cyprus deposits are Russian…. possibly organized crime. Whoever they are, they aren’t EU. I suspect this is a big part of the reason why the EU is willing to let the big depositors to take a haircut.
“National economies get into trouble when the government spends more than it takes in.”Nonsense. There is such a thing as sustainable debt for nations, the same way there is for businesses & households. Spain had a lower government deficit than Germany before the Euro-crisis, do a frugal government doesn’t protect from out of control private lending.For that matter, the U.S. government had very deficits before 1930.
Mickey 13 about 11 years ago
One of the EU bankers said he thought Cyprus would be the model they use going forward for countries that need a bailout. Whenever I see older people lined up outside of banks scared they are going to lose their life savings I have a hard time believing their austerity measures make sense.
ConserveGov about 11 years ago
Now Jim Bob and Old Elmer look like the wise ones when they refused to keep money in banks.
“I don’t trust them banks or the gov’ment that controls them” might prove to be words of wisdom.Dave Ferro about 11 years ago
Yeah, you’d think that Europeans would finally learn that socialism/communism is a fail, but I guess they enjoys it too much.
ARodney about 11 years ago
Actually, conservative or “socialistic” depends quite a bit. The austerity being imposed by conservative governments in England and Germany is failing miserably. Iceland and Sweden, and even the United States (where the GOP talks about austerity but does little in reality) are doing pretty well.
oneoldhat about 11 years ago
yes capitalism like freddie and fannie and cria [clinton] laid USA low
chazandru about 11 years ago
Apparently, the nation of Cyprus has a similar problem to the Caribbean tax shelters…It has no arable land to suffice even its own needs, the only mineral resources they have are recent discoveries of natural gas deposits in their waters, but no independent way to exploit those resources, and banking and tourism has been their major source of income for decades. One wonders what the Cayman’s would do if suddenly caught up in some financial hardship.In a world where money is the only thing that is important, a nation that suddenly finds itself needing food and water suffers greatly.Maybe they need the EU to put a “city manager” in charge the way the Gov of Michigan has done with Detroit and a number of other Michigan cities. Your votes don’t count, but they might be able to fix your money problem. Especially if it doesn’t matter what’s left when they’re done.Respectfully,C.
Uncle Joe Premium Member about 11 years ago
At least half the Cyprus deposits are Russian…. possibly organized crime. Whoever they are, they aren’t EU. I suspect this is a big part of the reason why the EU is willing to let the big depositors to take a haircut.
Uncle Joe Premium Member about 11 years ago
“National economies get into trouble when the government spends more than it takes in.”Nonsense. There is such a thing as sustainable debt for nations, the same way there is for businesses & households. Spain had a lower government deficit than Germany before the Euro-crisis, do a frugal government doesn’t protect from out of control private lending.For that matter, the U.S. government had very deficits before 1930.
oneoldhat about 11 years ago
cria is community reinvestment act which told banks they needed to push home mortages the two accounted for the vast amount of sub prime mortages