Troika’s Plan for Cyprus: Destroy the Village in Order to Save It

By: Saturday April 13, 2013 12:45 pm

The economic crisis in Cyprus began with a depressingly familiar story: bank gambles on risky debt, loses its bet, goes bust and needs a bailout. It very quickly took what was to me a bewildering turn: Instead of a central bank cranking up the money printing machines until smoke billowed from them creating sufficient reserves to keep the banks going, the so-called troika of the European Commission, the International Monetary Fund, and the European Central Bank had another idea: take money from individual depositors.


The hits keep on coming

By: Monday April 1, 2013 1:30 am

I wonder just how accurate and how far this austerity bite is?

Who Would Keep Their Euros in a Non-German Bank?

By: Monday March 25, 2013 8:30 am

Apparently a new plan has been agreed on to deal with Cyprus. Unlike the original plan to tax all depositors, this new plan would take huge amounts of money from depositors with accounts worth more than 100,000 euros. The plan would hit both of the country’s largest banks, even though only one was in immediate trouble.

I’m not an expert on Cyprus so I can’t speak to the details of this plan but as a regular person the whole saga leaves me with one conclusion: Only an idiot would keep their euros in a non-German bank.

New Cyprus Bailout Deal Announced

By: Monday March 25, 2013 6:40 am

A new Cyprus bailout deal worth 10 billion euros was announced today by EU leaders which involved shutting down one of the country’s largest banks. The deadline for such a deal was set for today by the European Central Bank.

Cyprus Bank Holiday Is Extended Again as Unrest Continues

By: Friday March 22, 2013 9:40 am

The bank holiday in Cyprus that was supposed to end Thursday has been extended again which has done little to ease the anxiety of Cypriots desperate to withdraw their savings for fear of having them taxed. Unrest has been breaking out around banks with people protesting for “dignity” and voicing opposition against any plans to tax deposits to pay for a bailout.

Cyprus Parliament Preparing to Reject Bailout Due To Deposit Taxes

By: Tuesday March 19, 2013 12:10 pm

After the government was forced to extend a bank holiday for fear of bank runs the Cypriot Parliament is preparing to reject the bailout which required a tax to be levied on bank deposits.

Trust us, things are much better now aren’t they?

By: Tuesday March 19, 2013 1:30 am

Cyprus is the fifth Eurozone country (out of 17) that has needed a bailout — and the fifth that is having austerity drilled down the throat of the poor and middle class.

Bank Holiday in Cyprus Extended to Thursday for Fear of Bank Runs

By: Monday March 18, 2013 12:10 pm

Last week European Union leaders announced there would be a tax levied on deposits in Cyprus banks to raise money for a bailout of the country. The plan sent global financial markets downward as Cyprus began experiencing bank runs. As a result a bank holiday was declared and is now being extended into Thursday.

Fatster’s News Roundup from June 4, 2012

By: Tuesday June 5, 2012 6:15 am

Fatster’s roundup of news stories including links about Syria, Egypt, China, Hanoi, BRIC, Sheldon Anderson, Cyprus, onshoring, Scott Walker, Nancy Pelosi, Mayor Bloomberg, Steven Harper, and more.

Lakeside Diner

By: Monday June 4, 2012 4:45 am

A variety of links to articles/interviews/speeches on current issues that may be of interest.

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