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View Diary: Cyprus Bailout Rethink (13 comments)

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  •  what a clusterfuck (8+ / 0-)

    I kind of figured their Parliament might balk at this. What they were planning on doing was entirely too unsubtle and hamfisted.

    If money laundering is a problem, freeze the foreign accounts and then start trying to sort out the legit money from the mafia's. That might interfere with the goal of becoming another Cayman Islands-type safe haven, but that ship looks like it's sailed now anyway, doesn't it?

    Also, I have never been more certain that the Eurozone concept is doomed to fail eventually. Banksters in one country can (or believe they can) dictate terms to the sovereign government of another country like this? Whatever the EZ's other advantages, that much is profoundly anti-democratic, and thus probably politically unstable over the longer term. (But what do I know....)

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