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View Diary: BREAKING NEWS: Parliament of Cyprus Rejects "Bailout," Bank "Haircut" (143 comments)

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  •  Cyprus was supposed to go bankrupt this week (11+ / 0-)

    Cyprus was supposed to go bankrupt this week, if we believed what the EU and the president of Cyprus were telling us, in justifying the "bailout" and the "haircut."  Now that they said no, Cyprus suddenly and magically and amazingly has until June.  If they say no in June, will they then have until Christmas?  And if they say no at Christmastime, will they determine that Cyprus actually has until 2014, 15, 20, or beyond?

    Comments like yours are exactly what people in Greece, Portugal, Spain, etc. have heard, again and again.  "We have no other choices."  "If we say no, and then what?"  

    The EU was bluffing, and it took three years for their bluff to be called.

    •  uhm thats not an answer (0+ / 0-)

      One has a finance ministry for running state finances. If the minister says it´s needed in June, then that´s all what I have to go along with. If he lies for effect, then the people of Cyprus should give him the boot (as the Spanish did with Aznar´s government).

      All the more, the way I have heard it in our press, the threat wasnt that the state went bankrupt this week but "merely" the two biggest banks would have stopped getting money from the ECB, and have been bankrupt. (I. e. completely closed - no access to their money for anyone). It could be a horror story, of course. Everything could be.

      Yet, you havent said anything in response to the "now what" question - except suggesting that there is actually no crisis. You really want to suggest that?

      •  No (6+ / 0-)

        We have more to go with than that.  It wasn't just the Cypriot government that was saying that Cyprus had only a few days until collapse.  The EU blackmailed Cyprus using that threat.  The same sort of threat they've been using for years now with Greece, Portugal, Spain, and other countries.

        And yes, I've said something about the now what question.  There's a link to an article from an economist that I've posted which provides some alternatives.  Perhaps you should read more carefully before criticizing so easily.

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