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View Diary: New Eurogroup Agreement On Cyprus Proves that Democracy Doesn't Matter (24 comments)

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  •  It's funny that when there was a discussion about (1+ / 0-)
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    johnny wurster

    Greek bonds guys like you were saying that these bonds should lose all value b/c bondholders are slaveholders (or smth along these lines). And now when they lost most of their value and Cypriot banks failed b/c of it it becomes a problem.

    •  Umm (9+ / 0-)

      When did I say that bondholders are slaveholders?  You'll have to try harder if you want to make a legitimate critique.

      Also, in the case of the Greek bonds, they didn't "lose" most of their value in a vacuum.  The EU imposed a "haircut" and this set off a chain of events whose latest victim is the Cypriot banking sector.

      For the record, I was against the haircut of Greek bonds from the beginning, as it was clear that it was not going to reduce the Greek debt (indeed it increased, thanks to the subsequent "bailout" loans), because it transferred remaining bonds to British legal jurisdiction from Greek legal jurisdiction, and because it killed the small bondholder who invested his or her life savings and lost most of it.  And now, we're seeing what is happening in Cyprus.

      You're proving my point about austerity apologists and the fact that the EU and IMF never seem to take any responsibility for any of their actions, quite nicely.

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