CYPRUS (AGAIN) – NOT WHAT YOU’LL HEAR ON THE BBC


logo“The bail-in announcement for the Cypriot banks late Friday night was one of those events when we all look back and think that was the beginning of the end of the real global financial crisis.  This should leave any individual in Europe under no illusion that the political elite will enact whatever it deems fit to protect their positions in the name of the euro and their own positions of power.”

Quite.

So says Ben Davies of Hinde Capital

He also points out, “this is an unprecedented assault on individual property rights and every individual in the developed world should take notice.  Far from stabilising the eurozone, the bail-out likely heightens contagion risk across the EU.  Why bother holding a bank account when your government can expropriate your savings?  Far from containing a bank run in Cyprus it will exacerbate it, absent capital controls, and likely begin significant depositor flights across the European periphery.  These events I believe signify one of the most alarming developments in the Eurozone crisis and by dint the global economy since the financial crisis began.”

Take cover.

‘Cyprus – Oh the Irony!’: http://tinyurl.com/dyzvnju

One comment

  1. Worth bearing in mind however – Cyprus is laundering loads of dodgy russian money that, once ‘legitimised’ gets reinvested back in russia. The Germans (rightly) did not want their tax euros bailing out russians. They’ll probably pfaff around, go back and forth for a while, then decide to excuse smaller depositors.
    Nevertheless, don’t trust any government nowadays. How can you tell a politician is lying ? See if his lips are moving..

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