“I must
say the thing I find the shabbiest about it is there insisting that it
doesn’t need to be subjected to a vote in the Cypriot Parliament. I
very much hope that the members of the Cypriot Parliament say, ‘To hell
with that, we demand another vote.’
It’s funny isn’t it, the Germans are going to have a
vote on it in their Parliament, but the Cypriots are being told that
they shouldn’t have a vote on it. If that’s not moving into a German
dominated Europe, I don’t know what is.
I think what they’ve done today is to spark a major run on those banks. I see that some of the banks stocks have fallen 6% this afternoon, and I think in their desperation to keep the eurozone propped-up, I really believe that long-term they have made an absolutely fatal error. They have now crossed the bounds into one of complete criminality, and from this their reputations will never, ever recover.” Full Story KWN
It’s funny isn’t it, the Germans are going to have a
vote on it in their Parliament, but the Cypriots are being told that
they shouldn’t have a vote on it. If that’s not moving into a German
dominated Europe, I don’t know what is.
I said last week that I
felt any savers who had money in other eurozone banks, particularly in
the Southern eurozone countries, really ought to think seriously about
getting their money out. Well, this afternoon something far more
serious has happened. The Dutch Finance Minister, about an hour and a
half ago, said that he saw the Cyprus eurozone bailout as now being a
template of how they intend to act in the future. So the burden of all
of this will now fall on the private sector, and not on the public
sector.
Frankly, what that now says is that anybody that has money, or anybody that has big money sitting in a Spanish or an Italian bank, and particularly if you happen to be a financial officer for a company, it would be criminally negligent of you to now leave your money or a company’s money in a Spanish or an Italian bank.
Frankly, what that now says is that anybody that has money, or anybody that has big money sitting in a Spanish or an Italian bank, and particularly if you happen to be a financial officer for a company, it would be criminally negligent of you to now leave your money or a company’s money in a Spanish or an Italian bank.
I think what they’ve done today is to spark a major run on those banks. I see that some of the banks stocks have fallen 6% this afternoon, and I think in their desperation to keep the eurozone propped-up, I really believe that long-term they have made an absolutely fatal error. They have now crossed the bounds into one of complete criminality, and from this their reputations will never, ever recover.” Full Story KWN
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