Posted on 04/11/2013 9:02:50 AM PDT by bruinbirdman
First they purloin the savings and bank deposits in Laiki and the Bank of Cyprus, including the working funds of the University of Cyprus, and thousands of small firms hanging on by their fingertips.
Then they seize three quarters of the country’s gold reserves, making it ever harder for Cyprus to extricate itself from EMU at a later date.
The people of Cyprus first learned about this from a Reuters leak of the working documents for the Eurogroup meeting on Friday.
It is tucked away in clause 29. "Sale of excess gold reserves: The Cypriot authorities have committed to sell the excess amount of gold reserves owned by the Republic. This is estimated to generate one-off revenues to the state of €400m via an extraordinary payout of central bank profits."
This seemed to catch the central bank by surprise. Officials said they knew nothing about it. So who in fact made this decision?
Cypriots are learning what it means to be a member of monetary union when things go badly wrong. The crisis costs have suddenly jumped from €17bn to €23bn, and the burden of finding an extra €6bn will fall on Cyprus alone.
The government expects the economy to contract 13pc this year as full austerity bites. Megan Greene from Maverick Intelligence fears it could be a lot worse.
She says the crisis has reached the point where it would be “less painful” for Cyprus to seek an “amicable divorce” from the eurozone and break free.
Quite so, and while we’re at it, lets seek an amicable divorce for everybody, for Portugal, for Ireland, for Spain, for Italy, and above all for Germany, since they are all being damaged in different ways by the infernal Project. All are victims of their elites.
It is an interesting
(Excerpt) Read more at blogs.telegraph.co.uk ...
Next up the private ownership of gold will be banned in Cyprus.
Just one question.
Where does George Soros fit into all of this?
I would bet he has his finger in this pie.
They have ‘seized’ Cyprus’ gold reserves? It’s a little like being occupied by the Third Reich, this EU thing.
>> All are victims of their elites.
Does that not say it all? Applies there AND here.
Makes me wonder what the ramifications for us would have been if the North American Union nonsense had materialized as per George Bush's wish back around 2005.
Sovereignty has it's privileges.
It must be said that the shenanigans are coming from both sides. Cyprus got into this pickle because it wanted a free lunch, without working for it. Cyprus agreed to several things, such as the re-uniting of the island, that they later backed out on.
I’m not saying that the EU is right on these matters, but that it takes two to tango. Much like it takes a corrupt US Gubbermint to hand out free food stamps and welfare in return for votes, but it takes millions of lazy bums to reach out their hands and take them.
The corruption goes both ways.
Indeed. It lets you print and circulate your very own Monopoly money in order to delay but not avoid the ultimate penalty for spending more than you take in.
They have ‘seized’ Cyprus’ gold reserves? It’s a little like being occupied by the Third Reich, this EU thing.
Those Germans! You just can’t hold them back!
Well, at least they aren’t blowing up stuff this time...
Yet
what’s wrong with selling assets to pay bills?
That's what Nigel Farage,a British member of the European Parliament,says on a daily basis.However,he usually makes references to Stalin,Marx and Lenin rather than Hitler...not that there's much of a difference.
And keep in mind that both Marx *and* Hitler were Germans (one only in spirit) and thus Germany has a particularly rich history in theft,destruction and oppression.
Yep - that sure is one of the advantages...
“Makes me wonder what the ramifications for us would have been if the North American Union nonsense had materialized as per George Bush’s wish back around 2005.”
We’d be the “PIIG” country in any North American Union right now. Both Canada and Mexico are performing better economically than the United States. Canadian dollars are stronger against the dollar than at any time in history. We’re the ones with the messed up economy.
I’m not saying I want a North Anerican Union, simply pointing out that we would be more like Cyprus, not Germany, if we were in one.
More like the mythical White Tiger tank in the Russian movie White Tiger. It will be back. 50 or 100 years, it will be back.
And, it has returned.
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