Cyprus: De Facto Loss of Sovereignty

Discussion in 'Europe' started by ekrem, Dec 10, 2012.

  1. ekrem
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    ekrem VIP Member

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    De Facto Loss of Sovereignty
    Cyprus Makes Big Concessions for Bailout

    Cyprus wants help from the European Union's bailout fund. But the price for the billions in emergency aid money is high. The country will effectively lose its sovereignty.


    The Cypriot government and representatives of the troika negotiated for almost five months over the terms of a bailout package, worth at least €17.5 billion ($22.8 billion). The negotiations produced the draft version of a 30-page Memorandum of Understanding (MoU), in which the troika dictates to Cyprus what steps it will have to take in the coming years, down to the smallest detail.

    Cyprus Makes Big Concessions for Bailout - SPIEGEL ONLINE
     
  2. waltky
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    waltky Wise ol' monkey Supporting Member

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    SEIZING BANK DEPOSITS: EU Demands Cyprus Raid Accounts to Pay for Bailout...
    :eek:
    Residents rush to pull money from Cyprus banks as EU takes aim at Russian deposits
    March 18, 2013 - Cypriots rushed to pull their money out of banks and ATMs before the tiny Mediterranean nation’s government could finalize a plan to seize depositors’ funds to satisfy euro zone leaders, sparking a run that prompted banks to be closed until at least Thursday.
    See also:

    Cyprus a Game-Changer for the Euro
    Monday, 18 Mar 2013 | The weekend bailout deal for Cyprus has ignited fears among bank depositors, and currency investors have the shivers as well.
    Granny ain't worried - she hides her money inna...

    ... aw, thought ya'll was gonna get me to tell where Granny's secret money hidy place is at, didn't ya?
    :tongue:
     
    Last edited: Mar 18, 2013
  3. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says, "Dat's right - dem banks was too big fer dey's britches...
    :eusa_eh:
    Does size matter? Cypriot bank sector problem went overlooked
    21 Mar.`13 - There was no official red flag that Cyprus's oversized banking sector posed a big risk to its economy until last year, when the European Union set up tools to monitor such imbalances, a Reuters review of EU reports dating back to 2003 showed.
     
  4. waltky
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    waltky Wise ol' monkey Supporting Member

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    Granny says, "Dat's right - dem Russkies liable to lose a lot of money...
    :tongue:
    Bank of Cyprus big savers to lose up to 60 percent
    Mar 30,`13 -- Big depositors at Cyprus' largest bank may be forced to accept losses of up to 60 percent, far more than initially estimated under the European rescue package to save the country from bankruptcy, officials said Saturday.
     
  5. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Southern Mediterranean members of the Eurozone are being transformed into feudal holdings by the EU centralized bureaucracy and banks without borders. After assimilating them via currency conversion and levering the up with debt, they are now being bled of their wealth.
     
  6. blackcherry
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    blackcherry BANNED

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    Actually the EU has forced the Russians to pay for the bail- out without even asking for their opinion . Serves them right .
    Organised Russian crime groups have got away with financial murder for nearly 30 years and people have got sick of Cyprus simply being a Russian "Mafia tax haven" .
     
  7. editec
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    editec Mr. Forgot-it-All

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    The recent WHOLESALE THEFT by the BANKSTERS of the EU in Cyprus is a harbinger of things to come worldwide, I suspect.

    They're not even pretending that they are anything but criminals with the power of government behind them.

    You guys who worry about socialism?

    THIS is socialist fascism in action, kiddies.

    CORPORATIONS running government stealing from the people.

    FASCISM, pure and simple
     
  8. blackcherry
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    blackcherry BANNED

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    Silly boy . Before sprinkling labels around, make sure you understand their meaning .
    The EU has taken money from the Gangsters.
    But you would not appreciate that .
     
  9. ekrem
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    ekrem VIP Member

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    EU didn't "take away" any money.
    Instead, it sent money to S.Cyprus bailing them out.
    This money, which was sent to S.Cyprus represents about 60% of their annual economic output.
     
  10. ekrem
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    ekrem VIP Member

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    No one forced them to take debt. And much of that "wealth" is debt (children's future income) in proportions threatening financial stability of other countries they share the same currency with.
     

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