Cyprus: That’s The Way To Do It

Merkel is playing with fire: Russia controls Western Europe’s energy

Cyprus is fixed. Again. Like Greece, Italy, Portugal, Ireland, Spain and New Zealand. I wondered over the weekend how the Cypriot government would pass any deal brokered to solve their bankruptcy. Now we know:

German Finance Minister Wolfgang Schaeuble said Cypriot lawmakers would not need to vote on the new scheme, since they had already enacted a law on procedures for bank resolution.

So Laiki Bank is dissolved, the people will lose some money and the Russians who parked their money offshore will bear the brunt of the ECB (Merkel) theft. Everyone wins? Like every other insolvent Western nation, this situation is far from over.

So when will the banks reopen?

David DeGerolamo

Related Article:

Cyprus Salvaged After EU Deal Shuts Bank to Get $13B

      
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