Monday, April 1, 2013

ZeroHedge reports a story in the Cyprus press that the president of the national legislature has called for an exit from the Eurozone too. Also that the president of Cyprus may have moved his families money out of Cyprus in the week before the deposits were frozen. If true, then I can't see Cyprus honoring the Troika terms and a Euro exit is inevitable....
Archbishop Chrysostomos II, who had urged for eurozone exit over an onerous bail-out, declared on Sunday that finance minister Michalis Sarris and central bank governor Panicos Demetriades should step down after allowing the EU-IMF lenders to devastate the island’s banking sector in return for a €10bn (£8.4bn) loan. The missive is the latest public criticism to come from the island’s religious leader since his failed bid to avert a raid on Cypriot savings by offering the church’s entire wealth to shore up the struggling economy. His call emerged a day after the central bank unveiled much worse than feared measures on uninsured deposits - those over €100,000 - in the island’s largest lender, Bank of Cyprus. In an arrangement which will see more than €100m wiped off the Cypriot Orthodox Church’s assets, up to 60pc could be slashed from uninsured savings in the Bank of Cyprus, while large depositors in the island’s other major lender Laiki Bank stand to lose 80pc of anything over €100,000 as it is broken up and wound down.
“If I was satisfied, I would not have called on them the other day to resign and leave, because they have the same views as the troika [of international lenders],” said the archbishop.
The Cypriot Central Bank Governer & Finance Minister were called on to resign "because they have the same views as the troika [of international lenders],” said the archbishop".
Therein lies the issue. These two, in their actions are not looking after Cypriots.. they, along with their EU chums, are acting outside the law, acting with impunity like typical EU emperialists following the "Project" line.. They should go.

1 comment:

Anonymous said...

'one size fits all' just isn't going to work - not in the past and not now. With 17+ totally diverse nations, diverse interests, diverse customs, diverse languages. Never, ever! A European Commonwealth yes, a European (dis) Union never.