Tag Archives: Austerity

Report: Russia Offers to Bail Out Cyprus

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“Russian energy giant Gazprom has offered the Republic of Cyprus a plan in which the company will undertake the restructuring of the country’s banks in exchange for exploration rights for natural gas in Cyprus’’ exclusive economic zone, Cypriot TV Station Sigma reported. Representatives of the Russian company submitted the proposal to the office of Cypriot President Nicos Anastasiades on Sunday evening.  The proposal states that Gazprom will fund the restructuring of the country’s crippled financial institutions in exchange for substantial control over the country’s gas resources while Cyprus won’t need to take the harsh bailout package offered by the EU.”

http://www.economicpolicyjournal.com/2013/03/breaking-far-out-russia-offers-to-bail.html

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Daylight robbery in Cyprus will come to haunt EMU

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“The decision to expropriate Cypriot savers – even the poorest – was imposed by Germany, Holland, Finland, Austria, and Slovakia, whose only care at this stage is to assuage bail-out fatigue at home and avoid their own political crises.  The EU creditor states have at a single stroke violated the principle that insured EU bank deposits of up $100,000 will be guaranteed come what may, and in doing so they have more or less thrown Portugal under a bus.  They appear poised to seize large sums from Russian banks – €1.3bn from state-owned VTB alone, and therefore from the Kremlin.”

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100023466/daylight-robbery-in-cyprus-will-come-to-haunt-emu/

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Economists warn Cyprus will face a recession ‘for decades’ after EU deposit tax

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“The controversial tax is seen hitting Russian pockets hard, with experts estimating that Russian deposits in Cypriot banks amount to at least 15.4 billion euros of the estimated 67 billion euros of deposits held by Cyprus banks.  Russian President Vladimir Putin  criticised the proposed tax, describing it, according to a Kremlin spokesman, as ‘unfair, unprofessional and dangerous’.  Russian Prime Minister Dmitry Medvedev was equally forthright.  ‘We should say this directly: this simply looks like the confiscation of other people’s money,’ Russian news agencies quoted him as saying. ‘I do not know who the author of this idea is, but this is what it looks like.'”

http://www.rawstory.com/rs/2013/03/18/economists-warn-cyprus-will-face-a-recession-for-decades/

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Gold Rises, Dollar Rises, Stocks Fall: The Cyprus Disaster Begins

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“Over the weekend, Eurozone bureaucrats at a closed meeting came up with a plan. The committee demanded that the government of Cyprus impose a tax of 3% on all bank accounts under $130,000, and close to 10% on all accounts over $130,000. If the government refuses, the Eurozone will not provide a $13 billion bailout for the banks of Cyprus.  The story is all over the European press, for good reason. The Eurocrats had always said that bank accounts would be sacrosanct. This announcement says, ‘We lied.’ But they also assured depositors that this will never happen again. ‘Trust us.'”

http://teapartyeconomist.com/2013/03/18/gold-rises-dollar-rises-stocks-fall-the-cyprus-disaster-begins/

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In crisis-ravaged Greece, ‘laughter clubs’ are booming

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“Three years into a crippling recession that has reduced incomes here by as much as 60 percent, increased the number of suicides by 40 percent and forced 1.3 million people onto growing unemployment lines, Greeks are grappling with ways to remain sane. Many of them are turning to what some call a free cure to just about any ailment: laughter. In one improvised routine,  members are taught to laugh at the sight of an electricity bill or the kind of tax notice that Greeks have been repeatedly served in recent years as part of new austerity measures intended to make up for decades of profligate spending by the state.”

http://www.washingtonpost.com/blogs/she-the-people/wp/2013/03/17/in-crisis-ravaged-greece-many-laugh-off-austerity/

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In Greece: As ‘Austerity’ Ignites Masses, Elites Turn To Imperial Stormtroopers

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“The usually reserved waitress at our favorite Greek-owned Sunday breakfast place approached us in dismay. Her daughter and son-in-law were escaping Greece for the US. Even middle class professionals were finding themselves digging in the garbage for food to eat, she said. Former Greek career diplomat Leonidas Chrysanthopoulos says that the government has hired Blackwater, the American private military firm infamous for its activities in Iraq, which now goes by the name ‘Academi’, along with five other international for-profit security outfits. He says bluntly: ‘The Greek government does not trust the police whose salaries have also been cut.'”

http://www.lewrockwell.com/blog/lewrw/archives/132896.html

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Greek Monopoly as Designed by the IMF and World Bank

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http://www.economicpolicyjournal.com/2013/03/greek-monopoly-as-designed-by-imf-and.html

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The EU Robs the Bank In Cyprus – Coming to the USA Too?

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“The Cyprus case illustrates that raiding savings deposits, which were once thought of as off limits, is an option that is very much on the table for desperate Western governments.  They didn’t ask. They just took, without permission, with no warning, and amid secret discussions.  By hook or by crook, desperate governments will grab anything within their reach when they want to. They are not constrained by the laws that apply to the average citizen, or any sort of ethical considerations. They are only limited by ‘what they can get away with.'”

http://www.internationalman.com/global-perspectives/the-eu-robs-the-bank-in-cyprus-coming-to-the-usa-too

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150,000 Greek Public Sector Job Cuts Pending As Greece Launches Another Grexit “Plan B” Movement

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“Greece is locked in talks with international creditors in Athens about shrinking the government workforce by enough to keep bailout payments flowing. Identifying redundant positions and putting in place a system that will lead to mandatory exits for about 150,000 civil servants by 2015 is a so-called milestone that will determine whether the country gets a 2.8 billion-euro ($3.6 billion) aid installment due this month. More than a week of talks on that has so far failed to clinch an agreement.”

http://www.zerohedge.com/news/2013-03-12/150000-greek-public-sector-job-cuts-pending-greece-launches-another-grexit-plan-b-mo

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Nigel Farage: Eurozone completely incompatible with nation-state democracy

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Nigel Farage: Eurozone completely incompatible with nation-state democracy

“There has been a major political event since we last met and no one has mentioned it. Italy had an election. And 55% of the electorate voted for Eurosceptic political parties, indeed Mr Grillo’s movement managed to get 26%. It is quite tough in European politics these days to tell who the comedians are.  And what is absolutely clear is that Eurozone membership is completely incompatible with nation-state democracy. You can do what you like to take away the powers of national parliaments but people will go on voting, and there is a trend developing right across Europe; the Eurosceptic parties are going to get stronger and stronger.”

http://www.youtube.com/watch?v=V72mZCDwmY0

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