The saga of the Cyprus banks does not get any better. Last night the President, Nicos Anastasiades told us that his country had come "a breath away from economic collapse." He did not explain exactly how he is defining economic collapse? But we are told that the banks will remain closed until Thursday — ie for two weeks — unless they extend this again to an even later date. This should give the government plenty of time to make up their collective mind about how much bail out money they will need to steal from bond holders and those depositors with more than €100,000 sitting in a Cyprus bank. What condition are a country's finances in when the government needs to close the banks for two weeks or so while plundering the accounts of depositors in order to grab as much money as they need to finance government debts. Is this but "a breath away from economic collapse"? They still have not fully detailed what restrictions they will impose to stop everybody moving their money to somewhere safer when the banks are finally allowed to re-open. Many governments are incompetent, some are corrupt but few take these qualities to the point of a criminal confiscation of their citizens' money. And it seems that the idiotic incompetents in Brussels seem to think that the Cyprus model is one to be followed in future bail outs — which will come along sooner or later, as sure as eggs are eggs.
The euro is a currency in a total mess and exists now only to provide Germany — the Euro-Banker — with a cheap currency to subsidize its exports — by some 30% perhaps.
What next for this sad soap opera?
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