The world has been slipping further into economic illiteracy over the past five years, with seemingly no country immune.
Crisis on Cyprus brought new tailwinds in the sails of the crisis in Europe and fully opened the question which had only been cautiously considered behind the scenes until now – how to deal with European banks?
Russian businesses and banks are starting to consider some legal action against Cyprus or individual banks, but some lawyers predict that they may have a hard time winning their case.
First of all, Cyprus has a small economy and the rescue package is something about € 16 billion, approximately € 3 billion less than last year’s loss of Bankia – the Spanish bank.
Cyprus, along with Slovenia, has been in the shadows of the PIIGS problems already for quite few months.
Moreover, possible destabilization resulting from the “Cyprus case,” threatens the already damaged confidence in the Eurozone.
Europe has just reached the turning point of the crisis. Now it can be better or worse – it all depends on what will happen in Cyprus.
We received the Nobel Peace Prize. The British want to have their own laws at home. Will we pay new taxes to fill in the Eurozone’s budget? ESM is officially working, we will see how much it will finally cost us. Red Cross is going to help Spain. Majority of us haven’t ever won any award, so this news is completely out of the blue. We received the Nobel Peace Prize! Well, the European Union…
ECB trade unions protest, Barclays collects all the prizes both at home and abroad, Sarkozy packed toothbrush and pajamas – just in case, Finns and Dutch are disobedient, Klaus witty about the Europe as always. And you know who rules the EU? Communists. Ongoing crisis has profound social implications. So significant that they were noticed even by the trade unions in ECB. In a survey carried out among employees it turned out that the years of hard…
Who wants to be Minister of Finance of Greece should report to the director. Everyone in ECB was following football, players used as a collateral were playing. Will ESM turn into European zombie banks hedge fund? Will ESM run out of resources even before it is set up? Troika still hasn’t gone to Greece to assess the situation there. Local leaders are affected by health problems – both Prime Minister and Minister of Finance were…