Cyprus seeks Russian rescue, EU threatens cutoff

Cyprus seeks Russian rescue, EU threatens cutoff

www.reuters.com

With Finance Minister Michael Sarris in Moscow, Russia's finance ministry said Cyprus had sought a further 5 billion euros, on top of a five-year extension and lower interest on an existing 2.5-billion euro loan from Moscow. Russia has a special interest, since many of its citizens keep savings in Cyprus.

In a vote on Tuesday, the island's tiny legislature threw out a proposed tax on bank deposits in exchange for a 10-billion euro bailout from the EU

(visit the link for the full news article)

Well it looks like Cyprus stood up to the EU's bullying and didn't impose the wealth tax on their people. Though it doesn't look like Cyprus is out of the fire just yet. They are still in deep trouble economically. It looks like due to the article, they are turning to Russia for aid. Personally, since Russia is so invested in this country, I think that Russia should help this country out some.

www.reuters.com
(visit the link for the full news article)

You really think that Russia is a kind benevolent source of funds tha will have no strings attached compared the the EU being a "bully"??

What have you been smoking?

reply to post by Aloysius the Gaul


All I said is what I think they should do. I never stated what is going to happen or how it was going to happen. You are probably right, Russia will probably make this just as painful for this country if not more so then the EU. I feel for the people of the country who have to experience all this heartache. I could care less however for the bankers and politicians who put them in this mess.

Im tired of saving corrupted countries from bankcrupt with our money.. i would happily let them all go and actually i would like to see my country saving us from this mess called EU..

I think Russia will help them out because they have no real choice with investments in the country. Although eventually there will be a mass European monetary collapse. So its delaying the inevitable. Were all doomed!

Originally posted by TheDoctor46
I think Russia will help them out because they have no real choice with investments in the country. Although eventually there will be a mass European monetary collapse. So its delaying the inevitable. Were all doomed!

What is Russia, some sort of "Bail Out McDonalds" of the world. I think Russia wrote off $30 Billion of Cuban debt, $4B of Libyan plus another $4B of Algeria and many more nations. I don't this Russia should bail out anyone that easily and if EU tries to confiscate $3B odd in 10% tax form, then Russia should be ready for war of sorts. This is open robbery. Russia should ask Cyprus to walk out of the EU and then only provide any sort of help in the form of loan. But no aid or write off of the previous debts. No more parties to be held at the cost of Russian treasury.

this would be a great time for china to step in...that's a drop in the bucket for them. and for china to have a island nation indebted to them in that part of the world, could come with a lot of benefits for chinese industry, and regional political power being so close to europe.

And how about :

- Cyprus functions like a tax haven
- attracts foreign investments with promises of high interests
- and low corporate tax
- sometimes gives citizenship for big deposits
- their banks speculated with all that cash
- and now they can't pay back their debts.
- they asked the ECB and the IMF for a 17.5 billion loan
- which is equal to the entire country's annual GDP
- ECB and IMF only agreed to a 10 billion loan
- the plan to tax all bank deposits was from the corrupt gov for the corrupted bankers.

I personally dislike the EU and ECB intensely because nations have sacrficied their soveignty just to keep inflation artificially low. Medium or even high inflation is not the end of the world. Nations should not have to borrow from other nations or some international bank. This tells me there is a conspiracy to centralise!

You want low inflation the naturally way? Live within your means and stop borrowing. Raise taxes and stop this "everyone pays 10%" nonsense. Taking 10% from a rich person means less caviar, taking 10% from the poor means no spaghetti. No need for paid vacations, retiring at 50, fully subsidised healthcare, paying women for child birth vacations up to 2 years, and all other kinds of nonsense.

And people can't work with all this outsourcing and automation overkill scheme. Yeah lets all run to bulgaria, china, vietnam, rumania, uganda. No thanks!

Originally posted by Krazysh0t


Well it looks like Cyprus stood up to the EU's bullying and didn't impose the wealth tax on their people. Though it doesn't look like Cyprus is out of the fire just yet. They are still in deep trouble economically. It looks like due to the article, they are turning to Russia for aid. Personally, since Russia is so invested in this country, I think that Russia should help this country out some.

www.reuters.com
(visit the link for the full news article)

I'm pretty sure the Cypriots kicked off about the raid on their savings, that is why they said [snipped] to the EU/ECB/IMF.

Isn't there supposed to be loads of money in Cypriot banks that belongs to the Russian Mafia? That explains the Russian interest in this matter, for me anyway.

King

Originally posted by TheDoctor46
I think Russia will help them out because they have no real choice with investments in the country. Although eventually there will be a mass European monetary collapse. So its delaying the inevitable. Were all doomed!

But politicians never say a thing till the end, much like the bankers. Its all rosey and then collapse. Pretty much the same thing with ufos and aliens......they don't exist unless there are millions of them flying overhead. It is all BS to kingdom come.

WHile I commend them for not raping the people's bank accounts, I still face palm myself over hoe they are supposed to fix their deficit/bankruptcy.

Let me get this straight. They are broke and owe money with interest, so the solution is to borrow more money with more interest?

WTF??????

More countries should follow in the footsteps of Iceland. A big middle finger to your debtors and start all over, or bring in a new currency, a fake coup, become an exporter of various products, etc

Originally posted by dominicus
WHile I commend them for not raping the people's bank accounts, I still face palm myself over hoe they are supposed to fix their deficit/bankruptcy.

Let me get this straight. They are broke and owe money with interest, so the solution is to borrow more money with more interest?

WTF??????

More countries should follow in the footsteps of Iceland. A big middle finger to your debtors and start all over, or bring in a new currency, a fake coup, become an exporter of various products, etc

If we as people who hold no positions of power, can see how ludicrous it is too borrow your way out of debt, it begs the question how stupid these politicians really are. Or is it doomed too fail anyway? I think the later is the answer.

King

Any country can get out. The politicians quickly set up councils of citizens in every region with complete instructions and also to only elect from their own middle class people and never from bloodlines ever again. Then discloses everythign there is to disclose, pulls out the clean energy, makes patents illegal and quickly creates a eutopia venus project, no money needed and shines their light, with citizens groups and citizens watchdog groups, ie the real govenment and senate watchdogs, being brought up in skills to actually self govern with fairness and equality and end this hellzone.

Other than that, I don't care what any country is doing for its all illegal slavery, basically metaphor, for I really do, so this was said as an exaggeration and out of exasperation, not literal. Only truth, and freedom, equality and abundance for all is even legal. Legal based on the real basis of any concept of laws, ie. thou shalt not harm. Slavery is harm. Monopolies are harm. Period.

Russia bailed out Cyprus few times in the last 10 years and they have invested in their economy so it's normal they will help them if they are asked. It's Cyprus government that is choosing.

1. Cyprus is money laundering country and without that, their economy would crash. Many tycoons from EU and Russia are hiding their money from their governments in Cyprus.
2. Since Cyprus is in EU, EU wants to fix their banking system. That includes uncovering those who hid their money there.

So Cyprus has two choices: ask Russia for help (again) and delay inevitable for few years or ask EU and fix their economy by crashing their banking system.

Their governments screwed up in the last few decades and they will default no matter what.

hows iceland doing these days?
only way out of a sovreign debt crisis right there

Top Economists: Iceland Did It Right … And Everyone Else Is Doing It Wrong

www.washingtonsblog.com...

nation.foxnews.com...

Rather interesting Fox News article saying that Cyprus does what it wants to the people due to the people being unarmed, for they don't live in fear of people shooting them.

reply to post by Danbones


This is a good point. I believe Iceland is doing it right myself. Yet no one wants to talk about their success. Well by no one, I mean the bankers and their paid talking heads the MSM. Instead we get to talk about the theft of the public's money right out of their bank accounts or selling your country out to another country so that they can exploit your natural resources.

This is like outright warfare without all the killing. Just buy or acquire all the territory and a nation's wealth right from under them.

Originally posted by kingears
If we as people who hold no positions of power, can see how ludicrous it is too borrow your way out of debt, it begs the question how stupid these politicians really are. Or is it doomed too fail anyway? I think the later is the answer.

Stupid or corruption? Anybody with an ounce of common sense would know that borrowing more money to pay one's way out of debt isn't a good idea yet that is what keeps getting forced on them. What a way to bring a country to its knees but through insuring that they are enslaved to debts that may have very well been deliberately rigged to blow. It just all smells so funny that it's always the same tunes--derivatives, housing, banking scandal and corrupt politicians. Toss in scandalous activities with LIBOR, falsifying valuations (cough cough GS), and other activities by some rather big financial entities and it's all very odd.

Interesting article:
www.guardian.co.uk...