Cyprus European Union and the return of the Middle Age
A week was passed but we are stupefied with the events happened in Cyprus. Euro-group wants to pay Cyprus citizen part of rescue of their banks from their bank deposits. Today (25/3/13) at last there are a solution of problem , or so it seems. BCE pressure with to close credit line at Cyprus banks, Cypriot parliament refuses to make pay citizens the bankruptcy, Cyprus's government tries to sell the soul in Russia if UE turns back, and Euro-group saw that it just jump by a precipice where the end of which there is always a crash. Final solution tries to maintain alive Cyprus and getting hurt in the attempt, but it could avoid the markets down and capital flee. Cyprus is failure . This was evident a year ago where its banks, over-dimensioned for the size of the country, experienced the pardon of a portion of the Greek debt. This may be a perfect excuse but not so sure if the Greek state can pay what it owe, even the pardon of part of the debt; so certainly the end result wou...