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Forum Post: Cyprus to leave Euro?

Posted 1 year ago on March 22, 2013, 7 p.m. EST by arturo (3169) from Shanghai, Shanghai
This content is user submitted and not an official statement

Now that Cyprus has become the first nation to tell the Eurogroup to go to Hell, the question is: will it be the first to leave the euro? A poll done for Bloomberg has revealed that 67.3% of the Cypriots want the country to leave Eurozone and tighten relations with Russia. Only 24% disagree. This is again unprecedented for a Eurozone country, for the vast majority to want to leave the Eurozone. Furthermore, 91% supported the government's rejection of the bailout.

http://larouchepac.com/node/25941 Former Cypriot Presidential candidate Giorgos Lillikas warned the Eurogroup (comprising the euro area finance ministers), "I hope our partners are not asking us to choose between committing suicide and leaving the euro," as he told Skai TV on this morning. "There is no way we will commit suicide," and he added, "I am sure that if one country, no matter how small, leaves the Eurozone, the euro will collapse."

He also said that Cyprus does not need a EU17 billion bailout but only EU7 billion euros for the next two years, which it can raise partly from internal borrowing.

The Cypriot party leaders have been holding talks to hammer out a "Plan B," but little is known about it, except for the formation of a Solidarity Fund that will be composed of the pension and health maintenance funds of the civil service and semi-state organizations like telecoms and ports. But this does not add up to more than EU3 billion, while almost EU6 billion is required for the bailout. The Parliament is supposed to debate this tonight.

According to a Reuters, Cyprus failed to participate in a Eurogroup Working Group conference call that usually involves deputy finance ministers. According to a note of the call seen by Reuters, one participant said, "We have never seen this," and it was viewed as "troubling." There was "open talk in regards of [Cyprus] leaving the Eurozone." They even spoke of the need to set up capital controls throughout the Eurozone, should Cyprus leave, in order to limit the contagion effect.

The Reuters report is backed by the Greek daily Kathimerini, whose Brussels correspondent, citing "reliable sources," wrote that "the technical implications of a euro exit, as well as the adoption of capital controls were debated" during the teleconference.

21 Comments

21 Comments


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[-] 0 points by Perfectcast (-168) 1 year ago

Cyprus wants to leave he Euro to protect Russian oligarch money.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 1 year ago

How would Cyprus leaving the Euro protect Russian oligarch money?

[-] 0 points by Perfectcast (-168) 1 year ago

There is a very sound plan to fix Cypriot banks by making all depositors take a loss on their savings. For small depositors, it would be about 7%. So if you had $100 in a bank, overnight you would have $93. Big depositors would get much more severe haircuts, ranging up to 25-50%. we are talking depositors with millions of Euros.

Guess who that is? Russian oligarchs. Did you notice that most of the rhetoric about leaving the Euro ends with the phrase " we will look to Russia once we leave?"

[-] 1 points by arturo (3169) from Shanghai, Shanghai 1 year ago

I don't think the Euro is feasible, though, and probably was never meant to be. I think all European countries should withdraw from it and go back to their own currencies.

And most Russian oligarchs, I think, are probably anti-Russian, to the extent that they just want to exploit the Russian people and Russian resources for their own benefit. If the Cypriots are turning to Russia, I think it would be towards Putin and the anti-oligarchical faction.

[-] 0 points by Perfectcast (-168) 1 year ago

I agree. The Euro reminds me of living in a gated community with HOA dues and then complaining when you get fined for having a messy front yard. Gated communities look very nice because they force you to look nice.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 1 year ago

Yes, but then a year or so after you buy one, the property value plummets to 50% of what you originally put into it.

[-] 0 points by Perfectcast (-168) 1 year ago

I actually live in a gated community. They do hold their value. However in my exact situation, the guy on one side of me is a home improvement fiend, as is the guy in the other side. I, against my usual nature, am forced to be a home improvement fiend when I would rather laze around.

That's Greece and Italy when compared to Germany.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 1 year ago

If the economic crisis isn't stopped, I think the value of everything will eventually go down.

[-] 1 points by DKAtoday (26917) from Coon Rapids, MN 1 year ago

HEY perfectass see you are still spewing stupidass shit. Maybe they might want to leave the European union to avoid being a victim of austerity.

[-] -1 points by Perfectcast (-168) 1 year ago

Do you even read?

[-] 0 points by Builder (4202) 1 year ago

Okay, it was actually Iceland first.

Moot point. But Larouche never gets my blood up anyways.

Not the best reference source out there.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 1 year ago

Why do you think he is not a good reference source?

[-] 0 points by Builder (4202) 1 year ago

In Australia, John Pilger, and Lyndon LaRouche have about as much credibility as a cayman at a pool party.

Nobody in political circles believes a word they say.

[-] 1 points by arturo (3169) from Shanghai, Shanghai 1 year ago

Do you trust people in political circles these days? Aren't they the ones who have gotten us into the problem situation that we are in?

And do you believe something just because other people believe it?

If you really wanted to make a case against Larouche, I think you would go to his website, read what he says, and then tell me what is wrong with that.

[-] 0 points by Builder (4202) 1 year ago

I used to think David Icke was okay too, until he he went too far with his concepts. When people start leaning to the left, and gain recognition, it seems they are more than willing to keep leaning further left, to gain more recognition.

[-] 2 points by arturo (3169) from Shanghai, Shanghai 1 year ago

Larouche is a conservative democrat. He believes in implementing the same policies as past presidents such as Franklin Roosevelt and John Kennedy. That's not what I would call far left or far out by any means.

He wants, first Glass Steagall, than, a kind of New Deal, based on bringing water from Alaska to turn barren deserts in the US into agricultural land.

[-] 2 points by Builder (4202) 1 year ago

The former, I fully agree with.

The water thing from Alaska, I'm not so sure. It takes a lot more than water to bring desert soil to a condition ready for agriculture. And our experience with irrigating in desert regions in Australia is that it increases soil salinity, and ends up causing more problems than you had initially. Nature can't be fooled that easy, is what I'm saying.

[-] 2 points by arturo (3169) from Shanghai, Shanghai 1 year ago

I see, I didn't know about that. That particular project was the idea of the Army Corp of Engineers, under Kennedy. I think they probably would have taken that into consideration. I'll ask one of my contacts at the Larouche organization to see what he says.

[-] 2 points by Builder (4202) 1 year ago

The largest project of that kind (greening the desert) occurred in Libya. The good Colonel Gadaffi invested heavily in the Nubian aquifer project, constructed by KBR. Might be worth seeing how that one panned out.

[-] 2 points by arturo (3169) from Shanghai, Shanghai 1 year ago

Ok, thanks, I'll check into it. I think the Israelis had some success with that as well.