GLOBAL ECONOMIC MELTDOWN: Euro-Zone Crisis - EU Stealing Money From Cyprus People's Bank Accounts!

• published: 19 Mar 2013
• views: 18513

The CELESTIAL Convergence | http://thecelestialconvergence.blogspot.com/ March 19, 2013 - EUROPE - European leaders must surely know that they are taking a big risk with Cyprus. The danger is obvious. Now that everybody with money in Cypriot banks is being forced to take a hit, nervous depositors elsewhere in Europe might notice that a dangerous precedent has been set. Rather than run even a small risk of an unwanted financial "haircut" in the future, the customers of Greek, Spanish, Portuguese or Italian banks might choose to get their money out now. If that starts to happen, the euro crisis will be back on again -- with a vengeance. The people behind the Cyprus plan hope that the risks of contagion are small. They reckon that the Spanish banks are on the mend, and that Greece too has pulled back from the brink. There is no reason for depositors to draw lessons from the peculiar case of Cyprus, whose banks are stuffed with Russian money. Maybe so. And yet EU leaders have got these kinds of calculations badly wrong before. At a summit in Deauville in September 2010, they announced that the holders of sovereign bonds in bailed-out countries would lose some of their money. The result was a severe worsening of the euro crisis, as investors began to demand much higher rates to lend to risky-seeming countries, such as Italy or Spain. So why -- after all the painstaking efforts to put euro-humpty back together again -- have European leaders taken such a gamble in Cyprus? The answer is that they too are out of credit -- political credit. This credit shortfall takes different forms in northern and southern Europe. For leaders of nations such as Germany, the Netherlands and Finland, there was a sense that their voters and parliaments just would not approve another bailout -- unless heavy penalties were attached. Cyprus is a small place, and so the amounts of money needed to shore the country up are relatively small -- "just" €17bn. The problem is that Cyprus is also a particularly clear-cut example of the fundamental deficit in trust between northern and southern Europeans. Ever since the crisis began, the German media has been full of stories of southern corruption. German voters have been encouraged to believe that their hard-earned money is going to shore up fundamentally rotten countries. The CELESTIAL Convergence | http://thecelestialconvergence.blogspot.com/ The CELESTIAL Convergence is a online news magazine featuring Alien Disclosure, the ET/UFO Phenomena, Earth Changes, the Paranormal, and Geological Upheavals. This is a journey of truth, and the highlighting of clear patterns of cause and effect in the electromagnetic celestial convergence of our solar system with the Sirius star system, and the manifested transmutation with the Galactic Core of our Central Sun, Alcyone - Hunab Ku. FAIR USE NOTICE: These pages/video may contain copyrighted (© ) material the use of which has not always been specifically authorized by the copyright owner. Such material is made available to advance understanding of ecological, POLITICAL, HUMAN RIGHTS, economic, DEMOCRACY, scientific, MORAL, ETHICAL, and SOCIAL JUSTICE ISSUES, etc. It is believed that this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, this material is distributed without profit to those who have expressed a prior general interest in receiving similar information for research and educational. TAGS: ATMs, Bank Runs, Cyprus, Cyprus Deposit Levy, Dark Matter Paradigm, Deutsche Bank, Euro-Zone Crisis, Europe, Greece, Nicos Anastasiades, Rise of the Moors, Stocks, White Supremacy Paradigm