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February 17, 2015

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I think Cyprus is an important landmark when it comes to how we get here and where some of the Euro stance comes from: http://fistfulofeuros.net/afoe/cyprus-an-island-in-search-of-a-saga-to-learn-from/

And fistfulofeuros also has done yeoman's work about the Carpathia situation in Austria. Frances Coppola, the Bulgarian bank controversy.

We have a lot of banks that have been used as piggy banks for politicians until monstrously overextended, and then seek the broader european community's resources to bail out the locals at little personal cost to themselves, but much to the citizenry of the affected country and the eurozone taxpayers as a whole. They pretty much lie all the way through, and it is impossible to get the real numbers. Gotta remember, a relative outsider, a Communist was in charge of Cyprus when the unfortunate series of events occured, and he wasn't any more responsible than the people he replaced. So there's a definite chance that Syriaza is broadly just a more credible sockpuppet for the same people Samaras and Pappademos ultimately work for.

Of course, really, it could be said that the German banks could be in even more trouble for the same crony lending. Everyone did it, but lets heap all the blame on the weakest parties!

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