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The Euro Zone Mess

Everything related to politics in Cyprus and the rest of the world.

Re: The Euro Zone Mess

Postby bill cobbett » Fri Jul 06, 2012 3:06 pm

Might help to repay CY if Greece could collect the 12 Billion Euros that the Greek Courts have ordered be paid by the tax-dodgers.

So far the Greek Revenue has only managed to recover 630 Million Euros of that huge sum...

http://www.telegraph.co.uk/finance/fina ... staff.html
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Re: The Euro Zone Mess

Postby wyoming cowboy » Fri Jul 06, 2012 4:31 pm

Get Real! wrote:The Christofias government has only just realized how badly Greece fucked Cyprus to save her arse of another few million…

"Cyprus says Greek bond deal killed its economy"
http://www.reuters.com/article/2012/07/ ... CN20120706

It our great “ally”, that mother-liberator that ultra-wise Oracle keeps bringing up! :lol:


enough about our momma and keep your hands off our doritos.... :evil:

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Re: The Euro Zone Mess

Postby kimon07 » Fri Jul 06, 2012 6:33 pm

Get Real! wrote:The Christofias government has only just realized how badly Greece fucked Cyprus to save her arse of another few million…

"Cyprus says Greek bond deal killed its economy"
http://www.reuters.com/article/2012/07/ ... CN20120706

It our great “ally”, that mother-liberator that ultra-wise Oracle keeps bringing up! :lol:



Another cowardly attempt to blame solely Greece again for the crisis of the CY economy .

Is Greece to be blamed for the fact that the surplus of 0.5 bil. was turned by the government of Christofias to 2.5 bil deficit prior to Mari?
Is Greece to be blamed for the Mari disaster and the increase of the deficit by another 3bil due to it?
Was it Greece’s fault that CY banks kept acquiring Greek bonds in 2011although they could see what was coming up?

Pathetic!

Άναψε φωτιές η συνέντευξη Αθ. Ορφανίδη

06/07/2012 |

ΝΕΕΣ πολιτικές αντιπαραθέσεις προκάλεσε ο τέως Διοικητής της Κεντρικής Τράπεζες, Αθανάσιος Ορφανίδης, μετά τις βολές που εξαπέλυσε, στο πλαίσιο συνέντευξή του στην προψεσινή εκπομπή του Σίγμα «60 λεπτά», κατά των χειρισμών του Προέδρου της Δημοκρατίας στο θέμα της οικονομικής κρίσης…..
Υπενθυμίζεται πως στη συνέντευξή του στα «60 λεπτά», ο τέως Διοικητής της Κεντρικής Τράπεζας τόνισε, μεταξύ άλλων, πως από τον Μάιο του 2011 υπήρχε ξεκάθαρη εικόνα ότι η Κύπρος όδευε προς τον Μηχανισμό Στήριξης. Ο τέως Διοικητής υπέδειξε επίσης πως παρά τον αριθμό επιστολών που απέστειλε προς τον Πρόεδρο της Δημοκρατίας, με σκοπό τη συζήτηση των θεμάτων της οικονομίας και τη λήψη μέτρων που θα απέτρεπαν τα χειρότερα, αυτές έμειναν αναπάντητες.

More:
http://www.sigmalive.com/simerini/business/news/504357

Έτσι σκότωσαν την ανάπτυξη και την ελπίδα

| 06/07/2012 |

Το Κράτος άντλησε μεγάλο μέρος των κεφαλαίων των κυπριακών τραπεζών και του Συνεργατισμού, που -υπό άλλες συνθήκες- θα διέθεταν προς δανεισμό είτε σε νοικοκυριά είτε σε επιχειρήσεις.

Σε μια περίοδο που οι κυβερνώντες προσπαθούν να αποδώσουν στον τραπεζικό τομέα όλα τα μακροοικονομικά προβλήματα της κυπριακής Οικονομίας και που οι όποιες ελπίδες ανάκαμψης εναποτίθενται στην περιβόητη «ανάπτυξη», οφείλουμε να προβάλουμε με επιχειρήματα ποιοι -πραγματικά- σκότωσαν την «ανάπτυξη». Χωρίς, βεβαίως, να απαλλάσσουμε από τις δικές τους ευθύνες τα «γκόλντεν μπόις» των κυπριακών τραπεζών και τις τζογαδόρικες επιλογές τους, που εξανέμισαν τις εξοικονομήσεις δεκαετιών των κυπριακών νοικοκυριών.

more:

more: http://www.sigmalive.com/simerini/anali ... her/504279
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Re: The Euro Zone Mess

Postby supporttheunderdog » Wed Jul 25, 2012 7:47 pm

Cyprus' mess is of its own making in regard to Government debt and bank Insolvency: the * ankers chose to lend to property developers, at least some of whom are probbaly unable to repay the debt, and they also chose to buy Greek Government bonds and had to to take a haircut, which the Cypriot government agreed to.

This situation is not unique to Cyprus - both Italy and Spain (along with Greece) also have a public debt crises either at national or regional or local level or all three. In Spain the problem also includes unwise lending on property. France is in danger of going the way of Greece dud to increasing public debt.

However everybody in Europe is well and truly screwed as we will all have to bail out everyone else.
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Re: The Euro Zone Mess

Postby GreekIslandGirl » Wed Jul 25, 2012 8:23 pm

More reports of the deep, deep, well-hidden mess the UK is in. Again, blaming the Eurozone, but failing to sound convincing.




Last updated: July 25, 2012 1:28 pm
UK sinks deeper into recession
By Sarah O’Connor, Economics Reporter

The UK’s double-dip recession has deepened sharply and unexpectedly, leaving the economy smaller than it was when the coalition government took office two years ago.
George Osborne, the chancellor, said the country had “deep-rooted economic problems” after official data estimated that output fell 0.7 per cent between the first and second quarters – much more than the 0.2 per cent fall forecast by economists.


FT.com
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Re: The Euro Zone Mess

Postby Hermes » Wed Jul 25, 2012 9:09 pm

Get Real! wrote:The Christofias government has only just realized how badly Greece fucked Cyprus to save her arse of another few million…

"Cyprus says Greek bond deal killed its economy"
http://www.reuters.com/article/2012/07/ ... CN20120706

It our great “ally”, that mother-liberator that ultra-wise Oracle keeps bringing up! :lol:


Who do you think agreed that the Cypriot banks should take such a massive 'haircut'? Who do you think was responsible for agreeing on the terms that effectively bankrupt the Cypriot banks? Who refused to stand up for the Cypriot economy during the negotiations? Answers on a postcard please...
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Re: The Euro Zone Mess

Postby supporttheunderdog » Mon Aug 06, 2012 5:52 am

now the italian Prome minsiter claims the Eurozone debt crises may tear apart the EU

http://www.telegraph.co.uk/finance/fina ... urope.html

The item concentrates however on Greece where the Government has agred to further masive cuts in Public spending.
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Re: The Euro Zone Mess

Postby wyoming cowboy » Fri Sep 07, 2012 11:31 pm

Finally the EU has come up with steps toward bringing the eurozone into economic growth in 2013.....

No collapse of the euro or an exit for Hellas.....no shit!

http://www.newser.com/article/da153d901 ... eiled.html

The European Central Bank unveiled an aggressive plan to buy the bonds of financially flailing countries such as Spain and Italy, its boldest step yet to stanch the continent's 3-year-old debt crisis and one that could lift the U.S. and the global economies.

The bond-buying plan unveiled Thursday is intended to stimulate economic growth by reducing the borrowing costs for cooperating Eurozone governments. But its ultimate purpose is to set up a financially adequate and politically acceptable way of containing the crisis and maintaining the survival of the euro currency.

Not all analysts were convinced that the new program was a big leap forward.

Greece's situation remains volatile, fundamental flaws exist in the 17-nation Eurozone's political institutions, and Germany's high court could throw a wrench into the ECB's effort when it rules next week on whether certain aspects of the financing plan are compatible with German law.

Still, many experts and investors regarded the announcement as a significant step in the right direction. And they expected that it would be approved by Germany, despite that nation's long reluctance to allow the central banker to act as a lender of last resort.

U.S. stocks surged Thursday as investors got an additional boost from positive signals on the American job market before Friday's important employment report.

All three major stock indexes closed at their highest levels in years, stretching back to the beginning of the Great Recession for the Standard & Poor's 500 and the Dow Jones industrial average.

"There is enough here [for the ECB] to assure investors in Europe and around the globe that the Eurozone is here to stay and there's no reason to flee the region," said Bernard Baumohl, chief global economist at the Economic Outlook Group. "I think it's going to work."

In announcing the plan, ECB President Mario Draghi was making good on a pledge in July that the central bank would do whatever it takes to preserve the euro.

He said Thursday that bold intervention was necessary to relieve undue pressure on governments facing high borrowing rates that weren't warranted and that raised the risks of default and a messy debt-induced death for the euro.

"Let me repeat … the euro is irreversible," Draghi declared in Frankfurt, Germany, the city where the ECB's headquarters is located. "There is no going back to the lira or the drachma or to any other currency. It is pointless to bet against the euro."

Spanish 10-year government bond yields fell sharply after the announcement, to below 6% for the first time since May. Italian yields also edged lower, as did Greek, Portuguese and Irish yields.

The ECB's bond-buying program doesn't directly address the financial strains in Greece, which is receiving emergency funds even as Athens is struggling to meet certain economic and fiscal conditions of the bailout.

But the biggest fear among investors hasn't been so much what happens in Greece, but whether its problems would spread to the much larger Spain and Italy, economies that are too big to bail out and substantially more risky for the Eurozone's sustainability.

Now, with the ECB saying it would buy an unlimited amount of bonds of such countries, it could not only create a market of lower-priced bonds for the countries, but also assure investors that if something were to go wrong, they could sell the bonds to the ECB.

"This [plan] significantly reduces, if not eliminates, the risk of an uncontrolled scenario in the Eurozone," such as a default by Spain, said Jacob Kirkegaard, a research fellow at the Peterson Institute for International Economics in Washington.

"What we have today is not a guarantee against volatility in the euro area, but a financially adequate and politically sustainable firewall for the euro. And this is a very new and important development," he said.

The debt crisis in Europe has been a persistent head wind for the U.S. and the global economies, damping investor confidence and threatening financial instability. Europe is a major market for U.S. exports, and many American corporations have significant investments and sales in the continent.

The Eurozone economy is expected to contract this year but return to growth in 2013, with the ECB's plan boosting activity.
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Re: The Euro Zone Mess

Postby B25 » Sat Sep 08, 2012 9:02 am

Does this now mean that the Cypriot banks can now sell their worthless Greek bonds to the ECB and recoup some of their losses???
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Re: The Euro Zone Mess

Postby GreekIslandGirl » Sat Sep 08, 2012 9:29 am

What's the point of worrying about the profits of these companies (banks)? Were the banks ever going to finance our war of independence? Or pay mercenaries to remove the Turkish troops? No!
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