International finance is not my forte so I consult articles and economists to form an opinion. This is one of the best at explaining the situation in Cyprus. Today on SKY news Daniel Hannan the Tory MEP also came up with an interesting suggestion. He thinks that it would be less painful for the Cypriots to return to their own currency and default from the EU.
That means that they would become a test case. If they succeeded in escaping the clutches of The EU and once again became an independent country and weather the consequences then surely countries like Ireland, Spain, Portugal, Greece and Italy would be tempted down the same route. The EU has actually only been good for Germany.
The situation that has arisen in Cyprus however, has illustrated just what a duplicitous bunch they are at the heart of the EU. They have shown their hand. It may just cause a huge run on the banks among the hard pressed nations because everyone now knows what could happen. They can no longer trust their banks.
I just have a terrible feeling that Cyprus is just the start and the EU could collapse like a pack of cards once the people rediscover their power. Now the people know the truth they have been alerted. The banks are in a bad way. They have seriously fouled up and when they ask the European Central Bank for assistance the reply came back...only if you raid the private accounts of depositors!
Nice one! Game On!