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Tuesday, March 19, 2013

Cyprus Legislature Rejects

No votes in favor. Now we see what happens next. They can't reopen the banks.

They could institute capital controls to keep money from being removed - like Iceland. They can institute controls on the amounts removed. However if they do their whole strategy expires - what good is a tax haven in which you can't get your money back out?

Or they can go back to the table to the troika with a different proposal.  

 Actual video of Troika officials trying to solve the problem:

But those penguins suck it up and go again. The EU has been doing that since the Treaty of Rome.

You should show the one where they get eaten.
Only the little fluffy guys, Shtove. The big ones keep waddling along.

Hmmm, Lagarde had her home in Paris raided by the police today. Some excuse about an influence-peddling scandal.

Perhaps Hollande is taking out some bailout insurance against the IMF?

I DON'T know what to think of that, Neil. My jaw kinda dropped.

This may have been the most important news blurb of the week. Lagarde is VERY well-connected. She made her bones in Chicago(!) at about the same time as Obama and with the same crowd, and is of course part of the power structure in Europe. She was in Sarkozy's cabinet, so perhaps she's at odds with the current (Socialist) government.

I simply don't know enough to venture a guess here.

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