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Tuesday, March 19, 2013

Why Cyprus Sucks - Commentary By Richard Quest

4 comments:

Anonymous said...


Adonis Pegasiou, Research Associate at the European University Cyprus Research Centre, says that Cyprus is the latest casualty of Germany’s ‘one size fits all’ solution to the Eurozone crisis:

"The proposal of the Eurogroup echoes greatly the infamous ‘golden rule’, i.e. the one who has the gold makes the rules. Germany, being the leading economic power in the EU, with the support of other northern European countries that aspire to its successful export-led economic growth model, has been the country effectively setting the guidelines for EU members in need of financial assistance. Far from the European ideals which respect and promote solidarity among the European people, Germany has stubbornly refused any attempt to acknowledge the particularities of the economic growth models of South European countries in financial need (Greece and Portugal have already felt the ‘Troika effect’, while Spain and Italy have also been in a precarious position for some time now) and has instead tried to enforce its own policy remedies in a ‘one-size fits all’ manner, without foreseeing the likely dramatic consequences of such action. Ironically, Germany has benefited greatly from sharing a common currency with these countries, which has enhanced trading and allowed the country to accumulate an astonishing trade surplus. [...]

By becoming a member of the EU, a state has faith in the Europeanisation process which should bring multifaceted benign effects for the economy and society on the whole, in good times and in bad. What we experience now is instead a process of ‘Germanisation’ that in my opinion can by no means be the answer to the problem. It is in such times that it is more evident than ever that the EU lacks charismatic leadership which can unite Europe in finding a way out of the crisis by firstly acknowledging the limits and particularities of each member state."

Anonymous said...

FORBES

The Botching of the Cyprus Bailout: Worse Than Lehman Brothers
The ultimate source of Europe’s financial malaise is Germany. The German financial establishment was complicit from the beginning in the inflating of some of the bubbles in the afflicted nations. Now it is not only disowning its role in causation but, by forcing austerity on national governments and refusing to allow more than token inflation of the euro, it is turning the knife in those nations’ wounds.

http://www.forbes.com/sites/eamonnfingleton/2013/03/17/the-botching-of-the-cyprus-bailout-worse-than-lehman-brothers/

Anonymous said...

Richard Quest's report with his fancy charts is very misleading and proves absolutaly nothing. For example Switzerland's Banking assets to GDP is 600%+, Hong Kong's ratio is 600%, Singapore is 700%+.
Source:INTERNATIONAL MONETARY FUND http://www.imf.org/external/np/pp/eng/2010/041610.pdf

But what can one expect from CNN's shoddy and biased reporting. Weren't they the ones that sympathized more with the two young rapists in Ohio rather than the young girl that was raped. They of course apologized but there is not enough people to force an apology on this highly misleading report by Richard Quest.

Anonymous said...

A good article worth reading:
CYPRUS'S'S CHOICE: ICELAND OR GREECE? http://blogs.telegraph.co.uk/news/danielhannan/100208595/cypruss-choice-iceland-or-greece/