While assessing the proposed additional levy on bank accounts in Cyprus, Putin said that such a decision, should it be made, would be unfair, unprofessional and dangerous,’ Kremlin spokesman Dmitry Peskov told journalists.”
Putin and his Russian mob get a haircut in Cyprus
It was likely not an easy call for EU officials: How to make the Russian mob pay their fair share without punishing honest local citizens of Cyprus (assuming such creatures still exist there), and without triggering contagion into other EU periphery country banks based on this precedent of a direct tax on depositors?
The Russian mob, with Putin as headmaster, effectively owns Cyprus banking. The country has become their offshore bank, money laundry, and stop-over port for illegal arms shipments into the Middle East. [Any US fingerprints here in an attempt to stop the arms flow to the Syrian government? Nah, surely not…]. The mafia-state was feeling good about having their stash nice tucked away within an EU member country, knowing their illegal deposits were guaranteed by the rest EU taxpayers; a sweet deal indeed. Well, said Russians stopped feeling so good about this “sweet deal” sometime yesterday I suppose. [St. Patrick works in mysterious ways.]
Why not just push the nation out of the EU and stop pretending the rest of EU taxpayers should have anything to do with the future of Cyprus and its mafia supporters? Maybe it has something to do with the rest of the massive Russian deposits supporting “legitimate” banks within the Eurozone? Nah, surely not…
Any way you decide to share your outrage over the EU’s decision for depositors to take a haircut in Cyprus, it is yet another example of the many structural flaws in this idea/dream/delusion all these politically and culturally differing states within the Eurozone can co-exist under a single currency, monetary and fiscal policy.The goal of bringing nations, who warred against one another for thousands of years, together under a single regime in order to secure the future piece was laudable. But in the real world it still doesn’t seem practical. The guideposts established and tinkered with in this herculean effort to hold the single currency regime together are now pushing the nations further apart and spawning dangerous social unrest.
Sticking your finger in the eye of the Russian mafia has rarely proven a pleasant experience for most. Stay tuned.
EUR/USD Daily: Hmmm….maybe.
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