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The "Dijssel Bomb" confirms creditor powers. They'll impose them "if push ever comes to shove."
At the same time, "the German bloc (lies) about the real cost of holding the euro together. The accord pretends to shield" EMU creditor states' taxpayers from future losses.The cost of Cyprus' new credit line shifts to the ECB. It "will have to offset the slow-motion (Cypriot) bank run with its Emergency Liquidity Assistance (ELA)."
It's likely to be a large amount. Much will show up on the Bundesbank's balance sheet and its peers. It'll do so "through the ECB's Target2 payment nexus."
Money "will leak out of Cyprus unless (Eurocrats) encircle the island with razor wire."
According to Jeffries' Marchel Alexandrovich:
"In saving 5.8 billion euros, "the other euro area countries will likely be on the hook for four to five times more in contingent liabilities."
"But, of course, the former represents real money that gives politicians a headache; the latter is monopoly central bank money."
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