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Time is short. On March 21, the ECB said emergency liquidity (ELA) ends Monday. It'll do if agreement isn't reached on raising billions of euros internally.
Eurocrats greeted Cyprus' new initiative cautiously. A statement said:
"The eurogroup stands ready to discuss with the Cypriot authorities a draft new proposal, which it expects the Cyprus authorities to present as rapidly as possible.""The eurogroup would subsequently, on the basis of a troika analysis that needs to be undertaken, be prepared to continue negotiations on an adjustment programme, while respecting the parameters defined earlier by the eurogroup."
A Wall Street Journal editorial was blunt. Cyprus Popular (Laiki Bank) and Bank of Cyprus are insolvent. They're the island state's two largest banks.
"Let them go bust," said the Journal. Instead of negotiating how to inject capital, "time would be better spent arranging for their bankruptcy."
Cyprus is sick and failing. Eurocrats demand their pound of flesh. Stealing is their favorite way. Bailing out bankers matters most. What Cypriots face could happen anywhere. Grand theft is Western policy.
Ellen Brown said Cyprus' plan "was long in the making." Confiscation schemes aren't limited to Cyprus. She quoted Martin Hutchinson saying:
If insolvency concerns "become really serious".(s)mall savers will take their money out of banks and resort to household safes and a shotgun."
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