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Cyprus Update

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Cyprus Update

by Stephen Lendman

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Cypriots face harder than ever hard times.

It's all over but the post mortems. Eurocrats demanded their pound of flesh. Cypriot officials surrendered. 

They sold out their people. They deserve better. Expect greater than ever hard times. Expect growing poverty, unemployment and despair. Expect public anger. At issue is whether it'll bubble up and explode.

Zero Hedge headlined "Next Up For Cyprus: Depression." It forecasts real GDP declining over 20% by 2017. "Risks are clearly on the downside." Ahead expect more bailout help needed.

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With tongue in cheek perhaps, European Commission economic chief Olli Rehn said "It's clear the depth of the financial crisis in Cyprus means the near future will be very difficult for the country and its people."

He omitted saying Cyprus' trouble is protracted. Ordinary people will suffer most. Responsible solutions weren't chosen. 

They'd have softened crisis conditions if implemented. They'd have hastened recovery. They'd have mitigated pain and suffering. Bailing out bankers matters most.

"Congratulations Cyprus." Sacrificing sovereign rights benefits German Chancellor Angela Merkel. Her September reelection chances improved.

Der Spiegal commentator Armin Mahler headlined "Euro Bailouts: Savers Be Warned - Your Money's Not Safe."

Germans are worried for good reason. Banker bailouts harm their security. "At times like these, the only thing that is certain is that nothing is certain."

Even savings accounts aren't safe. Nations teetering on bankruptcy may seize them. Guarantees protecting them aren't worth the paper they're written on.

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Post-WW II, Germans learned lessons the hard way. They were charged extra real estate taxes. Compulsory mortgages reflected them. They had no say.

Governments prohibit owning gold during currency crises. People are forced to exchange it for depreciating fiat money.

Other troubled Eurozone countries may levy asset charges. Doing so makes ordinary people bear burdens they didn't cause.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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