Grand Theft Cyprus
by Stephen Lendman
Plan A failed. Watch for Plan B.
Cyprus is tiny. Its population numbers about a million. Its GDP is miniscule by Western standards. It's 0.2% of Europe's economy. It's entrapped under Eurozone straightjacket rules.
They impose financial tyranny. Dissimilar countries surrender monetary and fiscal control. Doing so abandons effective ways to combat recessions.
They can't devalue their currencies to make exports more competitive. They can't print money freely. They can't spend, spend, spend.
Euro policy expert Bernard Connolly explained more.
His 1995 book titled, "The Rotten Heart of Europe: The Dirty War for Europe's Money" called the euro system a harebrained idea. It's doomed to fail, he predicted.