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Cyprus doesn't insure deposits and in fact its main attraction is that it doesn't report banking information to any other countries thus why it is one of the banking locations of choice for Russian mobsters, South American drug dealers, corrupt dictators, American billionaire tax cheats, and just about everyone else who is corrupt and wants to hide their ill gotten gains.
Ahem, this is part of imposed austerity measures, that the left opposed, forced by conservative governments.
Again where was the money going to come from to support the continued level of spending forget about even expanding the spending? The anti-austerity folks act like there is an endless supply of credit.
So we’re looking at a Depression-level slump, and 5 years later only a partial bounceback; unemployment is down but still very high, and the decline has a lot to do with emigration. It’s not what you’d call a triumphant success story, any more than the partial US recovery from 1933 to 1936 — which was actually considerably more impressive — represented a huge victory over the Depression.
LOL, because Krugman says he was? Krugman predicted bankruptcy for Latvia. They are doing far better than their EU counterparts that were in the same mess.
Again where was the money going to come from to support the continued level of spending forget about even expanding the spending? The anti-austerity folks act like there is an endless supply of credit.
The narrative that the decline was due to overspending is false. Ireland and Spain were running budget surpluses just before the worldwide economic downturn. Moreover, the Scandinavian countries, which have more generous social programs, are doing fine.
The big problem here is that Cyprus, Spain, and Greece don't have their own currencies that can be devalued to make their goods and services more competitive. So, instead they have to impose cruel penalties on their people to pay German bankers.
The narrative that the decline was due to overspending is false. Ireland and Spain were running budget surpluses just before the worldwide economic downturn. Moreover, the Scandinavian countries, which have more generous social programs, are doing fine.
The big problem here is that Cyprus, Spain, and Greece don't have their own currencies that can be devalued to make their goods and services more competitive. So, instead they have to impose cruel penalties on their people to pay German bankers.
Or it could have been that there are no real industries outside of tourism in these places, they didn't tax anyone, and have retirement at 55, then when the bill comes due people throw a hissy fit
The narrative that the decline was due to overspending is false. Ireland and Spain were running budget surpluses just before the worldwide economic downturn. Moreover, the Scandinavian countries, which have more generous social programs, are doing fine.
The big problem here is that Cyprus, Spain, and Greece don't have their own currencies that can be devalued to make their goods and services more competitive. So, instead they have to impose cruel penalties on their people to pay German bankers.
True enough but if they had their own currencies devaluation would still have to happen which would also ruin the masses. So austerity of some form was going to take place.
I do agree though these countries should not be on the euro.
"You're going to destroy your Country, it would have been better to put directly a German flag at the Presidential Palace."
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