Cyprus “… the act of stealing is defined by the amount of money that is taken…”

22 Mar

Garbage in—Garbage out.

if you are making decisions relying upon the official numbers of Europe and upon the ratings of European sovereign debt then you are going to get burned. You are relying upon falsified data and any ratio that you might run is wrong as the underlying numbers are inaccurate.

(Germany and the EU)  want bank accounts seized and part of the money to be used to pay off the national debt. They have not asked for the bondholders to be jeopardized because the bonds in Cyprus are governed under British law and they will not allow for a retroactive change of covenants. They also have not pressed for this because then they too would have to take a hit and they prefer the Russians, the British and the normal, ordinary people of Cyprus to pay the price. What a great message for the Cypriots; you pay your share for the banks of Spain, you pay for Greece, for Portugal and for Ireland as a member in good standing of the European Union. Then when you are in trouble we will seize your assets so that you can pay for yourself. Such nice people.

Socialism rocks…

Zero Hedge

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