Cyprus is absolutely the template for Europe now. It is just that the template is far worse than what is narrowly imagined.
It is not the small nation of Cyprus nor is it that the specifics of the criminality that was transacted in Cyprus which is any sort of template. This is not the center of the issue. It is what Cyprus means and the horrible implications of what took place.
I cannot issue a stern enough warning here. No words that I write will adequately embrace the transgression that has taken place in Cyprus. Any thought that you have that the Cyprus experience is a lone and isolated event that will not be repeated, in some form in the future, is going to be proven wrong.
Yesterday the Parliament in Cyprus narrowly passed the EU bailout. Part of this package included seizing 90% of the depositors’ money to help pay for the bailout. There was no due process of law, no bankruptcy proceeding, no judicial review of assets and, in fact, no law of any sort applied. Deposits were confiscated as mandated by the European Union and agreed to by the Cyprus Parliament. Europe demanded the seizure and that is what is critically important to understand and appreciate.
In Greece the EU demanded that the bond holders be penalized and to accomplish this they had Greece retroactively change the laws. In Cyprus Europe demanded the confiscation of depositors’ money. One + one still makes two and the template, when properly recognized, is that the European Union will do whatever they like and when they like it and to whom they like with little or no regard for existing laws. This is, quite frankly, the Soviet Union under the control of Stalin. To be more precise, given that all of this is formulated and approved in Berlin; this is Germany making the rules for their vassal states.
There is one set of guidelines for Germany now and Germany still operates under their own laws but when it comes to other nations in the European Union that are in financial difficulty there are no real laws left. All that there is now is the tyrannical demands of Berlin that must be obeyed to receive funds.
Full article: Europe Has Become A Totalitarian State (Zero Hedge)