During the early hours of Monday morning, EU leaders agreed to another bailout for Cyprus. The island will receive the €10 billion (us$12.9 billion) it needs to avoid collapse without most Cypriots having money removed from their bank accounts. But Cyprus’s economy has been destroyed. The nation is left as a vassal state of the new German empire.
The deal will be painful for the whole economy. Last week, German Chancellor Angela Merkel said that Cyprus “must realize its business model is dead.” The latest bailout has ensured that realization. Continue reading
Cyprus is nearly conquered land, but as said, it’s part of a larger picture. It gives strategic access to project power into the Middle East. The Greek islands Germany has shown interest in the last five years or more also serve the same principal.
The German Parliament and European Union officials are refusing to support Cyprus’s bailout unless the country submits to further conditions. They’re accusing Cypriot banks of making dodgy deals with shady Russian businessmen, and they want this to stop.
Shortly before the end of last year, Cypriot President Demetris Christofias announced, with “heartfelt pain,” that Cyprus would seek a bailout from the EU. He said that terms had been agreed “in principle.” Spiegel Online wrote that the deal means that Cyprus “will effectively lose its sovereignty.” The “troika”—the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF)—“will essentially take control of the Mediterranean island,” it wrote.
Now we’re seeing that in action. Germany’s parliament is refusing to give Cyprus the money unless it changes its banking system and cracks down on money laundering.
A report by Germany’s intelligence service, the BND, that was leaked last November accused Cyprus of creating the perfect conditions for money laundering. It also said the country was giving Russian oligarchs Cypriot passports that allow them to live anywhere in the EU. Continue reading