10 lessons from the Cyprus bailout
The "best" part :
No one wants to take responsibility for the first botched bailout, which would have snatched at least 6.7% from every savings account in Cyprus, but it came with the tacit approval of the "troika"
Next step (since the wealthy ones will shift their money very soon)?
That was done how "troika" ordered - and they now call it "approved". Funny
Does not matter who ordered : by now they all think the same (bankers, politicians, the "Davos club"...) - all they needed is an excuse to reach in our pockets even deeper. They are grabbing trillions for rescuing banks which in return do what they do
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1 Capital controls are back
Throughout the 1960s, with Harold Wilson's Britain dogged by sterling crises and balance of payments woes, holidaymakers were banned from taking more than £50 with them when heading abroad.
The "foreign travel allowance" was not lifted until the early 1970s, although it was already widely flouted. The Daily Mail reported in 1968 that four out of five Brits questioned on holiday on the Greek islands had stuffed extra sterling in their socks before leaving home. Now Cypriots face the same kind of controls – and possibly for months or even years to come. Expect customs officers at Nicosia airport to be on the look-out for oversized shoes and well-padded thighs.
Capital controls are an extraordinary breach of basic EU rules, which allow freedom of labour and capital movement. Indeed, article 63 of Europe's internal market rules explicitly states that "all restrictions on the movement of capital between member states and between member states and third countries shall be prohibited" unless there is an issue of "public security". But there are few signs of the EU enforcing article 63 when it comes to Cyprus.
2 Some euros are more equal than others
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