Addendum to the fake Cyprus bailout

[Benton D Struckcheon]

Proving the point, as in, how does a busted bank wind up able to buy the branches of the Cypriot banks in Greece? By using EU money, natch:

Survival of the Brokest in Cyprus Bailout

[dipsydoodle]

1. I needed to read your other post a few times

before I grasped it.

[Benton D Struckcheon]

2. Pretty amazing, ain't it?

A simple banking union with a European FDIC would solve this and allow everyone to get on with their lives. Instead we get this nonsense.

[quadrature]

3. zombie bank buying other zombie banks

means nothing to most people.
no money changes hands.
all these entities are under water

get your money out while you can.

[Benton D Struckcheon]

4. To be absolutely clear, the point here is that the bailout is of the EU, not Cyprus

Secondarily, of Greece, which needs to be bailed out to cover the losses the EU has incurred.
Else, this story would not be possible.
Cyprus, as the smallest actor in all this, is being sacrificed to the needs of these much larger entities.

[quadrature]

5. mostly agree

except if you are writing that
Cyprus, Greece, or anybody else,
is getting a worse (or better) deal than thay
are entitled to.

I view this as a slow motion, circular firing squad,
everybody is under water,
with the zombies eating the other zombies.
I guess you can say that somebody is being sacrificed,
but IMO, that is only temporary -->

everybody goes into the wood chipper,
the only uncertain thing is, who first.