Curious how in the New Normal a nation is brought to its untimely end without a single shot being fired? Dimos Dimosthenous, who has worked at the Bank of Cyprus for over 30 years, explains:
"That will be the end. Our jobs, our rights, our welfare funds will be lost and Cyprus will be destroyed."
In short: not with a bang, but a bailout.
... But at least it still has the symbol for all that is wrong with the broke(n) status quo: the €
First, however, much more pain, because as Cyprus' FinMin Sarris said a short while ago, uninsured depositors in the second largest bank Laiki which is now pending lqiuidation,may lose 80% (read 100%... or more), and wait up to seven years for a payout. Of course, with the majority of the "evil, tax-evading Russians" long gone having used the chaos and assorted loopholes in the past week to get out of Dodge, the only people punished are assorted local hard workers, and domestic businesses, now set to liquidate as soon as they can afford the bankruptcy filing fee.
Finally, speaking of getting out of Dodge, it is surprising that while professing its love for all man-made bubbles and going all in stocks no matter the fundemantls, the firm that is the shadow overlord of Wall Street, BlackRock, is doing just that.