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Coppola Comment: Sowing the wind (16 MARCH 2013)
UPDATE: It appears that Cyprus came very close to actual default. This tweet from Yiannis Mouzakis shows that the ECB was preparing for collapse of Cyprus's two main banks:

Local reports, the blackmail to #Cyprus peaked at 3.00am on Sat when Asmussen called Draghi, said ECB to prep for collapse of two Cyp banks

The timing of this is exquisite and it is hard not to conclude, as Mouzakis does, that it was done to put pressure on the Cypriot government in order to obtain a deal at any price, regardless of the consequences for the Cypriot economy and for its people. If that is true then it exposes the European Union for what it is rapidly becoming - a nascent totalitarian state.  

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS
by Migeru (migeru at eurotrib dot com) on Sun Mar 17th, 2013 at 07:57:30 AM EST
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