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CYPRUS WINNERS AND LOSERS?



1. Bank of Cyprus "is likely to be saved"?

It has "close ties to the island's ruling establishment and is more heavily laden with Russian deposits."

- Financial Times


Typical scenery in Greek Cyprus.

2. Felix Salmon wrote in Reuters of the Cyprus confiscation:

"Meanwhile, people who deserve to lose money here, won't... 

"The big losers are working-class Cypriots, whose elected government has proved powerless . . . . 

"The Eurozone has always had a democratic deficit: monetary union was imposed by the elite on unthankful and unwilling citizens..."

Cyprus.

3. Who are the 'working-class' in Cyprus?

The people who work on the farms in Greek Cyprus are often Vietnamese.

The workers in the hotels and restaurants are often Vietnamese and Philippinos.

The workers on the building sites are often 'immigrants'.


Cyprus

The typical Greek Cypriot has become used to lounging about during the day and partying at night, according to the cynics.

Meanwhile, it should be noted that the typical German household is three times less wealthy than its Southern European counterpart....

According to a Bundesbank study of personal wealth, "the median Spanish household has net wealth of €178,000, the equivalent in Germany is €51,000."

Poor Germans tire of bailing out eurozone - FT.com



4. "The entire Eurozone conundrum is unnecessary. 

"It is the result of too little money in a system in which the money supply is fixed, and the Eurozone governments and their central banks cannot issue their own currencies."