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Surprise! Max Hastings Gets It Wrong on Cyprus!

Max Hastings  - Investiture

MAX Hasting on Cyprus:

People who rob old ladies in the street, or hold up security vans, are branded as thieves. Yet when Germany presides over a heist of billions of pounds from private savers’ Cyprus bank accounts, to ‘save the euro’ for the hundredth time, this is claimed as high statesmanship.

It is nothing of the sort. The deal to secure a €10 billion German bailout of the bankrupt Mediterranean island is one of the nastiest and most immoral political acts of modern times. 

No Max.

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Posted: 26th, March 2013 | In: Money | Comment | Comments RSS feed:RSS 2.0

Finally, a sensible settlement in Cyprus

Cyprus Financial Crisis

IN fact, the settlement in Cyprus is so sensible that it’s a wonder they didn’t just do this a week ago. Or even 6 months ago when it was obvious that the place needed help. For is was obvious that the banks were bust,. For what they were doing was taking all that lovely Russian money and then lending it to the Greek Government. Who, as you might recall, then decided not to pay 90% of the money they’d borrowed back. From which point on the Cypriot banks were bust no matter what else happened.

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Posted: 25th, March 2013 | In: Money | Comment | Comments RSS feed:RSS 2.0

Cyprus insanity: You can trust the Eurocrats to do the wrong thing

Cyprus Financial Crisis

OVER this Cyprus thing. They’ve decided that everyone who has their bank deposits guaranteed by the government of Cyprus must lose some of their bank deposits guaranteed by the government of Cyprus. Which is insane.

Here’s the real basic problem: banking is inherently unstable. No, I don’t mean casino banking, excessive trading and all that stuff. Because banks don’t keep your money in the vaults, they lend it out to other people. So if we all turn up one day demanding our cash the banks go bust simply because our cash is invested in Mrs. Miggins’ mortgage.

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Posted: 22nd, March 2013 | In: Money | Comments (3) | Comments RSS feed:RSS 2.0

Photos On This Day In History: 1974 – Greece And Turkey Wage War Over Cyrpus

ON July 20, 1974, Turkish forces invaded Cyprus in response to a coup by supporters of union with Greece. The Greeks, governed by the military, deposed the President of Cyprus, Archbishop Makarios. Five days later, Turkey invaded.  As a result, Cyprus was split into Greek Cypriot south and Turkish Cypriot north. The story in photos:


Picture 1 of 32

Turkish troops parade at Geunyeli, near Nicosia, Cyprus, on the anniversary of the great offensive in the Turkish war of independence on Sept. 1, 1974. (AP Photo)

Posted: 20th, July 2011 | In: Flashback | Comment | Comments RSS feed:RSS 2.0