Euro Area

[Catiline]

The Russians can't threaten cutting off gas, no one will buy it in the future if they do.

War is better than the EU...

[Fragony]

The Russians can't threaten cutting off gas, no one will buy it in the future if they do.

War is better than the EU...

As if they haven't done that before, not threatening but actually doing it. EU is rebuilding 1848 but it's now north and south

[Catiline]

They did it to the Ukraine, which isn't the quite same thing as doing it to the EU directly. They'll destroy their energy market in the long term if they do it again. there are other sources of gas if the Russians make themselves unreliable.

[Fragony]

They did it to the Ukraine, which isn't the quite same thing as doing it to the EU directly. They'll destroy their energy market in the long term if they do it again. there are other sources of gas if the Russians make themselves unreliable.

You almost make it sound like the EU isn't desperately trying fix deeper problems with short-term solutions like stealing from the Russians. The EU cares about the EU, not about you.

[Catiline]

I'm in Dubai and not paying any taxes, so I'm not that worried if the EU cares about me or not for the moment.

The Russians haven't cut off gas to Europe. They've cut it off to Ukraine and Belarus, which had knock on effects in Europe, but that's not the same as using it as a tool directly against the EU. The Russians might be obscure in their thinking, but they're not stupid, and holding the energy to ransom isn't in their best interests.

[Fragony]

I'm in Dubai and not paying any taxes, so I'm not that worried if the EU cares about me or not for the moment.

The Russians haven't cut off gas to Europe. They've cut it off to Ukraine and Belarus, which had knock on effects in Europe, but that's not the same as using it as a tool directly against the EU. The Russians might be obscure in their thinking, but they're not stupid, and holding the energy to ransom isn't in their best interests.

Won't be cut you are right about that.

[Sarmatian]

As if they haven't done that before, not threatening but actually doing it. EU is rebuilding 1848 but it's now north and south

Russians never cut of gas to EU. Russia never cut off anything to Europe for that matter, even during the biggest crisis of the Cold War. The biggest and most stable industrial power in Europe is powered by Russian energy, so go figure.

[Philippus Flavius Homovallumus]

Ukraine isn't in Europe, then?

[Kralizec]

About the Cyprus situation...

I can see why people say it's an unwise decision; setting a precedent that frightens deposit holders in other financially troubled countries and all that. But unfair? Without this deal the people who had deposits at Cypriot banks could very well have lost the bulk of their money. Even people with less than 100.000 E's would not be safe - look at Iceland; the only reason people got back any money at all was because the Icelandic government nationalised the parts which held accounts from natives and because the British and Dutch governments helped out their own citizens and were never compensated.

In the deal that was voted down the other day, most deposit holders would pay about 6% of their assets - which is pretty close to the interest rate that these banks pay for one single year. Am I supposed to feel sorry for these people, who've parked tens or hundreds of thousands of euro's in a place that yields extremely high returns, which would never be offered by a sustainable bank which operates responsibly, and are asked for a contribution equal to one single year of interest for bailing out their sorry asses?

[Furunculus]

I have no problem with the concept of risk in a fractional reserve banking system, but it is risky to do so when the decisions are considered to have no legitimacy, because they are perceived to have been imposed by an 'outside' power.

Are you my family?

[Kralizec]

I found out the other day that I have some Scottish ancestry. Then again, they're not your family either, are they?

If the Cypriots think they're being screwed over by other European countries, they need to realise:
1) at some point the assets of Cypriot banks equaled 7 times the size of their own GDP. The financial and economic policies of their government may not be the fault of the average Cypriot bloke, but it sure as hell isn't the fault of the Finnish, Dutch or French taxpayer
2) if they weren't an Eurozone member, their government would probably have devalued its currency by now, which would have been far worse then a single, one-off 6% tax on their deposits.

But regardless I'm sure that whatever I say, some people (not you) will find always find way to argue that Cyprus' woes are not in any way the responsibility of the country in question but rather an expression of German racism.

[Catiline]

Ukraine isn't in Europe, then?

Debatable for us perhaps. It's not for the Russians...

[Fragony]

Ain't our Dijselbloem a tiger..... I'd suggest he starts checking his food for polonium and let his wife start the car. Stealing from the Russian maffia, always smart

[Fragony]

lol, what was never expected happened to the no doubt absolute amazement of eurocrats, almost 5.000.000.000 euro has been hauled back from the saved Cyprus bank. Who would have thought, incredible.

[Sarmatian]

Ukraine isn't in Europe, then?

Meant western Europe, but ok.

When we say "cutting off", it really means depriving someone of gas for political reasons. When someone doesn't pay, it's perfectly normal to refuse him further service.

[Philippus Flavius Homovallumus]

Except they have, and they will.