Cyprus Bank Deposits to Be Taxed in $13 Billion Bailout
- Thread starter ogc163
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mbewane
Knicks: 93 til infinity
Even though I don't share the euro-bashing that is all the rage now, it's indeed a fact that the euro was established on shaky grounds and has deep fundamental flaws, and these case by case "solutions" are just not good enough. IF we (the EU) want to go forward, I believe that we badly need a central economic form of "government" and more direct ways of controlling the Eurozone members. Either that, or they can always decide NOT to be part of the Eurozone, but there should be stricter rules for those who are.
That's really what I was hoping for (I'm a federalist) instead of expanding in 2004. HUGE mistake imo.
A central body overriding a country's sovereignty 
@mbewane the Euro is just a bad idea period. ECB IS a central authority, and yet all the problems with the Euro are still here. They need to dismantle it and let countries deal with their problems individually. As is everyone's hands are tied for no mutual benefit.
@mbewane the Euro is just a bad idea period. ECB IS a central authority, and yet all the problems with the Euro are still here. They need to dismantle it and let countries deal with their problems individually. As is everyone's hands are tied for no mutual benefit.
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mbewane
Knicks: 93 til infinity
A central body overriding a country's sovereignty
@mbewane the Euro is just a bad idea period. ECB IS a central authority, and yet all the problems with the Euro are still here. They need to dismantle it and let countries deal with their problems individually. As is everyone's hands are tied for no mutual benefit.
That's already the case for a LOT of stuff in the EU tho.
You need to understand that the EU doesn't "override" sovereignty, it's the member states that decide what they feel will be better managed at the EU level (for example, Trade negociations, border control -Schengen, of which not all EU members are part-, increasingly immigration) and what is better managed at the national level (education, culture...). A lot of people (including Europeans) have this strange image of "Europe" as something hovering above Brussels and whose decisions are imposed on 350 million Europeans. Which is not the case at all, to keep it brief there are various levels of checks and balances before, during and after legislation is adopted at the EU level in which national governments, parliaments and regions are consulted and/or have to give their agreement, without even mentioning the EP. The EU only has the sovereignty member states DECIDE to give it (it's written in the Lisbon treaty, and any country can get out if it so decides). I think a lot of people confuse "Europe", "the EU" or "Brussels" with the European Commission.
Case in hand: Cyprus' Parliament refused the plan that the Commission wanted to implement, because "Europe" has no way to impose such a plan on one of its member states.
The Euro isn't a bad idea per se, that's just a simplistic statement. There are solid arguments in its favor (Germany wouldn't have stepped in if that wasn't the case), and solid arguments against (that's why GB isn't in). What indeed was a bad idea was to have a monetary union with no fiscal and political union. What I'm saying is taht IF we wanted to go further with the EU, we should've deepened our political union before moving to the monetary union. And before stretching too thin.
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Political + fiscal union is a no go man. That Euro triumvirate would have voted for and enforced the bank deposit tax, all to protect bank workers and foreign tax dodgers at the expense of Cyprus' sovereignty and banking system legitimacy. Plus it would set a hell of a precedent.
Germany joining the Euro doesn't mean the Euro wasn't a mistake. Germany has made some big mistakes
Most importantly though there is no logical reason to tie all these countries together. If Cyprus was sovereign it could go bankrupt, or it would print away the problem, or continue to hide it. As is because all of Europe is at stake and Cyprus has to answer to a higher power they are fukked.
Germany joining the Euro doesn't mean the Euro wasn't a mistake. Germany has made some big mistakes
Most importantly though there is no logical reason to tie all these countries together. If Cyprus was sovereign it could go bankrupt, or it would print away the problem, or continue to hide it. As is because all of Europe is at stake and Cyprus has to answer to a higher power they are fukked.
Europeans Planted Seeds of Crisis in Cyprus http://www.nytimes.com/2013/03/27/w...anted-seeds-of-crisis-in-cyprus.html?hp&_r=1&
