The EU and the IMF agreed among themselves that deposits in Cyprus banks would be liable for a one-time tax: the 6,75% rate would affect deposits less than 100 thousand euros, and the 9,9% rate would “hit” larger deposits.
This is an unprecedented decision of the eurozone finance ministers caused shock on the island, as well as understandable alarm beyond its borders. Cyprus stopped or restricted the work of ATMs. The country has come "bank holidays". Finance Minister Michalis Serris submitted his resignation, but the President of Cyprus rejected his application.
The President of Cyprus, Mr. Anastasiadis, called the Kremlin on Tuesday evening and spoke to the President of Russia. On the eve, on Monday, comrade Putin criticized the European aid plan for Cyprus. In the tone he made and Dm. Medvedev.
The President of the Russian Federation found European measures alleged to be “unjust, unprofessional and dangerous” in relation to Cyprus, and the Prime Minister said that “it looks like confiscation of other people's money”. Presidential spokesman Dmitry Peskov explained in an interview with Russia Today TV channel that “the Russian side is seriously concerned about the compulsory alienation of private property, which could seriously undermine confidence in the banking sector and the eurozone financial system.”
They talked about the so-called “deoffshorization” in Russia. Comrade Putin stressed: "In our relations with our Cypriot colleagues, we have always insisted on providing us with complete information and on the need for cooperation in ensuring transparency."
Dmitry Babich ("Voice of Russia") expresses the view that the EU bureaucrats were aiming at the Russian oligarchs. It was probably supposed that the loss of part of the money in Cyprus by the Moscow Fat Men was much less tragic than the payment of aid from European funds to Cyprus.
Quite by the way, it reminds “the expropriation of the expropriators,” or “the plunder of the loot.”
Dmitry Babich writes:
“But how does this logic differ from the logic of the Bolsheviks, who considered that poor people have good private property, but private capital is bad for capitalists, and therefore it is not a sin to take it away? Now all the new Bolshevik options of tax exemption for small Cypriot deposits at the expense of an even more severe taxation of large deposits are being discussed. For the Cypriots, this Bolshevik logic, however, did not find a response. ”
The German magazine Der Spiegel quotes the head of the Cyprus Chamber of Commerce Philokipros Andreou: “Frau chancellor named Angela Merkel and German Finance Minister Wolfgang Schäuble have harmed many innocent people. And for what? To harm five or six Russian oligarchs? In this situation, we, the Cypriots, feel like victims. ”
The countries of the European Union will suffer from the Cyprus collapse. According to Statis Kittis, a former member of the Cypriot parliament, and now the head of the Cypriot telecommunications company, the losses of these countries will not at least overtake the Russian losses in time, but most likely will surpass in volume: “This will not stop in Cyprus. This история will create a snowball effect by spreading to other countries in southern Europe. "
Cyprus is not alone in the financial crisis. Similar problems exist in Italy, Spain, Portugal. The European Union can also recommend them to take money from investors. Who needs such recommendations? And then why is the EU needed? The government of any country can take money without supranational add-ons - “the truth is, only once,” Kittis sarcastically.
As it turned out, Dmitry Babich writes, the European Union is a strange bureaucratic mechanism that is not capable of helping its members. Instead of helping, he pushes them into a suicidal economic policy.
Many western observers today express concern by the fact that the EU’s decision to “aid” Cyprus may cause a ripple effect that will sweep across Europe. If European leaders decided to violate the unspoken rule of rendering assistance to banks (“Contributions are sacred”), then who will now guarantee that the violation will not spread further in waves, starting, for example, from Spain - in order not to reach the ninth wave? Morgan Stanley economist Joachim Fels writes: “I see this as a disturbing precedent with potential consequences for the system if depositors in other peripheral countries start to fear that they can do the same.”
The main precedent, anyway, already had a place to be. Yes, the Cypriot parliament voted against. Yes, not a single vote "for" was cast. But panic has already settled in the hearts of citizens. And in the minds of investors. It is possible that the EU pushes its initiative - “Cyprus” needs to be “saved”. (By the way, 10 billions of aid is money at interest).
Professor Valentin Katasonov считаетthat the problem of inevitable cardinal changes in the world banking system persists, even if in Cyprus the idea of taxing deposits was rejected. Most likely, the economist believes, the attempts to introduce a “tax” will be repeated - not in Cyprus, but in another country. Trial ball is running. At the same time, comrade Katasonov notes, deposit practice is changing. For several centuries, bankers created a resource base at the expense of deposits, attracting money with the help of interest paid to depositors. Today, the old practice probably comes to an end. The largest Swiss banks from 2012 of the year switched to charging customers for the placement of funds in deposit accounts. What prevents other countries from taking an example from the Swiss? And, regardless of further developments in Cyprus, the global banking system is facing serious upheavals and imminent transformation, according to V. Katasonov, who calls the possible introduction of a “tax” on bank deposits as an encroachment on customers' private property, confiscation, a command about which was given by the structures of the European Union, which are the "largest banksters". Katasonov compares the team on the confiscation of deposits in Cyprus with the surplus, which was carried out by the Bolsheviks, and the decree of President F. Roosevelt in 1933, the delivery of gold to the state to all individuals and legal entities in a month. In fact, we are dealing with banking Bolshevism, the scientist concludes.
Why did Cyprus offer such a strange "Bolshevik" option? What is this, the use of the formula “the salvation of the drowning is the work of the drowning”? Why so insist on these confiscation measures in the EU and the IMF, knowing full well that Cyprus will pull other drowning people behind it?
In the West, they revel in the fact that Cypriot measures will allow them to put an end to the activities of “nominees”, so to speak, representing holdings of large Russian companies.
Correspondent "Le Figaro" Pierre Avril пишетthat many holdings of large Russian companies, including state ones, are registered in Cyprus. On the other hand, “the introduction of a tax on deposits serves the interests of Moscow, since it makes the Cyprus financial platform less attractive and encourages Russian investors to return their assets to their homeland.”
The columnist Der Spiegel, Benjamin Bidder, also discusses this: “The crisis and the withdrawal of funds from depositors of depositors seriously undermine the island’s reputation as a reliable place for the contributions of the Russian rich, and, as you know, declared war on foreign offshore companies.” According to the journalist, with the help of “deoffshorization”, Comrade Putin wants to return Russian money from abroad to his homeland and enhance Moscow’s image as a financial center.
Stefan Westgreen on The Financial Times blog says: “... every cloud has a silver lining: now Russian President Vladimir Putin will have a great opportunity to impress the world with his generosity and foresight. He should be willing to cover the losses of Russian investors - but only on the condition that they certify their identity and disclose the sources of their funds. ” The Russian president has a great chance in the fight against corruption. “What will stop Putin this time?” The author asks.
Paul Krugman in the blog "The New York Times" notes that the role of the Russian factor in the Cyprus crisis is very significant. He cites Isabella Kaminska's data in FT Alphaville, which estimated Russians' deposits in Cypriot banks in 19 billion euros, which exceeds the GDP of Cyprus.
All these Western authors, speaking of Cyprus and Russian interests, including state ones, seem to hint at the fact that the only reason for such radical measures that have not been proposed in a crisis Europe nowhere else is the money of Russian nouveau riche and fat cats, including adhering to the state or growing simultaneously with it. What is bad for Russia is good for the West. The fact that it is bad for Cyprus is also immediately forgotten or discarded. The fact that tomorrow it will be bad for other Western countries is ignored.
A very strange, completely one-sided position, which seems to have its own conductors and puppeteers. And they don’t care about Russia; Russia with its offshore money is just a convenient distraction.
Dmitry Danilov, Head of the European Security Department at the Institute of Europe, RAS, explained to the correspondent "Expert" E. Novikova that “taxis” in the Cyprus rescue project Germany.
“... Who steers, it is clear: the main proposals come from Germany, supported by France. But it seems to me that in this case went too far. Because, it would seem, quite technologically competent paper solution is absolutely at odds with the realities of life. And the consequences of this discrepancy were not calculated. Now it is clear that if the proposal came from Germany, as many say, whoever lobbied for it, it reduces Germany from the place of the leader in the fight against the financial and economic crisis in the EU to a very unpresentable poker player who is trying to raise his own rates in every possible way the rest at this gaming table. ”
In Cyprus there are banners with slogans: “The EU is not for Germany”. The posters Angela Merkel depicted on the background of the swastika. All this beats the political prestige of Germany, the expert said. In his opinion, with any outcome, the political role of Germany in the process of solving financial and economic problems is undermined.
Today we are talking about the possibility of the collapse of the financial system of Cyprus, the announcement of a "default". If someone considered this option as a second step, says Dmitry Danilov, then this is a planned step. True, it is difficult to estimate the expected gain, “not having a financial analysis in hand”.
If track news in the media on the Cyprus topic, it becomes clear: first, the initiators of the "Cyprus project" are hidden in the shadows; secondly, experienced analysts have no doubt that the “legs are growing” from Germany; thirdly, it is obvious that the topic of Russian offshore money was deliberately thrown into the press - and so successfully thrown in that it was not silenced in the Kremlin. All this suggests that in the coming weeks it will be necessary to wait for big news from Cyprus and the EU.
Today, judging by the news of the leading Russian agencies, in Cyprus, they sat down to develop a “plan B”. Government spokesman Christ Stylianidis saidthat the plan is being developed in order to reduce the amount of 5,8 billion euros, which the EU has demanded to recover through the forced cancellation of bank deposits.
As for Russia, March 20 is the head of the Cyprus Ministry of Finance Michalis Sarris following a meeting with Russian Finance Minister Anton Siluanov сообщил to journalists that negotiations over the provision of financial assistance by Russia to Cyprus have not been completed. He said that the parties did not reach a final decision, but will continue the negotiations. However, the meeting with Siluanov Sarris called constructive.
Mild pressure on Russia is on the other side. During a meeting of 20 in March with the head of the Cypriot Orthodox Church, Archbishop Chrysostomos, the President of Cyprus asked ask him for support from Patriarch Kirill, head of the Russian Orthodox Church.
It is obvious that neither the ministerial financiers, nor the President of Cyprus, obeyed the ominous warning of the “Chancellor” - one of the main actors in the EU. After all, Angela Merkel, talking on the phone with Anastasiadis, frankly stated that Cyprus should negotiate to get out of a difficult financial situation exclusively with international lenders, without involving third parties, including Russia.
Everything goes to the fact that the EU, pushed by Germany, will finish off Cyprus offshore. Germany and France, who set the tone for the EU, will devour everyone and reign over Europe.
Observed and commented on Oleg Chuvakin
- especially for topwar.ru
- especially for topwar.ru