The pertinent question for today is “How many lies will people believe?”
I ask that because a German government spokesman says The compulsory levy to pay the depositors in Cyprus, was a special case as Merkel guarantees German deposits for the first time since 2008.
The compulsory levy to pay the depositors in Cyprus, is a “special case”, says the Chancellor. Given the compulsory levy in Cyprus, Chancellor Angela Merkel has renewed the deposit guarantee for German savers. “It’s the mark of a guarantee” said government spokesman Steffen Seibert. Cyprus is a special case. There are “no parallels with other countries, and thus Cyprus has no effect on them,” said Seibert. Unrest among depositors and savers in other euro area countries is therefore not justified.
Reflections on the “Special Case”
I seem to recall Greece too was a “special case”. How many more special cases are there? What country is the next special case? Is it Portugal or Spain?
Toss a coin because it does not matter. Deposit guarantees cannot be believed.
Anyone and everyone in Spain and Portugal ought to be pulling out every cent they can out of their banks. Trust has been lost and once again the idiots in Brussels underestimated the reactions to their thuggery.
The real driver for this blatant theft is the re-election of Merkel.
Heaven forbid Germany provide any more bailout funds lest German voters get upset and flock to “Alternative für Deutschland“ (AfD – Alternative for Germany), a political party founded by a group of anti-bailout, eurosceptic German professors, businessmen, economists and journalists.
Merkel is willing to cram this “special case” down the throats of Cypriot citizens or her re-election bid in September may be in jeopardy.
Please see Merkel Coalition Doomed; Italy Exit Only a Matter of Time? for comments from reader Bernd who lives in Germany and claims that the anti-euro movement in Germany is far bigger than mainstream media lets on.
Mike “Mish” Shedlock