lc--280In the morning hours of March 16,2013 the Eurogroup issued its infamous statement which could precipitate the dissolution of the eurozone and perhaps of the EU. It starts with words of welcome. ”The Eurogroup welcomes the political agreement reached with the Cypriot authorities on the cornerstones of the policy conditionality underlying a future macroeconomic adjustment programme…………” It continues wth difficult to understand words with double meaning until it gives the coup de grace. ”These measures include the introduction of an upfront one-off stability  levy applicable to resident and non-resident depositors……”  With this sentence the Eurogroup put an end to economic stability in the EU since for the first time in its history, the EU steals money belonging to bank depositors, under the guise of a so-called stability levy. A tax would be imposed on accounts under 100.000 euros and a heavier tax for accounts over 100.000.

Two days later, Cypriot Parliament voted against this decision. Not one member of Parliament voted in favour. The banks closed for more than a week, as depositors were able to get some money from ATM machines. The population, rightfully angry, demonstrated and protested against state robbery, while one angry depositor tried to break in his bank with a tractor. The President of the Eurogroup, simply took note of the decision of the Parliament while Merkel said that she would respect the decision. The decision of Parliament gave courage to the people of Greece, which were quite disappointed with the docile position taken by its Parliament which adopted with a great ease, measures that were even violating the Greek Constitution.

Dimitris Kazakis, Secretary General of EPAM, in interviews he had given in December had foreseen the attempt to destroy financially Cyprus. But as usually nobody was listening, neither in Athens, neither in Nicosia. However, one is astounded and amazed at the behaviour of the other members of the eurozone towards Cyprus. They are actually acting as enemies, putting pressure and ultimatums to the Cypriots. What happened to EU solidarity? Greece was as usually, absent and unwilling to support the Cypriot  delegation. The Greek Minister of Finance, said afterwards in Greek Parliament, that if Cyprus had supported the initial proposal, then Greece could not counter it. Luxembourg was against it, while Germany criticized certain aspects of it. No wonder the head of SYRIZA, Alexis Tsipras, characterized the members of the Eurogroup as gangsters that were using Cyprus lik e a guinea pig.

Once more the EU has violated the Lisbon Treaty since the dignity of the Cypriots has been violated by the stealing of their money, while the sancrosanct of bank deposits has been jeopardized in all the EU.

For their collective stupidity and incompetence, all participating in the Eurogroup meeting of March 16th, should have been immediately held responsible, also for creating such damage to the prestige of the EU as well as for undermining the principle of inviolability of bank accounts.

Of course efforts will continue to solve the problem and whatever solution will be reached will be considered as a good one, even though it may change a few days later. In view of the existing situation, there is increasing anger among the people of Cyprus, the majority of which want an exit from the Eurozone and return to the Pound. The Archbishop of Cyprus also made statements in favour of exiting the Eurozone. And this may happen if the interests of the people are sacrificed in favor of the interests of the bankers. And if that happens, the domino effect will take place and we will see other countries of the south following the Cypriot example.

It is imperative that the southern Member-States of the EU (Cyprus,Greece,Malta,Italy,Spain and Portugal) meet in order to create a common front and effectively stop the wrong policies, imposed by Brussels, that are destroying their countries. And by doing that, they might accidentally save the EU.

Leonidas Chrysanthopoulos

March 24,2013


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