After Cyprus, now the eurozone is just silly
The definition of seriousness is that now it's not serious to support the eurozone. Should we name and shame those who have backed it?
(SEE UPDATES BELOW)
What a fiasco. It gets worse and worse. The government of Cyprus plainly has no idea what is going on, neither does the EU or the European Central Bank or even the IMF. They're all blaming each other. The latest is that the governor of the Cyprus central bank is AGAINST the "compromise" agreement to pilfer only some savers in the country's banks.
The BBC quoted economist Paul Krugman as saying Europe's leaders were now, effectively, displaying banners saying: "time to stage a run on your bank".
I suppose this is what happens when people just can't admit that the entire euro project was a major mistake.
But let the europhiles go ahead: you've already got almost 60 percent youth unemployment in Greece and Spain. Why not go for it, and wipe out even the most basic societal expectations of the whole of southern Europe. Very impressive indeed....
The economic and financial implications may take time to filter through. But you don't have to be a member of the smart set to see that this whole project is on its way down.
So, shall we name and shame those who supported and backed this disaster?
UPDATE: Euro collapsing against dollar: as of now $1.289. Also Cypriot Finance Minister has just resigned...Also, British military has got cash, yes, cash! on a plane to British soldiers in Cyprus so they can buy food...As euro falls further against dollar, market players say ECB must be intervening again to support the single currency..
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