From one of my smart listeners:
You’ve been there, the whole island has more of ‘big suburb’ feel toit, than that of a ‘nation’, not all that nice of a suburb, either.
With the banking industry at between 8 and 9 times their GDP, Cypriots have an even starker version of the “Greek Choice”
Their Government can raid their only productive asset, the banking industry, and pay tribute to their New Brussels Overlords, a choice that keeps them in the Euro, but almost certainly gets the current crop of elected officials tossed out on the street…and makes Brussels the de facto rulers of the island.
Or they can refuse Tribute, leave the Euro and rollback their standard of living forty or fifty years.
MY BEST GUESS: The EU is like a cabal of drug dealers, and their principal intoxicant is the Euro. Which they use to get nations hooked and insensate and then drag them into their European Union lair, where they then have their way with their national sovereignty and personal independence. ALL for the dream of a thousand year, uh, union.
THE EU CANNOT TOLERATE THE LOSS OF EVEN A BIT PLAYER LIKE CYPRESS, OR THE RUN FOR THE DOORS BY THE LOOSELY ATTACHED NORDICS OR THE CRIPPLED SPANISH OR ITALIANS COULD BEGIN IN EARNEST.
So, the EU will moderate their demands for tribute to a level that keeps Cypress in the Euro/EU.
The real danger for Brussels is ITALY AND GRILLO, who by refusing toform a coalition with then Center Left, forces lower house elections – WHICH RECENT POLLS SUGGESTS GRILLO/M5 COULD OUTRIGHT WIN
AS THERE DOES NOT SEEM TO BE A LIMIT TO THE EU’S HUBRIS – BRUSSELS HAS SUGGESTED THAT THEY ***MAY*** ALREADY HAVE THE POWER TO OVERTURN ITALIAN ELECTIONS AND DIRECTLY APPOINT AN EU PUPPET GOVERNMENT
THIS CRAZY TALK BY THE EU IS CAUSING A BIG WAVE OF ANTI-EU SENTIMENTIN ITALY – AND ELSEWHERE.
So, Cypress gets the deal they need in order to keep Italy in the EUbut the Cypress Plunder puts Grillo/M5 in control of the Italian Government.
And the Euro-Skeptic movements, esp UKIP (Cameron is so screwed. GOOD.), get New Momentum and the centripetal forces pulling the EU apart advance to the next level.
Like a rudderless Super Tanker plowing towards a rocky reef that spells its certain doom…
If likes its Eastern predecessor, the Soviet Union, the EU is not willing to send either cheap and easy money to its chattels, OR garrison them and rule by force…
This story ends in tears.