Tag Archives: Euroblunders

Philip Atticus – important article about the logical fallicies around the mismanagement of the Cyprus-bailout

This article places a big part of the blame for the mismanagement of the Cyprus bailout on Germany (especially the SPD, and the meme that ‘all Russian money in Cyprus is mob money’), the ECB and EU regarding banking regulations and the bailouts of Spain and Portugal and more in general, it places blame on those who misrepresent the situation of Cyprus re taxes, debts etc. I mean, the example given is the ‘Dutch sandwich’ which is a tax-avoidance structure. Why isn’t Germany upset about that or about the companies that use it? Furthermore, as a link regarding the situation of Luxemburg financial assets mentioned, if the proportion of GDP and bank liabilities is a measure all of a sudden, when are Schäuble and others do anything about Luxemburg or e.g. the City of London, or Switzerland? Obviously the answer is: because the ratio of GDP and bank liabilities is not a useful measure in any case.