Cyprus Agrees To An EU Bailout But It Comes At A Price

Although still to be ratified by the euro zone, it’s been agreed for Cyprus to receive a 10 billion euro loan with an interest rate of 2.5 percent.  However, should the Cypriots refuse this ‘all or nothing’ bailout then the country will effectively be made bankrupt, courtesy of the EU.

With threats of foreclosure being bandied about unless Cyprus accepts a bailout, the EU continues to behave little better than a Mafia protection racket.  Although they see themselves as the solution, they are the problem and unless action is taken to curtail their intimidating behaviour, this criminal collective is something that should be feared.

The European Union is now an ugly autocratic entity that refuses to allow sovereign countries freedom of choice.  And yet no matter how tight the stranglehold, Germany - aided by its faithful French poodle - refuses to allow citizens of each member state to decide its own future by the ballot box.

Yet this single individual action of voting is the most basic of human rights and is being denied.  Although this should have been the one fundamental lesson learned from the aftermath of the Second World War, the fact it’s being denied at the behest of Germany, is perhaps the greatest of all ironies. 

In every respect a recession that stretches across Europe and beyond has only allowed the German Chancellor Angela Merkel to tighten the EU thumb screws on any refuseniks.  While she effectively enforced regime change on Italy and Greece, now she can add the scalp of the Cypriot Finance Minister, Michalis Sarris, when he resigned after concluding the bailout for his country.   

There is something very wrong, if not worrying, about a country – Germany, which was the instigator and vanquished of two world wars - being allowed carte blanche to do it all over again for a third time.  But as Labour’s Ben Bradshaw once opined on Remembrance Sunday that it was ‘so backward looking’, perhaps nobody should be surprised by the qualities of what passes for a modern politician.

Because a bullet hasn’t been fired in anger, that doesn’t mean there haven’t been casualties;  businesses have been forced to shut down, homes have been repossessed and people have taken their own lives.  Yet the intimidation of a German-led EU continues to rack up economic casualties as fast as they fall.

Unless Europe begins to heed lessons that should have already been learned from the past, then we should all be very concerned for the future. 

Published by Martin Baum on 02/04/2013