Russia refuses to loan money to Cyprus - Financial collapse looms - Polidicks

[quote] RUSSIA has turned down Cyprus’s appeals for aid, leaving the island to strike a bailout deal with the European Union before Tuesday or face the collapse of its financial system. Cyprus now faces a looming deadline to find billions of euros demanded by the EU in return for a €10bn (£8.5bn) bailout. Without it, the European Central Bank said earlier this week it would cut off emergency funds to the country's teetering banks, potentially sparking a Cyprus exit from the currency bloc. Having angrily rejected a proposed levy on tax deposits in exchange for the EU bailout, Nicosia had turned to the Kremlin to renegotiate a loan deal, win more financing and lure Russian investors to cut-price Cypriotbanks and gas reserves. [/quote] [url=http://www.cityam.com/article/russia-turns-down-cypriot-appeals-aid]Source[/url] [url=http://www.businessweek.com/news/2013-03-22/cyprus-s-sarris-to-leave-moscow-without-russian-financial-help]Another source[/url] Cyprus was looking for a €5bn loan from Russia, further to the previous loans it had received in the past. It's been reported in the Guardian that a bank levy is back on the cards as the EU-IMF Troika is the countries last hope in holding up it's banking sector.

So how's that 'European Union' working out for you guys?

[QUOTE=Tumama;40000628]So how's that 'European Union' working out for you guys?[/QUOTE] yeah its k fuck up your country because you can just get a fat loan if it goes wrong lol [editline]22nd March 2013[/editline] because european union, right?

[QUOTE=Tumama;40000628]So how's that 'European Union' working out for you guys?[/QUOTE] Don't worry guys I have experience in arguing with Argentinians. Falkland Islands. But yeah it's working pretty well for the countries that don't run their country like they're expecting everybody else to pay for their shit.

Last time I was in Cyrpus is was in the middle of a heatwave, and it was literally the hottest place I;ve ever been my only assumption is that all their money melted in said heatwave

Should be noted they already have a €2bn loan from Russia that they probably can't pay off.

[QUOTE=Atlascore;40000677]Why were countries like Greece and Cyprus let into the EU? They're corrupt as shit and so far have only damaged the EU's economy.[/QUOTE] They lied and made up numbers and figures to get accepted into the EU.

[QUOTE=Tumama;40000628]So how's that 'European Union' working out for you guys?[/QUOTE] yeah everyone in europe is a big gay woman suck my dick fagats ahahahaaaaa

[QUOTE=Atlascore;40000677]Why were countries like Greece and Cyprus let into the EU? They're corrupt as shit and so far have only damaged the EU's economy.[/QUOTE] They skewed their figures so they could get in - the fact that a vast part of the EU's budget is regional aid shows the farce that is EU membership. Interestingly, France and Germany broke the EU's government budget deficit limit before Greece did - also Spain never broke it. To summarise: all EU countries are corrupt

[QUOTE=Tumama;40000628]So how's that 'European Union' working out for you guys?[/QUOTE] What the hell can the rest of the EU do about dumbass governments that think money grows on their trees? The rest of the EU is doing pretty good.

[QUOTE=zupadupazupadude;40000739]What the hell can the rest of the EU do about dumbass governments that think money grows on their trees? The rest of the EU is doing pretty good.[/QUOTE] 'doing pretty good' is a exaggeration given the current economic and debt crisis.

[QUOTE=zupadupazupadude;40000739]What the hell can the rest of the EU do about dumbass governments that think money grows on their trees? The rest of the EU is doing pretty good.[/QUOTE] Germany is the second largest exporter in the world and in 2012 reported growth of only 0.7% - no country in the EU is doing well tbh.

[QUOTE=Tumama;40000628]So how's that 'European Union' working out for you guys?[/QUOTE] Pretty great, without it, Cyprus would already be extremely fucked, but we're offering them aid. But hey, if the member states fuck up and the EU saves their ass, we're still angry at the EU because that's easier than blaming our own corrupt governments we voted in.

The governments of certain countries are abusing the trust of their fellow governments, Greece, Cyprus, Italy... poor productive countries.

At least the rest of you are actually giving me some answers. [QUOTE=FPChris;40000670]*unoriginal response*[/QUOTE] Not all of us gives a shit about that. No matter our goverment want the rest of the world to believe.

-snip-

[QUOTE=Tumama;40000839]At least the rest of you are actually giving me some answers. [/QUOTE] But you didn't give a real argument in the first place. Going "lol xd eu epic fail" isn't really a convincing opinion.

[quote] [B]16.21[/B] Meanwhile Cypriot finance minister Michalis Sarris, presumably safely back at home, has confirmed that a [B]bank levy is "clearly on the table"[/B], according to Reuters. [B]16.20[/B] The Twittersphere is alight with rumours the troika has hiked up the amount it wants Cyprus to raise by [B]€900m to €6.7bn.[/B] [/quote] [url=http://www.telegraph.co.uk/finance/debt-crisis-live/9947568/Cyprus-bailout-live.html]Latest from the Telegraph[/url]

[QUOTE=DaysBefore;40000860]But you didn't give a real argument in the first place. Going "lol xd eu epic fail" isn't really a convincing opinion.[/QUOTE] I wasn't looking for an argument. I'm just saying this happened before. Not all of europe's countries' economies are the same. It looks like to me when one region is going down, it takes the whole zone with it.

[QUOTE=butt2089;40000766]Germany is the second largest exporter in the world and in 2012 reported growth of only 0.7% - no country in the EU is doing well tbh.[/QUOTE] Pretty much every civilized country isn't doing well. But that's because how interconnected all the banks are, and how the crash of a few big one's (most of then not even based in any EU country) dragged them all down. And in general, the east & south countries of Europe are in general fucked due to either corrupt politicians, hilariously flawed law system or a combo of such. They were probably let in the [I]cool countries club[/I] in hopes for they would improve, which they unfortunately haven't [QUOTE=Tumama;40000934]I wasn't looking for an argument. I'm just saying this happened before. Not all of europe's countries' economies are the same. It looks like to me when one region is going down, it takes the whole zone with it.[/QUOTE] That's the whole point of it. But it doesn't account for countries, whose incompetent governments practically dig their own country's (economical) grave in order to line their own personal pockets. I hope they're kept on a [I]REALLY[/I] short leash if they don't receive the boot.

[QUOTE=Atlascore;40000677]Why were countries like Greece and Cyprus let into the EU? They're corrupt as shit and so far have only damaged the EU's economy.[/QUOTE] Greece falsificated a lot of their reports if I remember correctly. A lot of other countries were decent off, but the recession, greece and a weak tourist season kinda hit them hard. Notice that it's usually tourist economy countries that suffer. Essentially a lot of this is really due to Greece, which massively eroded faith in a number of weaker economies, which in turn hurt their ability to get better loans and a lot of other issues.

[QUOTE=Van-man;40000991]Pretty much every civilized country isn't doing well. But that's because how interconnected all the banks are, and how the crash of a few big one's (most of then not even based in any EU country) dragged them all down. And in general, the east & south countries of Europe are in general fucked due to either corrupt politicians, hilariously flawed law system or a combo of such. They were probably let in the [I]cool countries club[/I] in hopes for they would improve, which they unfortunately haven't [/QUOTE] All EU countries improved during the boom years, Spain for example no longer required EU regional aid. However during this period each country utilised the abundance of cheap money in a different way - most of the now ailing countries either spent money recklessly (Greece) or invested far too heavily into housing and infrastructure (Spain & Ireland). These countries desperately need their own currency that is able to fluctuate and devalue accordingly - the Euro is being kept strong due to a high trade surplus from Germany, the south simply can't compete. The single currency required fiscal discipline and a more central monetary policy - both of which it sorely lacked. Eurozone members are now suffering as a result - Iceland is on the road to recovery thanks to a default on it's loans and retaining it's own currency.