NEWS

Turmoil update

Well, there is a lot happening - or not - in Spain, but now, the turmoil is present at another spot in Europe. Cyprus. To ''save'' their almost bancrupt banking system and household-debts, EU granted a 10 billion loan. Cyrpus wanted an extra charge for savings on cypriotic banks above 100.000 Euro of almost 10%, and under this amount, almost 7%. "Outrageous" is the comment in the UK, under the 60.000 Britons who live there, are very many well fortuned ones; the island is a paradise for fraud, whitening black money to white, hosting large companies who pay hardly taxes, and taxes aren't paid anyway. Greeks are furious too, since they stalled their savings on Cyprus, not trusting the Greek banks. But the cypriotic parliament turned the first offer down, and after a week of hard play - in which the Cypriots hoped, they could do the same as Greece, the final bailout turns out to be worse for the richer ones (esp. Russians). I'm glad, that this time, the EU has not bowed for black mail and power play, but sticked to their principles. And not bowing for those, wo do not want to play acoording to the rules, since those who do so, are paying already a heavy share. This time, bad behaviour is not rewarded. This may be a time shift as well. However, I doubt if this will save Europe in the long run. Too much has been forgotten to be thought of or to be regulated prior to setting the system up. Well, let's see and keep fingers crossed, money shut behind safe bars and keep on living....