When Lehman Brothers went bust in 2008, it was the signal that the financial system was gripped by problems it could not resolve. Some commentators at the time suggested that had it been saved all would have been well and the global crisis would not have happened. It may not have happened at that moment, but the idea that everything was okay really is patently absurd. With Cyprus two firsts have occurred. The one is a demand from the Euro bailout authorities that there should be a dawn raid on every bank account in the country, a proposition in a capitalist economic structure which beggars belief. The second is that the Cyprus parliament has thrown the idea out with a unanimous vote of every single deputy.
This is the first time that the lack of final democratic accountability of the authorities, who struggle piecemeal to manage the euro, has finally snapped the patience of those affected by their draconian terms to prop up an economy, which their laxity of currency management allowed to go to pot. It may be the first straw in the wind which finally tells of such a mismatch between the southern and northern euro economies, and such a lack of unified democratic governance supporting the currency, that in the end the euro cannot survive in its present form after all.
We shall have to wait and see what happens next. Of one thing we can be sure. The respite from euro crises which led the optimistic to assume all would be well in the end, is over. Meanwhile in Moscow, President Putin and his government weigh up their options. They may decide that among them are opportunities. Cyprus could be a milestone in more ways then one.
プラダ 店舗…
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