Posted 7 years ago on March 22, 2013, 7 p.m. EST by arturo
from Shanghai, Shanghai
This content is user submitted and not an official statement
Now that Cyprus has become the first nation to tell the Eurogroup to go to Hell, the question is: will it be the first to leave the euro? A poll done for Bloomberg has revealed that 67.3% of the Cypriots want the country to leave Eurozone and tighten relations with Russia. Only 24% disagree. This is again unprecedented for a Eurozone country, for the vast majority to want to leave the Eurozone. Furthermore, 91% supported the government's rejection of the bailout.
http://larouchepac.com/node/25941 Former Cypriot Presidential candidate Giorgos Lillikas warned the Eurogroup (comprising the euro area finance ministers), "I hope our partners are not asking us to choose between committing suicide and leaving the euro," as he told Skai TV on this morning. "There is no way we will commit suicide," and he added, "I am sure that if one country, no matter how small, leaves the Eurozone, the euro will collapse."
He also said that Cyprus does not need a EU17 billion bailout but only EU7 billion euros for the next two years, which it can raise partly from internal borrowing.
The Cypriot party leaders have been holding talks to hammer out a "Plan B," but little is known about it, except for the formation of a Solidarity Fund that will be composed of the pension and health maintenance funds of the civil service and semi-state organizations like telecoms and ports. But this does not add up to more than EU3 billion, while almost EU6 billion is required for the bailout. The Parliament is supposed to debate this tonight.
According to a Reuters, Cyprus failed to participate in a Eurogroup Working Group conference call that usually involves deputy finance ministers. According to a note of the call seen by Reuters, one participant said, "We have never seen this," and it was viewed as "troubling." There was "open talk in regards of [Cyprus] leaving the Eurozone." They even spoke of the need to set up capital controls throughout the Eurozone, should Cyprus leave, in order to limit the contagion effect.
The Reuters report is backed by the Greek daily Kathimerini, whose Brussels correspondent, citing "reliable sources," wrote that "the technical implications of a euro exit, as well as the adoption of capital controls were debated" during the teleconference.