Posted Sep 7, 2013 by Martin Armstrong
What the European Community did to Cyprus was a true crime. They had promised, swore even, that there would never be a default in the Euro. But Greece defaulted and that took down Cyprus. Even according to the European Commission, the European Central Bank, and IMF, the Cypriot economy is expected to contract 8.7% in 2013, 3.9% in 2014, before recovering 1.1% in 2015.
The EU wanted taxes and that was the real motive behind destroying Cyprus. They refused to give any money unless all records of accounts at the banks were handed over to the EU. They have been hunting down depositors ever since.
The banking industry was the largest sector in Cyprus. What they got in return for destroying their economy was nothing. This is all motivated by the Sovereign Debt Crisis. This is how all major economies die – by their own hand. There is no hyperinflation among established governments with outstanding debt. They destroy their economies trying to collect more money to retain power. This is how Europe will die.