The EU, too, as its universal currency system shows its vulnerability and flaws, is suffering the consequences of careless vetting and turning a convenient blind eye to members which were indebted from the beginning and clearly unable and unwilling to do anything about it. Truth always will out.
The deal struck in Brussels last night – over which the Parliament has no say - may bring a very temporary respite to the crisis in Cyprus, but it is unlikely to last as larger savers and investors see almost half their money disappear, Cypriot employees lose their jobs, the economic base disappears, and strict capital controls create a financial prison. More widely, the imposition of a bank levy and those capital controls undermine the virtues of a common currency, and previous trust in the institutions responsible will be shaken by their hard approach to Cyprus. It may result in a widespread movement of money from weak Mediterranean countries to safer havens, thus increasing their fragility and inevitably some, perhaps Cyprus first, will be forced out of the Eurozone. Perhaps this is what the EU wants? And as for Russia….
Meanwhile, people suffer, and in Cyprus they will suffer badly as a result of this overnight deal, whether it goes ahead or not. Enforced austerity is at breaking point in a number of countries already, and what has happened this week can only increase the sense of hardship and feeling of uncertainty about the future. Money is the value which is most important for many in our world – acquiring it, making it, holding onto it and increasing it, being seen to have it and being able to buy what we want – and that false value is under threat now. If we had different, kinder values, we would not be in this global situation of debt and divisiveness, and hurt, and that is what events such as these are teaching us.
Claire Montanaro is a spiritual teacher, channel and blogger with special interest in esoteric philosophy and the world in transition. Loves nature and wildlife. Author of “Spiritual Wisdom”.]]>
I'm not at all surprised that the Turkish Republic of Northern Cyprus is as stable as you say it is, Claire. This has been partly thanks to the presence of the Turkish Army. While the current civilian government in Ankara has sought to bring the Turkish military to heel - despite the doctrine of Mustafa Kemal (Ataturk) that the Turkish military was supposed to be the guardian of the Turkish Republic - the Turkish military contains some very intelligent and capable officers and NCO's. So, it's no surprise to me that, unlike the rest of Cyprus, the leaders there have had some very professional help in avoiding the making of a pig's breakfast of things.